Form 8-K

8-K — Purple Innovation, Inc.

Accession: 0001213900-26-048279

Filed: 2026-04-28

Period: 2026-04-24

CIK: 0001643953

SIC: 2510 (HOUSEHOLD FURNITURE)

Item: Results of Operations and Financial Condition

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ea0287736-8k_purple.htm (Primary)

EX-10.1 — OFFER LETTER ENTERED INTO BETWEEN PURPLE INNOVATION, LLC AND ROBERT G. LUCIAN DATED APRIL 24, 2026 (ea028773601ex10-1.htm)

EX-99.1 — PRESS RELEASE DATED APRIL 28, 2026, REGARDING FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2026 (ea028773601ex99-1.htm)

EX-99.2 — PRESS RELEASE ISSUED BY THE COMPANY DATED APRIL 28, 2026 (ea028773601ex99-2.htm)

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GRAPHIC (ea028773601_ex99-1img1.jpg)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — CURRENT REPORT

8-K (Primary)

Filename: ea0287736-8k_purple.htm · Sequence: 1

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0001643953

2026-04-24

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 24, 2026

Purple Innovation, Inc.

(Exact Name of Registrant as Specified in its

Charter)

Delaware

001-37523

47-4078206

(State of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

4100 North Chapel Ridge Rd., Suite 200

Lehi, Utah

84048

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including

area code: (801) 756-2600

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously

satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

PRPL

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant

has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant

to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL

CONDITION

On April 28, 2026, Purple Innovation, Inc. (the

“Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026, affirming

adjusted EBITDA guidance and providing revised net revenue guidance for 2026. A copy of this press release is furnished as Exhibit 99.1 to this

report and incorporated by reference herein.

The information furnished pursuant to this Item 2.02, including Exhibit

99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the

“Exchange Act”), and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as

amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

The press release furnished herewith in Exhibit 99.1 contains non-GAAP

financial measures. Management believes non-GAAP financial measures assist management and investors in evaluating and comparing period-to-period

results and projections in a more meaningful and consistent manner. Reconciliations for these non-GAAP financial measures to the most

directly comparable GAAP financial measures are included in the press release.

ITEM 5.02 Departure

of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Chief Financial Officer

Todd Vogensen, who currently serves as the Company’s

Chief Financial Officer, provided notice to the Company of his resignation as Chief Financial Officer effective May 1, 2026. As the Company’s

Chief Financial Officer, Mr. Vogensen also served as the Company’s Principal Financial Officer. Mr. Vogensen did not resign as a

result of any disagreement with the Company on any matter relating to the Company’s financial reporting or accounting policies,

procedures, estimates, or judgments.

Appointment of Chief Financial Officer

On April 24, 2026, the Board of Directors (the

“Board”) of the Company appointed Robert G. Lucian to serve as the Chief Financial Officer of the Company, effective the week

of April 27, 2026.

Prior to joining Purple, Mr. Lucian, age 63, served

as Vice President, Senior Vice President, and Chief Financial Officer for La-Z-Boy Incorporated from January 2019 to April 2025. Prior

to that he served as Chief Financial Officer for North America Professional Beauty at Coty where he was responsible for integrating its

Professional Hair Care business into its Professional Nail Care business and turning around both businesses to profitable growth after

it acquired its specialty beauty businesses in 2016. Before that, Mr. Lucian was with Procter & Gamble from June 1984 to September

2016, where he spent seven years in manufacturing and twenty-five in finance and accounting spanning multiple business units, corporate

finance, corporate new business development, and global supply chain finance. Mr. Lucian has a Bachelor of Science degree in chemical

engineering from the University of Notre Dame and holds a Master of Business Administration with a concentration in finance and international

business from the University of Cincinnati. There are no related party transactions between Mr.

Lucian and the Company as defined in Item 404(a) of Regulation S-K. There are no family relationships between Mr. Lucian and any

other director, executive officer or person nominated or chosen to be a director or executive officer of the Company.

In connection with his appointment as Chief Financial

Officer, the Company and Mr. Lucian entered into an offer letter (the “Offer Letter”) effective April 24, 2026. The Offer

Letter provides that Mr. Lucian will report to the CEO. Under the terms of the Offer Letter, Mr. Lucian will receive compensation comprised

of (1) base pay of $600,000 annually, (2) a signing bonus of $20,000 in connection with commencement of employment, (3) participation

in the Company’s short-term cash incentive plan starting in 2026 with a target of 75% of annual base salary with a guaranteed minimum

payment for 2026 of $300,000, and (4) beginning in 2026 participation in the Company’s long-term equity incentive plan in an amount

of 75% of base salary, in cash, equity in the form of between time-based RSU’s and/or performance-based PSU’s, or combination

thereof. The Company will also reimburse him reasonable travel costs related to commuting from Florida to the Company’s Utah headquarters.

