KPLTHIGH SIGNALFINANCIAL10-K

KPLT achieved a dramatic turnaround from a $25.9M net loss to $1.4M net income while significantly improving cash position and operating cash flow.

This represents a fundamental shift in KPLT's financial trajectory, moving from substantial losses to profitability while growing revenue 18% and dramatically improving cash management. The company appears to have successfully executed an operational turnaround, though investors should monitor whether this profitability is sustainable given the still-negative operating income and increased interest expenses.

Comparing 2026-03-11 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

KPLT demonstrated a remarkable financial transformation with cash increasing 547% to $22.4M and net income swinging from a $25.9M loss to $1.4M profit, while revenue grew a solid 18% to $291.8M. Operating cash flow improved dramatically by 63% though remains negative at -$11.9M, and the company reduced stockholders' deficit by 19% to -$38.1M. Despite higher interest expenses of $17.8M, the overall picture signals a company that has potentially turned the corner operationally, though sustained profitability remains to be proven given the still-negative operating income.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+547.4%
$3.5M→$22.4M

Cash position surged 547.4% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+105.3%
-$25.9M→$1.4M

Net income grew 105.3% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+93.7%
-$8.1M→-$513K

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+63.4%
-$32.6M→-$11.9M

Operating cash flow surged 63.4% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-37%
$54K→$34K

Capex reduced 37% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Interest Expense
P&L
+31.5%
$13.6M→$17.8M

Interest expense surged 31.5% — significant debt increase or rising rates materially impacting earnings.

Stockholders Equity
Balance Sheet
+18.6%
-$46.8M→-$38.1M

Equity base grew 18.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+18%
$247.2M→$291.8M

Revenue growing 18% — solid top-line momentum, watch margins for quality of growth.

Current Assets
Balance Sheet
+16.4%
$90.4M→$105.2M

Current assets grew 16.4% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+15.8%
$93.2M→$107.9M

Asset base grew 15.8% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-28
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.
Form 10-K Summary 101 Signatures 102 CERTAIN DEFINITIONS In this report, unless otherwise stated or the context otherwise indicates, the terms "we," "us," "our," the "Company," or "Katapult" refer to Katapult Holdings, Inc.
2019 Loan Agreement means the Loan and Security Agreement, dated May 14, 2019, by and among the Credit Parties, Midtown Madison Management LLC and the other lenders party thereto (as amended, amended and restated, supplemented, revised or otherwise modified from time to time prior to June 12, 2025).
2025 Loan Agreement means that certain Amended and Restated Loan and Security Agreement, dated June 12, 2025, by and among the Credit Parties, Midtown Madison Management LLC, and the lenders party thereto, which amended and restated the 2019 Loan Agreement in its entirety.
2026 Plan means the incentive plan to be approved with terms substantially comparable to the Katapult 2021 Plan (as defined in the Merger Agreement), authorizing at least 9,000,000 shares of Katapult common stock for issuance.
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.
Form 10-K Summary 86 Signatures 87 In this report, unless otherwise stated or the context otherwise indicates, the terms "we," "us," "our," the "Company," or "Katapult" refer to Katapult Holdings, Inc.
(formerly known as Cognical, Inc.), a Delaware corporation incorporated in March 2012, Katapult SPV-1 LLC, a Delaware limited liability company formed in March 2019, and Katapult SPV-2 LLC, a Delaware limited liability company formed in January 2025.
A lease-to-own transaction is a flexible alternative for consumers to obtain and enjoy merchandise with no long-term obligation.
Both our direct and waterfall options involve some integration support from direct merchant partners.We refer to merchants with whom we have a contractual arrangement to provide either a direct integration or a waterfall integration as direct merchants .
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