• Amazon for sustainable household and personal care products.
• Whole Foods for your home, online and with a subscription option.

• Eco-friendly Household Essentials: Grove Collaborative offers a variety of sustainable cleaning supplies, laundry products, and other home goods designed to be better for the planet.
• Natural Personal Care & Beauty Products: The company provides a range of skincare, haircare, body care, oral hygiene, and cosmetic items made with natural and non-toxic ingredients.
• Health & Wellness Goods: Grove Collaborative sells vitamins, supplements, essential oils, and other products aimed at supporting personal health and well-being.
• Sustainable Baby, Kids & Pet Products: They offer environmentally conscious and safe products specifically formulated for babies, children, and pets.

Grove Collaborative (GROV) Customer Information

• Eco-conscious and Sustainability-minded Consumers: These customers are driven by a desire to reduce their environmental impact. They actively seek out products that are environmentally friendly, ethically sourced, cruelty-free, and come in sustainable or refillable packaging. They resonate with Grove's mission and product curation.
• Health and Wellness-focused Consumers: This category prioritizes products made with natural, non-toxic ingredients, free from harsh chemicals, synthetic fragrances, and other potentially harmful compounds. They are concerned about the well-being of their families and seek "clean" alternatives for their homes and personal care routines.
• Convenience-oriented Shoppers: Customers who value the ease of online shopping, subscription services, and direct-to-door delivery for household essentials. They appreciate a curated selection that helps them discover new products and saves them time and effort in managing their household supplies.

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Jeff Yurcisin, Chief Executive Officer

Jeff Yurcisin was appointed CEO of Grove Collaborative in August 2023. He is recognized as a direct-to-consumer CEO who has successfully built and led multiple billion-dollar brands. Before joining Grove, Yurcisin served as CEO at Shopbop and Zulily, succeeding their founders. He also held various senior executive positions at Amazon, where he oversaw the company's global Private Brands and Apparel initiatives. More recently, he worked as an Executive in Residence at Madrona Venture Group, assisting entrepreneurs with business development. Yurcisin holds a bachelor's degree in economics from Princeton University and graduated with honors from Harvard Business School.

Tom Siragusa, Chief Financial Officer

Tom Siragusa was appointed Chief Financial Officer of Grove Collaborative, effective October 1, 2025, after serving as Interim CFO. He joined Grove Collaborative in 2019 and has held various finance positions within the company. In his role, he is responsible for the day-to-day operations and strategic planning of Grove's finance, accounting, and analytics functions, aiming to enhance the company's financial health, operational efficiency, and growth. Siragusa has been instrumental in developing Grove's turnaround plan and leading initiatives to optimize cost structure, improve profitability, and strengthen cash flow management. Prior to his tenure at Grove, he gained management experience at Ernst & Young LLP. He earned a B.S. in Managerial Economics and a Master's Degree in Accounting from the University of California, Davis.

Scott Giesler, General Counsel

Scott Giesler serves as the General Counsel of Grove Collaborative, overseeing the company's legal function. He joined Grove Collaborative in January 2024. Before his role at Grove, Giesler was the General Counsel of JustAnswer, a direct-to-consumer internet company. He also served as Senior Vice President, General Counsel, and Secretary of eHealth, Inc. from 2005 to 2022, where he managed the company's legal and compliance functions. Earlier in his career, he worked as a Corporate Securities Attorney at Wilson Sonsini Goodrich & Rosati, focusing on mergers, acquisitions, corporate reorganizations, public and private financing transactions, and public company governance. He holds a B.A. in environmental science from the University of California, Santa Barbara, and a J.D. degree from Loyola of Los Angeles Law School.

The key risks to Grove Collaborative's (GROV) business include:

1. Declining Revenue and Challenges to Achieve Consistent Profitability: Grove Collaborative has experienced significant revenue declines over several periods, including a notable 18.7% year-over-year decrease in Q1 2025 and a 15.5% decline in Q2 2025. The company has consistently incurred losses since its inception and continues to face challenges in generating sufficient revenue to achieve sustainable profitability. Forecasts indicate further revenue declines for the full year 2025, with profitability remaining a primary strategic focus and hurdle.
2. Intense Competition and Vulnerability to Consumer Discretionary Spending: Operating within the highly competitive consumer products sector, particularly in sustainable and eco-friendly goods, Grove Collaborative faces pressure from both traditional and specialized rivals. The company's products often carry a higher price point due to their sustainable nature, making them particularly susceptible to fluctuations in consumer discretionary spending. Economic factors such as inflation and interest rates can further impact consumer willingness to purchase these higher-priced items, as evidenced by the company's decision to exit brick-and-mortar stores due to price point challenges in physical retail.
3. Operational Disruptions from eCommerce Platform Migrations: Grove Collaborative has faced "short-term operational friction" and "temporary disruptions" stemming from its e-commerce platform migration. These issues have directly impacted revenue and order growth, highlighting the critical importance of seamless technological infrastructure and efficient operations for an online-centric business. While the company stated that the largest known issues were resolved by the end of Q2 and beginning of Q3 2025, ongoing monitoring is necessary.

