Grove Inc (GRVI) Reports Q1 Revenues of $8.4M, EPS of $0.03

Grove, Inc. (NASDAQ: GRVI) ("Grove" or the "Company"), a global innovator in hemp, health, and wellness, today announced financial results for the first quarter period ended September 30, 2021. Investors are encouraged to read the Company’s quarterly report on Form 10-Q which will be filed with the Securities and Exchange Commission (the “SEC”), contains additional information, and will be posted at https://groveinc.io/.

Financial Highlights

• Revenues rose to $8.4 million from $2.9 million in first quarter of fiscal year 2021
• $0.03 basic earnings per share compared to loss of $0.05 in prior year period
• Company ended quarter with $13.0 million in cash
• $1.4 million in adjusted EBITDA

Allan Marshall, Chief Executive Officer of Grove, stated, “Grove’s first quarter financial results reflect strong growth in revenues, net income and cash flow as our team continues to execute our vision to transform the landscape of how hemp and wellness products are produced, bought and sold. Seasonally, our first quarter is typically our slowest, yet $8.4 million signifies exponential growth and sets us up for a strong fiscal year. Our revenue increased primarily driven by strong growth in the sales of new products from our direct-to-consumer business.

“We made two significant acquisitions during the first quarter, substantially broadening our footprint in strong growth sectors. VitaMedica, completed in August gives Grove a solid presence in the Nutraceutical market, and the August acquisition announcement of Interactive Offers stakes our presence in the Programmatic Advertising market, estimated by some to be a $95.5 billion market by 2026. Continued cash flow growth allowed us to make these acquisitions without a meaningful reduction in our cash balance, which ended the quarter at $13.0 million. We look forward to continued momentum through the balance of the 2022 fiscal year.”

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