Shares of the Lehi, Utah, company at last check were down 32.6% at $24.36.
Purple Innovations reported a net loss of $2.1 million. narrowed from a loss of $12.7 million in the year-earlier quarter.
On a per-share basis, the latest loss was 3 cents. Adjusted earnings came to 7 cents a share.
The FactSet consensus called for GAAP earnings of 11 cents a share, or an adjusted 12 cents.
Revenue totaled $173.9 million, up nearly 40% from a year earlier but short of the FactSet consensus of $196.2 million.
The increase in net revenue was driven primarily by an increase of 57% in the direct-to-consumer channel, the company said, led by strong mattress sales along with higher demand for pillows, sheets and seat cushions.
For 2021, the company said it expected full-year revenue to range $840 million to $880 million, an increase of 30% to 36% from 2020. FactSet's consensus calls for revenue to total $823.8 million.
Adjusted Ebitda for 2021 is expected to range between $90 million and $100 million, primarily reflecting a channel-mix shift back toward wholesale and planned investments in capacity and infrastructure.
For first-quarter 2021, the company currently expects revenue to range from $160 million to $170 million, an increase of 31% to 39% over first-quarter 2020.
The FactSet consensus estimate calls for revenue of $177 million.
Purple Innovation said it expects adjusted Ebitda between $11 million and $14 million, reflecting seasonality and the company's investments in expanding capacity necessary to meet the 2021 targets.