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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 Holdings, Inc. (NASDAQ: KPLT) has announced it will release its first quarter 2023 financial results on May 11, 2023, before the market opens. A conference call and webcast will be conducted at 8:00 AM ET to discuss these results. Investors can access a live audio webcast on the Katapult Investor Relations website and a replay will be made available afterward.
Katapult is focused on providing a technology-driven lease-to-own platform that aids underserved U.S. non-prime consumers in purchasing durable goods through e-commerce and retailers. Their service includes POS integrations and a mobile app, Katapult Pay™, which offers transparent financing solutions.
Katapult Holdings reported its Q4 2022 financial results, highlighting a 1.5% year-over-year growth in gross originations, totaling $59.8 million. However, total revenue decreased by 33.4% to $48.8 million, primarily due to the adoption of ASC 842. The company recorded a net loss of $14.4 million, with a significant adjusted EBITDA loss of $5.0 million. Despite a challenging macro environment, Katapult added 21 new direct merchants in Q4 and aims to reduce operating expenses by over 10% in 2023. It expects continued growth in gross originations and improved credit quality. A conference call was scheduled for March 9, 2023, to discuss these results further.
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