Company: GROVW
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001628280-25-013839
Chunk: 116

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 116
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,189)9,856 Net increase (decrease) in cash, cash equivalents and restricted cash$(70,559)$(1,122)

Operating Activities 

Net cash used in operating activities was $9.7 million for the year ended December 31, 2024, primarily attributable to our net loss of $27.4 million, non-cash adjustments of $15.2 million, and an increase in our net operating assets and liabilities of $2.4 million. Non-cash adjustments consisted primarily of a $12.0 million stock-based compensation expense, $9.8 million in depreciation and amortization, $5.0 million in loss on extinguishment of debt, $3.4 million in non-cash interest expense and $1.3 million in asset impairment, partially offset by $9.9 million in changes in fair value of derivative liabilities, $3.1 million gain on lease modification and $3.1 million in changes to our inventory reserve. The change in operating assets and liabilities primarily resulted from a $4.3 million decrease in operating lease right-of-use assets and liabilities primarily driven by payments related to the modification of our lease at our San Francisco offices and a $5.9 million net decrease in accounts payable and accrued expenses, partially offset by a $12.5 million decrease in our inventory.

Net cash used in operating activities was $8.0 million for the year ended December 31, 2023, primarily attributable to our net loss of $43.2 million, non-cash adjustments of $24.2 million, and an increase in our net operating assets and liabilities of $11.0 million. Non-cash adjustments consisted primarily of a $15.5 million stock-based compensation expense, $5.8 million in depreciation and amortization, $3.8 million in non-cash interest expense and $2.5 million in asset impairment, partially offset by $3.7 million in reduction in transaction costs allocated to derivative liabilities upon the Business Combination. The change in operating assets and liabilities primarily resulted from a decrease of $3.7 million in deferred revenue, a decrease of $1.6 million in operating lease right-of-use assets and liabilities, partially offset by a $15.0 million decrease in inventory and a $1.7 million decrease in prepaid and other assets.

Investing Activities

Net cash used in investing activities was $1.6 million and $3.0 million for the years ended December 31, 2024 and