Company: GROVW
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001628280-25-013839
Chunk: 153

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 153
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 per annum in the case of Term SOFR Borrowings, as defined by the Siena Revolver. The Siena Revolver also contains various financial covenants the Company must maintain to avoid an Event of Default, as defined by the agreement. In accordance with the agreement, Siena has been provided with the Company’s periodic financial statements and updated projections to facilitate their ongoing assessment of the Company. As of December 31, 2024, the Company was in compliance with these debt covenants.The Siena Revolver matures on March 10, 2026 and is collateralized by the Company’s accounts receivable and inventory balances. As of December 31, 2024, the Company has an outstanding principal balance of $7.5 million under the Siena Revolver with an interest rate of 8.40%. As of December 31, 2024, additional borrowing capacity from the Siena Revolver was $5.2 million.

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Table of ContentsGrove Collaborative Holdings, Inc.Notes to Consolidated Financial Statements (continued)

A schedule of the Company’s future debt maturities is as follows (in thousands):Year ended December 31,2025$— 20267,500 Total principal debt payments$7,500 

6.    Commitments and Contingencies

Merchandise Purchase CommitmentsAs of December 31, 2024 and 2023, the Company had obligations to purchase $9.1 million and $14.1 million, respectively, of merchandise.Letters of CreditThe Company had irrevocable standby letters of credit in the amount of $2.1 million and $3.4 million as of December 31, 2024 and 2023, respectively, primarily related to the Company’s operating leases. No amounts have been drawn related to these letters of credit. The letters of credit have expiration dates from January 2025 through August 2029.ContingenciesFrom time to time, the Company is subject to various claims, charges and litigation matters that arise in the ordinary course of business. The Company records a provision for a liability when it is both probable that the loss has been incurred and the amount of the loss can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be reasonably estimated, it discloses the possible loss or range of loss. Any potential gains associated with legal matters are not recorded until the period in which all contingencies are resolved and