Company: GROVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001841761-25-000048
Chunk: 164

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 164
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 by $1.2 million, both driven by reductions in headcount. Additionally, fulfillment costs decreased by $4.0 million due to a lower volume of orders. Depreciation expense decreased by $2.0 million primarily due to accelerated depreciation associated with the closure of our Missouri facility in the prior period that did not recur in the current period, and asset impairment charges decreased by $0.7 million related to the asset impairment in June 2024. These decreases were offset by the absence of a $3.1 million gain recorded in the prior period related to a partial lease termination of our San Francisco office that occurred in March 2024 and a $1.2 million increase in certain fees and expenses to support our acquisitions.

Interest expense

Three Months EndedSeptember 30,Change Nine Months EndedSeptember 30,Change20252024Amount %20252024Amount%(in thousands, except percentages)Interest expense$292 $2,942 $(2,650)(90)%$943 $11,188 $(10,245)(92)%

Interest expense decreased by $2.7 million, or 90%, and $10.2 million, or 92%, for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024 primarily due to the extinguishment of our term debt facility in 2024.

39

Non-operating income, net

Three Months EndedSeptember 30,Change Nine Months EndedSeptember 30,Change20252024Amount %20252024Amount%(in thousands, except percentages)Changes in fair value of derivative liabilities$25 $(7,813)$7,838 **$(189)$(8,019)$7,830 **Other income, net (94)(550)456 (83)%(375)(2,627)2,252 (86)%

**Change not meaningful

The change in the fair value of derivative liabilities for the three and nine months ended September 30, 2025, was driven by the changes in our stock price from December 31, 2024 through September 30, 2025. The change in the fair value of derivative liabilities for the three and nine months ended September 30, 2024, was driven by the changes in our stock price from December 31, 2023 through September 30, 2024 and by changes in the fair value of the Structural Derivative Liability related