Here are 1-2 brief analogies to describe Grove Collaborative (GROV):

• Amazon for sustainable household and personal care products.
• Thrive Market for natural cleaning supplies and beauty items.

Grove Collaborative (symbol: GROV) primarily sells its products directly to individuals.

The company serves the following categories of customers:

1. Environmentally Conscious Consumers: Individuals who prioritize sustainability, eco-friendly products, and reducing their environmental footprint. They seek natural, non-toxic, and plastic-reducing options for household and personal care.
2. Health-Conscious Consumers: People concerned about the ingredients in their household and personal care products, actively seeking out natural, non-toxic, and safe alternatives for their families and homes.
3. Convenience-Seeking Consumers for Sustainable Products: Customers who value the ease of an online platform that curates and delivers a wide range of sustainable and natural products directly to their homes, simplifying the process of making eco-friendly choices.

Jeff Yurcisin Chief Executive Officer

Jeff Yurcisin was appointed Chief Executive Officer of Grove Collaborative in August 2023. He is recognized as a proven direct-to-consumer CEO who has built and led multiple billion-dollar brands. Before joining Grove, Yurcisin succeeded two founders as CEOs at Shopbop and Zulily. He also held several senior executive roles at Amazon, where he spearheaded Amazon's global efforts on Private Brands and Apparel. Earlier in his career, he served as CEO during Shopbop's accelerated growth. He also led the team at Zulily for four years. Yurcisin worked as an Executive in Residence at Madrona Venture Group, assisting entrepreneurs in developing fast-growing businesses. He earned his bachelor's degree in economics from Princeton University and graduated with honors from Harvard Business School.

Tom Siragusa Chief Financial Officer

Tom Siragusa has served in various finance positions at Grove Collaborative since joining the company in 2019. He currently oversees the day-to-day operations and strategic planning for Grove's finance, accounting, and analytics functions to enhance the company's financial health, operational efficiency, and growth initiatives. Siragusa is credited with leading Grove's turnaround plan and spearheading initiatives to optimize cost structure, improve profitability, and strengthen cash flow management. He was formally appointed permanent CFO in October 2025.

Stuart Landesberg Executive Chairman of the Board

Stuart Landesberg co-founded Grove Collaborative in 2012 and served as its Chief Executive Officer until August 2023, transitioning to Executive Chairman of the Board. In his current role, he continues to oversee strategy, capital markets, and corporate development. Prior to co-founding Grove, Landesberg worked for TPG Capital, a private equity firm, where he was involved in consumer and internet investments. He began his career in the investment banking division of Lehman Brothers.

Scott Giesler General Counsel

Scott Giesler serves as the General Counsel of Grove Collaborative, where he is responsible for the company's legal function. Before joining Grove in January 2024, Giesler served as General Counsel of JustAnswer, a direct-to-consumer internet company. He also held the position of Senior Vice President, General Counsel, and Secretary of eHealth, Inc. from 2005 to 2022. Earlier in his career, he was a Corporate Securities Attorney with Wilson Sonsini Goodrich & Rosati from 1999 to 2005, focusing on mergers, acquisitions, corporate reorganizations, initial public offerings, and financing transactions.

The key risks to Grove Collaborative's business include declining revenue and customer attrition, ongoing profitability and liquidity concerns, and intense competition within the sustainable consumer products market.

The most significant risk to Grove Collaborative is the **decline in revenue and customer attrition**. The company has experienced substantial year-over-year revenue decreases, with Q2 2025 revenue falling 15.5% and Q4 2025 revenue declining 14.3%. This has been coupled with a significant drop in active customers, with total direct-to-consumer orders decreasing by 12.6% in Q2 2025 and active customers falling to 599,000 by the end of 2025, a 13% decrease from the prior year. These declines have been attributed in part to disruptions from an e-commerce platform migration and reduced advertising spending.

Another major risk is the company's **profitability and liquidity concerns**. Despite efforts to achieve cost discipline and reporting positive adjusted EBITDA in Q4 2025 (its first in six quarters), Grove Collaborative has historically faced sustained net losses, with a net loss of $3.0 million in Q3 2025. The company's full-year profitability and cash position remain challenged, and it reported tight liquidity with only $12.3 million in cash and equivalents as of September 30, 2025. Furthermore, Grove Collaborative previously received a notice of non-compliance from the New York Stock Exchange regarding its market capitalization and stockholders' equity, highlighting its financial fragility.

Finally, **intense competition** poses a continuous threat to Grove Collaborative's market position. Operating in the consumer packaged goods (CPG) and direct-to-consumer e-commerce industries, Grove Collaborative faces competition from both established CPG companies and a growing number of new sustainable brands. While the company aims to differentiate itself as a sustainability-first alternative, maintaining its market share and competitive edge in this evolving and crowded landscape is a persistent challenge.

The aggressive expansion and integration of sustainable and eco-friendly private label products and dedicated categories by major general retailers and e-commerce platforms (such as Amazon, Target, Walmart, and Kroger). These large incumbents are leveraging their massive scale, customer reach, logistics networks, and purchasing power to offer a wide array of sustainable household and personal care products, often at competitive prices and with greater shopping convenience (e.g., in-store pickup, faster delivery integrated with general shopping). This directly commoditizes Grove Collaborative's specialized niche, making its value proposition less unique and its customer acquisition and retention significantly more challenging.

