Revenue growth remains highly volatile, swinging from a 15.3% decline in 2024Q3 to a 35.1% increase in 2026Q1, while operating margins remain negative at -1.6% due to high fixed overhead.
Purple Innovation, Inc. (PRPL) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 431.19M | 468.73M | 487.88M | 510.54M | 573.2M | 726.23M | 648.47M | 428.36M | 285.79M | 196.86M | 65.47M | 5.84M | 4.31M |
| Revenue Growth % | -5.65% | -3.93% | -4.44% | -10.93% | -21.07% | 11.99% | 51.39% | 49.89% | 45.18% | 200.67% | 1021.31% | 35.61% | - |
| Cost of Goods Sold | 250.68M | 280.17M | 306.75M | 338.72M | 365.11M | 431.25M | 343.37M | 239.39M | 173.19M | 111.84M | 44M | 4.46M | 2.69M |
| COGS % of Revenue | - | 59.77% | 62.87% | 66.34% | 63.7% | 59.38% | 52.95% | 55.88% | 60.6% | 56.81% | 67.2% | 76.3% | 62.44% |
| Gross Profit | 180.51M | 188.56M | 181.13M | 171.82M | 208.09M | 294.97M | 305.1M | 188.97M | 112.6M | 85.02M | 21.48M | 1.38M | 1.62M |
| Gross Margin % | 41.86% | 40.23% | 37.13% | 33.66% | 36.3% | 40.62% | 47.05% | 44.12% | 39.4% | 43.19% | 32.8% | 23.7% | 37.56% |
| Gross Profit Growth % | - | 4.1% | 5.42% | -17.43% | -29.45% | -3.32% | 61.45% | 67.82% | 32.44% | 295.86% | 1451.81% | -14.41% | - |
| Operating Expenses | 213.56M | 220.2M | 273.31M | 285.54M | 250.84M | 318.32M | 233.87M | 172.76M | 129.5M | 93.77M | 2.66M | 346K | 847.72K |
| OpEx % of Revenue | - | 46.98% | 56.02% | 55.93% | 43.76% | 43.83% | 36.07% | 40.33% | 45.31% | 47.63% | 4.06% | 5.93% | 19.69% |
| Selling, General & Admin | 202.56M | 210.6M | 240.38M | 266.76M | 242.09M | 311.38M | 227.92M | 168.89M | 127.4M | 92.38M | 2.66M | 346K | 844.36K |
| SG&A % of Revenue | - | 44.93% | 49.27% | 52.25% | 42.23% | 42.88% | 35.15% | 39.43% | 44.58% | 46.93% | 4.06% | 5.93% | 19.61% |
| Research & Development | 9.9M | 9.6M | 12.96M | 11.9M | 8.76M | 6.94M | 5.96M | 3.86M | 2.1M | 1.39M | 792K | 62K | 3.36K |
| R&D % of Revenue | - | 2.05% | 2.66% | 2.33% | 1.53% | 0.96% | 0.92% | 0.9% | 0.73% | 0.7% | 1.21% | 1.06% | 0.08% |
| Other Operating Expenses | 1000K | 0 | 19.97M | 6.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -33.05M | -31.64M | -92.18M | -113.71M | -42.75M | -23.35M | 71.23M | 16.21M | -16.89M | -8.75M | -2.66M | -346K | 769.31K |
| Operating Margin % | -7.66% | -6.75% | -18.89% | -22.27% | -7.46% | -3.22% | 10.98% | 3.79% | -5.91% | -4.44% | -4.06% | -5.93% | 17.87% |
| Operating Income Growth % | - | 65.67% | 18.93% | -165.97% | -83.1% | -132.78% | 339.29% | 195.97% | -93.14% | -229.21% | -667.92% | -144.98% | - |
| EBITDA | -3.24M | -7.58M | -56.83M | -88.61M | -25.27M | -13.88M | 79.13M | 20.52M | -14.7M | -8.01M | -2.58M | -332K | 783.16K |
| EBITDA Margin % | -0.75% | -1.62% | -11.65% | -17.36% | -4.41% | -1.91% | 12.2% | 4.79% | -5.14% | -4.07% | -3.94% | -5.69% | 18.19% |
| EBITDA Growth % | 84.56% | 86.67% | 35.86% | -250.67% | -82.08% | -117.54% | 285.56% | 239.61% | -83.6% | -210.67% | -676.2% | -142.39% | - |
| D&A (Non-Cash Add-back) | 13.29M | 24.06M | 35.35M | 25.11M | 17.49M | 9.47M | 7.9M | 4.31M | 2.19M | 741K | 80K | 14K | 13.85K |
| EBIT | -5.79M | -22.54M | -80.53M | -119.24M | 123.98M | 4.53M | -268.88M | -25.34M | -15.88M | -8.74M | -2.33M | -340K | 769.31K |
| Net Interest Income | -32.46M | -28.77M | -17.51M | -1.97M | -3.54M | -1.87M | -4.65M | -5.18M | -3.73M | -81K | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 330K | 0 | 104.16K |
| Interest Expense | 32.46M | 28.77M | 17.51M | 1.97M | 3.54M | 1.87M | 4.65M | 5.18M | 3.73M | 81K | 0 | 0 | 0 |
| Other Income/Expense | -5.21M | -19.66M | -5.85M | -7.5M | 163.2M | 26M | -344.75M | -46.74M | -2.72M | -72K | 330K | 43K | -104.16K |
| Pretax Income | -38.25M | -51.3M | -98.03M | -121.21M | 120.45M | 2.65M | -273.53M | -30.52M | -19.61M | -8.82M | -2.33M | -303K | 665.16K |
| Pretax Margin % | -8.87% | -10.95% | -20.09% | -23.74% | 21.01% | 0.37% | -42.18% | -7.13% | -6.86% | -4.48% | -3.55% | -5.19% | 15.45% |
| Income Tax | 214K | 207K | 63K | 8K | 213.17M | -1.22M | -43.75M | 400K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.56% | -0.4% | -0.06% | -0.01% | 176.98% | -45.86% | 15.99% | -1.31% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -38.38M | -51.41M | -97.9M | -120.76M | -92.47M | 4.03M | -236.87M | -22.57M | -4.32M | -8.82M | -2.33M | -303K | 665.16K |
| Net Margin % | -8.9% | -10.97% | -20.07% | -23.65% | -16.13% | 0.56% | -36.53% | -5.27% | -1.51% | -4.48% | -3.55% | -5.19% | 15.45% |
| Net Income Growth % | 32.29% | 47.48% | 18.93% | -30.59% | -2393.97% | 101.7% | -949.34% | -422.28% | 50.99% | -278.99% | -667.99% | -145.55% | - |
| Net Income (Continuing) | -38.47M | -51.51M | -98.1M | -121.22M | -92.72M | 3.87M | -229.78M | -30.93M | -19.61M | -8.82M | -2.33M | -303K | 665.16K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -23K | 18K | 11K | 185K | 908K | 768K | 344K | -2.38M | -1.35M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -8.80 | -12.00 | -22.75 | -29.25 | -28.25 | -7.50 | -151.00 | -31.00 | -12.75 | -26.28 | -12.25 | -1.58 | 3.75 |
