Grove Collaborative Holdings Inc-A 2025年度报告

Transformingtheconsumerproducts industry into aforceforenvironmentaland human health. GroveCollaborative Holdings,Inc.(NYSE:GROV)isaone-stoponlinedestinationfor everyday essentialsthat create ahealthierhome and planet.Explore thousands of thoughtfully vettedproductsfor everyroomand everyone inyourhome,includinghousehold cleaning,personal care,healthand wellness,laundryclean beauty,kitchen,pantry,kids,baby,pet care,and beyond Everything Grove sells meets a higherstandard-fromhealthto sustainability andperformance-soyougetagreat valuewithout compromisingyour values.As a B Corpand PublicBenefit Corporation,Grove goes beyond selling products:everyorder is carbon neutral,supports plastic waste cleanupinitiatives,and lets you see and track the positive impact of yourchoices.Shopping with purpose starts at www.grove.com LETTER FROM OUR CEO Jeff YurcisinChief Executive Officer DearShareholders, Webelieve trust is the foundation of Grove's model.and we are intentionallybuilding a system that compouGrove Green Rewards deepens the relationship with each interaction.As this systemscales,we expect trusttranslate directly into higher retention,greaterfrequency,and stronger lifetime value. 2025 wasayear ofdeliberate trade-offs for Grove.We entered theyear with momentumandbegan an erplatformmigration designed to create a morereliable,scalable foundationfor consistentlyearning andreilto how customers engage with Grove,and when they did not perform consistently.churn increasedmore texpected. While the transition created near-term friction, it was a necessary step toward building a more durable fouWemadea deliberatechoicetoprioritizeliquidity,profitability,and stabilizationof the customerexperiencnear-termrevenue growth.As we exitthisperiod,wenowhaveaplatformdesignedto scalewithour custcconsistently deliver on the trust at the center of our model, and support a more sustainable,scalable,andibusiness overtime. Evenwiththose headwinds,we strengthened the core of thebusiness and improved ouroperating disciplinand human health. 2025performanceandexecution 2025 was a yearof operational disruption,but alsoone in which we improvedtheunderlying economics ofbusiness.Forthefull year,revenuewassi73.7million,down14.6%yearoveryear,reflectingtheimpactoftheEBITDAwas$(2.2)millioncomparedto$I.3Min2024. Importantly.wereturnedtopositiveAdjustedEBITDA in thefourthquarter.Adjusted EBITDAwas Sl.6milionsi2.6million.We alsogenerated breakeven operating cashflow in thequarter,marking the fifth quarter in1eight with breakeven orpositive operating cash flow.These results reflectamore disciplined operating mosharperfocus on balancing execution with financial outcomes. LETTERFROM OUR CEO Rebuildingthe customerexperience Our most important work is restoring the qualityand reliabilityof the customer experience.The primary coronnear-termgrowthhasbeendisruptiontiedtotheplatformtransition,particularlyacrossmobile,subscripand ViP-relatedfeatures-coreparts of how customers shopwithGrove. Wemademeaningful progress in the secondhalf of 2025and early2026.In thefourthquarter,we launcheGreen Rewards todeepen engagement and increase repeatbehavior.InFebruary2026,we launched a remobile application,replacingthe priorthird-partyapplication andrestoring criticalfunctionality. Wearenowfocusedon improvingthesubscriptionexperience,whichis centraltotheeconomicsofthebusiSubscriptionunitsrepresented60%ofrevenuein2025,andorderswithsubscriptionsaccountedfor79%oforders,making subscriptionfunctionality akey driver ofretention and lifetime value.AtGrove,we are buildireinforcing systemdesigned to deepen customer trustand drive long-term value.Our curated assortment cproductstandards establishthattrust,subscriptions convert it into predictable,repeat behavior,and Grovdurable improvements in retention,orderfrequency,and customer lifetime value. We also believe Grove is structurally advantaged in ways that arenot always obvious when compared to lcplatforms likeAmazon.WhereAmazon optimizesfor speed and breadth,often shipping low-unit,fragmenteGrove is optimized forplanned,high-densityreplenishment-meaningfullybenefitting Grove's unit economic Just as important, we are not trying to be everything to everyone.Amazon is a marketplace of near-infiniteGrove is a curated platform built on trust.In a recent Grove survey of more than I,ooo Grove customers,93indicated theytrust GrovemorethanAmazon to sell safe,healthy products.As consumerproducts becomecomplex,webelievetheroleofatrusted curatorbecomes increasingly important. Ourapproachremainsintentionallysequenced:stabilizetheplatformand improvethecustomerexperiencethen increasecustomeracquisition investment in a measuredway. Mission progress:environmental and human health Evenasweworkedthroughoperational challenges,wecontinuedto strengthentheattributesthatbuildB Corporation and Public Benefit Corporation,our mission is embedded in how we operate.We are focusectransforming consumer products into a force for environmental a