Purple Innovatio Stock Price, News & Analysis

Purple has launched its premium Rejuvenate Mattress Collection, featuring innovative DreamLayer™ Technology and GelFlex Grid®. The new line includes four luxury models ranging from $4,999 to $7,999, showcasing advanced sleep technology for superior pressure relief and temperature regulation.

Key features include:

• Up to 35% more immersion and 71-91% reduction in high-pressure regions
• 23% decrease in peak pressure for side sleepers
• Multiple layers of GelFlex Grid® for enhanced support
• Improved temperature control and breathability

The collection offers four models:

• Rejuvenate: 2" Grid ($4,999)
• Rejuvenate Plus: 3" Grid ($5,999)
• Rejuvenate Premier: 4" Grid ($6,999)
• Rejuvenate Ultimate: 5" Grid ($7,999)

Available through Purple.com, retail stores, and select nationwide retailers.

Purple Innovation (NASDAQ: PRPL) has announced that its Board of Directors has initiated a strategic alternatives review following multiple expressions of interest. The review will explore various options including a potential sale, merger, or other strategic transactions to maximize shareholder value.

The company has formed a special committee of independent directors led by Gary T. DiCamillo to evaluate these alternatives. The announcement comes as Purple reported positive Adjusted EBITDA and positive cash flow in Q4 2024, along with an expansion of their credit facility. The company has also increased its existing term loan by $19 million to a total of $80 million.

Purple has engaged Jefferies as financial advisor for the strategic review. The Board has not set a timeline for completion and has not made any decisions regarding potential transactions. The company maintains its focus on executing its Path to Premium strategy while serving customers and wholesale partners.

Purple Innovation (NASDAQ: PRPL) reported Q4 and full-year 2024 results, marking a return to positive Adjusted EBITDA after eight quarters. Q4 net revenue declined 11.6% to $129.0 million, while gross margin improved significantly to 42.9%. The company secured an additional $19.0 million in term loan financing.

Key Q4 metrics: Net loss improved to $(8.5) million from $(18.3) million year-over-year, Adjusted EBITDA reached $2.9 million compared to $(9.8) million last year. Full-year 2024 revenue was $487.9 million, down 4.4% from 2023, with net loss improving to $(97.9) million.

2025 Outlook: Purple expects revenue between $465-485 million and adjusted EBITDA of flat to positive $10 million. Q1 2025 guidance projects revenue of $102-107 million and adjusted EBITDA of $(6) to $(9) million. The company also announced a strategic review process to evaluate potential sale or merger options.

Purple Innovation (NASDAQ: PRPL), known for the 'World's First No Pressure™ Mattress,' has scheduled its fourth quarter and full year 2024 financial results announcement for March 13, 2025, at approximately 4:05 p.m. ET.

The company will host a conference call at 4:30 p.m. ET on the same day to discuss the results. Investors and analysts can participate by dialing 844-481-1976 (domestic) or 412-317-0642 (international). A live webcast will be available at investors.purple.com.

A telephone replay will be accessible until March 27, 2025, and a webcast replay will remain available for 30 days on the company's investor relations website.

Purple Innovation (NASDAQ: PRPL) has revised its full-year 2024 guidance, now expecting net revenue between $486-488 million, down from the previous outlook of $490-510 million. The adjusted EBITDA forecast has been lowered to $(23)-(21) million from the previous $(20)-(10) million range.

Despite challenging macro conditions through the end of 2024, the company expects to achieve positive cash flow and adjusted EBITDA in Q4 2024, which CEO Rob DeMartini describes as an important milestone for their Path to Premium Sleep strategy. The company will participate in the ICR Conference on January 13, 2025, where they will provide more detailed insights during a fireside chat presentation.

Purple Innovation (NASDAQ: PRPL) reported Q3 2024 results with net revenue declining 15.3% to $118.6 million. The company posted a GAAP gross margin of 29.7% and adjusted gross margin of 40.5%, up 340bps year-over-year. Net loss was $(39.2) million or $(0.36) per share, while adjusted EBITDA loss narrowed to $(6.4) million from $(16.3) million last year. The company's restructuring plan, including closure of Utah facilities and consolidation to Georgia, is expected to yield annual EBITDA savings of $15-20 million starting in 2025. Purple expects full-year 2024 revenue at the lower end of $490-510 million guidance range.

Purple Innovation (NASDAQ: PRPL) announced it will release its third quarter 2024 financial results on Monday, November 4, 2024, at approximately 4:05 p.m. ET. The company will host a conference call at 4:30 p.m. ET the same day to discuss the results. Investors and analysts can participate by dialing 844-481-1976 (domestic) or 412-317-0642 (international). A live webcast will be available at investors.purple.com. A telephone replay will be accessible until November 18, 2024, and a webcast replay will remain available for 30 days.

Purple Innovation (NASDAQ: PRPL) has announced a strategic consolidation of its manufacturing operations, aiming to accelerate growth and innovation. The company will close two Utah facilities and consolidate production into its McDonough, Georgia facility by December 31, 2024. This move is expected to generate $15 to $20 million in EBITDA benefit annually starting in 2025.

The restructuring includes corporate-level job reductions and plans for a new Utah distribution center. Purple will maintain its Utah headquarters, showrooms, and R&D activities. The company anticipates restructuring costs of $35 to $45 million, with $26 to $32 million being non-cash. These changes are not expected to impact Purple's 2024 guidance targets.

Purple Innovation (NASDAQ: PRPL) reported Q2 2024 results with net revenue increasing 2.0% to $120.3 million. Wholesale revenue grew 7.2%, while Direct-to-Consumer revenue decreased 1.8%. Gross margin improved to 40.7% from 30.1% year-over-year. The company reported net income of $0.0 million, compared to a net loss of $(40.5) million in Q2 2023. Adjusted EBITDA was $(4.1) million, an improvement from $(21.5) million last year.

Purple revised its 2024 revenue outlook to $490-$510 million, down from $540-$560 million, citing industry-wide demand declines. The company reiterated its Adjusted EBITDA guidance of $(20) million to $(10) million for the full year. CEO Rob DeMartini highlighted operational improvements and cost-saving programs, expressing confidence in returning to profitability in the second half of 2024.