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KPLT

Katapult Holdings, Inc.

KPLT

Katapult Holdings, Inc. • NASDAQ
$6.20 ▼ -0.16% (-0.01)
Market Cap $28.77 M
52w High $24.34
52w Low $5.08
Dividend Yield 0%
P/E -1.05
Volume 17.48K
Outstanding Shares 4.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $74.044M ▲ $12.089M ▼ $-4.949M ▲ -6.684% ▲ $-0.94 ▲ $1.159M ▼
Q2-2025 $71.886M ▼ $12.578M ▼ $-7.835M ▼ -10.899% ▼ $-1.63 ▼ $32.828M ▼
Q1-2025 $71.946M ▲ $14.885M ▲ $-5.688M ▲ -7.906% ▲ $-1.23 ▲ $38.856M ▲
Q4-2024 $62.963M ▲ $12.239M ▼ $-9.569M ▼ -15.198% ▼ $-2.12 ▼ $33.012M ▲
Q3-2024 $60.307M $16.396M $-8.888M -14.738% $-2.05 $30.33M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.397M ▼ $85.941M ▼ $144.313M ▼ $-58.372M ▼
Q2-2025 $3.659M ▼ $90.584M ▲ $144.646M ▲ $-54.062M ▼
Q1-2025 $5.965M ▲ $88.535M ▼ $140.222M ▲ $-51.687M ▼
Q4-2024 $3.465M ▼ $93.171M ▲ $139.965M ▲ $-46.794M ▼
Q3-2024 $25.877M $91.975M $132.238M $-40.263M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.949M ▲ $3.992M ▲ $-301K ▼ $-3.725M ▼ $-34K ▲ $3.691M ▲
Q2-2025 $-7.835M ▼ $-6.634M ▼ $-259K ▲ $1.572M ▲ $-5.321M ▼ $-6.893M ▼
Q1-2025 $-5.688M ▲ $3.438M ▲ $-401K ▲ $-5.278M ▼ $-2.241M ▲ $3.414M ▲
Q4-2024 $-9.569M ▼ $-28.499M ▼ $-647K ▼ $15.405M ▲ $-13.741M ▼ $-29.146M ▼
Q3-2024 $-8.888M $-5.422M $-319K $-2.34M $-8.081M $-5.741M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady to slightly growing over the last several years, but not on a strong upward trajectory. The company consistently generates positive gross profit, yet its margin is thin, which leaves little room for error on costs or credit losses. Operating results have hovered around breakeven to modest losses in recent years, after being slightly profitable earlier in the period. EBITDA is positive, which shows the core business has some underlying earning power before non‑cash charges and other items, but that has not translated into consistent net profits. Net income has been negative for several years now, signaling that financing costs, credit losses, or overhead are still weighing on the bottom line. Overall, the income statement shows a business that has carved out revenue and gross profit, but is still struggling to turn that into reliable, full profitability.

Balance Sheet

Balance Sheet The balance sheet is a clear weak spot. Total assets have trended down, and cash reserves have fallen to a very low level most recently, which reduces financial flexibility and resilience. Debt has stayed relatively high compared with the size of the business, and shareholders’ equity has turned negative, meaning the company currently owes more than it owns on paper. That structure typically limits room to absorb shocks and can make refinancing or raising capital more challenging and costly. In short, leverage is high, the cushion for setbacks is thin, and the company is operating with a balance sheet that leaves little margin for prolonged losses.

Cash Flow

Cash Flow Cash generation from the core business has been slightly negative for several years in a row. Operating cash flow is consistently below zero, which means the company is still consuming cash to run the business rather than generating it. Free cash flow mirrors this pattern, as there is effectively no meaningful spending on physical assets, so the main issue is simply that operating activities do not yet fund themselves. The cash burn is not extreme, but paired with a very small cash balance and meaningful debt, it is an important risk to watch. The cash flow picture suggests the business model has promise but has not yet been proven to the point of self‑funding growth or debt service over time.

Competitive Edge

Competitive Edge Katapult operates in a focused niche: lease‑to‑own solutions for non‑prime consumers, largely in e‑commerce and at point of sale. This is a big, underserved segment where traditional lenders are less active, which gives the company room to differentiate. Its edge is built around proprietary risk models using artificial intelligence and machine learning, plus tight integration with merchants’ online and in‑store systems. This lets partners offer quick approvals and simple checkout, which is crucial in e‑commerce. The shift toward a two‑sided marketplace—where the Katapult app brings consumers directly to participating merchants—helps deepen the relationship on both sides and creates some network effects. However, the broader non‑prime financing space is competitive and sensitive to credit cycles and regulation. Katapult’s position appears differentiated and sticky with repeat users and merchant relationships, but it still competes against other fintechs and alternative financing options that could pressure margins and growth if they scale faster or price more aggressively.

Innovation and R&D

Innovation and R&D Innovation is a relative strength. Katapult has invested in risk‑scoring technology that goes beyond traditional credit scores, which is central to serving non‑prime customers while trying to manage losses. Fast decisioning and smooth integration with retailer systems are key operational advantages. Products like Katapult Pay, a virtual card that allows customers to shop at a broader set of merchants, extend the company’s reach without needing full technical integrations everywhere. The mobile app acts as a hub for customers to discover merchants, manage leases, and repeat usage, turning what used to be a simple financing option into more of a shopping and payments ecosystem. Future plans focus on expanding merchant coverage, enhancing app features, and sharpening unit economics. The innovation roadmap appears clear and customer‑centric, but its success will depend on execution discipline and the ability to innovate while still improving profitability and strengthening the balance sheet.

Summary

Katapult shows the profile of a niche fintech with real product differentiation and customer engagement, but operating within tight financial constraints. On the positive side, it has built a specialized platform serving non‑prime consumers, with proprietary technology, strong integration with merchants, and growing marketplace and app dynamics. Customer loyalty and repeat activity, along with innovative tools like Katapult Pay, suggest the product resonates in its target market. On the risk side, profitability has been inconsistent, cash flow remains modestly negative, and the balance sheet is stretched with low cash and negative equity. That combination leaves little room for extended setbacks, higher credit losses, or slower growth. The company’s long‑term outcome will likely hinge on whether it can convert its technological and marketplace advantages into sustained profitability, stronger cash generation, and a more robust capital structure while navigating a competitive and regulated niche of consumer finance.

NEWS

November 12, 2025 · 6:00 AM UTC

Katapult Delivers Continued Growth in the Third Quarter

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October 29, 2025 · 6:00 AM UTC

Katapult to Announce Third Quarter 2025 Financial Results on November 12, 2025

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September 2, 2025 · 4:02 PM UTC

Katapult to Participate in H.C. Wainwright 27th Annual Global Investment Conference

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