Mr. Lucian will also participate in benefits generally available to the Company’s employees such as its 401(k) plan, paid time off,

holidays, and perks. The foregoing summary of the Offer Letter does not purport to be complete and is subject to, and qualified in its

entirety by, the full text of the Offer Letter, a copy of which is attached as Exhibit 10.1 to this report and is incorporated by reference

herein.

ITEM 7.01 REGULATION FD DISCLOSURE.

On April 28, 2026, the Company issued a press release

announcing the appointment of Robert G. Lucian as the Company’s Chief Financial Officer. A copy of the press release is attached

hereto as Exhibit 99.2.

The information in Item 7.01 of this Current Report

on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the

Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section,

nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act

of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

Exhibit

Number

Description

10.1

Offer Letter entered into between Purple Innovation, LLC and Robert G. Lucian dated April 24, 2026

99.1

Press Release dated April 28, 2026, regarding financial results for the first quarter ended March 31, 2026.

99.2

Press Release issued by the Company dated April 28, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 28, 2026

PURPLE INNOVATION, INC.

By:

/s/ Robert T. DeMartini

Robert T. DeMartini

Chief Executive Officer

EX-10.1 — OFFER LETTER ENTERED INTO BETWEEN PURPLE INNOVATION, LLC AND ROBERT G. LUCIAN DATED APRIL 24, 2026

EX-10.1

Filename: ea028773601ex10-1.htm · Sequence: 2

Exhibit 10.1

April 24th, 2026

Dear Bob,

On behalf of Purple Innovation, LLC (“Purple” or the “Company”),

it is my pleasure to extend to you this written offer outlining the mutually agreed upon terms of your employment. Key points for your

employment and compensation include:

Position:

Your position will be Chief Financial Officer reporting to Rob

DeMartini, Chief Executive Officer. It is anticipated that your start date will be the week of April 27, 2026.

Base Wage:

Your base pay will be $600,000 annually, paid on a bi-weekly

basis, less deductions required by law, payable in accordance with normal payroll practices of the Company. This is an exempt position.

As an exempt employee, you will not be entitled to overtime pay and your salary is intended to cover all hours worked including any hours

worked more than 40 in a workweek or overtime as otherwise defined by applicable law.

Signing Bonus:

You will receive a signing bonus of $20,000 in connection with the

commencement of your employment.

Annual Bonus:

You will be eligible for an annual short-term cash bonus starting with

the year 2026 in accordance with Purple’s short-term cash incentive plan for the applicable year. The bonus target is 75%

of your annual base salary for C-Level Executives and the percentage is subject to adjustment, including accelerators, based on both the

company’s and your performance as measured against metrics set by the board of directors and your supervisor for the year. You

will be guaranteed a minimum 2026 STIP award of $300,000. Any such bonus will be paid annually in the following calendar year

(for example, in 2027 for performance in 2026) after the Company files its annual Form 10-K with the SEC for the applicable year, so long

as you continue to be employed and are in good standing on the payment date.

Incentive Awards:

As a C-Level Executive, you will be eligible to participate in the

long-term incentive plan of the Company, as approved by the board of directors. Under the current plan, you will be eligible in this position

to receive a long-term incentive award in the amount of 75% of your base salary at the time of an award, payable, as approved by

the board of directors, in cash, equity in the form of between time-based RSU’s and/or performance-based PSU’s, or combination

thereof. You will be eligible to receive such awards beginning in 2026 at the same time and on the same conditions as other similarly

situated employees. This plan may be changed by the board of directors and performance metrics are set by the board of directors for each

award.

Responsibilities and Duties:

As part of the management team, you will manage Purple’s business.

You will be paid by Purple and be subject to Purple’s policies.

During your employment with Purple, you will devote your full business

time, skill, attention, and best efforts to the performance of your duties, subject to customary carve-outs for charitable or religious

activities and management of personal affairs that do not materially interfere with the performance of your duties to the company or present

a conflict of interest. You will have such duties and authority as is customary for a C-level executive of a publicly traded company with

subsidiaries and as determined from time to time by the Chief Executive Officer. You will comply with all lawful rules, policies, procedures,

regulations, and administrative directions as they currently exist and subject to any future modifications by Purple.

As the CFO, you will be provided with D&O insurance at the company’s

expense.

