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Katapult Holdings Inc is a technology driven lease-to-own platform that integrates with omni-channel retailers and e-commerce platforms to power the purchase of everyday durable goods for underserved U.S. non-prime consumers. It is an E-Commerce focused FinTech company offering an innovative lease-purchase solution to consumers and enabling essential transactions at the merchant point of sale. Katapult is associated with hundreds of retailers across the United States.
In the latest news, Katapult Holdings, Inc. reported its financial results for the fourth quarter of December 31, 2023. The company experienced double-digit year-over-year increases in gross originations and revenue, driven by new direct integrations with merchant partners like Lenovo and Grown Brilliance. Consumers can now use Katapult's lease-to-own product to shop for various durable goods with transparent pricing, fair terms, and no late fees. The company experienced growth in new customers and had a customer repeat rate of approximately 60%.
Katapult expects continued growth in 2024, focusing on enhancing the customer journey and merchant selection. The company's financial performance in 2023 demonstrated its ability to grow the top-line without significantly adding to the expense structure, positioning it for sustainable and profitable growth in the future.
Katapult Holdings, Inc. emphasizes humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.
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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