Business
Katapult Announces Third Quarter 2021 Financial Results
PLANO, Texas, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial
About this update from Katapult Holdings, Inc.
[{"type":"text","content":"PLANO, Texas, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the third quarter ended September 30, 2021. Third Quarter 2021 Financial and Operational Highlights: Recorded total revenue of $71.7 million in the quarter for a total of $229.8 million year-to date, an increase of 1% over the quarter and 32% year-to-date versus the respective periods in the prior year. Onboarded 25 new merchant partners, for a total of 82 new merchants added year-to-date. Maintained a strong balance sheet with $99.7 million of unrestricted cash on hand and $56.7 million available on the asset-backed revolving line of credit to support our growth initiatives.Achieved high customer satisfaction with Net Promoter Score of 60 as of September 30, 2021, up 23% year-over-year.Increased our repeat customer rate by 42% year-over-year, with more than 50% of new gross originations coming from repeat customers (customers who have originated more than one lease with Katapult over their lifetime). Third Quarter 2021 Results (Comparisons are to the respective periods of the prior year unless otherwise noted) The Company recorded third quarter revenue of $71.7 million, an increase of 1% over the third quarter 2020 and year-to-date revenue reached $229.8 million as compared to $173.8 million last year, an increase of 32%. The revenue increase was driven primarily by a higher active lease balance and strong payment performance during 2021. Gross originations increased 1% to $61.0 million, despite current macro challenges, including supply chain disruptions, that are impacting our merchant partners. Net income was $13.7 million, including a $21.3 million revaluation gain related to our public and private warrants. Adjusted net (loss) income was $(4.5) million, down from $9.9 million. Adjusted EBITDA was $0.1 million, down from $14.2 million, reflecting three areas of year-over-year expense increases: 1) credit normalization back to pre-pandemic levels, 2) incremental public company costs and 3) increased investment in key new hires and growth initiatives. “We are pleased to report third quarter 2021 results that represent a step forward in our longer-term growth journey. While many of our merchant partners are facing opera...