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purple Exhibit 99.1 Purple Innovation Reports Third Quarter 2021 Results Lehi , Utah , November 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 third quarter ended September 30 , 2021 . Third Quarter Financial Summary ( Comparisons versus Third Quarter 2020 and 2019 ) ¹ • Net revenue decreased 8.7 % to $ 170.8 million , compared to 2020 and increased 45.5 % compared to 2019 . 0 Wholesale revenue increased 9.6 % over 2020 and 17.1 % over 2019 ; Direct - to - Consumer ( DTC ) revenue decreased 15.9 % compared to 2020 and increased 66.1 % over 2019 . Gross profit was 35.8 % compared to 47.2 % in 2020 and 45.0 % in 2019 . • Operating expenses as a percent of net revenue were 39.6 % compared to 34.2 % in 2020 and 35.7 % in 2019 . • Operating loss was $ ( 6.6 ) million compared to operating income of $ 24.3 million in 2020 and operating income of $ 11.0 million 2019 . • • Net income was $ 2.1 million compared to a net loss of $ ( 87.2 ) million in 2020 and net income of $ 7.2 million in 2019. Adjusted net loss was $ ( 4.9 ) million , or $ ( 0.07 ) per diluted share , as compared to adjusted net income of $ 17.2 million , or $ 0.27 per diluted share , in 2020 and adjusted net income of $ 9.5 million , or $ 0.17 per diluted share , in 2019 . EBITDA was $ 2.4 million compared to $ ( 83.5 ) million in 2020 , reflecting primarily the impact from the change in fair value of warrant liabilities , and $ 9.3 million in 2019. Adjusted EBITDA was $ 0.1 million compared to $ 30.1 million in 2020 and $ 15.3 million in 2019 . 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 . " Our third quarter results were disappointing , largely driven by impacts from our manufacturing backlog that were longer - lasting than we anticipated . Our lack of inventory impacted sales through all of our channels which are deeply interconnected . Specifically , delays in planned wholesale expansion , slower re - acceleration of existing wholesale door productivity , and a more prolonged build - back from the effect of marketing spend reduction in response to inventory shortages which in turn also impacted our digital business . Furthermore , we missed opportunities related to pricing and cost management ” said Joe Megibow , Chief Executive Officer . " While our growth progress was muted in the quarter , we are now moving forward with our strategic goals , which include opening 270 new wholesale retail doors through the first five weeks of the fourth quarter . Additionally , we continue to successfully expand our Purple showroom footprint and are ramping back up our marketing investment with an all - new brand and awareness building campaign showcasing our differentiated product line and Gel - Flex Grid technology . Operationally , we will be capitalizing on pricing opportunities while we continue to invest in supply chain and manufacturing initiatives that will meaningfully improve margins as we head into 2022. " 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 .