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Katapult Holdings Inc. (KPLT-2.33%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports an increase in total revenue to $247.2 million from $221.6 million in the previous year. This growth is attributed to higher gross originations and efficient customer collections.
Cost of revenue increased to $201.4 million from $179.9 million, driven by higher gross origination growth and capitalized property held for lease.
Operating expenses decreased by 11% to $53.9 million, primarily due to a reduction in litigation settlement costs and compensation expenses.
The company reported a net loss of $25.9 million, an improvement from a net loss of $36.7 million in the previous year.
Katapult's liquidity position is challenged by the impending maturity of its revolving line of credit and term loan, which are due on June 4, 2025. The company is seeking to refinance these loans.
Katapult continues to focus on its lease-to-own platform, which serves non-prime consumers in the U.S., and aims to expand its merchant and consumer engagement.
The company identified and remediated previous material weaknesses in its internal control over financial reporting, concluding that these have been addressed as of December 31, 2024.
Katapult is involved in ongoing litigation, including a patent infringement case filed by FlexShopper, Inc., but has settled previous shareholder litigation cases.
Management plans to address liquidity concerns by refinancing its debt obligations and is focused on maintaining fiscal discipline while pursuing growth opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Katapult Holdings Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.