Purple Innovatio Stock Price, News & Analysis

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.

Purple Innovation, Inc. (NASDAQ: PRPL) reported a third quarter net revenue decline of 8.7% to $170.8 million compared to 2020, though up 45.5% from 2019. Wholesale revenue increased 9.6% year-over-year while Direct-to-Consumer (DTC) fell 15.9%. Gross profit was 35.8% versus 47.2% in 2020. The company noted ongoing manufacturing backlogs adversely impacting sales and missed pricing opportunities. However, a new agreement with Mattress Firm aims to expand sales, and new manufacturing technology is expected to enhance capacity. Expectations for 2021 revenue are between $720 and $740 million.

Purple Innovation, Inc. (NASDAQ: PRPL) has announced a change in the timing of its earnings conference call for Q3 2021, now set for November 9, 2021, at 4:30 p.m. ET. Investors and analysts can participate by calling 866-269-4260 domestically or 929-477-0591 internationally, using Conference ID: 5317137. A replay will be available until November 23, 2021, and a webcast will remain accessible for 30 days post-call. Purple continues to focus on innovative comfort solutions, leveraging over 25 years of proprietary technology.

Purple Innovation, Inc. (NASDAQ: PRPL) will announce its third quarter 2021 financial results on November 9, 2021, at 7:00 a.m. ET. A conference call will follow at 8:30 a.m. ET to discuss these results. Interested participants can join by dialing (844) 826-3033 domestically or (412) 317-5185 internationally, using Conference ID: 10161746. A replay of the call will be available until November 23, 2021. Purple focuses on innovative comfort solutions, offering products like mattresses and cushions, and is recognized for its proprietary Hyper-Elastic Polymer technology.

Purple Innovation, Inc. (NASDAQ: PRPL) has appointed Jack Roddy as the new Chief People Officer, responsible for human resources, culture, talent acquisition, and diversity initiatives. With over 25 years of experience in organizational development, Roddy previously served as Chief People Officer at VASA Fitness and Chief HR Officer at SeaWorld Parks & Entertainment. CEO Joe Megibow expressed enthusiasm about leveraging Roddy's experience to enhance company culture as Purple scales.