Casper Sleep Inc. (CSPR) Reports Disappointing First Quarter 2020 Financials
On February 6, 2020, Casper completed its IPO offering 8.35 million shares of common stock at $12.00 per share and raising $88 million in net proceeds. Then, on April 21, 2020, Casper announced it was downsizing its global operations and sales team totaling a 21% loss in workforce. That same day, the Company also revealed the resignations of its CFO and COO. Finally, on May 12, 2020, Casper announced its first quarter 2020 financial results, which revealed a net loss of $34.5 million and an adjusted EBITDA loss of $22.9 million, representing year-over-year increases of almost 98% and 60% respectively. Since the IPO, Casper stock consistently trades well below the IPO price, currently trading at around $8.60, representing a decline of 28% from its IPO price.