10-Q - Katapult Holdings, Inc. (0001785424) (Filer)

Wed, May 15, 11:07 AM (72 days ago)

Katapult Holdings, Inc. reported its financial results for the quarter ended March 31, 2024. The company saw a significant increase in total revenue, up 18.1% year-over-year to $65,061, driven by a 1.6% increase in gross originations, primarily from its key merchant Wayfair and the Katapult Pay mobile app. Gross profit also rose by 38.9% to $16,488, despite an increase in cost of revenue. Operating expenses decreased by 18.5%, attributed to reduced professional fees and headcount. The company reported a net loss of $570, a substantial improvement from the $10,545 loss in the same period last year. Adjusted EBITDA stood at $5,630, compared to a loss of $986 the previous year. Katapult’s liquidity remains strong with $37,571 in cash and equivalents. The company refinanced its debt in March 2023, extending the maturity date to June 2025 and reducing the revolving line of credit to $75,000. The firm is in compliance with its financial covenants and continues to focus on expanding its merchant base and enhancing its technology platform.