Business
Purple Innovation Reports Second Quarter 2024 Results
LEHI, Utah, Aug. 5, 2024 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First
About this update from Purple Innovation, Inc.
[{"type":"text","content":"LEHI, Utah, Aug. 5, 2024 /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, 2024.\n\n \n \n \n \n \n \n\n \nSecond Quarter Financial Summary (Comparisons versus Second Quarter 2023)1\nNet revenue increased 2.0% to $120.3 million compared to $117.9 million.Wholesale revenue increased 7.2% and Direct-to-Consumer (DTC) revenue decreased 1.8%.Gross margin increased to 40.7% compared to 30.1%.Operating expenses were $63.5 million, or 52.8% of revenue compared to $75.7 million, or 64.3% of revenue.Operating loss was $(14.5) million compared to an operating loss of $(40.3) million.Net income was $0.0 million as compared to a net loss of $(40.5) million.Adjusted net loss was $(13.8) million, or $(0.13) per diluted share as compared to adjusted net loss of $(23.9) million, or $(0.23) per diluted share.EBITDA was $10.6 million compared to $(34.3) million.Adjusted EBITDA was $(4.1) million compared to $(21.5) million.Cash and cash equivalents were $23.4 million at June 30, 2024.\"Our second quarter results underscore the progress we've made enhancing the financial profile of the Company,\" said Chief Executive Officer Rob DeMartini. \"Even as industry trends further deteriorated and impacted demand, we exceeded our adjusted EBITDA plan thanks to a number of operational improvements and cost saving programs that drove a significant increase in gross margins on both a year-over-year and sequential basis. As we look forward, we remain on track for a return to profitability in the second half of the year and are confident that our Path to Premium Sleep strategy will continue to gain traction in the marketplace, allowing us to take share and deliver value to our shareholders.\"\n__________________________\n1 Reconciliations for non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the \"RECONCILIATION OF GAAP TO NON-GAAP MEASURES\" tables at the end of this press release.\nSecond Quarter 2024 Review\nSecond quarter 2024 net revenue increased 2.0% to $120.3 million, compared to $117.9 million in the second quarter of 2023. This increase was primarily due to increased wholesale channel revenues driven by a significant increase in w...