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      Casper Sleep Inc. (CSPR) Stock Surged 90.42% Today, Here’s Why - Stocks Telegraph

      By Iqra Jamal

      Published on

      November 15, 2021

      3:17 PM UTC

      Last Updated on

      November 15, 2021

      3:20 PM UTC

      Casper Sleep Inc. (CSPR) Stock Surged 90.42% Today, Here’s Why - Stocks Telegraph

      Casper Sleep Inc. (CSPR) stock soared 90.42% in the current market trading session at the price of $6.76 after announcing its financial results for the three months ending 30th September 2021.  

      CSPR believes that everyone deserves better sleep. The company produces and commercializes engineered sleep goods, including pillows, mattresses, bedding, and furniture designs. 

      CSPR Third Quarter 2021 Financial Results 

      On 15th November 2021, CSPR published its earnings report for the third quarter ended 30th September 2021 and provided corporate updates.  

      Financial Highlights  

      For the third quarter of 2021, CSPR reported revenue of $156.5 million. Retail partnership revenue was $60.0 million for the third quarter of 2021. It represents a gain of 78.6% from the third quarter of 2020. For the third quarter of 2021, gross profit totaled $63.9 million. It represents a drop of 6.7%, or $4.6 million, from the third quarter of 2020. 

      For the third quarter of 2021, CSPR reported a net loss of $25.3 million. An increase of 59.4%, or $9.4 million, from the same three months of 2020. For the third quarter ended 30th September 2021, adjusted EBITDA loss totaled $12.1 million.  The adjusted EBITDA loss was $7.5 million in the third quarter of the previous year. On 30th September 2021, cash and cash equivalents totaled approximately $43.1 million.  

      CSPR Appointed Emilie Arel  

      On 15th November 2021, the company also published that it had appointed Emilie Arel as Chief Executive Officer. She has earlier worked as Chief Commercial Officer and President at Casper. Ms. Arel has replaced Philip Krim, Co-founder and current CEO of Casper. The appointment became effective from 15th November 2021.  

      Chief Executive Officer of CSPR, Mr. Krim, remarked that he is pleased to announce the appointment of Emilie Arel as the new CEO. Her future duties will help to prioritize and nourish talent development across the company, he added.

      Definite Agreement with Durational 

      Additionally, on 15th November 2021, Casper has published entering into a definitive agreement with Durational Capital Management LP. As per the deal, CSPR will acquire $6.90 per share in an all-cash transaction. The transaction will close in the first quarter of 2022.  

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