Katapult Holdings, Inc. (KPLT)

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Katapult Announces First Quarter 2021 Financial Results

NEW YORK, June 15, 2021 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce focused financial technology company, today announced financial results for the first quarter ended March 31, 2021.

“We are pleased to report strong first quarter 2021 results and excited to begin a new chapter as a publicly traded company. Our results reflect solid execution and a strong positive trajectory in our business as we continue to onboard more merchants and drive growth with our existing customers,” said Orlando Zayas, CEO of Katapult. “Looking to the remainder of 2021 and beyond, we are excited about the breadth of opportunities available to us to continue to expand our business and build long-term shareholder value.”

First Quarter 2021 Financial and Operating Highlights:

* Total Revenue for the first quarter was $80.6 million, an increase of 88% year-over-year, driven by strong growth in originations as we continue to add new merchant relationships and expand with our existing merchants.

* Gross Originations were $63.7 million, an increase of 71% from $37.2 million in Q1 2021.

* Onboarded 26 new retailers in the first quarter of 2021, including Motorola, Simply Mac, and Cybertron.

* Our Adjusted EBITDA in the first quarter was $14.7 million, up 122% from $6.6 million in the first quarter of 2020, primarily reflecting the scalability of our business as revenue growth is outpacing our operating expense growth.

* Net Income was $8.1 million in the first quarter, up 120% year-over-year. Adjusted Net Income for the first quarter was $9.3 million, up 146% from $3.8 million in the first quarter of 2020.

About Katapult

Katapult is a next generation platform for digital and mobile-first commerce for the nonprime consumer. Katapult provides POS lease purchase options for consumers challenged with accessing traditional financial products who are seeking to obtain everyday durable goods. The Company has developed a sophisticated end-to-end technology platform that enables seamless integration with merchants, underwriting capabilities that exceed the industry standard, and exceptional customer experiences.

Business Combination

On June 9, 2021, FinServ Acquisition Corp., a special purpose acquisition company, announced that they completed their previously announced business combination under which FinServ acquired Katapult Holdings, Inc. for approximately $842 million in total consideration. Upon completion of the business combination, the combined company changed its name to Katapult Holdings, Inc., and its common stock and warrants began trading on the Nasdaq Stock Market under the ticker symbols “KPLT” and “KPLTW”, respectively on June 10, 2021.

More details in https://sg.news.yahoo.com/katapult-annou...00234.html
Specuvestor: Asset - Business - Structure.

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