Business
Katapult Announces Third Quarter 2022 Financial Results
PLANO, Texas, Nov. 09, 2022 (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, 2022 (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, 2022. Third Quarter 2022 Financial and Operational Highlights: Recorded total revenue of $50.3 million in third quarter 2022 compared to $71.7 million in the prior year, a decrease of $21.4 million. $5.4 million of this decline was attributable to the Company’s adoption of ASC 842 as of January 1, 2022.Entered into an exclusive partnership with Transform SR Holding Management LLC (“Sears”), which operates over 140 stores and online formats, including Sears Home Town, Sears Home Appliance Showrooms, Sears Home and Life and Sears full-line stores, as well as Sears.com.Successfully launched our Katapult Mobile App and Katapult Pay™ with virtual credit card technology, driving new opportunities for consumers to access Katapult at high quality retailers. To date, since our launch beginning in September 2022, we have already originated over 2,000 leases and over $2 million of gross originations with Katapult Pay™.In addition to Sears, added 23 new merchant partners and launched 20 merchants on Katapult Pay™.Enterprise wins of 1StopBedrooms, SimpleTire, and iBUYPOWER.Continued high customer satisfaction with a Net Promoter Score of 58 as of September 30, 2022. More than 46% of gross originations for the third quarter of 2022 came from repeat customers (customers who have originated more than one lease with Katapult over their lifetime).Ended Q3 2022 with $77.2 million of unrestricted cash on the balance sheet and $74.8 million available on the asset-backed revolving line of credit. “Though our retailers and consumers continue facing near-term macro headwinds, we remain focused on capturing new volume opportunities from a very large addressable market. During the quarter, we executed several aspects of our strategic growth plan as we successfully launched our mobile app and Katapult Pay, our virtual credit card solution. In addition, we are pleased to announce our new exclusive partnership with Sears. From its inception, Sears has pioneered solutions that have put its members first to create a superior shopping experience via exceptional customer service, convenience, and access to the best n...