Business
Katapult Announces First Quarter 2021 Financial Results
NEW YORK, June 15, 2021 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce focused financial technology
About this update from Katapult Holdings, Inc.
[{"type":"text","content":"NEW YORK, June 15, 2021 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce focused financial technology company, today announced financial results for the first quarter ended March 31, 2021. “We are pleased to report strong first quarter 2021 results and excited to begin a new chapter as a publicly traded company. Our results reflect solid execution and a strong positive trajectory in our business as we continue to onboard more merchants and drive growth with our existing customers,” said Orlando Zayas, CEO of Katapult. “Looking to the remainder of 2021 and beyond, we are excited about the breadth of opportunities available to us to continue to expand our business and build long-term shareholder value.” First Quarter 2021 Financial and Operating Highlights: Total Revenue for the first quarter was $80.6 million, an increase of 88% year-over-year, driven by strong growth in originations as we continue to add new merchant relationships and expand with our existing merchants. Gross Originations were $63.7 million, an increase of 71% from $37.2 million in Q1 2021. Onboarded 26 new retailers in the first quarter of 2021, including Motorola, Simply Mac, and Cybertron. Our Adjusted EBITDA in the first quarter was $14.7 million, up 122% from $6.6 million in the first quarter of 2020, primarily reflecting the scalability of our business as revenue growth is outpacing our operating expense growth. Net Income was $8.1 million in the first quarter, up 120% year-over-year. Adjusted Net Income for the first quarter was $9.3 million, up 146% from $3.8 million in the first quarter of 2020. Recent Business Highlights Listed as a new public company following completion of a business combination with FinServ Acquisition Corp. (“FinServ”) that closed on June 9, 2021. Katapult Holdings, Inc., and its common stock and warrants began trading on the Nasdaq Stock Market under the ticker symbols “KPLT” and “KPLTW”, respectively on June 10, 2021.Announced new Board of Directors comprising of proven leaders. Brian Hirsch, Managing Partner at Tribeca Venture Partners, will serve as Chairman of Katapult’s newly formed Board of Directors. Key Operating Metrics, GAAP and Non-GAAP Financial Measures ($ million) UnauditedThree Months Ended March 31, 2021 2020 Growth Gross Originations1$63.7 $37.2 71%Revenue$80....