Corporate Opportunity:

You are required to submit to the Company all business, commercial

and investment opportunities or offers presented to you or of which you become aware and that relate to the business of the Company at

any time during your employment. Unless approved by the board of directors, you shall not accept or pursue, directly or indirectly, any

corporate opportunities on your own behalf.

Cooperation:

You shall both during and after your employment for the Company cooperate

with the Company in any internal investigations or administrative, regulatory or judicial proceedings as reasonably request by the Company

(including, without limitation, being available upon reasonable notice for interviews and factual investigations, appearing to give testimony

without requiring service of a subpoena or other legal process, volunteering all pertinent information and turning over to the Company

all relevant documents which are or may come into your possession. The Company will reimburse you for all reasonable out-of-pocket costs

incurred by you in this regard.

Work Schedule and Location:

Your role with

be Florida Based and you will travel to Lehi, HQ about 2x per month and as dictated by the needs of the business.

Commuting Benefit:

Purple will reimburse all reasonable airfare, hotel, and taxi travel

costs necessary for your commute to Purple from Florida upon presentation of documentation of expenses in accordance with Purple policy.

Flights should be booked at least two (2) weeks in advance and should be coach.

Benefits:

During your employment, you will be eligible for Purple employee perquisites

and benefits consistent with the Company’s practices and applicable law and in accordance with the terms of the applicable benefit

plans and/or Company policies, as they currently exist and subject to any future modifications in the Company’s discretion, to the

maximum extent permitted by applicable law. These benefits currently include health, dental, and vision insurance plans, as well as life

insurance. You are eligible for the medical, dental, and vision plan on the first of the month following your date of hire. You are also

eligible to participate in our 401(k) plan with a 5% company match on the first of the month following a four-month qualification period.

Paid Time Off Allowance:

PTO: The Company has a Flexible PTO policy. Therefore, you are

free to take the PTO that you need, with the support and approval of the CEO.

Wellness/Sick Time: You will be receiving a total of 48 hours

of wellness/sick time per year, accrued in accordance with the company's wellness/sick policy.

Holiday: Purple currently provides 10 paid holidays per year.

Purple Perks:

Free Mattress: You will be eligible for a free Purple mattress

of your choice, after 30 days of employment per the company’s policy.

Sabbatical: On the anniversary of your 7th year of employment

you will be eligible for 4 paid weeks of sabbatical per the company's policy.

Cell Phone Reimbursement: You will receive a $50 monthly

stipend toward cell phone reimbursement.

Wellness Reimbursement: You will be reimbursed up to $100 per

calendar year for any wellness expenses (gym membership, personal equipment, chiropractic care, etc.), subject to any changes in Purple’s

current policy.

At-Will Employment:

This letter is merely a summary of the principal terms of our

employment offer and is not a contract of employment for any definite period of time and does not otherwise confer any contractual rights

whatsoever. .In accepting our offer of employment, you certify your understanding that your employment

will be on an at-will basis. As an at-will employee, you will be free to terminate your employment with the company at any time, with

or without cause or advance notice. Similarly, the company is free to conclude its employment relationship with you at any time, with

or without cause, or advance notice. At-Will status only may be modified on an individual or collective basis via a written contract or

agreement signed by an authorized representative of the Company.

As with any employment at will, all compensations, benefits, work assignments,

etc. are subject to change in accordance with the needs of the company, with the exception of any vested contractual rights. In addition,

Purple will provide you with the necessary materials and equipment to effectively perform the responsibilities of your position. Any equipment,

proprietary information, or other materials must be returned to the company upon termination for any reason.

Drug/Alcohol Testing:

By accepting this offer: You acknowledge yourself as being free of

inappropriate drug or alcohol use; and you accept that Purple has a smoke-free workplace policy and a drug/alcohol-free workplace program

which could include ongoing random or comprehensive testing of all employees or single employees.

Offer Conditions:

This offer is contingent upon successful results of a lawful background

check and drug screen, and your execution of an agreement to protect the intellectual property and other rights of Purple and its affiliated

companies. Consideration of any background check will be tailored to the requirements of the job as well as any limitations pursuant to

applicable law. By signing below, you acknowledge that you will be required to execute any necessary consents to perform such checks.

This offer is also contingent upon your completing the Form I-9 (Employment Eligibility Verification), demonstrating your eligibility

to work in the United States, within your first three days of employment.

This letter is governed by Utah law and supersedes any prior or subsequent

oral or written representations regarding the terms of potential employment with the Company. By signing below, you acknowledge that you

are not relying on any representations other than those set forth in this letter.

