Purple Innovation, Inc. (PRPL) declined in the current market after announcing its fourth quarter and fiscal 2021 results. PRPL values at $5.56, losing more than 2.88% compared to yesterday’s closing price. The stock closed at $5.73 at the end of the last trading session. The stock volume traded in the previous trading session was around 1.98 million shares. The current market cap of the company is about $383.50 million.
PRPL: Q4 and Fiscal 2021 Key Financials
- Purple Innovation, Inc.’s revenue in Q4 2021 was $186.4 million. It is an increase of more than 7.2% compared to the revenue of $173.9 million in Q4 2020.
- Fiscal 2021 revenue was $726.2 million, 12% more than the revenue of $648.5 million in fiscal 2020.
- The company’s net loss in Q4 2021 was around $21.8 million, less than compared to the net loss of $73.5 million in Q4 2020.
- PRPL net income in fiscal 2021 was around $3.9 million, and profitability improved significantly compared to the net loss of $229.8 million in fiscal 2020.
- The Q4 2021 adjusted loss per share was $0.35, compared to a net loss of $0.07 in Q4 2020.
- For fiscal 2021, the adjusted loss per share was $0.19, compared to $0.79 in fiscal 2020.
PRPL New CEO Appointment
Robert DeMartini has been named the new Chief Executive Officer of the company, effective upon completing an updated and restated employment agreement.
PRPL 2022 Outlook
The Company presently estimates full-year revenue of $790 to $830 million in 2022, increasing 8% to 14% over 2021. In 2022, adjusted EBITDA is estimated to be between $26 and $33 million, compared to $11.0 million in 2021. The Company presently forecasts revenue of $125-$135 million and adjusted EBITDA of $(26)-$(20) million for the first quarter of 2022.
Conclusion
Purple Innovation, Inc. (PRPL) declined following the announcement of the Q4 and fiscal 2021, along with the appointment of a new CEO. In December 2021, DeMartini was named as Interim Chief Executive Officer.
