Business
Purple Innovation Reports Second Quarter 2019 Results
ALPINE, Utah, Aug. 13, 2019 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's
About this update from Purple Innovation, Inc.
[{"type":"text","content":"ALPINE, Utah, Aug. 13, 2019 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) (\"Purple\"), a comfort innovation company known for creating the \"World's First No Pressure ™ Mattress,\" today announced results for the second quarter ended June 30, 2019. \n\n \nSecond Quarter Financial Summary (Comparisons versus Second Quarter 2018)1\nNet revenue increased 36.0% to $103.0 million, compared to $75.8 million. Gross margin was 41.5% compared to 42.0%. Operating expenses as a percent of net revenue were 43.8% compared to 48.2%. Operating loss was $(2.4) million compared to an operating loss of $(4.7) million. Adjusted operating income was $5.3 million compared to an adjusted operating loss of $(4.1) million. (See Reconciliation below) Net loss was $(7.3) million compared to a net loss of $(5.6) million. The second quarter 2019 included a $3.7 million non-cash loss associated with the change in fair value of warrant liabilities and a $6.7 million non-cash expense associated with stock compensation. EBITDA was $(5.2) million compared to $(4.1) million. Adjusted EBITDA was $6.2 million compared to $(3.5) million. (See Reconciliation below)\"The positive top-line momentum we experienced at the start of the year carried over into the second quarter,\" said Joe Megibow, Chief Executive Officer. \"We once again delivered strong year-over-year revenue growth as our wholesale door expansion and enhanced marketing programs are continuing to drive greater awareness of the Purple brand and create even greater demand for our differentiated product offering. Importantly, the initiatives we have successfully deployed in our manufacturing, supply chain, and fulfillment processes combined with advancements with our marketing effectiveness are yielding improved operating margins, and generating increased cash flows.\n\"We are very pleased with the way 2019 is unfolding,\" continued Megibow. \"The growing team continues to demonstrate their ability to effectively execute and with a stronger balance sheet, I am confident that we are well positioned to profitably capitalize on the numerous growth opportunities we believe exist for the Company in the near and long-term.\" \nSecond Quarter 2019 Review\nSecond quarter 2019 net revenue increased 36.0% to $103.0 million, compared to $75.8 million in the second quarter of 2018. The increase in net revenu...