Grove Collaborative (GROV) operates in the sustainable home and personal care product markets, which have significant addressable market sizes both globally and within the United States.

Addressable Markets for Grove Collaborative's Main Products and Services:

• Sustainable Home Goods: The global sustainable home goods market was valued at an estimated USD 400 billion in 2024.
• Natural Household Cleaners:
  • Globally, the natural household cleaners market was valued at USD 6.97 billion in 2024 and is projected to reach USD 13.28 billion by 2030. Another estimate places the global market at USD 6.56 billion in 2024, projected to grow to USD 18.04 billion by 2033.
  • In the U.S., the natural household cleaners market generated USD 1,254.7 million (approximately $1.25 billion) in revenue in 2024 and is expected to reach USD 2,452.7 million (approximately $2.45 billion) by 2030.
  • The U.S. eco-friendly cleaning products market reached USD 7,368.89 million (approximately $7.37 billion) in 2024 and is estimated to attain USD 17,081.8 million (approximately $17.08 billion) by 2033.
• Natural/Organic Personal Care Products:
  • The global natural organic personal care product market size is expected to be valued at US$ 34.3 billion in 2026 and is projected to reach US$ 65.2 billion by 2033.
  • The global sustainable personal care products market size was valued at USD 56.44 billion in 2025 and is projected to grow to USD 109.85 billion by 2034.
  • The global natural cosmetics market size was valued at USD 31.84 billion in 2023 and is projected to reach USD 45.60 billion by 2030.
  • Within the U.S., the organic personal care products market size was estimated at USD 6.31 billion in 2024 and is anticipated to reach USD 10.85 billion by 2030. The U.S. sustainable personal care products market is projected to reach USD 12.60 billion by 2026.
• Overall U.S. Home and Personal Care Market: Grove Collaborative indicated an addressable market of $180 billion for home and personal care products in the U.S. in 2021. Additionally, the company believes its addressable market in the United States is 57 million people.

For Grove Collaborative (symbol: GROV), several key drivers are expected to fuel future revenue growth over the next 2-3 years:

1. Improved Customer Experience and E-commerce Platform Stabilization: Grove Collaborative anticipates revenue growth by stabilizing and enhancing its e-commerce platform, which has faced disruptions, leading to customer churn. Efforts include launching a redesigned mobile app and generally improving the customer experience to boost retention and attract new customers.
2. Re-accelerated Customer Acquisition and Marketing Investment: After prioritizing profitability and reducing advertising spend, the company plans a measured re-acceleration of customer acquisition investment. This strategic increase in advertising spend is expected to drive new customer growth once the e-commerce platform and customer experience are sufficiently improved.
3. Enhanced Subscription Program and Loyalty Initiatives: The launch of "Grove Green Rewards," a revamped loyalty program, and planned improvements to the overall subscription experience are foundational to the company's strategy. These initiatives aim to reinforce customer value, drive engagement, and encourage repeat purchases, which are crucial for recurring revenue.
4. Expansion of Product Assortment and Category Growth: Grove Collaborative is focused on expanding its product range, including its own brands and third-party offerings. This expansion is particularly targeted at high-growth categories such as health and wellness, clean beauty, personal care, and baby products.
5. Strategic Partnerships and Potential Acquisitions: The company has seen revenue contributions from existing partnerships, such as with QVC. Management has also indicated an openness to exploring potential mergers and acquisitions in the wellness, baby, and beauty categories as part of its long-term growth strategy.

Share Issuance

• Grove Collaborative became a publicly traded company in June 2022 through a SPAC merger with Virgin Group Acquisition Corp. II. The transaction included an $86 million Private Investment in Public Equity (PIPE) from various investors.
• Concurrently with the SPAC business combination in 2022, a $50 million backstop subscription agreement was executed, involving Corvina Holdings, Limited purchasing $27.5 million of common stock prior to the closing and an additional $16.7 million of common stock of the combined company at closing.
• As of December 31, 2024, there were 5,182,186 shares available for issuance under the 2022 Equity and Incentive Plan and 846,157 shares available under the 2022 Employee Stock Purchase Plan.

Inbound Investments

• In August 2023, growth equity firm Volition Capital made a $10 million investment into Grove Collaborative.
• In September 2024, Volition Capital announced an additional $15 million private investment in public equity (PIPE), bringing their total investment in Grove Collaborative to $25 million. This investment was intended to help repay outstanding term debt.

Outbound Investments

• In the first quarter of 2025, Grove Collaborative acquired the wellness brand 8Greens, which brought in revenue from a QVC Today's Special Value program.

Capital Expenditures

• Over the last 12 months (prior to March 10, 2026), capital expenditures for Grove Collaborative were approximately $1.17 million.
• In the fourth quarter of 2025, Grove invested $1 million in capital expenditures, representing a 65.2% year-over-year decrease, as part of a strategic decision to preserve liquidity and drive profitability through optimizing its web and app platforms.
• Product development expenses, which can include capital investments, were $1.6 million in Q3 2025, a 66.1% decrease year-over-year, reflecting efforts to streamline the technology organization and lower amortization costs post-e-commerce platform migration.