I am confident that you will find this position both challenging and

rewarding. We look forward to your contributions and success with Purple. If the terms set forth in this letter are acceptable to you,

please sign and date the letter and return. You will then be asked to complete several pre-employment steps, which will be sent by our

HR Ops team.

Welcome to Purple!

Sincerely,

/s/ Rob DeMartini

Rob DeMartini

Chief Executive Officer

I accept this employment offer:

/s/ Robert Lucian

Robert (Bob) Lucian

Estimated Employment Start Date: The week of April 27th, 2026.

EX-99.1 — PRESS RELEASE DATED APRIL 28, 2026, REGARDING FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2026

EX-99.1

Filename: ea028773601ex99-1.htm · Sequence: 3

Exhibit 99.1

Purple Innovation Reports First Quarter 2026

Results

Showroom Comps up 7.0%, Marking the Third Consecutive

Quarter of Positive Comps

E-commerce Trends Improve Sequentially

Early Traction from Purple Royale at Mattress

Firm Supports Premium Momentum and Wholesale Growth

Reaffirms Full Year EBITDA Guidance; Positioned

for Improving Performance in Second Quarter

Lehi, Utah, April 28, 2026 – Purple Innovation, Inc. (NASDAQ:

PRPL) (“Purple”), a comfort innovation company whose mattresses promise to give you “less pain, better sleep,”

today announced results for the first quarter ended March 31, 2026.

“During the first quarter, we continued to build on the progress

we made at the end of last year, with improving consistency across our business and solid performance in our showroom and wholesale channels,”

said Rob DeMartini, CEO of Purple Innovation. “While total sales were modestly down, ecommerce trends improved sequentially, and

we are seeing early benefits from the more disciplined execution and the actions we’ve taken to strengthen the business.”

“We are encouraged by the strong response to our premium portfolio,

including early traction for Purple Royale at Mattress Firm and continued momentum in Rejuvenate 2.0, as we expand our wholesale partnerships

and improve operating efficiency. As we enter the second quarter, we remain focused on driving growth through better consumer insight,

differentiated innovation rooted in our GelFlex Grid technology, and expanded distribution, and believe that we are well positioned to

deliver continued progress in 2026.”

First Quarter 2026 Financial Results

First quarter 2026 net revenue was $95.7 million, down approximately

8.1% compared to the first quarter of 2025. The decrease was primarily driven by softness in e-commerce and lower wholesale revenue, partially

offset by growth in showrooms. During the first quarter of 2026, total amounts billed were approximately $100.6 million, down 3.4% year

over year; however, as a result of required net reporting related to certain wholesale transactions, reported revenue was reduced by $4.9

million to $95.7 million.

Gross profit for the first quarter was $35.2 million or 36.8% of net

revenue, compared to $41.0 million or 39.4% in the prior-year period. Gross margin was impacted by a strategic investment in Royale floor

models to support the Mattress Firm rollout, as well as modest manufacturing overhead deleverage driven by lower production volumes and

less favorable absorption of fixed costs. These impacts are primarily timing-related and not indicative of a change in the underlying

health of the business.

First quarter operating expenses were $52.0 million, down 6.3% from

$55.5 million in the prior year quarter. The improvement was primarily driven by ongoing cost savings initiatives and the benefits of

prior restructuring actions, partially offset by higher expenses related to the ongoing evaluation of strategic alternatives, which may

vary by quarter.

Net loss attributable to Purple Innovation, Inc. for the first quarter

was $30.5 million, compared to $19.1 million in the prior year.

Adjusted EBITDA for the first quarter was $(4.8) million, flat from

this time last year.

Balance Sheet

As of March 31, 2026, the Company had cash and cash equivalents of

$25.0 million compared to $24.3 million as of December 31, 2025.

Net inventories as of March 31, 2026, totaled $58.1 million, down 2.7%

compared to December 31, 2025.

2026 Outlook

The Company is updating its 2026 outlook for full year revenue to a

range of $465 to $485 million, from the prior range of $500 to $520 million, due to the accounting adjustment noted earlier in this press

release. The Company is maintaining its adjusted EBITDA in the range of $20 to $30 million.

Conference Call and Webcast Information

Purple Innovation, Inc. will host a live conference call to discuss

financial results today, April 28, 2026, at 8:30 a.m. Eastern Time. To access the call dial 800-715-9871 (domestic) or 646-307-1963 (international).

The call is also being webcast and can be accessed on the investor relations section of the Company’s website, investors.purple.com. After

the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for one year.

