KPLTWMEDIUM SIGNALFINANCIAL10-K

Katapult Holdings shows meaningful operational improvement with substantially reduced operating losses and improved cash flow generation despite maintaining negative equity position.

The company demonstrated notable progress toward profitability with operating losses narrowing dramatically while revenue grew 18%, suggesting improving operational efficiency and business model execution. However, the persistent negative stockholders' equity of $38.1 million indicates ongoing balance sheet challenges that require monitoring, though the reduction in total liabilities by $22 million shows progress in debt management.

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

Katapult delivered solid top-line growth with revenue increasing 18% to $291.8 million and gross profit expanding 12.7% to $51.6 million. Operating performance improved substantially with losses narrowing significantly and operating cash flow deficits reducing meaningfully from -$32.6 million to -$11.9 million. The balance sheet showed mixed signals with total assets growing 16% and liabilities declining 16%, though stockholders' equity remains in negative territory at -$38.1 million, reflecting ongoing capital structure challenges despite operational improvements.

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.
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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