Grove Investor Presentation Deck
GROVE IS A MARKET LEADER IN ZERO WASTE HOME CARE.
Home + personal care is $1T globally, built on single use plastic. Zero waste leadership will create a
multi-billion dollar brand. That is our opportunity.
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WELL POSITIONED + LOW AWARENESS
Net cash position with $100M of cash, cash equivalents + available debt
Near term path to profitability
Potential Adj. EBITDA approximately break even in Q3, well ahead of schedule, and annual
guidance 2H 2023 midpoint of - $6.5M
1.
8.3x revenue growth since 2017
#1 market share, awareness, and assortment for zero waste HPC(¹)
#1 DTC community(¹)
Door growth up >100% y/y(²)
4.
Q2 2023 Gross Margin of 51.9%, near Q1 record levels despite one-time non-cash inventory
reserve charges. Excluding impact, Adj. GM was a record of 53.6%.(4)
O Extraordinary long term customer retention
A Premier Long Term Brand.
O
CAC optimized down to near-pandemic levels
Operating efficiency + cost savings still rolling through P&L
y/y Adjusted EBITDA margin improvement of >2,200 bps in Q2 2023
Multiple upside drivers + catalysts
O
Continued retail distribution growth
Category expansion into wellness
M+A
Per Grove's internal research as of 2022
As of June 30, 2023
3. Includes restricted cash of $9M. Refer to Balance Sheet + Available Capital slide later in presentation for additional details
Gross Margin Impact of Non-cash inventory reserve as disclosed in the Consolidated Statement of Cash Flows in our 10-K and 10-Q Filings
6/30/2023 Valuation
(in mm except ratios)
Shares Outstanding (1)
Price / Share (2)
Market Cap
Less: 6/30/23 Net Cash (3)
Total Enterprise Value
TEV/2022 Sales
TEV/2023 Sales
36
$1.77
$63
11
$53
0.16x
0.20x
TEV / 2022 GP
(1) As of 6/30/2023
(2) Close price as of 6/30
(3) 6/30/2023 gross cash of $90M, less debt of $79.5M
0.34x
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