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LEHI, Utah—Purple Innovation, Inc. (NASDAQ:PRPL), a leader in comfort innovation and the creator of the renowned Purple Mattress, with a current market capitalization of $85.51 million and facing challenging market conditions with a 31.4% decline in stock value over the past year, announced today the results of its annual shareholder meeting held on June 10, 2025. According to InvestingPro analysis, the company operates with significant debt burden and declining revenues, down 9.89% in the last twelve months. The meeting led to the approval of all proposed items, including the election of directors, executive compensation, and the ratification of the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.
Stockholders voted in favor of electing nine directors to serve until their successors are duly elected and qualified at the next annual meeting or until their earlier departure. The advisory approval of the compensation for the company’s named executive officers, as detailed in the Proxy Statement, was also received positively. In addition, the appointment of BDO USA, LLP as the independent registered public accounting firm for the upcoming fiscal year was ratified.
The detailed voting results for the election of directors are as follows: S. Hoby Darling received 76,756,082 votes for, 4,989,020 against, and 272,455 abstained, with 14,152,571 broker non-votes. For investors seeking deeper insights, InvestingPro offers comprehensive analysis of Purple Innovation’s financial health, which currently shows a WEAK overall score, along with 11 additional key insights available to subscribers. Other directors, including Robert DeMartini, Gary DiCamillo, Neil Fiske, Adam Gray, Claudia Hollingsworth, R. Carter Pate, D. Scott Peterson, and Erika Serow, received similar support with a majority of votes cast in their favor and a significant number of broker non-votes.
The approval of executive compensation saw 75,367,706 votes for, 2,544,960 against, and 4,104,891 abstentions, with broker non-votes totaling 14,152,571. The ratification of BDO USA, LLP witnessed a commanding approval with 95,554,831 votes for, 342,440 against, and 272,856 abstentions, with only one broker non-vote.
This SEC filing also included an exhibit filed herewith, specifically the Cover Page Interactive Data File embedded within the Inline XBRL document.
These results affirm the shareholders’ confidence in the company’s leadership and strategic direction. Purple Innovation, with its headquarters in Lehi, Utah, remains committed to its mission of improving people’s lives through innovative comfort solutions. For a complete understanding of Purple Innovation’s financial position and future prospects, including detailed Fair Value analysis and expert insights, access the comprehensive Pro Research Report available exclusively on InvestingPro, covering this and 1,400+ other US equities.
The information in this article is based on a press release statement.
In other recent news, Purple Innovation reported its first-quarter 2025 earnings, revealing a larger-than-expected loss with an earnings per share (EPS) of -$0.18, missing the forecast of -$0.13. The company’s net revenue for the quarter was $104.2 million, marking a 13.2% decline year-over-year. Despite these setbacks, adjusted EBITDA improved significantly to -$4.7 million from -$13.2 million in the previous year. Purple Innovation is optimistic about future revenue growth, particularly through its expanded partnership with Mattress Firm, which is expected to contribute $70 million in revenue. This partnership will expand Purple’s presence from 5,000 to 12,000 mattress slots across Mattress Firm’s entire store network. Analysts from KeyBanc Capital Markets have shown interest in the strategic expansion, and the company remains focused on innovation and operational efficiencies. Additionally, Purple Innovation’s adjusted gross margin improved by 550 basis points to 40.3%, reflecting ongoing efforts in cost management and operational improvements.
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