Nasdaq: GRVI

OUR NEW PROFILE IS:  GRVI

*****BREAKING NEWS JUST RELEASED THIS MORNING*****

Grove, Inc. Announces Third Quarter Financial Results

Gross revenue was $31,273,128 and reduced by advertising costs of $1,885,005 purchased through the SaaS programmatic advertising platform to recognize $29,388,123 of net revenue for the nine months ended

Revenue increased $15,938,273 or 119% compared to the same period last year

CHECK OUT THE INVESTOR PRESENTATION HERE

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Hello Everyone

We just hit you with a slew of winners before the market dumped off.  Our last one saw a nice pop and we hope that our next one will follow suit of the many companies that we profiled in March and April that went on to make double digit moves.

Pull up GRVI Immediately.

Grove, Inc. is a global innovator in hemp, health and wellness. The company has an array of in-house brands, and operates in multiple verticals including SaaS programmatic ad technology, and a wholly owned division dedicated to acquiring high growth e-commerce brands. The company sells to numerous consumer markets including the botanical, beauty, pet care, and functional foods sectors. It seeks to take advantage of an emerging worldwide trend in consumer products selling through Amazon and eCommerce.

*****BREAKING NEWS JUST RELEASED THIS MORNING*****

Grove, Inc. Announces Third Quarter Financial Results

$10.9 Million in Revenue, a 119% Increase Over Prior Year

$4.3 Million Adjusted EBITDA Year to Date and Fourth Quarter Revenue Estimated at a Range of $16-18 Million

HENDERSON, NV, May 16, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Grove, Inc. (NASDAQ:GRVI) (“Grove” or the “Company”), a global innovator in hemp, health, and wellness, today announced financial results for the third quarter period ended March 31, 2022. 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”) and contains additional information.

Year to Date Financial Highlights

• Revenues rose to $29.3 million from $13.4 million, a 119% increase
• $0.03 basic earnings per share compared to $0.02
• $4.3 million in adjusted EBITDA

Company Milestone YTD

• Launch of Upexi Amazon and DTC brand acquisition division
• Acquired control of Cygnet Online, Inc.
• Entered into LOI to acquire pet brand selling both Amazon and direct to consumer
• Opening Florida-based corporate facility and operational center
• Triple digit growth year over year
• Maintaining profit margins despite double digit inflation in wages and raw materials

Allan Marshall, Chief Executive Officer of Grove, stated, “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. 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. The quality of the acquisitions and profitability profile puts us on target for 2023 to be our best year ever.”

Marshall also commented on the growing portfolio of brands, “Our Upexi brand aggregation business will drive growth in 2023 and beyond. The brands we currently own and acquire will give us increased exposure to Amazon and DTC businesses with high growth and profits. Our strong cash flow gives us great flexibility to expand the brand aggregation business and become more active with acquisitions this year.”

Financial Highlights – Nine Months Ended March 31, 2022

• Gross revenue was $31,273,128 and reduced by advertising costs of $1,885,005 purchased through the SaaS programmatic advertising platform to recognize $29,388,123 of net revenue for the nine months ended
• 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. $4,121,084 was related to the acquired business and $2,058,447 was increases in non-cash expenses, such as stock compensation and depreciation
• At March 31, 2022, the Company had cash of $4,502,986
• Use of cash for the nine-months ended March 31, 2022, was primarily due to the following:
  • $2,574,589 acquisition of VitaMedica
  • $1,854,193 acquisition of Interactive Offers
  • $5,649,100 building and equipment purchases
  • $1,975,888 stock repurchase program
• Net cash flows provided by operations was $2,166,545

Future Revenue Guidance

• 2022 fourth quarter revenue estimated at a range of $16-18 million
• Management estimates $18-20 million as the baseline quarterly revenues for fiscal year 2023
• Company will update the full year 2023 estimates after the fiscal year ends, June 30, 2022

Grove Inc. Partners With Benzinga to Serve Ads Through Its Programmatic Ad Division, Interactive Offers

HENDERSON, NV, May 12, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Grove Inc. (GRVI) SaaS ad platform has partnered with Benzinga to provide a programmatic, email advertising solution.

Interactive Offers will help Benzinga monetize their emails through its programmatic ad units. Publishers, like Benzinga, look to monetize their data and need reliable partners that have advertisers looking for high quality leads and traffic. Interactive Offers’ platform makes it easy for advertisers and publishers to instantly set up accounts to start serving (and buying) new leads.

Benzinga, a hub for actionable information on the capital markets with approximately 25 million readers a month, is one of the largest online platforms that aims to empower a new generation of investors.

CEO Allan Marshall commented, “The contract with Benzinga further establishes our presence as a desirable SaaS ad tech partner, helping us increase revenue, while working with an industry leader in the space.”

Grove’s management believes the deal is a material step into a new revenue source for the company, with the goal of building continued relationships with new publishers and advertisers.

BRANDS

CBD

A full product line of CBD oil, gummies, and tinctures catering to your personal needs and giving each consumer the ability to shop by effect.

* COMING SOON *

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