Workflow
Grove laborative (GROV)
icon
Search documents
Grove Collaborative (GROV) Conference Transcript
2025-08-21 15:50
Summary of Grove Collaborative Holdings Inc. Conference Call Company Overview - **Company Name**: Grove Collaborative Holdings Inc. (Ticker: GROV) - **Industry**: E-commerce for sustainable and healthy home products - **Business Model**: Online destination for everyday essentials focused on health, sustainability, and reducing plastic usage [1][3][5] Key Points and Arguments Business Strategy and Market Position - Grove aims to build a durable business in the direct-to-consumer (DTC) space by creating a strong value proposition centered on curation and high standards for health and sustainability [5][9] - The company has transitioned from a subscription-only model to an open marketplace, allowing all customers to shop without a subscription, which has expanded the total addressable market (TAM) to 57 million people [12][54] - Grove is positioned as a trusted retailer, with 89% of surveyed customers expressing trust in the company for health and wellness products [24][56] Financial Performance - Revenue decreased by 16% year-over-year but showed a 1% increase quarter-over-quarter [29] - The company has improved gross margins by over 800 basis points and has focused on profitability, achieving breakeven EBITDA over the last eight quarters [31][33] - Grove has reduced SG&A headcount by 70% and prioritized cleaning up its balance sheet, which has removed existential risks associated with its previous debt [36][37] Growth and Future Outlook - The company anticipates sequential growth in Q2, Q3, and Q4, with a goal of achieving year-over-year growth by Q4 [39][45] - Grove is exploring mergers and acquisitions (M&A) to enhance its product offerings and accelerate growth, with a focus on acquiring subscale brands that align with its mission [65][69] - The CEO expressed confidence in the company's ability to grow into a $300 million business with double-digit growth rates while remaining profitable [45][75] Market Trends and Consumer Behavior - There are secular tailwinds in sustainability and wellness, with increasing consumer awareness about the impact of plastics and a demand for healthier products [13][14] - Grove's strategy includes expanding into new categories such as vitamins, minerals, and supplements, which are seen as significant growth opportunities [56] Additional Important Insights - Grove was the first retailer to claim plastic neutrality and has a strong commitment to sustainability, which differentiates it from competitors like Amazon and Walmart [10][54] - The company has a unique box economics model that allows for efficient shipping and fulfillment, which is crucial for competing with larger marketplaces [20][21] - The leadership team, including the CEO's experience at Amazon, is focused on building a customer-centric business that prioritizes trust and education [3][18] This summary encapsulates the key points discussed during the conference call, highlighting Grove Collaborative's strategic direction, financial performance, growth potential, and market positioning within the sustainable product industry.
Grove Collaborative (GROV) Conference Transcript
2025-08-20 16:30
Summary of Conference Call Company Overview - The company is focused on providing thoughtfully vetted and curated products for environmentally conscious consumers, positioning itself as a "nontoxic Amazon" [4][3] - The leadership team has undergone significant changes, with a new CEO and CFO introduced in 2023, aiming to transform the business and improve shareholder returns [6][7] Financial Performance - The company has transitioned from losing $100 million annually to breakeven, with a focus on improving customer experience and operational efficiency [7][37] - Revenue has seen fluctuations, with a 15% year-over-year decline, but there is guidance for growth in Q4 [37][48] - Gross margins are improving, and the company is operating with positive cash flow [37][40] Market Position and Strategy - The company aims to serve a larger customer base, expanding from a previous limit of 5 million to potentially 57 million environmentally conscious consumers [15][16] - The focus is on building a scalable platform that emphasizes high standards for product curation, particularly in health and sustainability [11][20] - The company is moving away from a default subscription model to enhance customer experience and increase average order value [21][26] Product and Brand Development - The company has added over 100 brands in recent years, focusing on vitamins, minerals, and supplements (VMS) to drive customer loyalty and revenue [29][30] - There is a strong emphasis on developing proprietary brands with high gross margins, differentiating from typical private label strategies [31][32] - The company is exploring acquisition opportunities to integrate subscale brands that align with its mission [34][59] Environmental and Health Focus - The company is committed to addressing plastic pollution and promoting human health, recognizing that consumers are increasingly concerned about these issues [14][27][29] - The narrative around microplastics and their health impacts is being leveraged to connect with consumers [18][19] Future Outlook - The leadership is optimistic about achieving significant growth, targeting a company valuation of $300 million to $400 million in the medium term [58][70] - There is a strong commitment to maintaining a clean balance sheet and avoiding dilution unless absolutely necessary [71][72] - The company is actively seeking growth opportunities and is prepared to explore acquisitions that align with its strategic goals [76] Key Takeaways - The company is undergoing a significant transformation with a focus on sustainability, customer experience, and financial health [6][7][37] - There is a clear strategy to differentiate from larger competitors like Amazon by serving a specific customer segment with high-quality, curated products [55][22] - The leadership is confident in the company's ability to grow and deliver shareholder value while adhering to its mission of promoting environmental and human health [49][75]
