Business
Katapult Grows Second Quarter Revenue 9% Year-Over-Year
Seventh Consecutive Quarter of Year-Over-Year Gross Originations Growth Reiterates Full Year 2024 Outlook For At Least 10% Gross Originations and Revenue
About this update from Katapult Holdings, Inc.
[{"type":"text","content":"Seventh Consecutive Quarter of Year-Over-Year Gross Originations Growth Reiterates Full Year 2024 Outlook For At Least 10% Gross Originations and Revenue Growth PLANO, Texas, Aug. 14, 2024 (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 second quarter ended June 30, 2024. “We grew the business across our key financial and operating metrics year-over-year - gross originations, revenue and Adjusted EBITDA - and continued to make strong progress on our growth strategy,” said Orlando Zayas, CEO of Katapult. “Despite the macro headwinds in the home furnishings category, our non-Wayfair gross originations, which were 52% of our base this quarter, grew nearly 20% and total Katapult Pay(R) gross originations more than doubled, representing 28% of total gross originations during the quarter. Year-to-date we’ve added three merchants to the Katapult Pay marketplace and we have kicked off new waterfall integrations with Meineke and Adorama as well as an integration with PayTomorrow, a premier waterfall financing platform. Our team is working hard to deliver the consistent experience our customers want and the incremental growth that our merchants value. We are excited about the second half of the year and look forward to building value for our stakeholders.” Operating Progress: Recent Highlights Launched new waterfall relationships that integrate our lease-to-own (LTO) offering in the merchant checkout process: Meineke, a leading franchise-based automotive repair chain with more than 700 locations across the US, has added Katapult to its consumer application process, called Meineke Payment SolutionsPayTomorrow, a premier waterfall financing platform that provides a diverse range of payment options for prime, near prime and nonprime customers to more than 2,700 merchants, has integrated our LTO into its solution. We believe this integration will be instrumental in accelerating our inclusion in the waterfall platforms of multiple merchants over time.Adorama, a leading photography, video, audio, drones, and computer retailer, has awarded Katapult with an exclusive waterfall agreement Completed our integration process with Synchrony’s digital waterfall application process, and are now piloting our solution w...