Purple Innovatio Stock Price, News & Analysis

Purple Innovation, Inc. (NASDAQ: PRPL) announced a secondary public offering of 7,308,792 shares of its Class A common stock at $30.00 per share, led by Coliseum Capital Partners and other stakeholders. The offering is set to close on May 21, 2021. Purple will not sell shares or receive proceeds from this offering; instead, the selling stakeholders will receive all net proceeds. Furthermore, underwriters hold a 30-day option to purchase up to 1,096,318 additional shares. The offering is filed under an automatic shelf registration statement with the SEC.

Purple Innovation, Inc. (NASDAQ: PRPL) announced a secondary public offering of 7,308,792 shares of Class A common stock, exclusively sold by Selling Stockholders, including Coliseum Capital Partners and Blackwell Partners. The underwriters, led by BofA Securities, have a 30-day option to buy 1,096,318 additional shares. Purple will not receive any proceeds from this offering, and the Selling Stockholders will capture all net proceeds. The offering is registered under an automatic shelf registration statement that became effective on May 18, 2021.

Purple Innovation reported impressive first-quarter results for 2021, with net revenue soaring 52.3% to $186.4 million compared to $122.4 million in Q1 2020. Direct-to-Consumer revenue surged 54.8%, while wholesale revenue rose 47.6%. Gross margin improved to 46.9%, driving operating income up 125.3% to $16.9 million. However, net income fell to $20.9 million from $28.0 million. Adjusted EBITDA increased 115.1% to $22.8 million. The company raised its 2021 full-year revenue outlook to $860-900 million.

Purple Innovation, based in Lehi, Utah, announced a significant expansion of its sleep innovation research on May 12, 2021. The initiative will be led by Dr. Michael Breus, a renowned clinical sleep specialist, who joins as Purple's Chief Sleep Advisor. This research aims to enhance product development by conducting in-depth sleep studies. CEO Joe Megibow emphasized that this expansion will advance their commitment to delivering innovative comfort solutions, particularly through the integration of their proprietary Hyper-Elastic Polymer technology in mattresses and pillows.

Purple Innovation, Inc. (NASDAQ: PRPL) will announce its first quarter 2021 financial results on May 17, 2021, at 7:00 a.m. ET, followed by a conference call at 8:30 a.m. ET. Interested participants can join by dialing (877) 425-9470 (domestic) or (201) 389-0878 (international), using Conference ID: 13719816. A telephone replay will be available until May 31, 2021. The company has filed a Form 12b-25 to extend the filing date for its Quarterly Report, noting delays due to regulatory changes affecting SPAC warrants. Additionally, a Form 10-K/A was filed to restate previous financial statements.

Purple Innovation, Inc. (NASDAQ: PRPL), known for its innovative comfort solutions, will participate in two upcoming conferences. On March 9, 2021, at 1:30 PM ET, management will present at the BofA Securities 2021 Consumer and Retail Technology Conference. The following day, March 10, 2021, at 4:00 PM ET, they will present at the UBS Global Consumer and Retail Virtual Conference. Live webcasts of both presentations will be accessible at investors.purple.com.

Purple Innovation, Inc. (NASDAQ: PRPL) reported strong fourth quarter and full year 2020 results. Fourth quarter net revenue rose 39.9% to $173.9 million, driven by a 57% increase in Direct-to-Consumer (DTC) sales. Gross margin was 47.2%, slightly down from 47.7%. Operating income surged 171.1% to $7.5 million, while the net loss narrowed to $(2.1) million. For the full year, revenue climbed 51.4% to $648.5 million, with adjusted net income at $49.6 million. The company expects 2021 revenue between $840 to $880 million.

Purple Innovation, Inc. (NASDAQ: PRPL) will release its fourth quarter 2020 financial results on March 4, 2021, at 7:00 a.m. ET. A conference call for analysts and investors will follow at 8:30 a.m. ET. Participants can dial (877) 425-9470 (domestic) or (201) 389-0878 (international) with Conference ID: 13716791. The call will also be accessible via a live webcast on Purple's investor relations site. A replay will be available until March 18, 2021, by calling (844) 512-2921 (domestic) or (412) 317-6671 (international).

Purple Innovation, Inc. (NASDAQ: PRPL) announced its participation in the 2021 ICR Conference, scheduled for January 11, 2021, at 2:30 p.m. Eastern Time. The presentation will be available online. Additionally, Purple's shares of Class A common stock began trading on The NASDAQ Global Market effective January 8, 2021, marking significant business growth. Purple is known for its innovative comfort products, including the Purple® Mattress, and utilizes patented technology for its offerings.