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Exhibit 99.1 purple - Purple Innovation Reports Record First Quarter 2021 Results First Quarter Net Revenue Increased 52 % to $ 186.4 Million First Quarter Net Income was $ 20.9 Million First Quarter Adjusted EBITDA Increased 115 % to $ 22.8 Million Raises 2021 Outlook Lehi , Utah , May 17 , 2021 – Purple Innovation , Inc. ( NASDAQ : PRPL ) ( “ Purple ” ) , a comfort innovation company known for creating the " World's First No Pressure ™ Mattress , " today announced results for the first quarter ended March 31 , 2021 . First Quarter Financial Summary ( Comparisons versus First Quarter 2020 ) ¹ • Net revenue increased 52.3 % to $ 186.4 million , compared to $ 122.4 million . • 0 Direct - to - Consumer ( DTC ) revenue increased 54.8 % ; Wholesale revenue increased 47.6 % . Gross margin improved to 46.9 % compared to 43.5 % . • Operating expenses as a percent of net revenue were 37.9 % compared to 37.3 % . • Operating income increased 125.3 % to $ 16.9 million compared to operating income of $ 7.5 million . • Net income was $ 20.9 million as compared to a net income of $ 28.0 million . Adjusted net income was $ 12.0 million , or $ 0.17 per diluted share as compared to $ 4.6 million , or $ 0.08 per diluted share . • EBITDA was $ 27.8 million compared to $ 30.8 million . Adjusted EBITDA increased 115.1 % to $ 22.8 million compared to $ 10.6 million . • Cash and cash equivalents were $ 103.8 million at March 31 , 2021 . “ Our first quarter results meaningfully exceeded expectations and represent a great start to 2021 , " said Joe Megibow , Chief Executive Officer . " We experienced strong demand early in the year , particularly in our digital channel , followed by a sharp acceleration in our wholesale business as the first quarter progressed . The product and marketing strategies we are executing , which showcase the premium nature of our brand and differentiated comfort technologies , continue to set Purple apart from the competition and fuel important market share gains . Importantly , our recent capacity expansion has us well positioned to take advantage of the strong wholesale momentum we are experiencing as brick - and - mortar traffic further approaches pre - pandemic levels and current consumer spending benefits from recent government stimulus . " Megibow continued , “ Looking ahead , our plans are firmly around providing customers with innovative comfort solutions through our omni - channel retail strategy . This includes upgrading our digital capabilities in order to better integrate our multiple product categories and enhance the online shopping experience , accelerating the rollout of Purple showrooms , and strengthening our wholesale relationships . We've built a great foundation and we are very excited to leverage the many strengths of our organization to capitalize on the tremendous opportunities that exist for our business . " 1 Reconciliations for non - GAAP financial measures to the most directly comparable GAAP financial measures are included in the “ RECONCILIATION OF GAAP TO NON - GAAP MEASURES " tables at the end of this press release .