Grove laborative (GROV) - 2025 Q2 - Earnings Call Transcript
2025-08-07 22:00
Financial Data and Key Metrics Changes - Revenue for the second quarter was $44 million, down 15.5% year over year but up 1.1% sequentially, indicating early momentum in revenue stabilization [13][21] - Adjusted EBITDA for the second quarter was negative $900,000, reflecting a negative 2.1% margin, which was below expectations due to the e-commerce platform migration [11][27] - Net loss was negative $3.6 million, an improvement from negative $10.1 million in the prior year, attributed to lower interest and operating expenses [27] Business Line Data and Key Metrics Changes - Total orders for the quarter were 640,000, a decline of 12.6% year over year but an increase of 3.4% compared to the first quarter [22] - Active customers ended the quarter at 664,000, down 10.9% year over year and 2.2% sequentially, reflecting the impact of reduced advertising spend [22] - DTC net revenue per order was $65.22, down 3.7% year over year, driven by a temporary increase in low-value shipments [23] Market Data and Key Metrics Changes - The company is focusing on expanding its third-party assortment, growing the number of brands offered by 47% and individual products by 59% year over year [13] - The company is shifting focus from cleaning products to personal care, vitamins, and clean beauty, responding to customer demand for high-standard products [46] Company Strategy and Development Direction - The company aims to build a curated marketplace for clean and sustainable products, emphasizing a differentiated value proposition from larger competitors like Amazon [6][8] - Strategic pillars include sustained profitability, balance sheet strength, revenue growth, and a focus on environmental and human health [10][14] - The company is committed to maintaining investment in customer acquisition despite short-term revenue challenges, reflecting confidence in long-term growth potential [11][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sequential revenue growth in the latter half of the year, expecting slight year-over-year growth in the fourth quarter [33] - The company is navigating short-term headwinds but is focused on stabilizing revenue, protecting gross margins, and managing cash efficiently [32] - Management highlighted the growing consumer demand for safer ingredients and transparency, positioning the company to meet these evolving market needs [34] Other Important Information - The company amended and extended its asset-based loan facility, improving financial flexibility and pushing maturity out to April 2028 [29] - The company received a continued listing standard notice from the NYSE due to market capitalization falling below $50 million but has since submitted a compliance plan that was accepted [29] Q&A Session Summary Question: Insights on lower revenue per order - Management indicated that the decline in revenue per order is primarily tied to the e-commerce platform migration, which affected average order value [37][38] Question: Returns on increased marketing spend - Management confirmed that the increased marketing spend is yielding positive returns, contributing to new customer acquisition and confidence in future revenue growth [39][40] Question: Opportunities for expanding product categories - Management noted a strategic shift away from cleaning products towards personal care and wellness categories, indicating strong customer interest in these areas [45][46]
Grove laborative (GROV) - 2025 Q2 - Earnings Call Presentation
2025-08-07 21:00
Investor Presentation Q2 2025 As of August 7, 2025 home, family, planet, healthier. Your Grove's transformation fuels momentum for future growth Safe Harbor Statement/Non-GAAP Measures All information in this presentation is as of August 7, 2025. Forward-Looking Statements Certain statements included in this presentation are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements ...
Grove laborative (GROV) - 2025 Q2 - Quarterly Report
2025-08-07 20:42
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _____________________________________ (Mark One) (Registrants telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading S ...
Grove laborative (GROV) - 2025 Q2 - Quarterly Results
2025-08-07 20:27
Exhibit 99.1 Grove Announces Second Quarter 2025 Financial Results SAN FRANCISCO, CA — August 7, 2025 — Grove Collaborative Holdings, Inc. (NYSE: GROV) ("Grove" or "the Company"), the world's first plastic neutral retailer, a leading sustainable consumer products company, certified B Corporation, and Public Benefit Corporation, today reported financial results for its fiscal second quarter ended June 30, 2025. "At Grove, we remain focused on building the leading marketplace of curated, clean and sustainable ...