About Purple

Purple exists to help people get the best sleep of their lives —

by reducing pain, deepening sleep, and unlocking the potential for brighter dawns and better days. At the center of that mission is our

signature innovation, the GelFlex Grid®. Originally developed in medical settings to support the body in its most vulnerable moments,

the GelFlex Grid delivers a one-of-a-kind combination of pressure relief, alignment, and temperature balance that helps people fall asleep

easier, stay asleep longer, and wake up with less pain.

That same comfort technology extends beyond mattresses into pillows,

bedding, and cushions designed to make everyday life feel a little lighter and a lot more comfortable. Because when pain eases and sleep

improves, everything else gets better too — your energy, your outlook, and your ability to show up for the moments that matter.

Less pain. Better sleep.

Learn more at www.purple.com

Forward Looking Statements

Certain statements made in this release that are not historical facts

are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private

Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate

the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future

events or determinations. These statements include, but are not limited to, statements regarding our innovation pipeline, the timing of

new product collection launches, our ability to improve profitability and optimize our business, the expansion of and benefits to us from

our commercial relationship with Mattress Firm, the impact of other commercial relationships, including those with Walmart, Costco, and

other traditional and non-traditional partners, our ability to drive profitable growth and create shareholder value, and our outlook for

revenue and adjusted EBITDA for the first quarter and full year 2026. These forward-looking statements are not guarantees of future performance,

conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of

which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in

the forward-looking statements. Factors that could influence the realization of forward-looking statements include, among others: changes

in economic, financial and end-market conditions in the markets in which we operate; fluctuations in raw material prices and cost of labor;

the financial condition of our customers and suppliers; competitive pressures, including the need for technology improvement, successful

new product development and introduction; changes in consumer demand, including pullbacks in consumer spending; disruptions to our manufacturing

processes; and the risk factors outlined in the “Risk

Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 25, 2026, and in our

other filings made with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements, whether

as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

EBITDA, adjusted EBITDA, adjusted net income, and adjusted net income

per diluted share are non-GAAP financial measures that remove the impact of certain non-cash and non-recurring costs. Management believes

that the use of such non-GAAP financial measures provides investors with additional useful information with respect to the impact of various

adjustments, which we view as a better measure of our operating performance. Refer to the attached table for the reconciliation of such

non-GAAP financial measures to the most comparable GAAP financial measure.

With respect to the Company’s Adjusted EBITDA outlook for the

first quarter and full year 2026, a quantitative reconciliation to the corresponding GAAP information cannot be provided without unreasonable

effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items

necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but

not limited to warrant liabilities and stock based compensation. For the same reasons, the Company is unable to assess the probable significance

of the unavailable information, which could have a material impact on its future GAAP financial results.

Investor Contact:

Stacy Turnof, Edelman Smithfield

stacy.turnof@edelmansmithfield.com

917-362-2581

PURPLE INNOVATION, INC.

Condensed Consolidated Balance Sheets

(unaudited – in thousands, except for

par value)

March 31,

2026

December 31,

2025

Assets

Current assets:

Cash and cash equivalents

$ 24,955

$ 24,345

Accounts receivable, net

21,143

41,272

Inventories

58,088

59,725

Prepaid expenses

5,829

5,487

Other current assets

5,562

5,891

Total current assets

115,577

136,720

Property and equipment, net

75,833

77,961

Operating lease right-of-use assets

67,085

67,271

Intangible assets, net

6,152

6,346

Other long-term assets

7,340

7,961

Total assets

$ 271,987

$ 296,259

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$ 41,992

$ 40,312

Accrued compensation

5,913

7,673

Customer prepayments

4,738

5,276

Accrued rebates and allowances

8,573

13,416

Accrued warranty liabilities – current portion

7,498

7,141

Operating lease obligations – current portion

16,902

17,366

Other current liabilities

7,597

10,339

Total current liabilities

93,213

101,523

Related party debt

119,199

111,305

Accrued warranty liabilities, net of current portion

19,981

19,570

Operating lease obligations, net of current portion

74,997

75,616

Warrant liabilities

23,108

16,150

Other long-term liabilities

1,629

1,764

Total liabilities

332,127

325,928

Commitments and contingencies

Stockholders’ equity (deficit):

Class A common stock; $0.0001 par value, 210,000 shares authorized; 108,634 issued and outstanding at March 31, 2026 and 108,246 issued and outstanding at December 31, 2025

Class B common stock; $0.0001 par value, 90,000 shares authorized; 163 issued and outstanding at March 31, 2026 and at December 31, 2025

—

Additional paid-in capital

595,687

595,582

Accumulated deficit

(655,821 )

(625,280 )

Total stockholders’ equity (deficit) attributable to Purple Innovation, Inc.

