Katapult Holdings, Inc. reported a total revenue of $247.2 million for the fiscal year ending December 31, 2024, marking an increase of 11.6% from $221.6 million in the previous year. The growth was primarily driven by a rise in rental revenue, which increased by 11.7% to $244.0 million, attributed to improved gross originations and effective customer collections. Despite this revenue growth, the company recorded a net loss of $25.9 million, a reduction from a loss of $36.7 million in 2023, indicating a 29.3% improvement in profitability.
The company experienced a 4.7% increase in gross originations, totaling $237.3 million in 2024 compared to $226.6 million in 2023. Notably, transactions facilitated through the Katapult Pay mobile app accounted for 32% of total gross originations, up from 19% the previous year. The company’s largest merchant partner, Wayfair, represented 36% of gross originations in 2024, down from 49% in 2023, highlighting a diversification in its merchant relationships.
Operationally, Katapult's employee headcount stood at 94 as of December 31, 2024, reflecting a focus on maintaining a lean operational structure while enhancing technology capabilities. The company has integrated its leasing solution with over 250 merchants, expanding its market presence across 46 states and the District of Columbia. The net promoter score (NPS) of 58 and a repeat purchase rate of 61.5% underscore strong customer engagement and satisfaction.
Looking ahead, Katapult faces significant challenges, particularly regarding its liquidity and debt obligations. As of March 24, 2025, the company reported a combined principal balance of $108.8 million under its revolving line of credit and term loan, both maturing within 12 months. The company has expressed substantial doubt about its ability to continue as a going concern without successfully refinancing its debt. Management is actively seeking refinancing options, but there is no assurance that these efforts will be successful, which could impact the company's operational viability.
About Katapult Holdings, Inc.
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