Katapult Holdings, Inc.

Listed Company

KPLTWCIK 0001785424NasdaqNon-AcceleratedSmaller ReportingServices-Equipment Rental & Leasing, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$291.76M

Net Income

$1.36M

Total Assets

$107.87M

Equity

$-38.08M

Shares Out

4.77M

Op. Cash Flow

$-11.93M

Business

Katapult Holdings, Inc. operates a technology-driven lease-to-own platform that enables underserved U.S. nonprime consumers to acquire durable goods through flexible lease-purchase arrangements. Its primary offerings include virtual lease-to-own transactions, a mobile app marketplace, Katapult Pay (a virtual credit card/checkout feature), and in-store text-to-checkout functionality. The company reports a single operating segment and distributes its products through four principal channels—direct integrations with merchants, waterfall financing partnerships, its mobile app/KPay, and text-to-checkout—supported by merchant partnerships. Katapult operates exclusively in the United States, serving consumers via omnichannel retailers and e-commerce platforms across most states and the District of Columbia.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenue	287	244	218	205	—
Other revenue	5	3	3	4	319,000
Total revenue	292	247	222	209	303
Cost of revenue	240	201	180	172	214
Gross profit	52	46	42	37	89
Servicing costs	5	5	4	4	5
Underwriting fees	3	2	2	2	2
Professional and consulting fees	8	5	7	11	6
Technology and data analytics	6	7	7	9	8
Compensation costs	18	20	23	25	27
General and administrative	11	11	11	14	11
Litigation and settlement expenses	813,000	4	7	375,000	—
Total operating expenses	52	54	60	66	87
Loss from operations	−513,000	−8	−19	−28	2
Gain on extinguishment of term loan and settlement of derivative liability, net	5	0	−2	0	0
Interest expense and other fees	−21	−19	−18	—	—
Interest income	197,000	1	2	744,000	0
Change in fair value of derivative liability and warrants	17	17,000	807,000	6	37
Income (loss) before income taxes	2	−26	−37	−41	22
Provision for income taxes	−319,000	−143,000	−165,000	50,000	−539,000
Net income (loss)	1	−26	−37	−40	21
Accumulated undeclared dividends	−2	0	—	—	—
Net loss attributable to common stockholders	−557,000	−26	—	—	—
Weighted average common shares outstanding - basic (in shares)	5	4	4	4	69
Weighted average common shares outstanding - diluted (in shares)	5	4	4	4	81
Net loss per common share - basic (in dollars per share)	−0.11	−5.96	−8.97	−10.3	0.31
Net loss per common share - diluted (in dollars per share)	−0.11	−5.96	−8.97	−10.3	0.26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Cash and cash equivalents	22	3	21	32	38
Restricted cash	1	13	7	7	3
Property held for lease, net of accumulated depreciation and impairment (Note 3)	74	67	59	52	53
Prepaid expenses and other current assets	4	7	4	5	5
Deferred financing costs, net	4	0	—	—	—
Total current assets	105	90	98	96	100
Property and equipment, net	163,000	253,000	327,000	427,000	471,000
Security deposits	15,000	91,000	91,000	91,000	91,000
Capitalized software and intangible assets, net	2	2	2	2	2
Right-of-use assets, non-current	339,000	383,000	888,000	498,000	574,000
Total assets	108	93	101	99	103
Accounts payable	2	1	903,000	735,000	974,000
Accrued liabilities (Note 5)	18	17	24	22	21
Accrued litigation settlement (Note 11)	750,000	2	12	—	—
Unearned revenue	5	5	5	5	5
Revolving line of credit, net (Note 6)	79	83	0	—	—
Term loan, net (Note 6)	0	30	0	—	—
Lease liabilities	51,000	179,000	297,000	297,000	304,000
Derivative liability (Note 12)	14	0	—	—	—
Total current liabilities	118	139	42	28	27
Other liabilities	45,000	828,000	95,000	131,000	513,000
Lease liabilities, non-current	392,000	444,000	614,000	218,000	296,000
Total liabilities	118	140	129	113	115
Total mezzanine equity	28	0	0	—	—
Common stock, $.0001 par value; 250,000,000 shares authorized; 4,750,258 and 4,446,540 shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0	0	0	0
Additional paid-in capital	109	102	95	93	92
Accumulated deficit	−147	−148	−123	−108	−104
Total stockholders' deficit	−38	−47	−28	−15	−12
Total liabilities, mezzanine equity and stockholders' deficit	108	93	101	99	103

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	164	141	127	117	144
Depreciation for early lease purchase options (buyouts)	38	29	26	—	—
Depreciation for impaired leases	29	25	22	—	—
Change in fair value of derivative liability, warrants, and other	−17	−256,000	−807,000	—	—
Stock-based compensation	4	6	7	6	13
Amortization of debt discount	3	3	3	5	3
Amortization of debt issuance costs, net	2	220,000	277,000	361,000	357,000
Accrued PIK interest expense	3	1	2	2	2
Amortization of right-of-use assets	183,000	318,000	355,000	367,000	—
Property held for lease	−236	−201	−184	−151	−199
Prepaid expenses and other current assets	2	−2	4	−4	−4
Litigation insurance reimbursement receivable	0	5	−5	0	—
Accounts payable	400,000	588,000	−361,000	−765,000	344,000
Accrued liabilities	129,000	−7	4	4	−1
Accrued litigation	−695,000	−7	12	0	—
Lease liabilities	−180,000	−288,000	−387,000	−413,000	—
Unearned revenues	60,000	−126,000	765,000	−467,000	−517,000
Net cash used in operating activities	−12	−33	−17	−21	2
Purchases of property and equipment	−34,000	−54,000	−20,000	−168,000	−384,000
Additions to capitalized software	−1	−1	−954,000	−1	−1
Other assets and security deposits	76,000	0	—	—	0
Net cash used in investing activities	−1	−1	−974,000	−2	−1
Proceeds from New and Existing Revolving Facilities	22	34	14	19	7
Principal repayments on New and Existing Revolving Facilities	−26	−12	−12	−22	−20
Repayment of term loan and repurchase of warrants	−35	0	−25	0	—
Payments of issuance costs related to debt and preferred stock	−5	0	—	—	0
Repurchases of restricted stock	−594,000	−613,000	−355,000	−344,000	0
Proceeds from issuance of Convertible Preferred Stock and warrants	65	0	—	—	—
Proceeds from exercise of stock options	8,000	211,000	1,000	67,000	678,000
Net cash provided by financing activities	20	22	−23	−4	26
Net increase (decrease) in cash, cash equivalents and restricted cash	7	−12	−41	−27	27
Cash paid for interest	12	14	13	12	12
Cash paid for income taxes	106,000	226,000	206,000	446,000	416,000
Cash paid for operating leases	275,000	359,000	513,000	511,000	0
Issuance of warrants to purchase common stock in connection with debt refinancing	4	0	4	0	0
Issuance of common stock in connection with litigation settlements	2	2	0	—	—
Issuance of New Term Loan derivative liability in connection with debt refinancing	4	0	—	—	—
Debt issuance costs accrued but not yet paid	200,000	0	481,000	0	—
Extinguishment of Existing Term Loan	33	0	—	—	—

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