(60,123 )

(29,687 )

Noncontrolling interest

(17 )

Total stockholders’ equity (deficit)

(60,140 )

(29,669 )

Total liabilities and stockholders’ equity (deficit)

$ 271,987

$ 296,259

PURPLE INNOVATION, INC.

Condensed Consolidated Statements of Operations

(unaudited – in thousands, except per

share amounts)

Three Months Ended

March 31,

2026

2025

Revenues, net

$ 95,730

$ 104,171

Cost of revenues:

Cost of revenues

60,535

62,207

Cost of revenues - restructuring related charges

—

918

Total cost of revenues

60,535

63,125

Gross profit

35,195

41,046

Operating expenses:

Marketing and sales

31,557

36,626

General and administrative

18,033

14,487

Research and development

2,448

2,452

Restructuring, impairment and other related charges

—

1,960

Total operating expenses

52,038

55,525

Operating loss

(16,843 )

(14,479 )

Other income (expense):

Interest expense

(8,219 )

(4,764 )

Other income, net

1,491

Change in fair value – warrant liabilities

(6,958 )

Total other expense, net

(13,686 )

(4,646 )

Net loss before income taxes

(30,529 )

(19,125 )

Income tax expense

(47 )

(41 )

Net loss

(30,576 )

(19,166 )

Net loss attributable to noncontrolling interest

(35 )

(29 )

Net loss attributable to Purple Innovation, Inc.

$ (30,541 )

$ (19,137 )

Net loss per share:

Basic

$ (0.28 )

$ (0.18 )

Diluted

$ (0.28 )

$ (0.18 )

Weighted average common shares outstanding:

Basic

108,386

107,596

Diluted

108,386

107,596

PURPLE INNOVATION, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited – in thousands)

Three Months Ended

March 31,

2026

2025

Cash flows from operating activities:

Net loss

$ (30,576 )

$ (19,166 )

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

4,427

5,050

Non-cash interest

3,736

2,120

Paid-in-kind interest

4,504

2,789

Non-cash restructuring, impairment and other related charges

—

635

Loss on disposal of property and equipment

Change in fair value – warrant liabilities

6,958

(49 )

Stock-based compensation

156

368

Changes in operating assets and liabilities:

Accounts receivable

20,129

8,669

Inventories

1,637

(3,314 )

Prepaid expenses and other assets

789

2,229

Operating leases, net

(897 )

(848 )

Accounts payable

1,377

(9,701 )

Accrued compensation

(1,760 )

(1,970 )

Customer prepayments

(538 )

(2,685 )

Accrued rebates and allowances

(4,843 )

(3,854 )

Accrued warranty liabilities

768

(487 )

Other accrued liabilities

(2,944 )

Net cash provided by (used in) operating activities

2,989

(23,070 )

Cash flows from investing activities:

Sale of property and equipment

—

258

Purchase of property and equipment

(1,612 )

(2,241 )

Investment in intangible assets

(421 )

(161 )

Net cash used in investing activities

(2,033 )

(2,144 )

Cash flows from financing activities:

Proceeds from related party loan

—

19,000

Payments for debt issuance costs

(346 )

(1,170 )

Net cash provided by (used in) financing activities

(346 )

17,830

Net increase (decrease) in cash and cash equivalents

610

(7,384 )

Cash and cash equivalents, beginning of the year

24,345

29,011

Cash and cash equivalents, end of the period

$ 24,955

$ 21,627

PURPLE INNOVATION, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(In thousands)

Management believes that the use of the following

non-GAAP financial measures provides investors with additional useful information with respect to the impact of various adjustments, which

we view as a better measure of our operating performance. These non-GAAP financial measures are EBITDA, adjusted EBITDA, adjusted gross

profit, adjusted operating expenses, adjusted net loss and adjusted net loss per diluted share. Other companies may calculate these non-GAAP

measures differently than we do. These non-GAAP measures have limitations as analytical tools, and you should not consider them in isolation

or as a substitute for our financial results prepared in accordance with GAAP.

Reconciliation of GAAP Net Income (Loss) to

Non-GAAP EBITDA and Adjusted EBITDA

A reconciliation of GAAP net income (loss) to

the non-GAAP measures of EBITDA and adjusted EBITDA is provided below. EBITDA represents net income (loss) before interest expense, income

tax expense, other income, net, and depreciation and amortization. Adjusted EBITDA represents EBITDA excluding costs incurred due to changes

in the fair value of the warrant liability, stock-based compensation expense, restructuring related expenses, nonrecurring legal fees,

strategic alternative costs, severance cost and showroom opening and closing costs. We believe EBITDA and Adjusted EBITDA provide

additional useful information with respect to the impact of various adjustments and provide meaningful measures of our operating performance.

