Grove, Inc. Announces Fiscal Year 2021 Audited Financial Results

HENDERSON, NV, Sept. 29, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Grove, Inc. (NASDAQ:GRVI) (“Grove” or the “Company”), a global innovator in hemp, health, and wellness, today announced audited financial results for its fiscal year ended June 30, 2021 which surpassed preliminary results issued on June 28, 2021. Investors are encouraged to read the Company’s annual report on Form 10-K which was filed with the Securities and Exchange Commission (the “SEC”), contains additional information, and is posted at

Financial Highlights

  • $24.1 million in revenue
  • $2.9 million in net income
  • $0.25 basic earnings per share
  • $2.9 million in cash flow provided by operations
  • $3.2 million in adjusted EBITDA
  • Strong margin expansion quarter over quarter
  • Strong revenue growth quarter over quarter
  • 4th Quarter revenues of $10.64 million surpassed a 361% growth over 4th quarter revenues in the prior year

Allan Marshall, Chief Executive Officer of Grove, stated, “Our team surpassed every internal and external projection for revenue growth, income growth, earnings per share and customer acquisition numbers. We finished the year with exceptional growth and significant momentum in the second half of the year. Our team has found a way to grow while maintaining profits in an industry that historically has not been able to produce these types of results. We enter 2022 with momentum and look to continue our outperformance in the current year.”

Andrew Norstrud, Chief Financial Officer of Grove, stated, “Cash flow quarter over quarter exceeded our projections and ended with our strongest quarter to date. The company finished the quarter with $14.5 million in cash and minimal debt that has since been paid. The balance sheet is strong with net working capital of $12.5 million and stockholders’ equity of $21.2 million. The company’s financial position strengthened every quarter and we finished with great momentum.”

Liquidity and Capital Resources

Working Capital

As of
June 30, 2021
As of
June 30, 2020
Current assets$18,293,083$2,649,674
Current liabilities$5,819,161$3,519,434
Working capital$12,473,922$(869,760)

Cash Flows

Years Ended June 30,
Cash flows provided by (used in) operating activities$2,939,306$(4,164,746)
Cash flows used in investing activities(1,281,007)(1,462,915)
Cash flows provided by financing activities11,988,3952,817,746
Net increase (decrease) in cash during period$13,646,694$(2,809,915)

At June 30, 2021, the Company had cash of $14,534,211 or an increase of $13,646,694 from June 30, 2020. The increase of cash provided by operating activities is primarily related to the net income and the sale of the Company common stock.

About Grove, Inc.
Grove, Inc. is in the business of developing, producing, marketing and selling quality products and end consumer products containing the industrial hemp plant extract Cannabidiol (“CBD”), as well as diversified products in other verticals. The Company sells to numerous consumer markets including the botanical, beauty care, pet care and functional food sectors. It seeks to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp and to foster its many uses for consumers.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s business strategy, product development and industry trends. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact

Andrew Norstrud
Phone: (702) 332-5591

Investor Relations Contact
TraDigital IR
John McNamara
Phone: (917) 658-2602