Company: GROVW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025541
Chunk: 361

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 361
---
 related to certain internally developed software which was fully amortized at the end of fiscal year 2024.

Selling, General and Administrative Expenses

Three Months EndedMarch 31,Change 20252024Amount %(in thousands, except percentages)Selling, general and administrative$21,986 $24,594 $(2,608)(11)%

Selling, general and administrative expenses decreased by $2.6 million, or 11%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Fulfillment costs decreased by $2.1 million, including a $1.4 million decrease in shipping and handling expenses and $0.4 million decrease in fulfillment labor both due to a lower volume of orders. Additionally, stock-based compensation decreased by $2.0 million and corporate salaries decreased by $0.4 million both driven by reductions in headcount and depreciation expense decreased by $1.0 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. 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.

37

Interest expense

Three Months EndedMarch 31,Change 20252024Amount %(in thousands, except percentages)Interest expense$346 $4,129 $(3,783)(92)%

Interest expense decreased by $3.8 million, or 92% for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 primarily due to the extinguishment of our term debt facility in 2024.

Non-operating income, net

Three Months EndedMarch 31,Change 20252024Amount %(in thousands, except percentages)Changes in fair value of derivative liabilities$(144)$(198)$54 **Other income, net (172)(1,083)911 (84)%

**Change not meaningful

The change in the fair value of derivative liabilities for the three months ended March 31, 2025, was driven by the changes in our stock price from December 31, 2024 through March 31, 2025. The change in the fair value of derivative liabilities for three months ended March 31, 2024, was driven by the changes in our stock price from December