Purple Q1 revenue up 12.5% to $120M; net loss widens to $(50.2)M on warrant charges

Purple Innovation, Inc.

2024-Q1 EPS reported -$0.47 revenue$120,033,000

Wholesale revenue surged 33.1% YoY; DTC revenue flat vs Q1 2023.
Gross margin contracted to 34.8% from 38.0%; operating loss improved slightly to $(23.1)M.
Net loss of $(50.2)M includes $(23.6)M non-cash warrant loss and $(3.4)M debt extinguishment loss.
Adjusted net loss per diluted share $(0.19) vs $(0.14) a year ago; adjusted EBITDA $(13.2)M vs $(7.1)M.
Cash at Mar 31 was $34.5M; management guides for positive adjusted EBITDA in H2 2024.

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 0.95

Purple Innovation, Inc. reported the first quarter ended March 31, 2024 results: revenue $120.0 million, net income $(50.2) million.

Period: the first quarter ended March 31, 2024
Revenue: $120.0 million
Net income: $(50.2) million
Result: reported results

Exact text from the filing

first quarter ended March 31, 2024, which were in line with guidance. First Quarter Financial Summary (Comparisons versus First Quarter 2023) 1 ● Net revenue increased 12.5% to $120.0 million compared to $106.7 million. o Wholesale revenue increased 33.1% and Direct-to-Consumer (DTC) revenue was consistent with the year ago period. ● Gross margin was 34.8% compared to

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Source: SEC EDGAR

accession 0001213900-24-040463

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