By Karen Roman

Grove Collaborative Holdings, Inc. (NYSE: GROV), a sustainable consumer products company, maintained its guidance for fiscal year 2024 with net revenue levels between $215 to $225 million and an adjusted EBITDA margin of 0.0% to 1.0%.

First-quarter net revenue declined 25.2% year over year to reach $53.5 million, due to a decrease in direct to consumer orders, it said. Adjusted EBITDA was $1.9 million, 3.5% margin, in contrast to negative $6.9 million, (9.6%) margin for the same period of 2023, it said.

“This quarter’s results show the early benefits of our continued focus on profitability alongside our focus on being the trusted brand for conscientious customers who are seeking high-performing, planet-friendly products,” said Jeff Yurcisin, Grove’s CEO. “In my first nine months, we’ve made a number of strategic changes to our business.”

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