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Purple Innovation, Inc. reported lower sales and continued losses for the three and six months ended June 30, 2026, while liquidity pressures led management to conclude that there is substantial doubt about its ability to continue as a going concern. Net revenues were $98.3 million for the quarter and $194.0 million year‑to‑date, with a net loss attributable to Purple Innovation of $3.2 million for the quarter and $33.8 million for the first half. Cash and cash equivalents were $23.3 million at June 30, 2026.
The company has a large related‑party term loan outstanding, with related‑party debt of $127.0 million classified as current and an effective interest rate just above 14%, largely paid as paid‑in‑kind interest that increases principal. Despite this leverage, operating cash flow improved significantly to $3.6 million provided in the first half of 2026 from a $27.1 million use a year earlier, helped by working‑capital improvements and a $5.5 million refund of invalidated U.S. tariffs, of which $5.3 million reduced cost of sales.
Restructuring to consolidate manufacturing is complete, with lower restructuring and impairment charges versus 2025. The company also reclassified merchant and financing fees from cost of revenues to marketing and sales and entered expanded commercial and supply arrangements with SGI/Mattress Firm that include consideration payable to customers and warrant issuances accounted for as $15.7 million of warrant liabilities. A 1‑for‑25 reverse stock split was approved in July 2026 to maintain listing compliance without changing total authorized shares.
Purple Innovation, Inc. reported second-quarter 2026 net revenue of $98.3 million, down 6.5% from $105.1 million a year earlier, as weaker wholesale demand offset growth in direct-to-consumer channels. Showroom revenue rose 16.6% while e-commerce revenue slipped 1.4%; wholesale revenue declined 19.1% to $37.4 million.
Gross profit increased to $44.4 million and gross margin reached 45.2%, helped by a $5.3 million tariff refund and cost reclassification. Operating expenses fell about 14.3% to $48.7 million, reflecting lower restructuring and employee-related costs. GAAP net loss narrowed to $3.2 million from $17.3 million, and adjusted EBITDA improved to a positive $2.1 million from a $2.4 million loss.
Purple ended the quarter with $23.3 million of cash and cash equivalents and generated $3.6 million of operating cash flow in the first half of 2026. The company regained compliance with the Nasdaq minimum bid price requirement. For full-year 2026, revenue guidance was lowered to $420–$440 million, while adjusted EBITDA is projected at $20–$25 million.
Purple Innovation, Inc. describes a Nasdaq Hearings Panel decision granting continued listing, conditional on regaining compliance with Nasdaq’s bid-price rule. The company must show a closing bid of at least $1.00 per share for a minimum of ten consecutive trading days on or before July 31, 2026.
To support compliance, stockholders approved a reverse stock split, and the board set the final ratio at 1-for-25. The split became effective before trading on July 20, 2026, when the common stock opened on Nasdaq on a split-adjusted basis at $7.12 per share. The company notes that failure to meet the conditions could lead to delisting, subject to further Nasdaq review processes.
Purple Innovation, Inc. is implementing a 1-for-25 reverse stock split of its Class A and Class B common stock. A Certificate of Amendment was filed in Delaware and becomes effective at 11:59 pm Eastern Time on July 19, 2026, with split-adjusted trading on the Nasdaq Global Select Market beginning July 20, 2026.
Every 25 issued and outstanding shares will be automatically combined into 1 share, applied uniformly to all stockholders. No fractional shares will be issued; share counts will be rounded up to the next whole share. Immediately after effectiveness, there will be approximately 4,353,026 Class A shares and 6,522 Class B shares outstanding. Rights and preferences of the common stock are unchanged, and all warrants, stock options, and other securities are proportionally adjusted. Pacific Stock Transfer Company will act as exchange agent.
Purple Innovation, Inc. reported results from a special meeting of stockholders and changes to its chief executive officer’s compensation. Stockholders approved a reverse stock split and a possible adjournment of the meeting, each receiving substantially more votes for than against.
The board and CEO Robert T. DeMartini agreed to amend his employment agreement. He is now eligible for an incremental cash bonus of $1,000,000, vesting 10% on October 31, 2026, 20% on February 28, 2027, and 70% on June 30, 2027, subject to continued employment and conditions. In the event of a qualifying retirement, his unvested time-based RSUs may continue to vest for an additional 12 months and his outstanding PSUs may vest on a pro‑rata basis depending on performance.
Purple Innovation, Inc. reported the results of its annual shareholder meeting held on June 9, 2026. Stockholders elected eight directors, including S. Hoby Darling, Robert DeMartini, Gary DiCamillo, Neil Fiske, Adam Gray, Claudia Hollingsworth, D. Scott Peterson, and Erika Serow, with strong majorities of votes cast.
Shareholders also approved the company’s executive compensation in an advisory vote and ratified BDO USA, LLP as the independent registered public accounting firm, with 87,996,036 votes in favor. These outcomes indicate overall support for the current board, leadership, and audit arrangements.
Purple Innovation, Inc. is calling a virtual special stockholder meeting on July 2, 2026 to seek approval for a reverse stock split of its Class A and Class B common stock. The board is asking for flexibility to implement a ratio between 1-for-10 and 1-for-30, or to abandon the change.
The primary goal is to help regain compliance with Nasdaq Global Select Market rules after the Class A stock’s closing price fell to $0.4164, below the $1.00 minimum bid requirement. A reverse split would reduce outstanding shares but keep authorized shares at 210,000,000 Class A and 90,000,000 Class B, increasing the pool of shares available for future issuance.
Purple highlights potential benefits such as preserving its Nasdaq listing, improving perceived stock credibility, and broadening institutional interest, while warning there is no assurance the share price will rise proportionally or remain above Nasdaq thresholds. Stockholders are also asked to approve the ability to adjourn the meeting to solicit more votes if needed.
Purple Innovation, Inc. reported that its Chief Operating Officer, Eric Haynor, has resigned from his role effective June 5, 2026. The company states that his resignation is not due to any disagreement regarding operations, policies, or practices. A replacement COO has not yet been appointed.
Purple Innovation, Inc. is asking stockholders to approve an amendment to its Certificate of Incorporation to permit a reverse stock split of Class A and Class B common stock at a ratio between 1-for-10 and 1-for-30, with the Board authorized to choose whether and when to implement it.
The Board says the reverse split is intended to help regain compliance with Nasdaq’s $1.00 minimum bid rule after the Company’s closing price was $0.4164 on May 28, 2026. If approved, the Board would have discretion to select the exact ratio and may abandon the amendment. The Special Meeting is virtual on July 2, 2026, and holders of 108,825,636 shares of Class A and 163,052 shares of Class B stock as of May 28, 2026 are entitled to vote.
Purple Innovation, Inc. has received a Nasdaq notice that its Class A common stock no longer meets the $1.00 minimum bid price requirement, after trading below this level for 30 consecutive business days. The company did not regain compliance by May 4, 2026 and is not eligible for a second 180‑day grace period.
Unless Purple Innovation appeals by May 12, 2026, its shares are scheduled for delisting and suspension from Nasdaq at the opening of business on May 14, 2026, followed by a Form 25‑NSE to remove the securities from listing and registration. The company plans to appeal to the Nasdaq Hearings Panel, which is expected to stay any suspension during the hearing process, and is considering a reverse stock split as part of its plan to regain compliance, though there is no assurance of a favorable outcome.