Grove Collaborative cuts FY24 revenue view to $205M-$215M from $215M-$225M

Chief Financial Officer Sergio Cervantes commented, “We are in the middle of transforming our business model and improving the customer experience. But at the same time, we are strengthening our balance sheet, maintaining strict expense and investment discipline, and starting to see revenue from repeat customers stabilize, resulting in smaller sequential revenue declines. We are optimistic that our strategy will allow us to increase advertising and drive sequential growth in the fourth quarter and beyond, as we grow off a stabilized core revenue base. This transformation has taken longer than anticipated at the beginning of the year and therefore we are lowering our revenue guidance to reflect this. However, we are increasing our Adjusted EBITDA margin guidance as we continue to identify additional savings throughout the business.”