Revenue grew by 9.8% in 2026Q1, though this was offset by a severe gross margin contraction to -46.0% due to asset depreciation and credit-related charges.
| Sales/Revenue | 298.84M | 291.76M | 247.19M | 221.59M | 209.5M | 303.11M | 247.2M | 91.88M | 43.15M |
| Revenue Growth % | 17.62% | 18.03% | 11.56% | 5.77% | -30.88% | 22.62% | 169.06% | 112.94% | - |
| Cost of Goods Sold | 297.92M | 376M | 201.42M | 179.88M | 172.09M | 214.12M | 167.41M | 71.22M | 37.62M |
| COGS % of Revenue | - | 128.87% | 81.48% | 81.18% | 82.15% | 70.64% | 67.72% | 77.52% | 87.2% |
| Gross Profit | 919K | -84.24M | 45.77M | 41.71M | 37.41M | 88.99M | 79.79M | 20.66M | 5.52M |
| Gross Margin % | 0.31% | -28.87% | 18.52% | 18.82% | 17.85% | 29.36% | 32.28% | 22.48% | 12.8% |
| Gross Profit Growth % | - | -284.05% | 9.74% | 11.5% | -57.97% | 11.53% | 286.25% | 273.95% | - |
| Operating Expenses | -4.25M | -113.19M | 53.87M | 60.5M | 65.85M | 90.65M | 42.88M | 30.05M | 24.05M |
| OpEx % of Revenue | - | -38.8% | 21.79% | 27.3% | 31.43% | 29.9% | 17.35% | 32.71% | 55.73% |
| Selling, General & Admin | 0 | 19.41M | 16.07M | 40.36M | 49.92M | 44.22M | 14.1M | 11.1M | 18.59M |
| SG&A % of Revenue | - | 6.65% | 6.5% | 18.22% | 23.83% | 14.59% | 5.7% | 12.08% | 43.08% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | -132.6M | 37.8M | 20.14M | 15.93M | 46.42M | 28.78M | 18.95M | 0 |
| Operating Income | 5.17M | 28.95M | -8.1M | -18.79M | -28.44M | -1.66M | 36.91M | -9.39M | -13.06M |
| Operating Margin % | 1.73% | 9.92% | -3.28% | -8.48% | -13.58% | -0.55% | 14.93% | -10.22% | -30.28% |
| Operating Income Growth % | - | 457.39% | 56.89% | 33.93% | -1616.42% | -104.49% | 492.95% | 28.1% | - |
| EBITDA | 151.86M | 193.45M | 132.85M | 108.1M | 88.76M | 142.34M | 148.35M | 37.69M | 12.19M |
| EBITDA Margin % | 50.82% | 66.3% | 53.74% | 48.78% | 42.37% | 46.96% | 60.01% | 41.02% | 28.26% |
| EBITDA Growth % | 18.48% | 45.61% | 22.9% | 21.78% | -37.64% | -4.06% | 293.6% | 209.12% | - |
| D&A (Non-Cash Add-back) | 146.69M | 164.5M | 140.95M | 126.89M | 117.2M | 143.99M | 111.45M | 47.08M | 25.26M |
| EBIT | 31.53M | 22.24M | 20.53M | 10.23M | -21.26M | 38.23M | 36.61M | -10.21M | -13.06M |
| Net Interest Income | -18.28M | -20.36M | -17.69M | -16.13M | -18.52M | -16.48M | -13.59M | -8.58M | 0 |
| Interest Income | 270K | 197K | 1.16M | 1.7M | 744K | 0 | 0 | 0 | 4.99M |
| Interest Expense | 18.55M | 20.55M | 18.85M | 17.82M | 19.26M | 16.48M | 13.59M | 8.58M | 0 |
| Other Income/Expense | 7.81M | -27.27M | -17.67M | -17.71M | -12.08M | 20.09M | -13.89M | -9.4M | -6.64M |
| Pretax Income | 12.98M | 1.68M | -25.77M | -36.5M | -40.52M | 21.75M | 23.02M | -18.79M | -23.51M |
| Pretax Margin % | 4.35% | 0.58% | -10.43% | -16.47% | -19.34% | 7.17% | 9.31% | -20.45% | -54.49% |
| Income Tax | 246K | 319K | 143K | 165K | -50K | 539K | 487K | 0 | 0 |
| Effective Tax Rate % | 1.89% | 18.94% | -0.55% | -0.45% | 0.12% | 2.48% | 2.12% | 0% | 0% |
| Net Income | 12.74M | 1.36M | -25.91M | -36.67M | -40.47M | 21.21M | 22.53M | -18.79M | -23.51M |
| Net Margin % | 4.26% | 0.47% | -10.48% | -16.55% | -19.32% | 7% | 9.11% | -20.45% | -54.49% |
| Net Income Growth % | 141.05% | 105.27% | 29.32% | 9.4% | -290.85% | -5.88% | 219.9% | 20.06% | - |
| Net Income (Continuing) | 12.74M | 1.36M | -25.91M | -36.67M | -40.47M | 21.21M | 22.53M | -18.79M | -23.51M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.34 | -0.11 | -5.96 | -8.97 | -10.30 | 6.50 | 12.00 | -21.44 | -73.79 |
| EPS Growth % | 118.12% | 98.15% | 33.56% | 12.91% | -258.46% | -45.83% | 155.97% | 70.94% | - |
