Company: GROVW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025541
Chunk: 178

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 178
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 Amendment, the Siena Revolver matures on April 10, 2028. As of March 31, 2025, we were in compliance with all covenants related to the Siena Revolver.

Cash Flows 

The following table summarizes our cash flows for the periods presented:

Three Months Ended March 31,20252024Change(in thousands)Net cash used in operating activities$(6,872)$(12,380)(44.5)%Net cash used in investing activities(3,389)(518)554.2 %Net cash used in financing activities(536)(381)40.7 %Net decrease in cash, cash equivalents and restricted cash$(10,797)$(13,279)

Operating Activities 

Net cash used in operating activities of $6.9 million for the three months ended March 31, 2025 was primarily attributable to our net loss of $3.5 million, non-cash adjustments of $1.2 million, and net increase in our operating assets and liabilities of $4.6 million. Non-cash adjustments consisted primarily of a $1.0 million stock-based compensation 

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expense, $0.4 million in depreciation and amortization and $0.1 million in non-cash interest expense, partially offset by $0.1 million of inventory write-downs and a $0.1 million of change in fair value of derivative liabilities. The change in operating assets and liabilities primarily resulted from a $3.5 million decrease in accrued expenses and accounts payable, a $0.5 million increase in inventory and a $0.5 million decrease in deferred revenue. 

Net cash used in operating activities of $12.4 million for the three months ended March 31, 2024 was primarily attributable to our net loss of $3.4 million, non-cash adjustments of $2.4 million, and net increase in our operating assets and liabilities of $11.4 million. Non-cash adjustments consisted primarily of a $3.1 million stock-based compensation expense, $2.2 million in depreciation and amortization activity, and $1.0 million non-cash interest expense, partially offset by a $3.1 million in gain on lease modification and $0.5 million of inventory write-downs. The change in operating assets and liabilities primarily resulted from a $2.2 million increase in inventory and a $4.0 million net decrease in accounts payable and accrued expenses, a $0.6 million decrease in deferred