Purple Innovatio Stock Price, News & Analysis

Purple Innovation (NASDAQ: PRPL) will host a Virtual Investor and Analyst Session on June 29, 2021, starting at 1:00 pm ET. The presentation will include a Q&A session and is expected to conclude around 3:30 pm ET. Interested participants can register for the event through the Zoom Webinar. Following the event, a replay will be available on their investor relations website.

Purple Innovation (NASDAQ: PRPL) announced the expansion of its pillow product line, introducing the Purple Harmony Pillow in new sizes and the Purple TwinCloud Pillow. The Harmony Pillow features three heights—Low, Medium, and Tall—priced at $159, and a King size option for $199. The TwinCloud Pillow, priced at $89, offers adjustable support. These innovations aim to enhance sleep quality amid summer challenges. CEO Joe Megibow emphasized customer comfort needs, while the company continues to leverage its proprietary Purple Grid technology for better sleep solutions.

Purple Innovation, Inc. (NASDAQ: PRPL) announced CEO Joe Megibow and CFO Craig Phillips will participate in the Oppenheimer 21st Annual Consumer Growth and E-Commerce Conference on June 16, 2021. Their presentation is scheduled for 1:15 PM Eastern Time and will be broadcast online. Purple Innovation is recognized for its premium comfort products, including the Purple® Mattress, and utilizes proprietary technology to enhance product offerings. The company's direct-to-consumer strategy includes online channels, retail partners, and owned showrooms.

Purple Innovation (NASDAQ: PRPL) has appointed Patrice Varni as its new Chief Marketing and Digital Officer. With over 25 years of experience in digital and brand transformation, Varni will oversee marketing, customer experience, eCommerce, and product development. Her previous roles include Chief Marketing Officer at Dermstore and Chief Customer Officer at Corelle Brands. CEO Joe Megibow expressed confidence in her ability to enhance Purple's brand story and mission of improving consumer comfort.

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.