| EPS (Basic) | - | -0.11 | -5.96 | -8.97 | -10.30 | 7.75 | 18.26 | -21.44 | -73.79 |
| Diluted Shares Outstanding | 5.46M | 5.03M | 4.35M | 4.09M | 3.93M | 3.22M | 1.28M | 1.28M | 318.59K |
| Basic Shares Outstanding | 5.46M | 5.03M | 4.35M | 4.09M | 3.93M | 4.09M | 1.28M | 1.28M | 318.59K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Asset impairment and liquidity
As indicated by the most recent quarterly data, Katapult Holdings achieved a revenue growth rate of 9.8% in 2026Q1, reflecting a sustained ability to capture transaction volume within the subprime e-commerce segment despite broader macroeconomic pressures on consumer discretionary spending and durable goods demand.
The consistent top-line expansion suggests that the company's waterfall integration strategy remains effective at capturing overflow demand from prime lenders. However, investors should monitor whether this growth is driven by higher-quality originations or if it reflects a reliance on increasingly risky consumer cohorts.
Based on the reported financial statements, Katapult experienced a significant gross margin contraction to -46.0% in 2026Q1, a sharp reversal from the 19.7% margin observed in 2025Q3, highlighting the extreme sensitivity of the lease-to-own model to asset depreciation and credit-related impairment charges.
The negative gross margin suggests that the cost of acquiring and maintaining the leased asset base is currently outpacing rental income recognition. This volatility warrants further investigation into whether the company is facing a structural shift in asset recovery rates or merely a temporary spike in vintage-specific write-downs.
According to the income statement history, Katapult maintained an operating margin of 5.5% in 2026Q1, demonstrating a notable ability to scale operating income despite the high variable cost nature of its lease-to-own business model and the absence of significant fixed overhead expenses.
The company appears to have successfully streamlined its cost structure, as evidenced by the transition from deep operating losses in 2024 to positive operating income in the most recent quarter. This suggests that management has prioritized operational discipline, though the sustainability of these margins remains tied to asset performance.
As reported in recent filings, the company's thin cash position of $22.4 million presents a potential vulnerability, as the business model requires significant capital to fund the lease portfolio while simultaneously absorbing the impact of negative gross margins and potential credit-related volatility in the subprime market.
Short-sellers may focus on the mismatch between the company's cash reserves and the high variable costs inherent in the lease-to-own model. If asset recovery rates continue to deteriorate, the company may face liquidity constraints that could necessitate dilutive financing or a contraction in new lease originations.
Quick answers to the most common questions about buying KPLT stock.
For fiscal year 2025, Katapult Holdings, Inc. (KPLT) reported total revenue of $291.8M. This represents a 576.2% increase compared to $43.1M in 2018.
Katapult Holdings, Inc. (KPLT) is profitable, generating $1.4M in net income for the fiscal year ending 2025 with a net profit margin of 0.5%.
Katapult Holdings, Inc. (KPLT) reported an operating income of $29.0M, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Katapult Holdings, Inc. (KPLT) generated $-84.2M in gross profit for the year, representing a gross profit margin of -28.9%. This demonstrates the company's core pricing power and production efficiency.