Katapult Holdings, Inc. ( (KPLT) ) has released its Q3 earnings. Here is a breakdown of the information Katapult Holdings, Inc. presented to its investors.
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Katapult Holdings, Inc. is a financial technology company that provides lease-to-own solutions for non-prime consumers in the e-commerce sector. The company enables consumers to purchase durable goods through its online platform and mobile app, Katapult Pay.
Katapult reported a 10% growth in revenue for the third quarter of 2024, exceeding its forecast, marking the eighth consecutive quarter of year-over-year growth in gross originations. The company highlighted significant growth in its Katapult Pay platform and an increased diversification of its gross originations base.
Key financial highlights include gross originations of $51.2 million, an increase of 3.3% year-over-year, and total revenue of $60.3 million. However, the company reported a net loss of $8.9 million, up from $4.1 million in the same quarter last year. Katapult’s operating expenses rose by 37.7%, primarily due to litigation settlement expenses, while adjusted EBITDA stood at $0.6 million.
Looking ahead, Katapult remains optimistic about its growth prospects, expecting a strong finish to the year with a projected increase in gross originations and revenue. The company aims to leverage its growing merchant network and strategic marketing efforts to capitalize on the holiday season, while maintaining a disciplined approach to expense management to achieve its financial goals.