The increasing and aggressive expansion of large, established retailers and major consumer packaged goods (CPG) companies into the sustainable and eco-friendly product market poses a significant emerging threat to Grove Collaborative. Retail giants such as Amazon, Target, and Walmart are leveraging their immense scale, extensive distribution networks, substantial marketing budgets, and existing customer bases to offer a wide range of sustainable products. This includes developing their own private label eco-friendly brands and significantly expanding curated selections, exemplified by Amazon's "Climate Pledge Friendly" program.

This mainstreaming of sustainable options by large retailers and CPG companies directly diminishes Grove Collaborative's unique value proposition as a specialized curator and provider of eco-friendly products. As consumers increasingly find similar product offerings, often with competitive pricing and greater convenience, from these established players, Grove Collaborative faces heightened competition for customer acquisition and retention, as well as potential downward pressure on pricing. This trend is actively evidenced by the growing market presence and marketing efforts of these larger entities in the sustainable product space.

For the **Natural/Sustainable Home Care** market, which includes eco-friendly cleaning, laundry, and paper products, the U.S. natural household cleaners market generated a revenue of approximately USD 1,254.7 million in 2024. This market is projected to grow to approximately USD 2,452.7 million by 2030, with a compound annual growth rate (CAGR) of 11.8% from 2025 to 2030.

For the **Natural and Organic Personal Care and Beauty** market, the U.S. natural and organic cosmetics market size was estimated at USD 14.37 billion in 2024. This market is projected to reach around USD 36 billion by 2034, demonstrating a CAGR of 9.62% from 2025 to 2034.

Expected Drivers of Future Revenue Growth for Grove Collaborative (GROV)

• Expansion of Third-Party Product Offerings: Grove Collaborative is actively increasing its assortment of third-party brands and products on its e-commerce platform. This strategy is highlighted as a critical component of their growth, contributing to an increase in the average number of units per order and aiming to build "THE destination for conscientious customers." The company saw an 18.3% increase in third-party brands sold in Q3 2024 compared to the prior year.
• Strategic Price Increases and Favorable Product Mix: The company has implemented strategic price increases on both Grove-branded and third-party products, which have contributed to year-over-year improvements in DTC net revenue per order. A favorable product mix, especially with an increase in higher-priced items from an expanded third-party assortment, is also expected to contribute to increased net revenue per order.
• Increased and Efficient Advertising Spend for Customer Acquisition: After periods of reduced advertising, Grove Collaborative is increasing its investment in direct-to-consumer (DTC) advertising, aiming to improve first-order conversion rates and efficiently acquire new customers. The company's refined messaging and media strategy, including an expanded tagline, is also intended to resonate with customers and support growth.
• Acquisition of New Brands and Portfolio Expansion: Recent acquisitions, such as Grab Green and 8Greens, are expected to contribute to revenue growth by increasing Grove's overall product portfolio and transitioning the customer bases of these acquired brands onto the Grove platform.
• E-commerce Platform Enhancements for Scalability and Engagement: The strategic enhancement and migration of its e-commerce platform, including a transition to Shopify, is aimed at increasing scalability and improving customer engagement. While this transition initially caused some temporary disruptions, it is a foundational step intended to support long-term profitable revenue growth by creating a more differentiated customer experience.

Share Issuance

• Grove Collaborative went public in June 2022 through a SPAC merger with Virgin Group Acquisition Corp. II.
• In May 2023, the company executed a 1-for-5 reverse stock split to increase its market price per share, reducing the number of Class A common stock from approximately 129 million to 26 million and Class B common stock from 50 million to 10 million.
• In September 2024, Grove Collaborative issued 15,000 shares of Series A' Convertible Preferred Stock to Volition Capital Fund IV, L.P. for $15 million in cash. In August 2023, Volition Capital also provided $10.0 million in exchange for Series A Redeemable Convertible Preferred Stock and warrants.

Inbound Investments

• In November 2022, Grove Collaborative formed a strategic partnership with HumanCo Investments, which became an investor through a private investment in public equity (PIPE) transaction. HumanCo also has an opportunity to fund up to $100 million for synergistic M&A opportunities.
• In September 2024, Grove Collaborative received a $15 million investment from Volition Capital, which was used to pay down outstanding term debt.
• In March 2025, Grove Collaborative borrowed $72.0 million from Structural Capital Investments IV, LP and Avenue Sustainable Solutions Fund, L.P., primarily to settle existing debt obligations.

Outbound Investments

• No significant outbound investments in other companies were identified over the last 3-5 years.

Capital Expenditures

• Over the last 12 months, capital expenditures for Grove Collaborative were -$1.82 million.
• The company's freight strategy focuses on optimizing inbound and outbound transportation costs using state-of-the-art management systems and partnerships with national and regional carriers.
• Grove Collaborative operates two fulfillment centers dedicated to its direct-to-consumer platform.