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purple Exhibit 99.1 Purple Innovation Reports Second Quarter 2021 Results and Provides 2021 Guidance Lehi , Utah , August 9 , 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 second quarter ended June 30 , 2021 . Second Quarter Financial Summary ( Comparisons versus Second Quarter 2020 and 2019 ) ¹ • Net revenue increased 10.6 % to $ 182.6 million , compared to $ 165.1 million in 2020 and increased 77.3 % compared to $ 103.1 million in 2019 . 0 Wholesale revenue increased 233.2 % over 2020 and 68.9 % over 2019 ; Direct - to - Consumer ( DTC ) revenue decreased 19.9 % compared to 2020 and increased 82.4 % over 2019 . • Gross margin was 44.7 % compared to 49.4 % in 2020 and 41.5 % in 2019 . • Operating expenses as a percent of net revenue were 46.1 % compared to 30.1 % in 2020 and 43.8 % in 2019 . • Operating loss was $ ( 2.5 ) million compared to operating income of $ 32.0 million in 2020 and operating loss of ( $ 2.4 ) million 2019 . • • Net income was $ 2.6 million compared to a net loss of $ ( 97.1 ) million in 2020 , reflecting primarily the impact from the change in fair value of warrant liabilities and net loss of ( $ 11.3 ) million in 2019. Adjusted net income was $ 3.6 million , or $ 0.05 per diluted share , as compared to adjusted net income of $ 22.7 million , or $ 0.35 per diluted share , in 2020 and adjusted net income of $ 2.3 million , or $ 0.04 per diluted share , in 2019 . EBITDA was $ 3.9 million compared to $ ( 129.1 ) million in 2020 , reflecting primarily the impact from the change in fair value of warrant liabilities , and ( $ 9.1 ) million in 2019. Adjusted EBITDA was $ 11.0 million compared to $ 35.2 million in 2020 and $ 6.2 million in 2019 . Cash and cash equivalents were $ 110.1 million at June 30 , 2021 . The Company views comparison to the 2019 period to be more meaningful than the comparable 2020 period given the exceptional , COVID - 19 - Related consumer demand changes experienced in the same period in 2020 . " Following a very good start to 2021 , demand for the Purple brand has remained strong especially in our wholesale channel as consumers are increasingly returning to shopping brick and mortar retail , ” said Joe Megibow , Chief Executive Officer . “ Unfortunately , our recent performance was impacted by isolated manufacturing challenges that limited our ability to fulfill a meaningful portion of demand during the second quarter . While this headwind carried into the third quarter , I am pleased to report that we exited the month of July with production back at planned levels and more importantly , a safer operating environment in our manufacturing facilities . " 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 .