HumanCo Investments Sends Letter to the Board of Directors of Grove Collaborative
Prnewswire· 2025-07-08 20:12
Core Viewpoint - HumanCo Investments advocates for Grove Collaborative Holdings, Inc. to explore strategic alternatives, including a potential sale or merger, to unlock its full value, which could be valued at approximately 0.70x - 0.90x of 2025 estimated revenue, translating to a share price of about $2.25 - $2.90, representing a 90 - 140% premium over the current share price of $1.19 [1][9][10]. Company Overview - Grove Collaborative Holdings, Inc. is positioned as a leading online marketplace for non-toxic household and personal care products, with a strong competitive moat developed over more than 10 years [3][6]. - The company has a highly engaged consumer base, with 700,000 active customers and an expected annual revenue of approximately $185 million [7][16]. Financial Performance - Grove has reached profitability and has been cash flow positive in three of the last four quarters, with minimal debt and no near-term solvency issues [3][7]. - Despite its strong fundamentals, Grove's enterprise value is currently around $75 million, reflecting a significant decline from its initial public valuation of $1.5 billion [7][8]. Market Dynamics - The clean-living trend is gaining momentum, with 69% of consumers more likely to purchase from companies with strong health and wellness offerings, and nearly 50% seeking products with safety precautions [12][15]. - Sustainable products accounted for approximately 33% of all consumer packaged goods growth, despite representing less than 20% of market share [15]. Strategic Recommendations - HumanCo Investments suggests that Grove should pursue strategic partnerships or acquisitions to leverage its competitive advantages and achieve long-term growth [10][19]. - The company is encouraged to form a Strategic Review Committee and engage an investment bank to assess potential acquirers [23]. Competitive Advantages - Grove possesses unique assets, including a trusted brand, extensive customer relationships, and significant investments in supply chain and logistics, which would be difficult for competitors to replicate [14][16]. - The company has developed a strong reputation for rigorous product standards, resulting in an industry-leading Net Promoter Score (NPS) of 65 [16].
Grove laborative (GROV) - 2025 Q1 - Earnings Call Transcript
2025-05-14 22:02
Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 was negative $1,600,000, reflecting a margin of negative 3.7%, compared to positive $1,900,000 or a 3.5% margin in Q1 of the previous year [11][26] - Revenue for Q1 was $43,500,000, down 18.7% year over year, primarily due to lower repeat order volume and the e-commerce platform transition [20][21] - Gross margin was 53%, a decline of 260 basis points, influenced by the absence of certain customer fees and lower inventory sell-through benefits [22] Business Line Data and Key Metrics Changes - Total orders for the quarter were 622,000, a decline of 20% year over year, driven by a smaller active customer base and disruptions during the e-commerce platform migration [20][22] - Active customers totaled 678,000 at quarter end, down 16% compared to the prior year, reflecting the impact of reduced advertising spend [22] - DTC net revenue per order was $66.49, a slight increase of 0.3%, driven by a change in order mix to include higher-priced items [22] Market Data and Key Metrics Changes - The company experienced a revenue impact of $2,000,000 to $3,000,000 in Q1 due to the e-commerce platform migration [7][21] - The company is navigating a macroeconomic environment with newly implemented tariffs, taking steps to protect margins through pricing adjustments and supplier renegotiations [9][10] Company Strategy and Development Direction - The company is focused on four strategic pillars: sustained profitability, balance sheet strength, revenue growth, and environmental and human health [5][12] - The e-commerce platform migration is seen as a foundational shift to enhance flexibility and infrastructure for future growth [6][8] - The company aims to expand its product assortment, particularly in clean beauty, personal care, and wellness, to drive improvements in net revenue per order and order frequency [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q1 results but noted internal progress, including stronger first order conversion rates [5][32] - The company expects Q1 to be the lowest revenue quarter of 2025, with revenue anticipated to improve in the second and third quarters, leading to slight year-over-year growth in Q4 [29][30] - Management remains committed to transparency and executing strategies for long-term sustainable growth despite the challenges faced [30] Other Important Information - The company amended its asset-based loan facility, extending its maturity to April 2028 and increasing availability under the facility [12][28] - The company has rolled out new educational content to help consumers make healthier, more sustainable choices, enhancing customer trust [17][18] Q&A Session Summary Question: Marketing and Customer Acquisition - Management noted that marketing efforts have driven new customer growth, with advertising spend at 6.4% of sales for the quarter, and they are seeing better returns on new customer acquisition [38] Question: E-commerce Platform Transition - Management confirmed that they are through the most challenging parts of the platform transition and are seeing week-over-week progress [40] Question: Sales Trajectory for Brands - Management indicated a steady improvement in sales trajectory, guiding towards year-over-year growth in Q4, with a stable gross margin despite a decrease in owned brands as a percentage of revenue [42]