Three Months Ended

March 31,

2026

2025

GAAP net loss

$ (30,576 )

(19,166 )

Interest expense

8,219

4,764

Income tax expense

Other income, net

(229 )

(69 )

Depreciation and amortization

4,427

5,050

EBITDA

(18,112 )

(9,380 )

Adjustments:

Change in fair value - warrant liability

6,958

(49 )

Stock-based compensation expense

156

406

Restructuring related charges

—

2,648

Non-recurring legal fees

—

233

Strategic alternative costs

4,324

174

Severance costs

1,890

1,209

Showroom opening and closing costs

—

Adjusted EBITDA

(4,784 )

(4,726 )

Reconciliation of GAAP Net Loss to non-GAAP Adjusted Net Loss and

Adjusted Net Loss per Diluted Share

Our presentation of adjusted net loss assumes

that all net loss is attributable to Purple Innovation, Inc. (i.e. there is no allocation of net loss to noncontrolling interests), which

assumes the full exchange at the beginning of the period of all outstanding Paired Securities for shares of Class A common stock of Purple

Innovation, Inc., adjusted for certain nonrecurring items that we do not believe directly reflect our core operations. Adjusted net loss

per share, diluted, is calculated by dividing adjusted net loss by the total shares of Class A common stock outstanding plus any dilutive

warrants, options and restricted stock as calculated in accordance with GAAP and assuming the full exchange of all outstanding Paired

Securities as of the beginning of each period presented. Adjusted net loss and adjusted net loss per diluted share, are supplemental measures

of operating performance that do not represent, and should not be considered, alternatives to net loss and earnings per share, as calculated

in accordance with GAAP. We believe adjusted net loss and adjusted net loss per diluted share, supplement GAAP measures and enable us

to more effectively evaluate our performance period-over-period. A reconciliation of net loss, the most directly comparable GAAP measure,

to adjusted net loss and the computation of adjusted net loss per diluted share, are set forth below:

(in thousands, except per share amounts)

Three Months Ended March 31,

2026

2025

Net loss

$ (30,576 )

$ (19,166 )

Income tax expense, as reported

Revenue reduction due to SGI contract

941

—

Change in fair value – warrant liabilities

6,958

(49 )

Restructuring related charges

—

2,878

Strategic alternative costs

4,324

174

Adjusted net loss before income taxes

(18,306 )

(16,122 )

Adjusted income tax benefit(1)

4,741

4,176

Adjusted net loss

$ (13,565 )

$ (11,946 )

Adjusted net loss per share, diluted

$ (0.13 )

$ (0.11 )

Adjusted weighted-average shares outstanding, diluted(2)

108,549

107,761

(1) Represents the estimated effective tax rate

of 25.9% for the three months ended March 31, 2026 and 2025, applied to adjusted net income before income taxes. The estimated effective

tax rates are what the Company would be subject to and consist of the combined federal statutory tax rate and the Company’s blended

state tax rates.

(2) Assumes options and restricted stock units

calculated in accordance with GAAP and the full exchange of all outstanding Paired Securities for shares of Class A common stock as of

the beginning of the period.

A reconciliation of net income (loss) per share,

diluted, to adjusted net loss per diluted share is set forth below for the three months ended March 31, 2026 and 2025:

For the Three Months Ended

(in thousands, except per share amounts)

March 31, 2026

March 31, 2025

Net Loss

Weighted Average

Shares,

Diluted

Net Income per Share, Diluted

Net Loss

Weighted Average

Shares,

Diluted

Net Income per Share, Diluted

Net loss attributable to Purple Innovation Inc.(1)

$ (30,541 )

108,386

(0.28 )

$ (19,137 )

107,596

$ (0.18 )

Assumed exchange of shares(2)

(35 )

163

(29 )

165

Net loss

(30,576 )

(19,166 )

Adjustments to arrive at adjusted loss before taxes(3)

12,270

3,044

Adjusted loss before taxes

(18,306 )

(16,122 )

Adjusted income tax benefit(4)

4,741

4,176

Adjusted net loss

$ (13,565 )

108,549

(0.13 )

$ (11,946 )

107,761

$ (0.11 )

(1) Represents net loss attributable to Purple

Innovation, Inc. and the associated weighted average diluted shares, of Class A common stock outstanding.

