Purple Innovatio Stock Price, News & Analysis

Purple Innovation, Inc. (NASDAQ: PRPL) announced the separation of its Chief Financial Officer, Craig Phillips, effective August 31, 2021. An executive search firm has been engaged to find his successor. Bennett Nussbaum has been appointed as the interim CFO, bringing over 45 years of experience from leadership roles at Pepsi-Cola International, Burger King, and FedEx Office. The company assures that Phillips' departure is unrelated to operational or financial issues.

Purple Innovation, Inc. (NASDAQ: PRPL) announced Q2 2021 results, showcasing a 10.6% increase in net revenue to $182.6 million, compared to $165.1 million in Q2 2020. Wholesale revenue surged by 233.2%, while Direct-to-Consumer revenue decreased 19.9%. Gross margin declined to 44.7% from 49.4% in 2020. Operating loss stood at $(2.5) million vs. a profit of $32.0 million in 2020. The company's outlook estimates 2021 net revenues between $820 million and $850 million, an increase of 26% to 31% over 2020.

Purple Innovation, Inc. (NASDAQ: PRPL) will announce its second quarter 2021 financial results on August 9, 2021, at 4:00 p.m. ET. A conference call will follow at 4:30 p.m. ET for discussion and an updated outlook for 2021.

Investors can participate by calling (877) 300-8521 (domestic) or (412) 317-6026 (international) with Conference ID: 10159168. A replay will be available until August 23, 2021.

Purple Innovation, Inc. (NASDAQ: PRPL) announced progress on restoring production levels after facing challenges due to mechanical issues with its Mattress Max™ machines. Following an accident and safety improvements, production had been reduced for approximately 10 weeks. The company has successfully ramped production to 85-90% of pre-incident levels, with plans to fully restore operations within a week. However, ongoing shipment backlogs are expected to impact second and third quarter revenues. Management will provide updated full-year guidance during the second quarter results announcement.

Purple Innovation, Inc. (NASDAQ: PRPL) will host a Virtual Investor and Analyst Session on June 29, 2021, from 1:00 pm ET to 3:30 pm ET. The session aims to discuss long-term targets, projecting revenues of $2.0 to $2.5 billion and mid-teen adjusted EBITDA margins over the next 3-5 years. The company has revised its second-quarter 2021 outlook to net revenues between $175 to $185 million, citing production challenges, and is withdrawing its full-year guidance due to these issues. A replay will be available post-session.

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.