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KPLTW

Katapult Holdings, Inc.

KPLTW

Katapult Holdings, Inc. • NASDAQ
$0.01 ▲ 0.00% (+0.01)
Market Cap $29701
52w High $0.01
52w Low $0.01
Dividend Yield 0%
P/E 0
Volume 500
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 Katapult’s revenue has been fairly steady with only modest growth, but profitability remains a clear challenge. The company is generating positive gross profit and solid EBITDA, which means the core operations can produce economic value before certain expenses. However, operating income and net income have been negative in recent years after a brief period of break-even or small profit. This points to a business that has not yet reached sustainable scale or cost efficiency. Losses per share have improved a bit from their worst point but are still meaningfully negative, highlighting ongoing pressure to either grow faster, improve margins, or cut structural costs. Overall, the income statement shows a model that works at a basic level but has not yet translated into consistent bottom-line profitability.

Balance Sheet

Balance Sheet The balance sheet looks stretched and is a key area of risk. Total assets have drifted down, cash has shrunk meaningfully from earlier years, and debt has stayed relatively high. Equity has moved from slightly positive to clearly negative, which signals accumulated losses and a thin financial cushion. Negative equity also tends to limit flexibility with lenders and partners and can weigh on market perception. The reverse stock split in 2023 hints at earlier share price pressure and the need to maintain listing standards. In short, the balance sheet suggests a company that is operating with limited room for error and is dependent on continued access to external funding and careful balance sheet management.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative in the most recent years, after being roughly break-even before. Free cash flow mirrors this pattern since capital spending is minimal. This tells us the business is not currently self-funding; it likely relies on debt, equity, or working capital changes to cover its cash needs. The absence of heavy capital expenditure is a plus, as it means no large cash drains for physical assets, but it also means that turning the model cash-positive depends mainly on improving unit economics, credit performance, and scale. Until operating cash flow approaches break-even or better, liquidity management will remain a central concern.

Competitive Edge

Competitive Edge Katapult operates in a tough but sizable niche: lease-to-own and alternative financing for non-prime consumers. Its competitive strengths center on its AI-driven underwriting, specialization in higher-risk customers, and a strong focus on repeat users. The company has built meaningful relationships with e-commerce merchants and is trying to create a network effect between merchants and consumers. Features like fast decisions at checkout, flexible lease-to-own terms, and high repeat usage support a durable niche position. That said, the broader space is crowded, with many buy-now-pay-later and fintech competitors, and the target customer base is more vulnerable to economic downturns and regulatory scrutiny. So while Katapult has a clear niche and some real differentiation, its competitive position is not without significant external risks.

Innovation and R&D

Innovation and R&D Innovation is a relative bright spot. Katapult leans heavily on AI and data science for underwriting, which is central to managing risk in its customer segment. The company is building a product ecosystem around its mobile app, including Katapult Pay, which lets customers use a virtual card to shop across multiple retailers, and tools that make the app a primary starting point for purchases. Newer features like layoff insurance and a planned text-based checkout experience show a willingness to experiment and tailor offerings to the realities of non-prime consumers. Ongoing enhancements in machine learning, personalization, and partnerships are aimed at deepening the moat. The key question is execution: whether these innovations can materially improve credit performance, customer lifetime value, and scale fast enough to offset credit and funding risks.

Summary

Katapult is a specialized fintech focused on non-prime consumers, with real technological and product strengths but a fragile financial foundation. Its underwriting engine, app-centric strategy, and niche focus give it a differentiated position versus many mainstream buy-now-pay-later players, and innovation around payments and customer protection adds to its appeal. However, the company is still loss-making, running negative operating cash flow, and operating with negative equity and limited cash. This combination creates financial and funding risk, especially given the cyclical and regulated nature of its customer base and industry. The story is one of a potentially valuable niche platform that must prove it can translate its technology and customer loyalty into durable profitability and stronger balance sheet health over time.