(2) Assumes the full exchange of all outstanding

Paired Securities for shares of Class A common stock as of the beginning of the period. Also assumes the addition of net income attributable

to noncontrolling interests corresponding with the assumed exchange of the Paired Securities for shares of Class A common stock.

(3) Represents the total impact of all adjustments

identified in the adjusted net income table above to arrive at adjusted income before income taxes. Also assumes the dilutive warrants,

options and restricted stock as calculated in accordance with GAAP.

(4) Represents the estimated effective tax rate

of 25.9% for the three months ended March 31, 2026 and 2025, applied to adjusted net income before income taxes. The estimated effective

tax rates are what the Company would be subject to and consist of the combined federal statutory tax rate and the Company’s blended

state tax rates assuming no valuation allowance.

EX-99.2 — PRESS RELEASE ISSUED BY THE COMPANY DATED APRIL 28, 2026

EX-99.2

Filename: ea028773601ex99-2.htm · Sequence: 4

Exhibit 99.2

Purple Innovation Announces CFO Transition

Robert (Bob) Lucian, Former La-Z-Boy CFO, Appointed

Chief Financial Officer

Todd Vogensen to Depart Effective May 1, 2026

Lehi, Utah, April 28, 2026 – Purple Innovation, Inc.

(NASDAQ: PRPL) (“Purple”), a comfort innovation company whose mattresses promise to give you “less pain, better sleep,”

today announced that Chief Financial Officer Todd Vogensen will depart the Company effective May 1, 2026, to pursue another opportunity.

The Company also announced the appointment of Robert (Bob) Lucian, a seasoned public company finance executive and former Chief Financial

Officer of La-Z-Boy Incorporated, as Chief Financial Officer, effective April 27, 2026.

“We are pleased to welcome Bob to Purple,” said Rob DeMartini,

CEO of Purple Innovation. “We’ve recruited a highly accomplished CFO with direct experience in our market dynamics to lead

the company’s next chapter. Bob brings decades of financial and operational leadership across branded consumer businesses, including

deep experience in retail and manufacturing, and a proven track record of driving operational discipline, strengthening financial performance

and leading transformation. We are confident he will play a key role as we continue to execute our strategy and drive long-term value

creation.”

“Todd has decided to leave Purple to pursue a opportunity closer

to home, where he will support transaction readiness at a private company. We’re grateful for his leadership and contributions over

the past two and a half years. We wish him continued success. Importantly, we believe this transition positions us exceptionally well

as we execute on our financial improvement plan.”

Lucian most recently served as Chief Financial Officer of La-Z-Boy

Incorporated, where he led the company’s finance organization and helped shape its long-term strategic direction. During his tenure,

he contributed to the development of a multi-year strategic plan and supported meaningful growth across the business, including expansion

of the company-owned retail footprint and improved profitability.

Prior to La-Z-Boy, Lucian was CFO of Coty’s North America Professional

Beauty, where he was responsible for integrating P&G’s Professional Hair Care business into Coty’s Professional Nail Care

business and turning around both businesses to profitable growth after Coty acquired P&G’s Specialty Beauty businesses in 2016.

He also spent more than three decades at Procter & Gamble in a variety of leadership positions spanning multiple business units, corporate

finance, new business development, and global supply chain finance. Lucian earned a Bachelor of Science in Chemical Engineering from the

University of Notre Dame and holds a Master of Business Administration with a concentration in finance and international business from

the University of Cincinnati.

“I am excited to join Purple at this important time in its evolution,”

said Lucian. “The Company has a strong brand, differentiated products, and meaningful opportunities ahead. I look forward to working

with the team to execute against these opportunities and build on this foundation and drive sustainable growth and value for shareholders.”

About Purple

Purple exists to help people get the best sleep of their lives —

by reducing pain, deepening sleep, and unlocking the potential for brighter dawns and better days. At the center of that mission is our

signature innovation, the GelFlex Grid®. Originally developed in medical settings to support the body in its most vulnerable moments,

the GelFlex Grid delivers a one-of-a-kind combination of pressure relief, alignment, and temperature balance that helps people fall asleep

easier, stay asleep longer, and wake up with less pain.

That same comfort technology extends beyond mattresses into pillows,

bedding, and cushions designed to make everyday life feel a little lighter and a lot more comfortable. Because when pain eases and sleep

improves, everything else gets better too — your energy, your outlook, and your ability to show up for the moments that matter.

Less pain. Better sleep.

Learn more at www.purple.com

Investor

Contact:

Stacy Turnof, Edelman Smithfield

stacy.turnof@edelmansmithfield.com

917-362-2581

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