Katapult(KPLT) - 2025 Q1 - Quarterly Results

Financial Performance - Gross originations for Q1 2025 were $64.2 million, representing a 15.4% increase year-over-year, while total revenue reached $71.9 million, up 10.6%[8] - Total revenue for Q1 2025 was $71,946,000, representing a 10.3% increase from $65,061,000 in Q1 2024[38] - Net loss for Q1 2025 was $5.7 million, compared to a net loss of $0.6 million in Q1 2024, primarily due to higher costs[8] - Net loss for Q1 2025 was $5,688,000, compared to a net loss of $570,000 in Q1 2024, indicating a significant increase in losses[38] - Adjusted EBITDA for Q1 2025 was $2.2 million, down from $5.6 million in Q1 2024, impacted by increased cost of sales[8] - Adjusted EBITDA for Q1 2025 was $2,240,000, down from $5,630,000 in Q1 2024[43] - Fixed cash operating expenses increased to $10,402,000 in Q1 2025, compared to $9,390,000 in Q1 2024, reflecting a rise of 10.8%[43] Customer Metrics - KPay originations grew by approximately 57% year-over-year, with 35% of total gross originations transacted using KPay[3] - The Katapult app marketplace accounted for ~59% of first quarter gross originations, with total app originations increasing by 42% year-over-year[3] - The repeat customer rate for Q1 2025 was 57.4%, indicating strong customer retention[3] - Customer satisfaction remained high, with a Net Promoter Score of 66 as of March 31, 2025[3] Future Projections - The company expects gross originations to grow at least 20% for the full year 2025, with revenue growth projected at 17% to 20%[12][17] - The company plans to introduce new merchants to the Katapult App Marketplace during 2025 to enhance growth opportunities[7] Financial Position - Cash and cash equivalents at the end of Q1 2025 were $5,965,000, up from $3,465,000 at the end of Q4 2024[39] - Total liabilities increased to $140,222,000 as of March 31, 2025, compared to $139,965,000 at the end of 2024[39] - The company’s accumulated deficit reached $154,139,000 as of March 31, 2025, compared to $148,451,000 at the end of 2024[39] - Write-offs as a percentage of revenue were 9.0% in Q1 2025, within the company's long-term target range of 8% to 10%[8] Shareholder Information - The weighted average common shares outstanding increased to 4,618,000 in Q1 2025 from 4,242,000 in Q1 2024[38]