Company: GROVW
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001628280-25-013839
Chunk: 128

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 128
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 an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 

/s/ Ernst & Young LLP

We served as the Company’s auditor from 2018 to 2023. 

San Mateo, California

March 20, 2024

67

 Grove Collaborative Holdings, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)December 31,20242023AssetsCurrent assets:Cash and cash equivalents$19,627 $86,411 Restricted cash3,675 5,650 Inventory19,351 28,776 Prepaid expenses and other current assets2,288 3,359 Total current assets44,941 124,196 Restricted cash1,002 2,802 Property and equipment, net3,677 11,625 Operating lease right-of-use assets12,532 9,612 Other long-term assets2,858 2,507 Total assets$65,010 $150,742 Liabilities and Stockholders’ Equity (Deficit)Current liabilities:Accounts payable$6,800 $8,074 Accrued expenses11,546 16,020 Deferred revenue6,340 7,154 Operating lease liabilities, current1,636 3,489 Other current liabilities742 306 Total current liabilities27,064 35,043 Debt, noncurrent7,500 71,662 Operating lease liabilities, noncurrent12,949 14,404 Derivative liabilities1,274 11,511 Total liabilities48,787 132,620 Commitments and contingencies (Note 6)Redeemable convertible preferred stock, $0.0001 par value – 100,000,000 shares authorized at December