Company: GROVW
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001628280-25-013839
Chunk: 149

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 149
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31, 2022$580 $4,122 $670 $805 $7,050 $13,227 Cancellation— (347)— — — $(347)Changes in fair value920 (802)(639)(768)1,420 $131 Settlement(1,500)— — — — $(1,500)Balances as of December 31, 2023— 2,973 31 37 8,470 11,511 Change in fair value— (1,715)(22)(29)(8,122)(9,888)Settlement— — — — (348)(348)Balances as of December 31, 2024$— $1,258 $9 $8 $— $1,275 

4.    Other Balance Sheet Information

Property and EquipmentProperty and equipment, net consisted of the following (in thousands):December 31,20242023Machinery and warehouse equipment$4,842 $6,753 Internally developed software 12,093 15,772 Computer equipment 2,246 2,531 Leasehold improvements 1,625 2,134 Furniture and fixtures 289 1,049 Total property and equipment21,095 28,239 Less: accumulated depreciation(17,418)(16,614)Property and equipment, net$3,677 $11,625 Depreciation expense for the years ended December 31, 2024 and 2023 was $2.8 million and $1.7 million, respectively. The Company capitalized software development costs of $1.0 million and $3.0 million for the years ended December 31, 2024 and 2023, respectively. Amortization of capitalized software development costs was $7.0 million and $4.1 million for the years ended December 31, 2024 and 2023, respectively.

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

Accrued ExpensesAccrued expenses consisted of the following (in thousands):December 31,20242023Inventory purchases$1,657 $3,512 Compensation and benefits4,149 5,071 Advertising costs558 457 Fulfillment costs540 789 Sales taxes1