Purple Innovation, Inc. Files Q3 2024 10-Q
Ticker: PRPL · Form: 10-Q · Filed: 2024-11-04T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
Related Tickers: PRPL
TL;DR
Purple Innovation (PRPL) filed its Q3 10-Q. Financials are in.
AI Summary
Purple Innovation, Inc. filed its 10-Q for the quarterly period ended September 30, 2024. The company, previously known as Global Partner Acquisition Corp., is incorporated in Delaware and operates in the household furniture sector. Its principal executive offices are located in Lehi, Utah.
Why It Matters
This filing provides investors with the company's financial performance and operational details for the third quarter of 2024, crucial for understanding its current health and future prospects.
Risk Assessment
Risk Level: medium — As a publicly traded company filing a quarterly report, there are inherent risks associated with financial performance and market conditions.
Key Players & Entities
- Purple Innovation, Inc. (company) — Registrant
- Global Partner Acquisition Corp. (company) — Former company name
- September 30, 2024 (date) — Quarterly period end date
- 20241104 (date) — Filing date
- Lehi, Utah (location) — Principal executive offices location
FAQ
What is the filing date of this 10-Q report?
The filing date of this 10-Q report is 20241104.
For which quarterly period is this report filed?
This report is filed for the quarterly period ended September 30, 2024.
What was Purple Innovation, Inc.'s former company name?
Purple Innovation, Inc.'s former company name was Global Partner Acquisition Corp.
In which state is Purple Innovation, Inc. incorporated?
Purple Innovation, Inc. is incorporated in Delaware.
What is the address of Purple Innovation, Inc.'s principal executive offices?
The address of Purple Innovation, Inc.'s principal executive offices is 4100 North Chapel Ridge Road, Suite 200, Lehi, Utah 84043.
Filing Stats: 4,614 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-11-04 16:00:52
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share PRPL The NASDAQ Stock Market
Filing Documents
- ea0218218-10q_purple.htm (10-Q) — 1108KB
- ea021821801ex31-1_purple.htm (EX-31.1) — 12KB
- ea021821801ex31-2_purple.htm (EX-31.2) — 12KB
- ea021821801ex32-1_purple.htm (EX-32.1) — 3KB
- ea021821801ex32-2_purple.htm (EX-32.2) — 3KB
- image_001.jpg (GRAPHIC) — 13KB
- 0001213900-24-094096.txt ( ) — 6958KB
- prpl-20240930.xsd (EX-101.SCH) — 66KB
- prpl-20240930_cal.xml (EX-101.CAL) — 54KB
- prpl-20240930_def.xml (EX-101.DEF) — 354KB
- prpl-20240930_lab.xml (EX-101.LAB) — 615KB
- prpl-20240930_pre.xml (EX-101.PRE) — 359KB
- ea0218218-10q_purple_htm.xml (XML) — 748KB
Financial Statements (Unaudited)
Financial Statements (Unaudited): 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.
Controls and Procedures
Controls and Procedures 36 Part II. Other Information 37 Item 1.
Legal Proceedings
Legal Proceedings 37 Item 1A.
Risk Factors
Risk Factors 37 Item 5. Other Information 39 Item 6. Exhibits 40
Signatures
Signatures 41 i PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PURPLE INNOVATION, INC. Condensed Consolidated Balance Sheets (unaudited – in thousands, except for par value) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 23,399 $ 26,857 Accounts receivable, net 29,662 37,802 Inventories 59,881 66,878 Prepaid expenses 9,241 8,536 Other current assets 1,005 1,737 Total current assets 123,188 141,810 Property and equipment, net 100,155 128,661 Operating lease right-of-use assets 74,254 95,767 Intangible assets, net 9,226 22,196 Other long-term assets 2,450 2,191 Total assets $ 309,273 $ 390,625 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 30,393 $ 49,831 Accrued compensation 15,109 5,064 Customer prepayments 3,778 5,718 Accrued rebates and allowances 10,040 13,243 Accrued warranty liabilities – current portion 7,634 9,793 Operating lease obligations – current portion 16,157 14,843 Other current liabilities 11,353 12,490 Total current liabilities 94,464 110,982 Related party debt 50,813 — Long-term debt, net of current portion — 26,909 Accrued warranty liabilities, net of current portion 27,336 25,798 Operating lease obligations, net of current portion 85,621 109,094 Warrant liabilities 19,682 — Other long-term liabilities 3,344 2,235 Total liabilities 281,260 275,018 Commitments and contingencies (Note 14) Stockholders' equity: Class A common stock; $ 0.0001 par value, 210,000 shares authorized; 107,516 issued and outstanding at September 30, 2024 and 105,507 issued and outstanding at December 31, 2023 11 11 Class B common stock; $ 0.0001 par value, 90,000 shares authorized; 192 issued and outstanding at September 30, 2024 and at December 31, 2023 — — Additional paid-in capital 593,343 591,380 Accumulated deficit ( 565,387 ) ( 475,969 ) Total