| EPS Growth % | 33.43% | 47.25% | 22.22% | -3.54% | -276.67% | 95.03% | -387.1% | -143.14% | 51.48% | -114.53% | -674.09% | -142.2% | - |
| EPS (Basic) | - | -12.00 | -22.75 | -29.25 | -28.25 | 1.50 | -151.00 | -31.00 | -12.75 | -26.28 | -12.25 | -1.58 | 3.75 |
| Diluted Shares Outstanding | 4.36M | 4.33M | 4.29M | 4.16M | 3.27M | 2.69M | 1.57M | 400.24K | 336.72K | 335.56K | 191.48K | 191.48K | 176.28K |
| Basic Shares Outstanding | 4.35M | 4.32M | 4.29M | 4.14M | 3.27M | 2.64M | 1.57M | 400.24K | 336.72K | 335.56K | 191.48K | 191.48K | 176.28K |
| Dividend Payout Ratio | - | - | - | - | - | 29.15% | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PRPL stock.
For fiscal year 2025, Purple Innovation, Inc. (PRPL) reported total revenue of $468.7M. This represents a 10786.4% increase compared to $4.3M in 2014.
Purple Innovation, Inc. (PRPL) reported a net loss of $51.4M for the fiscal year ending 2025.
Purple Innovation, Inc. (PRPL) reported an operating income of $-31.6M, resulting in an operating profit margin of -6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Purple Innovation, Inc. (PRPL) generated $188.6M in gross profit for the year, representing a gross profit margin of 40.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and operational deleverage
Metrics are mathematically derived from official filings.
Revenue Volatility Amidst Strategic Shifts
According to recent financial disclosures, Purple Innovation's revenue growth has exhibited significant volatility, swinging from a 15.3% decline in 2024Q3 to a 35.1% increase by 2026Q1, reflecting the inherent instability of the company's current direct-to-consumer and wholesale channel mix in a challenging macroeconomic environment.
The erratic top-line performance suggests that the company is struggling to find a consistent demand floor, likely exacerbated by its sensitivity to housing market cycles. Investors should monitor whether the recent growth spike is sustainable or merely a reflection of aggressive promotional activity intended to clear inventory.
Gross Margin Recovery Remains Fragile
As reported in quarterly filings, gross margins have fluctuated between a low of 29.7% in 2024Q3 and a recent peak of 41.9% in 2026Q1, indicating that the company's manufacturing efficiency remains highly sensitive to production volume and the underlying costs of petroleum-based raw materials.
While the recent expansion toward 42% suggests some success in the 'Path to Premium' strategy, the historical volatility implies that the company lacks robust pricing power. The reliance on specialized polymer grids means that any disruption in supply chain costs could quickly erode these gains, leaving little room for error.
Operating Leverage Constrained by Overhead
Based on the provided income statement data, operating expenses consistently outpace gross profit, resulting in persistent operating losses that highlight a failure to achieve the necessary scale to cover the company's high fixed-cost manufacturing footprint in Utah and Georgia during recent periods.
The inability to generate positive operating income despite revenue growth suggests that the company's SG&A structure is bloated relative to its current output. This indicates that management may need to undertake more aggressive cost-rationalization measures to prevent further erosion of the company's limited cash position.
Marketing Spend Outpacing Revenue Gains
Financial statements indicate that SG&A expenses have remained stubbornly high, often exceeding $55 million per quarter, which suggests that the company's customer acquisition costs are currently inefficient relative to the revenue generated from its mattress and pillow product lines.
The persistent high level of SG&A relative to gross profit suggests that the company is over-investing in marketing to drive volume, which may be yielding diminishing returns. This cost structure warrants further investigation into whether the current marketing strategy is fundamentally flawed or simply poorly executed in the current cycle.
Liquidity Risks Threaten Operational Continuity
With a reported cash position of approximately $24.3 million and ongoing quarterly net losses, the company faces a precarious liquidity situation that may necessitate dilutive financing or further operational contraction to sustain its business model, as evidenced by the recent trend of negative net margins.
Short-term survival appears to be the primary challenge, as the company's cash burn rate leaves little margin for operational missteps. Investors should be wary of the potential for future capital raises that could significantly dilute existing shareholders if the company fails to reach cash-flow breakeven in the near term.