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Purple Innovation Inc. (PRPL+36.14%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in net revenues to $487.9 million from $510.5 million in the previous year, attributed to industry-wide demand softness for home-related products and a reduction in advertising spend.
Gross profit increased to $181.1 million, with a gross profit margin of 37.1%, up from 33.7% in the prior year, due to improved production effectiveness.
Operating expenses decreased to $273.3 million, driven by reduced marketing and sales costs and lower general and administrative expenses.
The company reported a net loss attributable to Purple Inc. of $97.9 million, compared to a net loss of $120.8 million in the previous year.
The filing details a restructuring plan initiated in August 2024 to consolidate manufacturing operations and reduce headcount, with expected charges of $36.4 million recorded in 2024.
Purple Innovation Inc. entered into an amended and restated credit agreement in January 2024, resulting in a $61.0 million term loan to refinance existing obligations.
The company issued warrants to purchase 20 million shares of Class A common stock in connection with the credit agreement, recorded as liabilities due to certain provisions.
The filing notes the company’s ongoing exploration of strategic alternatives and engagement with a financial advisor to evaluate potential transactions.
Purple Innovation Inc. continues to focus on product innovation, with plans to launch new grid technology and expand its product lineup in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Purple Innovation Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.