EXCLUSIVE: Grove Announces Q3 Results: $10.9M in Revenue, 119% Increase Year-Over-Year

Grove, Inc. GRVI, a global innovator in hemp, health and wellness, on Monday announced financial results for the third quarter period ended March 31, 2022.

Financial Highlights

• Gross revenue was $31.2 million and reduced by advertising costs of $1.8 million purchased through the SaaS programmatic advertising platform to recognize $29.38 million of net revenue for the nine months ended March 31.
• Revenue increased $15,938,273 or 119% compared to the same period last year.
• Net income of $523,877 and $260,210 for the nine months ended March 31, 2022, and 2021,a 101% increase.
• Cost of revenue increased by $4,404,247 or 65% compared with the same period last year.
• Operating expenses increased by $11,053,305 or 167% compared with the same period last year.
• At March 31, 2022, Grove had cash of $4,502,986.

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“Our team completed another quarter of growth and profitability in a challenging employment and cost environment. We made a few decisions to maintain profits and balance our growth rate in this quarter,” said CEO Allan Marshall. “The acquisition of the Cygnet business and the Amazon expertise of their Team brings a key component to our continued growth and profitability.

“The timing of our acquisition closing has been a little later than anticipated but we have successfully managed to find the best businesses at the best valuation possible,” he added.

Future Revenue Guidance

• 2022 fourth-quarter revenue is estimated at a range of $16-18 million.
• Management estimates $18-20 million as the baseline quarterly revenues for the fiscal year 2023.