Business
Katapult Provides Update on Fourth Quarter Performance – Gross Originations Grow Double-Digits Year-Over-Year
Gross Originations Increase 11.3%, Exceeding Company Outlook PLANO, Texas, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (NASDAQ: KPLT), an
About this update from Katapult Holdings, Inc.
[{"type":"text","content":"Gross Originations Increase 11.3%, Exceeding Company Outlook\nPLANO, Texas, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (NASDAQ: KPLT), an e-commerce-focused financial technology company, today announced gross originations for the fourth quarter ended December 31, 2024. Katapult’s gross originations were approximately $75.2 million for the fourth quarter, an increase of 11.3% year-over-year and above the 6-8% growth range the company provided on November 6, 2024. This is expected to be the ninth consecutive quarter of year-over-year gross originations growth and the second highest level of gross originations volume in the company’s history. Key drivers of the strong performance during the quarter include: Growth in application volume. Total lease application volume grew approximately 50% year-over-year; this includes approximately 51% growth in new customer lease application volume and 50% growth in existing customer lease application volume.Strong engagement from repeat customers. Approximately 61.5% of gross originations in the fourth quarter of 2024 came from repeat customers1.Continued engagement with Katapult Pay® (“KPay”) and our app. KPay gross originations grew approximately 52% year-over-year. “We had a great holiday season that included strong engagement with both new and existing customers, and as a result, we achieved 11.3% year-over-year gross originations growth for the fourth quarter, which exceeded the outlook we provided in November 2024,” said Orlando Zayas, CEO of Katapult. “Our goal, heading into the 2024 holiday season, was to leverage the power of the Katapult ecosystem to drive consumers to our platform and incremental sales to our merchant-partners. Thanks to the hard work of our team, we delivered on this goal and are well positioned heading into 2025. Since the launch of our app and KPay in late 2022, we believe we have transformed our go-to-market strategy and created a roadmap for continued growth in both our direct-to-merchant as well as our direct-to-consumer channels. We are excited about the future and look forward to discussing our final financial results in early March.” 1Repeat customer rate is defined as the percentage of in-quarter originations from existing customers. About KatapultKatapult is a technology driven lease-to-own platform that integrates with omnichannel retailers ...