KPLTHIGH SIGNALFINANCIAL10-K

Katapult achieved a dramatic turnaround in operating performance with operating losses substantially reduced while revenue grew 18% year-over-year.

The company's operating income improved meaningfully from -$8.1M to -$513K, indicating significant progress toward profitability despite remaining in loss territory. This operational improvement combined with revenue growth of 18% suggests the business model is gaining traction and management has successfully controlled costs.

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

Katapult delivered strong financial improvements across multiple metrics, with revenue growing 18% to $292M and gross profit expanding 13% to $52M. Operating losses were substantially reduced while operating cash flow improved notably from -$33M to -$12M, demonstrating meaningful progress in cash generation. The balance sheet strengthened with total liabilities declining 16% and stockholders' equity improving, though remaining negative, indicating continued financial restructuring efforts.

FINANCIAL STATEMENT CHANGES
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.

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.

Total Liabilities
Balance Sheet
-15.7%
$140.0M→$118.0M

Liabilities reduced 15.7% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-15.2%
$138.7M→$117.6M

Current liabilities reduced — improved short-term financial position and working capital health.

Gross Profit
P&L
+12.7%
$45.8M→$51.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

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.
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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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