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Sep 30, 2023
Purple Q3 2023 Earnings Report
Purple Innovation reported mixed Q3 2023 results, with revenue slightly decreasing year-over-year but increasing sequentially. New product transition costs impacted margins, but the company anticipates a return to year-over-year revenue growth in Q4.
Key Takeaways
Purple Innovation's Q3 2023 revenue was $140.0 million, a 2.0% decrease compared to Q3 2022. The company experienced a net loss of $(36.0) million, and gross margin decreased to 33.8%. Despite these challenges, the company saw sequential revenue growth and is optimistic about future performance.
Third quarter net revenue decreased 2.0% year-over-year to $140.0 million.
Gross margin decreased to 33.8%, impacted by new product transition costs.
Net loss attributable to Purple Innovation, Inc. was $(36.0) million.
The company expects net revenue to be in the range of $510 to $520 million and negative adjusted EBITDA between $(65) million and $(55) million for 2023.
Forward Guidance
The Company is adjusting its outlook. It now expects net revenue to be in the range of $510 to $520 million and negative adjusted EBITDA between $(65) million and $(55) million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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