The following is a summary of the Purple Innovation, Inc. (PRPL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Purple Innovation reported Q1 2024 net revenue of $120 million, an increase of 12.5% year over year.

• The company's adjusted EBITDA was negative $13.2 million, compared to negative $7.1 million in Q1 2023.

• Purple's gross margin rate experienced a slight reduction from 38% to 34.8% due to increased expenses.

• Operating expenses improved to 54% of net revenue, a drop from 61.1% in Q1 2023.

• The company has reaffirmed its 2024 net revenue outlook to be in the range of $540 million to $560 million, with adjusted EBITDA between negative $20 million and negative $10 million.

Business Progress:

• Purple Innovation has experienced consecutive quarters of increasing sales and a 33% annual increase in the wholesale channel.

• The company aims to improve showroom and wholesale door productivity and e-commerce mattress conversion.

• Workplace traffic increased due to new marketing techniques and campaigns.

• The company plans to maintain its growth and transformation into a premium sleep brand.

• Purple aims to progressively improve gross margins throughout the year, reaching an estimate of around 40% by year end.

• The company predicts optimistic performances from its showrooms and the wholesale sector throughout the year.

More details: Purple Innovation IR

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