Company: GROVW
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001628280-25-013839
Chunk: 110

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 110
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 million decrease in rent expense, a $0.5 million decrease in software-related expenses and a $3.1 million gain on a partial lease termination relating to our San Francisco office that occurred in March 2024.

Interest Expense

Year Ended December 31,Change20242023Amount% (in thousands)Interest expense$12,777 $16,077 $(3,300)(21)%

Interest expense decreased by $3.3 million, or 21%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to the full repayment of the Structural Debt Facility in 2024. See the section titled “Liquidity and Capital Resources” below for further details.

Non-operating expenses (income), net

Year Ended December 31,Change20242023Amount%(in thousands)Loss on extinguishment of debt$5,004 $— $5,004 **Changes in fair value of derivative liabilities(9,888)(216)(9,672)**Other income, net (3,057)(7,930)4,873 (61)%

**Change not meaningful

Loss on extinguishment of debt resulted from the repayment of our Structural Debt Facility during the year ended December 31, 2024. See the section titled “Liquidity and Capital Resources—Loan Facilities” below for further details.

The change in the fair value of derivative liabilities for the year ended December 31, 2024, other than the Structural Derivative liability, was primarily driven by the changes in our stock price during the period. The change in fair value of the Structural Derivative liability for the year ended December 31, 2024 primarily due to the settlement of the derivative in connection with the full payoff of the Structural Debt Facility in 2024.

Other income, net decreased by $4.9 million, or 61%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to the $3.7 million gain recorded in the first quarter of 2023 as a result of reaching settlement with Morgan Stanley related to the de-SPAC fees allocated to derivative instruments and due to lower on-hand cash as a result of the repayment of Structural Debt Facility.

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Liquidity, Capital Resources and Requirements

As of December 31, 2024, we had $19.6 million in unrestricted cash and cash equivalents (