Business Wire·Nov 10, 2026, 4:05 PM ET

Grove Announces Third Quarter 2026 Financial Results

GROV

Grove Collaborative reported fiscal third quarter 2026 total net revenue of $36.8 million, down 15.8% year-over-year but up 0.7% sequentially.
Adjusted EBITDA turned positive at $1.4 million, marking the fourth consecutive quarter of profitability in this metric.
Net income was $0.1 million, a significant improvement from a $3.0 million net loss in the same period last year.
Operating cash flow was positive $0.2 million for the quarter, compared to negative $1.0 million in the prior year period.
The company narrowed its full-year 2026 net revenue guidance to $144 million-$146 million from a previous range of $142.5 million-$152.5 million.
Full-year 2026 Adjusted EBITDA guidance was narrowed to $1 million-$2 million, previously expected to be breakeven to positive low single digit millions.
A $1.2 million tariff refund received in the quarter contributed to the improved gross margin of 55.8% and positive Adjusted EBITDA.
Direct-to-consumer active customers declined 30.6% year-over-year to 458,000 due to reduced advertising investment and prior platform disruptions.
DTC net revenue per order increased 6.1% to $70.85, driven by efficient promotional spend and a mix shift to higher-priced items.
Plastic intensity improved to 0.86 pounds per $100 in net revenue, down from 0.94 pounds in the third quarter of 2025.
Operating expenses decreased 22.1% to $20.3 million, driven by lower fulfillment costs, reduced headcount, and decreased advertising spend.
Cash, cash equivalents, and restricted cash totaled $11.1 million as of September 30, 2026, down from $11.4 million at the end of the second quarter.
The company expects fourth quarter 2026 net revenue to be modestly below the third quarter, excluding the one-time QVC program revenue included in Q3.