Purple Innovatio Stock Price, News & Analysis

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.

Purple Innovation, Inc. (NASDAQ: PRPL) announced the appointment of Eric Haynor as Chief Operating Officer, effective June 6, 2022. With over 30 years of supply chain management experience, Haynor will focus on enhancing operational efficiency to support Purple's growth plans. Previously, he served as Senior Vice President at Ecolab, overseeing North American supply chain operations. His induction includes a $500,000 equity grant based on performance targets. CEO Rob DeMartini expressed confidence in Haynor's ability to drive operational excellence during Purple's turnaround journey.

Purple Innovation, Inc. (NASDAQ: PRPL) will disclose its first quarter 2022 financial results on May 10, 2022, at 4:05 p.m. ET. A conference call for discussion will occur at 4:30 p.m. ET. Interested investors can join by calling (800) 239-9838 domestically or (929) 477-0402 internationally, using Conference ID: 6122811. A replay will be available until May 24, 2022. Purple, known for its innovative comfort solutions, offers a range of products including mattresses and bedding, leveraging proprietary technologies like GelFlex Grid.

Purple Innovation, Inc. (NASDAQ: PRPL) announced a public offering of 14 million shares of Class A common stock, with a 30-day option for underwriters to purchase an additional 2.1 million shares. The offering is set to close on March 29, 2022. Proceeds will primarily be used for working capital and corporate purposes, including potential acquisitions. Presently, the company has $25 million in cash and has borrowed $55 million under revolving loans, which it may need to prepay if excess cash exceeds $25 million after the offering.

Purple Innovation, Inc. (NASDAQ: PRPL) announced a public offering of $65 million in Class A common stock with a 30-day underwriter option for an additional 15%. The company plans to use the net proceeds for working capital and general corporate purposes, including potential acquisitions. Currently, Purple holds approximately $25 million in cash and has borrowed the full $55 million available under revolving loans. Consequently, any excess cash from this offering after repaying loans will be utilized for corporate expenses.

Purple Innovation, Inc. (NASDAQ: PRPL) has appointed Jeff Hutchings as its first Chief Innovation Officer, effective May 1, 2022. Hutchings will lead product strategy and innovation at the company's headquarters in Lehi, Utah. With over 20 years of experience, including a role as Chief Product Officer at Skullcandy, he aims to drive growth through innovative comfort solutions. CEO Rob DeMartini expressed confidence that Hutchings will enhance the leadership team and accelerate product development, positioning Purple for future growth in the health and wellness sector.

Purple Innovation, Inc. (NASDAQ: PRPL) reported a 7.2% increase in Q4 2021 net revenue to $186.4 million, with wholesale revenue up 35.9% year-over-year. However, DTC revenue declined by 4.0%. The gross margin dropped to 34.7%, and operating loss was $(31.1) million. For the full year, net revenue reached $726.2 million, a 12.0% increase from 2020. Adjusted EBITDA stood at $(13.1) million. The company expects 2022 revenue between $790-$830 million and adjusted EBITDA between $26-$33 million. Rob DeMartini has been appointed permanent CEO, focusing on improving operations.

Purple Innovation, Inc. (NASDAQ: PRPL) announced the appointment of Robert T. DeMartini as Acting Chief Executive Officer, effective immediately. DeMartini replaces Joseph B. Megibow, who is transitioning to an advisory role. The Board expresses confidence that this leadership change will sharpen execution and enhance long-term growth strategies. DeMartini, previously CEO of New Balance, aims to leverage his experience to expand market share. However, the company anticipates net revenue and Adjusted EBITDA at the low end of prior guidance for 2021.

Purple Innovation (NASDAQ: PRPL) is collaborating with nonprofits this holiday season to aid families in transitional housing. The company donated over $400,000 in bedding, including 3,000 pillow sets and 3,000 twin sheets, to Miry's List for distribution across a coalition of 12 organizations helping Afghan refugees. Purple also initiated a Comfort Bag donation drive for children in foster care, aiming to improve lives through comfort solutions. Since 2021, Purple has contributed over 30,158 comfort products to various nonprofits.