Katapult Holdings, Inc. KPLT
We are a technology driven lease-to-own ("LTO") platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods by underserved U.S. nonprime customers. We were founded and incorporated in Delaware in 2012. We primarily operate within the virtual LTO market, which is estimated to have a total addressable market opportunity of $50 - $60 billion. We operate exclusively in the U.S. and our platform is available for use by consumers in 46 states and the District of Columbia. Based on our 2025 gross originations, we believe that we currently capture less than 1% market share.
We have entered into a definitive merger agreement with CCF Holdings LLC ("CCFI"), Aaron's Intermediate Holdco, Inc. ("Aaron's"), which, if completed, is expected to materially expand our business. See "Our Strategy" below.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $291.8M | $247.2M | $221.6M | $209.5M | $303.1M | $247.2M | $91.9M | — |
| Cost of revenue | $240.2M | $201.4M | $179.9M | $172.1M | $214.1M | $167.4M | $71.2M | — |
| Gross profit | $51.6M | $45.8M | $41.7M | $37.4M | $89.0M | $79.8M | $20.7M | — |
| SG&A | $11.2M | $10.9M | $10.9M | $14.3M | $11.3M | $4.3M | $4.2M | — |
| Operating income | -$513.0K | -$8.1M | -$18.8M | -$28.4M | $1.7M | $36.9M | -$9.4M | — |
| Interest expense | $20.6M | $18.9M | $17.8M | $19.3M | $16.5M | $13.6M | $8.6M | — |
| Pre-tax income | $1.7M | -$25.8M | -$36.5M | -$40.5M | $21.7M | $23.0M | -$18.8M | — |
| Income tax | $319.0K | $143.0K | $165.0K | $50.0K | $539.0K | $487.0K | $0 | — |
| Net income | $1.4M | -$25.9M | -$36.7M | -$40.5M | $21.2M | $22.5M | -$18.8M | — |
| EPS, basic | -0.11 | -5.96 | -8.97 | -10.30 | 0.31 | 0.73 | -0.73 | — |
| EPS, diluted | -0.11 | -5.96 | -8.97 | -10.30 | 0.26 | 0.48 | -0.73 | — |
| Shares, diluted (wtd. avg.) | $5.0M | $4.3M | $4.1M | $3.9M | $80.6M | $46.9M | $25.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $22.4M | $3.5M | $28.8M | $69.8M | $80.6M | $65.6M | $12.2M | $3.0M |
| Receivables | — | — | — | $0 | $2.0M | $1.6M | — | — |
| Total current assets | $105.2M | $90.4M | $97.6M | $137.8M | $140.9M | $139.2M | $1.7M | — |
| Other intangibles | $1.7M | $1.6M | $1.3M | $1.4M | $1.0M | — | — | — |
| Total assets | $107.9M | $93.2M | $100.9M | $141.2M | $144.2M | $139.8M | $252.3M | — |
| Accounts payable | $1.9M | $1.5M | $903.0K | $1.8M | $2.4M | $1.7M | $118.8K | — |
| Total current liabilities | $117.6M | $138.7M | $42.3M | $21.5M | $21.5M | $17.3M | $221.3K | — |
| Total liabilities | $118.0M | $140.0M | $128.9M | $123.5M | $117.4M | $140.8M | $22.3M | — |
| Retained earnings | -$147.1M | -$148.5M | -$122.5M | -$62.7M | -$51.9M | -$58.0M | -$3.1M | — |
| Total equity | -$38.1M | -$46.8M | -$28.0M | -$2.1M | $34.2M | -$949.0K | -$23.9M | -$21.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11.9M | -$32.6M | -$17.4M | -$20.8M | $2.2M | -$2.1M | -$31.6M | — |
| Depreciation and amortisation | $164.3M | $140.6M | $126.5M | $116.8M | $144.0M | $111.4M | $47.1M | — |
| Stock-based compensation | $3.7M | $5.8M | $7.0M | $6.4M | $13.0M | $351.0K | $315.0K | — |
| Capital expenditure | $34.0K | $54.0K | $20.0K | $168.0K | $384.0K | $234.0K | $82.0K | — |
| Investing cash flow | -$1.1M | -$1.3M | -$974.0K | -$1.5M | -$1.4M | -$402.0K | $91.0K | — |
| Financing cash flow | $20.0M | $21.6M | -$22.6M | -$4.2M | $26.1M | $59.9M | $40.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-075810.
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