Grove laborative (GROV) - 2025 Q1 - Earnings Call Transcript
2025-05-14 22:00
Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $43.5 million, down 18.7% year over year, primarily due to lower repeat order volume and disruptions from the e-commerce platform transition [20][21] - Adjusted EBITDA for Q1 was negative $1.6 million, reflecting a margin of negative 3.7%, compared to positive $1.9 million or a 3.5% margin in Q1 2024 [11][26] - Gross margin was 53%, a decline of 260 basis points, influenced by the absence of certain customer fees and reduced inventory sell-through benefits [22] Business Line Data and Key Metrics Changes - Total orders for the quarter were 622,000, a decline of 20% year over year, driven by a smaller active customer base and short-term disruptions during the e-commerce platform migration [20][22] - Active customers totaled 678,000 at quarter end, down 16% compared to the prior year, reflecting the impact of reduced advertising spend in previous years [22] - DTC net revenue per order was $66.49, a slight increase of 0.3%, driven by a change in order mix to include higher-priced items [22] Market Data and Key Metrics Changes - The company is navigating a macroeconomic environment with newly implemented tariffs, taking steps to protect margins through pricing adjustments and supplier renegotiations [9][10] - The transition to a new e-commerce platform is expected to have a long-term positive impact, despite short-term revenue headwinds [6][9] Company Strategy and Development Direction - The company is focused on four strategic pillars: sustained profitability, balance sheet strength, revenue growth, and environmental and human health [5][12] - The e-commerce platform migration is seen as a foundational shift, providing enhanced flexibility and infrastructure for future growth [6][8] - The company aims to expand its product assortment, particularly in clean beauty, personal care, and wellness, to drive improvements in net revenue per order and order frequency [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q1 results but noted internal progress, including stronger first-order conversion rates and order economics [5][32] - The company expects Q1 to be the lowest revenue quarter of 2025, with revenue improving through the second and third quarters, leading to slight year-over-year growth in Q4 [29][30] - Management remains committed to transparency and accountability while executing strategies for long-term sustainable growth [30] Other Important Information - The company amended its asset-based loan facility, extending its maturity to April 2028 and increasing availability under the facility [12][28] - The company completed asset acquisitions of third-party brands Grab Green and Eat Greens, integrating them into operations and migrating customers to the Grove website [14][15] Q&A Session Summary Question: Marketing efforts and customer acquisition - Management noted that marketing has helped drive new customers to the platform, with advertising spend at 6.4% of sales for the quarter, and they are seeing better returns on new customer acquisition [36][38] Question: Status of the platform transition - Management indicated that they are through the most challenging parts of the platform transition and are seeing week-over-week progress [39][40] Question: Sales trajectory for third-party and owned brands - Management expects a steady improvement in sales, guiding towards year-over-year growth in Q4, with owned brands' revenue percentage decreasing but not significantly impacting margins [41][42]
Grove laborative (GROV) - 2025 Q1 - Quarterly Report
2025-05-14 20:52
[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2025 financial statements reflect decreased assets and revenue, a net loss, and improved operating cash flow, alongside two acquisitions [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to **$59.8 million** from **$65.0 million**, driven by reduced cash, while stockholders' deficit widened Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $9,605 | $19,627 | | Inventory | $22,039 | $19,351 | | Total current assets | $38,153 | $44,941 | | Total assets | $59,838 | $65,010 | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | $25,810 | $27,064 | | Debt, noncurrent | $7,500 | $7,500 | | Total liabilities | $46,714 | $48,787 | | Total stockholders' deficit | $(11,648) | $(8,549) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 net revenue decreased to **$43.5 million**, leading to a wider operating loss of **$3.5 million** and a net loss of **$3.5 million** Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue, net | $43,547 | $53,545 | | Gross profit | $23,064 | $29,740 | | Operating loss | $(3,508) | $(533) | | Interest expense | $346 | $4,129 | | Net loss | $(3,547) | $(3,391) | | Net loss per share | $(0.10) | $(0.10) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw improved operating cash flow at **$6.9 million** used, but total cash decreased by **$10.8 million** due to acquisitions Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,872) | $(12,380) | | Net cash used in investing activities | $(3,389) | $(518) | | Net