Katapult(US:KPLT)2025-05-15 11:15Business Overview - Katapult operates a lease-to-own solution connecting consumers and merchants for omnichannel transactions[6] - The company's mission is to enable consumers to acquire durable goods and connect retailers with a growing consumer base[11] - Katapult estimates a total US addressable market of $50-60 billion for underserved consumers[25] Financial Performance and Growth - In Q1 2025, gross originations grew by 15.4% year-over-year[20, 122], and revenue increased by 10.6% year-over-year[20, 122] - Approximately 59% of Q1 2025 gross originations started in the app marketplace[20, 30, 32, 34] - KPay gross originations grew 57% year-over-year in Q1 2025, reaching approximately $23 million, representing approximately 35% of total gross originations[20] - Total app originations since the launch of the app marketplace in Q1 2023 reached $257.2 million[34] - Total KPay originations since the feature launch in Q1 2023 reached $141.4 million[35] Customer Base and Engagement - Approximately 57.4% of Q1 2025 gross originations were from repeat customers[14, 20, 44] - Total application volume grew approximately 59% year-over-year in Q1 2025[17, 20] Financial Metrics - Adjusted EBITDA for Q1 2025 was $2.2 million[20, 122] - Fixed cash operating expenses increased by 10.8% year-over-year in Q1 2025[122, 127]