The following is a summary of the Katapult Holdings, Inc. (KPLT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Katapult's Q1 gross originations grew by 1.6%, and revenue increased by 18.1% to $65.1 million.

• Gross profit reached approximately $16.5 million, a near 39% increase, while the gross margin was 25%.

• Operating expenses decreased by 18.5% due to lower fixed cash operating expenses.

• Write-offs improved to 8.4% of revenue, a 40 basis point improvement on Q1 2023.

• Adjusted EBITDA for Q1 was $5.6 million, a $6.6 million increase YoY.

Business Progress:

• Katapult grew its customer base by 15% YoY and generated nearly $15 million of gross originations via Katapult Pay, making up a quarter of total originations.

• The company upgraded its platform for better Shopify integration and entered a partnership with Salesforce to accelerate integration with enterprise merchants.

• Katapult furthered its relationship with Synchrony for Lease-to-Own (LTO) solution integration and is launching a risk-based pricing model to increase conversions.

• The company resolved an overfunding issue, lowered debt levels, and anticipates an annual gross margin range of 18%-20% without charging late fees or penalties.

• Katapult aims for 3%-5% Q2 gross origination growth, an 8%-10% revenue growth range, and improved YoY adjusted EBITDA.

More details: Katapult IR

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