Q2 2024 Katapult Holdings Inc Earnings Call Transcript
Key Points
- Katapult Holdings Inc (KPLT) achieved its seventh consecutive quarter of gross originations growth.
- Revenue increased by nearly 9% year-over-year, reflecting strong collection efforts and gross originations trends.
- Adjusted EBITDA loss improved by $1.2 million year-over-year, indicating better financial performance.
- The company has successfully integrated with new partners like Meineke and Pay Tomorrow, expanding its merchant base.
- Katapult Pay (Kpay) delivered $15.7 million in gross originations, representing 28% of total gross originations and growing by more than 100% year-over-year.
- Gross originations growth came in slightly below the outlook provided last quarter, primarily due to a slowdown with Wayfair.
- The home furnishings market, a significant segment for Katapult Holdings Inc (KPLT), has not returned to normal levels, impacting overall performance.
- Despite improvements, the company still reported an adjusted EBITDA loss of $377,000 for the second quarter.
- The macroeconomic environment remains challenging, with inflation impacting consumer budgets and dampening demand.
- The company faces a significant debt maturity in June 2025 and is actively pursuing refinancing alternatives.
Hallo everyone, and welcome to the Katapult Holdings second-quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions) Thank you.
I'd now like to hand the call over to Jennifer Kull, Head of Investor Relations. Please go ahead.
Welcome to Katapult's second-quarter 2024 our conference call. On the call with me today are Orlando Zayas, Chief Executive Officer; Nancy Walsh, Chief Financial Officer; and Derek Medlin, Chief Operating Officer. For your reference, we have posted materials from today's call and the Investor Relations section of the Katapult website, which can be found at ir.katapultholdings.com.
Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business and our operating results, as noted in the earnings release and slide deck posted to our website for your reference, our actual results may differ materially.
Forward-looking statements involve risks and
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