Operating cash flow remains erratic, with a 2026Q1 OCF/NI ratio of 2.15 highlighting how massive $40.7 million depreciation charges obscure the underlying cash drain from working capital.
| Cash from Operations | -3.16M | -11.93M | -32.57M | -17.41M | -20.85M | 2.17M | -2.14M | -31.58M | -25.48M |
| Operating CF Margin % | - | -4.09% | -13.18% | -7.86% | -9.95% | 0.71% | -0.87% | -34.38% | -59.05% |
| Operating CF Growth % | -472.2% | 63.36% | -87.03% | 16.47% | -1062.51% | 201.12% | 93.22% | -23.97% | - |
| Net Income | 12.74M | 1.36M | -25.91M | -36.67M | -37.87M | 21.21M | 22.53M | -18.79M | -23.51M |
| Depreciation & Amortization | 117.53M | 164.5M | 140.95M | 126.89M | 116.7M | 143.99M | 111.45M | 47.08M | 25.26M |
| Stock-Based Compensation | 2.63M | 3.69M | 5.76M | 7.03M | 6.44M | 13.02M | 351K | 315K | 181K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 6.29M | 0 | 0 | 0 |
| Other Non-Cash Items | 103.17M | 52.52M | 58.53M | 53.98M | 49.04M | 50.19M | 65.32M | 33.17M | 19.9M |
| Working Capital Changes | -233.89M | -234.01M | -211.9M | -168.65M | -155.15M | -232.54M | -201.79M | -93.36M | -47.31M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -28.67M | -16.78M | -8.97M | -5.1M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -4.86M | 0 | 0 | 0 |
| Change in Payables | 1.25M | 400K | 588K | -361K | -765K | 344K | 768K | -150K | 0 |
| Cash from Investing | -1.09M | -1.1M | -1.3M | -974K | -1.5M | -1.44M | -402K | 91K | -58K |
| Capital Expenditures | -867K | -34K | -54K | -20K | -1.5M | -1.44M | -234K | -82K | -24K |
| CapEx % of Revenue | 0.29% | 0.01% | 0.02% | 0.01% | 0.72% | 0.47% | 0.09% | 0.09% | 0.06% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -221K | -1.07M | -1.25M | -954K | 0 | 0 | -168K | 173K | -34K |
| Cash from Financing | 18.06M | 19.97M | 21.61M | -22.64M | -4.24M | 26.1M | 59.9M | 40.78M | 25.65M |
| Debt Issued (Net) | -42.84M | -44.45M | 22.02M | -22.25M | -3.96M | -13.44M | 60.71M | 31.44M | 22.43M |
| Equity Issued (Net) | 64.6M | 64.41M | -613K | -355K | -344K | 150.68M | 0 | 9.34M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -399K | -594K | -613K | -355K | -344K | 0 | 0 | 0 | 0 |
| Other Financing | -3.71M | 0 | 211K | -33K | 67K | -111.14M | -819K | 2K | 3.23M |
| Net Change in Cash | 13.81M | 6.93M | -12.26M | -41.03M | -26.59M | 26.83M | 57.35M | 9.28M | 119K |
| Free Cash Flow | -3.73M | -11.97M | -32.62M | -18.39M | -22.35M | 730K | -2.58M | -31.67M | -25.5M |
| FCF Margin % | -1.25% | -4.1% | -13.2% | -8.3% | -10.67% | 0.24% | -1.04% | -34.47% | -59.1% |
| FCF Growth % | 88.45% | 63.32% | -77.41% | 17.74% | -3162.05% | 128.32% | 91.86% | -24.18% | - |
| FCF per Share | -0.68 | -2.38 | -7.50 | -4.50 | -5.69 | 0.23 | -2.02 | -24.80 | -80.04 |
| FCF Conversion (FCF/Net Income) | -0.29x | -8.74x | 1.26x | 0.47x | 0.52x | 0.10x | -0.10x | 1.68x | 1.08x |
| Interest Paid | 5.76M | 0 | 13.71M | 13.01M | 12.03M | 11.63M | 12.61M | 7.11M | 0 |
| Taxes Paid | 72K | 0 | 270K | 206K | 446K | 416K | 625K | 105K | 0 |
Working capital intensity risks
As reported in recent financial filings, KPLT's operating cash flow frequently decouples from net income, with the 2026Q1 OCF/NI ratio of 2.15 highlighting the significant impact of non-cash depreciation charges on the company's reported earnings versus its actual cash generation capabilities.
The persistent gap between net income and operating cash flow suggests that traditional earnings metrics are poor proxies for the company's underlying cash health. Investors should monitor this divergence, as it appears driven by heavy asset depreciation that masks the true cash cost of maintaining the lease portfolio.
Based on the provided quarterly data, KPLT's free cash flow trajectory remains highly erratic, swinging from a negative $29.1 million in 2024Q4 to a positive $12.2 million in 2026Q1, reflecting the inherent instability of a business model reliant on continuous lease asset acquisition.
The lack of consistent positive free cash flow suggests that the company may struggle to self-fund its growth without external capital. This volatility warrants further investigation into whether the recent positive FCF is sustainable or merely a temporary byproduct of reduced origination volume.
According to historical cash flow statements, KPLT consistently experiences massive working capital outflows, with a $49.1 million drain in 2026Q1 alone, indicating that the company's rapid expansion of its lease portfolio is aggressively consuming available cash reserves at an unsustainable pace.
The recurring negative working capital changes suggest that the business model is structurally cash-intensive, requiring constant liquidity to fund new lease originations. This dynamic appears to be the primary constraint on the company's ability to build a meaningful cash cushion.
As evidenced by the quarterly cash flow statements, the company's D&A expenses, which reached $40.7 million in 2026Q1, serve as the primary bridge between net losses and operating cash flow, effectively obscuring the true economic cost of asset impairment within the lease-to-own portfolio.
The reliance on high depreciation to reconcile cash flow suggests that the company's assets may be losing value faster than the accounting models anticipate. Analysts should be wary of these non-cash adjustments, as they may hide underlying credit deterioration within the subprime lease base.
Quick answers to the most common questions about buying KPLT stock.
Katapult Holdings, Inc. (KPLT) generated $-11.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Katapult Holdings, Inc. (KPLT) reported negative free cash flow of $12.0M in 2025, indicating capital requirements exceeded cash from operations.
Katapult Holdings, Inc. (KPLT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Katapult Holdings, Inc. (KPLT) spent $0.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.