Grove Investor Presentation Deck
GROVE IS THE 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.
1.
2.
A Premier Long Term Brand.
A Unique Entry Point.
8.3x growth since 2017
#1 market share, awareness, and assortment for zero waste HPC
#1 DTC community
Door growth up >100% y/y¹¹
52% gross margins in Q1 2023
WELL POSITIONED + LOW AWARENESS → ATTRACTIVE ENTRY POINT
Net cash position with $100M+ of cash, cash equivalents + available debt¹2)
Clear near term path to profitability
Potential Adj. EBITDA approximately break even in Q3, well ahead of schedule
Record GM of 52.1% in Q1 2023, expected to continue to increase long term
Extraordinary long term customer retention
O CAC optimized down to near-pandemic levels
O Operating efficiency + cost savings still rolling through P&L
y/y Adjusted EBITDA margin improvement of 3,420 bps in Q1 2023
Multiple upside drivers + catalysts
Continued rapid retail distribution growth
Category expansion into wellness
M+A
O
O
As of March 31, 2023
Includes restricted cash of $9M. Refer to Balance Sheet + Available Capital slide later in presentation for additional details
Hypothetical Valuation
Comparison
(in mm except ratios)
Percent Change
Shares Outstanding (1)
Price / Share
Market Cap
Less: 3/31/22 Net Cash (3)
Total Enterprise Value
TEV / 2022 Sales
TEV / 2023 Sales
TEV / 2022 GP
0%
179
$0.46
$82
10
$72
0.22x
0.27x
0.47x
100%
179
$0.92
$165
10
$155
0.48x
0.58x
1.00x
Industry
Avg.
Multiple (2)
935%
179
$4.30
$770
10
$760
2.36x
2.87x
4.91x
Note: assumes 0% change at $0.46 / share
(1) As of 3/31/2023
(2) HNST, UL, PG, CHD, KC, RB, CLX, CLG as of 2/28/23. TEV/2023 Sales = 2.8x
(3) Year end gross cash of $90.5M, less debt of $79.5M
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