$PRPL

Purple Innovation, Inc.

CIK:0001643953|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues, net	$ 98,270	$ 105,100	$ 194,000	$ 209,271
Cost of revenues:
Total cost of revenues	53,857	62,586	109,366	121,096
Gross profit	44,413	42,514	84,634	88,175
Operating expenses:
Marketing and sales	33,733	35,447	70,316	76,688
General and administrative	12,445	14,991	30,478	29,478
Research and development	2,485	2,178	4,933	4,630
Restructuring, impairment and other related charges		4,137		6,097
Total operating expenses	48,663	56,753	105,727	116,893
Operating loss	(4,250)	(14,239)	(21,093)	(28,718)
Other income (expense):
Interest expense	(7,812)	(7,457)	(16,031)	(12,221)
Other income, net	1,455	1	2,946	70
Change in fair value – warrant liabilities	7,393	4,378	435	4,427
Total other income (expense), net	1,036	(3,078)	(12,650)	(7,724)
Net loss before income taxes	(3,214)	(17,317)	(33,743)	(36,442)
Income tax expense	(32)	(54)	(79)	(95)
Net loss	(3,246)	(17,371)	(33,822)	(36,537)
Net loss attributable to noncontrolling interest	(16)	(26)	(51)	(55)
Net loss attributable to Purple Innovation, Inc.	$ (3,230)	$ (17,345)	$ (33,771)	$ (36,482)
Net loss per share:
Basic (in Dollars per share)	$ (0.74)	$ (4.01)	$ (7.77)	$ (8.45)
Diluted (in Dollars per share)	$ (0.74)	$ (4.01)	$ (7.77)	$ (8.45)
Weighted average common shares outstanding:
Basic (in Shares)	4,353	4,329	4,344	4,317
Diluted (in Shares)	4,360	4,329	4,351	4,317
Cost of Revenues
Cost of revenues:
Total cost of revenues	$ 53,857	$ 62,509	$ 109,366	$ 120,101
Restructuring Related Charges
Cost of revenues:
Total cost of revenues		$ 77		$ 995

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (33,822)	$ (36,537)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,888	9,881
Non-cash interest	6,797	5,656
Paid-in-kind interest	9,249	6,797
Non-cash restructuring, impairment and other related charges		3,816
Loss on disposal of property and equipment	152	224
Change in fair value – warrant liabilities	(435)	(4,427)
Stock-based compensation	(221)	845
Changes in operating assets and liabilities:
Accounts receivable	15,043	11,974
Inventories	4,328	(4,040)
Prepaid expenses and other assets	3,755	2,671
Operating leases, net	(1,960)	(1,018)
Accounts payable	947	(17,111)
Accrued compensation	(3,855)	(2,783)
Customer prepayments	(1,241)	2,079
Accrued rebates and allowances	(1,783)	(2,572)
Accrued warranty liabilities	1,454	514
Other accrued liabilities	(3,660)	(3,031)
Net cash provided by (used in) operating activities	3,636	(27,062)
Cash flows from investing activities:
Sale of property and equipment		363
Purchase of property and equipment	(3,557)	(5,222)
Investment in intangible assets	(778)	(285)
Net cash used in investing activities	(4,335)	(5,144)
Cash flows from financing activities:
Proceeds from related party loan		39,000
Payments for debt issuance costs	(346)	(1,557)
Net cash (used in) provided by financing activities	(346)	37,443
Net (decrease) increase in cash and cash equivalents	(1,045)	5,237
Cash and cash equivalents, beginning of the period	24,345	29,011
Cash and cash equivalents, end of the period	23,300	34,248
Supplemental disclosures of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	23	81
Cash paid during the period for income taxes	191	165
Supplemental schedule of non-cash investing and financing activities:
Property and equipment included in accounts payable	434	435
Warrants issued		17,284
Amendment fee added to principal of loan	$ 1,286	$ 1,215

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 23,300	$ 24,345
Accounts receivable, net	26,229	41,272
Inventories	55,397	59,725
Prepaid expenses	4,131	5,487
Other current assets	5,418	5,891
Total current assets	114,475	136,720
Property and equipment, net	73,763	77,961
Operating lease right-of-use assets	64,424	67,271
Intangible assets, net	5,909	6,346
Other long-term assets	5,925	7,961
Total assets	264,496	296,259
Current liabilities:
Accounts payable	41,186	40,312
Accrued compensation	3,818	7,673
Customer prepayments	4,035	5,276
Accrued rebates and allowances	11,633	13,416
Accrued warranty liabilities – current portion	8,135	7,141
Operating lease obligations – current portion	16,967	17,366
Related party debt – current portion	127,006
Other current liabilities	6,934	10,339
Total current liabilities	219,714	101,523
Related party debt, net of current portion		111,305
Accrued warranty liabilities, net of current portion	20,030	19,570
Operating lease obligations, net of current portion	71,209	75,616
Warrant liabilities	15,715	16,150
Other long-term liabilities	1,628	1,764
Total liabilities	328,296	325,928
Commitments and contingencies (Note 13)
Stockholders’ equity (deficit):
Additional paid-in capital	595,280	595,589
Accumulated deficit	(659,051)	(625,280)
Total stockholders’ equity (deficit) attributable to Purple Innovation, Inc.	(63,767)	(29,687)
Noncontrolling interest	(33)	18
Total stockholders’ equity (deficit)	(63,800)	(29,669)
Total liabilities and stockholders’ equity (deficit)	264,496	296,259
Class A Common Stock
Stockholders’ equity (deficit):
Common stock, value	4	4
Class B Common Stock
Stockholders’ equity (deficit):
Common stock, value