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Katapult Holdings, Inc. (NASDAQ: KPLT) is an innovative technology-driven lease-to-own (LTO) platform designed to empower underserved U.S. non-prime consumers. Through seamless integration with omni-channel retailers and e-commerce platforms, Katapult facilitates the purchase of everyday durable goods for consumers who might otherwise lack access to traditional financing options.
Katapult partners with both online and brick-and-mortar retailers across the United States, enabling these businesses to expand their customer base by offering LTO solutions to sub-prime consumers. This strategic partnership not only boosts sales for retailers but also provides a mainstream shopping experience to consumers who typically might shop at rent-to-own stores, buy second-hand goods, or forego purchases altogether.
The company's recent achievements include a partnership with Grown Brilliance, a leader in ethically engineered lab-grown diamonds, integrating Katapult's LTO solution into its payment checkout flow. This collaboration allows consumers to acquire high-quality, lab-grown diamonds, thereby expanding the variety of durable goods accessible through Katapult’s lease offerings.
Katapult's approval process is quick and easy, providing consumers with immediate purchasing power. The platform supports major e-commerce integrations and offers custom solutions, facilitating a hassle-free experience for both retailers and consumers. For online retailers, Katapult’s integration process is streamlined and supported by major e-commerce platforms, while physical stores require no special equipment to start offering financing options.
The company’s financial condition continues to show growth as evidenced by its preliminary unaudited results for the fourth quarter of 2023. Katapult reported gross originations of approximately $67.5 million, marking a 13% year-over-year increase, and revenue of approximately $58.0 million, an 18.7% year-over-year growth. This consistent performance highlights the effectiveness of Katapult’s business model and its positive impact on both merchants and consumers.
Katapult also continues to innovate with products like Katapult Pay™, a mobile app that broadens the reach of its LTO solutions. This app allows consumers to shop a growing network of merchant partners with ease and transparency, further humanizing the way underserved consumers access the goods they need.
For more information, retailers interested in integrating Katapult’s LTO solution can contact their sales team, and consumers looking to unlock financial purchasing power can download Katapult’s app from the Apple App Store or Google Play.
Katapult has launched the Katapult Cartridge for B2C Commerce on Salesforce AppExchange, enabling merchant partners to reach nonprime consumers who lack access to traditional credit. This lease-to-own (LTO) solution offers multiple ownership options without late fees or penalties, ensuring transparent terms. CEO Orlando Zayas highlighted the LTO's potential to broaden retailers' markets and enhance customer satisfaction. Casper, a Salesforce platform user, has recently partnered with Katapult to extend its product reach. Salesforce's Alice Steinglass praised the addition for expanding access to a new customer base.
Katapult Holdings reported an 18.1% year-over-year revenue increase in Q1 2024, achieving $65.1 million in total revenue. Gross originations grew by 1.6% to $55.6 million. The company reduced total operating expenses by 18.5% and reported a net loss of $0.6 million, a significant improvement from the $10.5 million loss in Q1 2023. Katapult also reported adjusted net income of $1 million and a positive adjusted EBITDA of $5.6 million. Notable operational highlights include the launch of new features, integrations, and partnerships, as well as a strong repeat purchase rate of 56%. The company anticipates continued growth with a forecasted 10% increase in gross originations and revenue for the full year 2024.
Katapult Holdings, Inc. (NASDAQ: KPLT) will announce its first quarter 2024 financial results on May 15, 2024. The company, an e-commerce-focused financial technology firm, will host a conference call and webcast to discuss the results on the same day at 8:00 AM ET.
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