Grove Investor Presentation Deck slide image

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 108
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