Purple Innovation, Inc. (PRPL), a company specializing in comfort products such as mattresses, pillows, and bedding, announced on Monday a downward revision of its annual revenue projections. The adjustment is attributed to a challenging macroeconomic environment.
Rob DeMartini, CEO of Purple Innovation, stated, "We continue to face a difficult macroeconomic landscape as we approach the end of 2024. Nevertheless, we anticipate achieving positive cash flow and adjusted EBITDA in the fourth quarter, marking a significant and favorable step in our strategy towards premium sleep."
For the full year, the company now forecasts an EBITDA of negative $23 million to negative $21 million, compared to the previous estimate ranging from negative $20 million to negative $10 million.
The anticipated annual revenue has been adjusted to between $486 million and $488 million, a decrease from the prior forecast of $490 million to $510 million.
On average, analysts predict the company's annual revenue will total $489.5 million.
