Welcome to our dedicated page for Purple Innovatio news (Ticker: PRPL), a resource for investors and traders seeking the latest updates and insights on Purple Innovatio stock.
Purple Innovation, Inc. (NASDAQ: PRPL) delivers groundbreaking comfort solutions through its patented GelFlex® Grid technology and Hyper-Elastic Polymer innovations. This dedicated news hub provides investors and industry observers with essential updates about the company's strategic initiatives, product developments, and market positioning.
Access authoritative coverage of PRPL's material announcements including quarterly earnings, product launches, partnership agreements, and technology advancements. Our curated collection serves as a reliable resource for understanding Purple's unique approach to sleep innovation and home comfort solutions.
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Purple Innovation (NASDAQ: PRPL) has announced a strategic consolidation of its manufacturing operations, aiming to accelerate growth and innovation. The company will close two Utah facilities and consolidate production into its McDonough, Georgia facility by December 31, 2024. This move is expected to generate $15 to $20 million in EBITDA benefit annually starting in 2025.
The restructuring includes corporate-level job reductions and plans for a new Utah distribution center. Purple will maintain its Utah headquarters, showrooms, and R&D activities. The company anticipates restructuring costs of $35 to $45 million, with $26 to $32 million being non-cash. These changes are not expected to impact Purple's 2024 guidance targets.
Purple Innovation (NASDAQ: PRPL) reported Q2 2024 results with net revenue increasing 2.0% to $120.3 million. Wholesale revenue grew 7.2%, while Direct-to-Consumer revenue decreased 1.8%. Gross margin improved to 40.7% from 30.1% year-over-year. The company reported net income of $0.0 million, compared to a net loss of $(40.5) million in Q2 2023. Adjusted EBITDA was $(4.1) million, an improvement from $(21.5) million last year.
Purple revised its 2024 revenue outlook to $490-$510 million, down from $540-$560 million, citing industry-wide demand declines. The company reiterated its Adjusted EBITDA guidance of $(20) million to $(10) million for the full year. CEO Rob DeMartini highlighted operational improvements and cost-saving programs, expressing confidence in returning to profitability in the second half of 2024.
Purple Innovation, Inc. (NASDAQ: PRPL), known for creating the "World's First No Pressure® Mattress," has announced it will report its second quarter 2024 financial results on Monday, August 5, 2024, at approximately 4:05 p.m. ET. The company will hold a conference call at 4:30 p.m. ET the same day to review the results.
Investors and analysts can participate by dialing (844) 825-9789 (domestic) or (412) 317-5180 (international). A live webcast will be available at investors.purple.com. A telephone replay will be accessible until August 19, 2024, and a webcast replay will remain available for 30 days on the company's investor relations website.
Purple Innovation (NASDAQ: PRPL) announced it will participate in the Oppenheimer 24th Annual Consumer Growth & E-Commerce Conference. The company will present on Monday, June 10, 2024, at 10:30 a.m. Eastern Time. The presentation, focusing on Purple's innovations and market strategies, will be broadcast online and accessible via the company's investor relations website. This participation underscores Purple's commitment to growth and visibility in the comfort innovation sector.
Purple Innovation, Inc. reports first quarter 2024 results in line with guidance. Net revenue increased by 12.5% to $120.0 million, with wholesale revenue up by 33.1%. Gross margin decreased to 34.8%, and operating expenses were $64.9 million. Adjusted net loss was $(20.4) million, or $(0.19) per diluted share. EBITDA was $(43.7) million, with cash and cash equivalents at $34.5 million. Purple remains confident in its innovative sleep technology for future growth.
Purple Innovation, Inc. (NASDAQ: PRPL) will report its first quarter 2024 financial results on May 7, 2024. The company, known for its innovative mattress products, will hold a conference call to review the results on the same day. Investors and analysts can participate in the call and access a webcast on the company's investor relations website.
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