secwatch.observer — SEC 8-K summary
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Issuer:     Purple Innovation, Inc. (PRPL)
CIK:        0001643953
Form:       8-K
Filed at:   2023-11-09T23:59:59+00:00
Accession:  0001213900-23-085224
Event type: earnings
Sentiment:  negative
Materiality: 0.78
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Purple posts Q3 net revenue $140M (-2% YoY); gets waivers on credit defaults, expects Q4 growth
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- Net revenue $140.0M, down 2% YoY but up 19% sequentially; net loss $(36.0)M vs. $2.0M income YoY.
- Adjusted EBITDA loss $(16.3)M vs. positive $11.8M YoY; adj. EPS $(0.18) vs. $0.03.
- Gross margin 33.8% (adj. 37.1%); costs from new product transition pressured margins.
- Credit agreement amended & defaults waived (late reporting, missing deliverables); new terms require weekly borrowing base, 13-week cash flow reports, daily cash sweeps, and a third-party consultant.
- Management guides for return to year-over-year revenue growth in Q4 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1643953/000121390023085224/0001213900-23-085224-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1643953/000121390023085224/ea187980-8k_purple.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-085224

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