Purple Innovatio Stock Price, News & Analysis

Purple Innovation, Inc. (NASDAQ: PRPL) will announce its third quarter 2022 financial results on November 9, 2022, at approximately 4:05 p.m. ET. A conference call is scheduled for 4:30 p.m. ET the same day to discuss the results. Interested participants can join by dialing (888) 394-8218 (domestic) or (646) 828-8193 (international) using Conference ID: 6449123. A live webcast will also be provided on investors.purple.com. A replay will be available until November 23, 2022.

Purple Innovation, Inc. (NASDAQ: PRPL) has appointed Keira Krausz as Chief Marketing Officer, effective November 1, 2022, succeeding Patrice Varni. Krausz brings extensive marketing experience, having previously served at HealthPlanOne and Nutrisystem, where she significantly increased revenue and EBITDA. CEO Rob DeMartini expressed confidence in Krausz's ability to enhance marketing strategies to drive growth. Upon her appointment, Krausz will receive a $400,000 equity grant with performance-based units. This leadership change aims to bolster the company's marketing efforts and overall business performance.

Purple Innovation, Inc. (NASDAQ: PRPL) announced the formation of a special committee following an unsolicited takeover proposal from Coliseum Capital Management. The proposal suggests acquiring outstanding shares at $4.35 each. To evaluate this, the committee has adopted a limited-duration shareholder rights plan effective from September 25, 2022, set to expire on September 25, 2023. This plan aims to protect shareholder interests and ensure fair value in potential transactions. Coliseum currently holds approximately 45% of Purple's shares, with no definitive conclusion on the proposal's feasibility yet.

Purple Innovation, Inc. (NASDAQ: PRPL) announced receiving an unsolicited proposal from Coliseum Capital Management to acquire the company at $4.35 per share. This proposal was confirmed on September 17, 2022. The Board of Directors is currently reviewing the offer to decide the best course of action for Purple and its shareholders. Purple is recognized for its innovative comfort products, including the patented Hyper-Elastic Polymer® used in its mattresses and other offerings.

Purple Innovation has announced the acquisition of Intellibed, enhancing its luxury mattress offerings and consolidating Gel Grid technology under one brand. This strategic move aims to cater to the high-demand luxury segment, expanding Purple's market presence with mattresses priced from $1,399 to over $7,000. The acquisition is anticipated to accelerate product development, increase revenue potential, and leverage Purple's marketing strength. The new luxury line is expected to launch early next year, aligning with a notable increase in consumer interest in Gel Grid technology.

Purple Innovation, Inc. (NASDAQ: PRPL) has acquired Advanced Comfort Technologies, Inc., known as Intellibed, a premium gel-based mattress manufacturer. The merger involves an exchange of 8 million shares of Purple's Class A common stock, with potential additional shares based on stock performance. Intellibed reported approximately $50 million in revenue for 2021. This acquisition enhances Purple's intellectual property, manufacturing capabilities, and market position, allowing for quicker product development and access to luxury market segments. The deal is projected to be non-dilutive to earnings per share.

Purple Innovation, Inc. (NASDAQ: PRPL) reported Q2 2022 results with net revenue of $144.1 million, down 21.1% year-over-year but up 0.6% sequentially. Direct-to-Consumer revenues fell 29.8% compared to Q2 2021. Gross margin declined to 33.9% from 44.7% a year earlier, while operating loss increased to $(12.1) million. The net loss was $(8.3) million, contrasting with a net income of $2.6 million in Q2 2021. The company revised its 2022 revenue outlook to $570-$590 million, down from $650-$690 million, anticipating gross margin improvement in the second half.

Purple Innovation, known for its No Pressure® Mattress, will release its second quarter 2022 financial results on August 9, 2022, at 4:05 p.m. ET. A conference call will follow at 4:30 p.m. ET for details on the results. Interested investors can join by calling (888) 882-4478 (domestic) or (646) 828-8193 (international), using Conference ID: 6808645. A replay will be available until August 23, 2022 by calling (844) 512-2921. Purple operates as a direct-to-consumer brand offering innovative comfort products through various channels.

Purple Innovation, Inc. (NASDAQ: PRPL) reported a 23.2% decline in net revenue for Q1 2022, totaling $143.2 million compared to $186.4 million in Q1 2021. DTC revenue fell 31.5%, while gross margin dropped to 36.1% from 46.9%. The company incurred an operating loss of $(18.4) million and a net loss of $(13.6) million, reversing the previous year's profits. Purple adjusted its 2022 revenue outlook to $650-$690 million due to economic headwinds. The company remains optimistic about future profitability in the second half of the year.