Purple Innovation Q1 revenue falls 23.6% to $109.4M; net loss widens to $23.4M

Purple Innovation, Inc.

2023-Q1 EPS reported -$0.24 revenue$109,372,000

Net revenue $109.4M, down 23.6% YoY; wholesale -25.3%, DTC -22.5%.
Gross margin improved 340 bps to 39.5%; operating loss $(22.0)M vs $(18.4)M.
Net loss $(23.4)M ($0.23/share loss); adjusted net loss $(12.0)M ($0.12/share loss).
Adjusted EBITDA improved to $(4.4)M from $(9.6)M; advertising spend cut 50.7% to $11.7M.
Cash $54.5M at quarter end; Q2 product launch underway with new mattresses shipping.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Purple Innovation, Inc. reported the first quarter ended March 31, 2023 results: revenue $109.4 million, net income $(23.4) million, EPS $(0.12) per diluted share.

Period: the first quarter ended March 31, 2023
Revenue: $109.4 million
Net income: $(23.4) million
EPS: $(0.12) per diluted share
Result: reported results

Exact text from the filing

today announced results for the first quarter ended March 31, 2023. First Quarter Financial Summary (Comparisons versus First Quarter 2022) 1 ● Net revenue decreased 23.6% to $109.4 million compared to $143.2 million. ○ Wholesale revenue decreased 25.3% and Direct-to-Consumer (DTC) revenue decreased 22.5%. ● Gross margin increased 340 basis points to 39.5%

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Source: SEC EDGAR

accession 0001213900-23-038119

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