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We began as a digitally-native vertical brand founded on comfort product innovation with premium offerings, and have since expanded into brick & mortar stores as a true omni-channel brand. We offer a variety of innovative, branded and premium comfort products, including mattresses, pillows, cushions, bases, sheets and more.
The business is unprofitable at the operating level (-9.18% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.9% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$42M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$460M
▼ -3.9% YoY
Net Income (TTM)
-$63M
▲ +47.5% YoY
Op. Margin
-9.86%
▲ +9.7pp YoY
ROIC
-20.29%
▲ +11.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▼ -67.0% YoY
Op. Cash Flow (TTM)
-$8M
▼ -89.5% YoY
Net Debt
$67M
Cash & Equiv.
$25M
5Y CAGR: -6.3%
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