cash used in financing activities | $(536) | $(381) | | **Net decrease in cash** | **$(10,797)** | **$(13,279)** | | Cash at end of period | $13,507 | $81,584 | - Cash paid for acquisitions totaled **$2.8 million** in Q1 2025, with no similar activity in Q1 2024[16](index=16&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the strategic shift to DTC, **$2.8 million** in acquisitions, a credit facility amendment, and a probable loss from a regulatory investigation - In Q3 2024, the company made a strategic decision to wind down sales through its retail channel to focus on its direct-to-consumer (DTC) platform[22](index=22&type=chunk) - The company acquired Grab Green for **$2.2 million** and 8Greens for **$0.6 million** in cash during Q1 2025[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The company is under investigation by the California Autorenewal Task Force (CART) for compliance with California's Automatic Renewal Law. A loss is considered probable, but an estimate of the amount cannot be made at this time[85](index=85&type=chunk) - Subsequent to the quarter end, on May 8, 2025, the company amended its Siena Revolver credit facility, extending the maturity date to April 10, 2028[130](index=130&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **19%** revenue decline due to lower DTC orders and platform migration, gross margin decrease, and confirms sufficient liquidity for the next 12 months - The company is exiting the brick-and-mortar retail channel, a process expected to be completed in 2025, to improve profitability with an insignificant impact on revenue[140](index=140&type=chunk) - In March 2025, the company began migrating its e-commerce platform from an in-house solution to third-party providers, which has caused temporary operational disruptions and adversely affected operating results[148](index=148&type=chunk)[175](index=175&type=chunk) Key Operating Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | DTC Total Orders (thousands) | 622 | 773 | | DTC Active Customers (thousands) | 678 | 807 | | DTC Net Revenue Per Order | $66.49 | $66.27 | Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(3,547) | $(3,391) | | **Adjusted EBITDA** | **$(1,598)** | **$1,893** | | Net loss margin | (8.1)% | (6.3)% | | Adjusted EBITDA margin | (3.7)% | 3.5% | - Management believes that currently available resources, including cash and availability under the Siena Revolver and SEPA, will provide sufficient funds for at least one year[191](index=191&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Grove is not required to provide quantitative and qualitative disclosures about market risk[207](index=207&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The company's Certifying Officers concluded that disclosure controls and procedures were effective as of March 31, 2025[208](index=208&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended March 31, 2025[209](index=209&type=chunk) [Part II - OTHER INFORMATION](index=43&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company faces an ongoing investigation by California authorities regarding Automatic Renewal Law compliance, with a probable but unestimable loss - The company is being investigated by a task force of California district attorneys (CART) regarding its compliance with California's Automatic Renewal Law, Unfair Competition Law, and False Advertising Law. A loss is probable, but the amount is not yet estimable[85](index=85&type=chunk)[211](index=211&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, financial, operational, cybersecurity, and securities ownership risks, including potential NYSE delisting and public benefit corporation challenges - Business Risks: The company faces risks from reliance on consumer discretionary spending, potential advertising inaccuracies, challenges in achieving profitable growth, and disruptions from its e-commerce platform migration[214](index=214&type=chunk) - Financial & Operational Risks: The company has a history of losses, may require additional financing, faces intense competition, and is dependent on its supply chain and third-party providers[214](index=214&type=chunk)[232](index=232&type=chunk) - Cybersecurity and Data Privacy Risks: The company is vulnerable to cybersecurity attacks and must comply with evolving data privacy laws like the CCPA, with failures potentially harming the business[215](index=215&type=chunk)[303](index=303&type=chunk)[309](index=309&type=chunk) - Securities Ownership Risks: Risks include stock price volatility, potential dilution from warrants, NYSE delisting risk, and restrictive covenants in its loan agreements[216](index=216&type=chunk)[333](index=333&type=chunk)[351](index=351&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=71&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the reporting period - None[366](index=366&type=chunk) [Defaults Upon Senior Securities](index=71&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the reporting period - None[366](index=366&type=chunk) [Mine Safety Disclosures](index=71&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - None[366](index=366&type=chunk) [Other Information](index=71&type=section&id=Item%205.%20Other%20Information) The company reported no other material information for the period - None[366](index=366&type=chunk) [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including merger agreements, corporate governance documents, and officer certifications