CORRECTING AND REPLACING - Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

Core Insights - Katapult Holdings, Inc. reported strong financial results for Q1 2025, with gross originations of $64.2 million, representing a year-over-year increase of 15.4$71.9 million, up 10.6% from the previous year [5][39] - CEO Orlando Zayas expressed confidence in the company's growth trajectory, highlighting a 57% increase in KPay originations and strong engagement within the Katapult app marketplace [3][5] Financial Performance - Gross originations for Q1 2025 were $64.2 million, a 15.4$71.9 million, marking a 10.6% increase year-over-year [5][39] - Operating expenses rose by 17.3%, leading to a net loss of $5.7 million for Q1 2025, compared to a net loss of$0.6 million in Q1 2024 [5][12] Customer Engagement and Market Position - Approximately 59% of gross originations in Q1 2025 originated from the Katapult app marketplace, which is the largest customer referral source [5] - The repeat customer rate was 57.4%, indicating strong customer loyalty [5] - KPay gross originations grew by approximately 57% year-over-year, with 35% of total gross originations transacted using KPay [5] Business Outlook - Katapult expects gross originations to grow at least 20% for the full year 2025, reiterating its guidance despite challenges in the home furnishings category [8][7] - The company plans to introduce new merchants to the Katapult App Marketplace throughout 2025, aiming to capture a larger share of the underserved non-prime consumer market [7][8] - The outlook assumes no significant changes in the macroeconomic environment and does not account for potential impacts from prime creditors [8][9]