By Karen Roman
Grove Collaborative Holdings, Inc. (NYSE: GROV) said adjusted EBITDA was $1.1 million for the second quarter, the fourth consecutive positive quarter.
The number of third party brands sold increased 12% compared to the same period a year prior, it said.
The company said it adjusted its guidance for FY 2024 with net revenue ranging $205 to $215 million, a decline from $215M to $225M. Adjusted EBITDA margin is now projected between 0.5% and 1.5%, an increase from 0% to 1.0%, it said.
“We have delivered positive-adjusted EBITDA in four consecutive quarters, positive operating cash flow in three of the last five quarters, and, subsequent to the end of the second quarter, paid down $42 million of term debt to strengthen our balance sheet and reduce interest expense,” said Jeff Yurcisin, Grove’s CEO. “We are also forecasting sequential revenue growth in the fourth quarter of this year after reshaping our business amidst a major turnaround.”
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