The following is a summary of the Katapult Holdings (KPLT) Q4 2023 Earnings Call Transcript:
Financial Performance:
Katapult Holdings reported a 16.1% revenue growth in Q4, with revenue reaching $56.7 million, outdoing the projected 13-15% growth.
The company maintained five quarters of growing gross originations with an increase of 13% in Q4, tallying up to $67.5 million.
There was a significant year-over-year improvement in adjusted EBITDA to $4.9 million.
Full-year 2023 saw a 5% growth in revenue and a reduction in adjusted EBITDA loss to $1.9 million.
Impressive Q4 growth was attributed to existing merchants and the early inclusion of Walmart into Katapult Pay.
Business Progress:
The company demonstrated progress in diversifying its gross originations with 48% non-Wayfair gross originations in 2023.
A forecast of at least 10% growth of gross originations is laid for the future, heavily reliant on direct merchant integrations and the usage of Katapult Pay.
Strategic partnerships in the prime credit space position Katapult for further growth.
The approval of over 600,000 new leases in 2023 resulting in a 23% increase in lease originations.
Expansion of merchant base like Lenovo, Grown Brilliance, Med Mart, and Xotic PC and the increment of Katapult's customer base from 125,000 to 500,000.
Goals for 2024 include maintaining high customer retention rates, growing the merchant base and utilizing technology for business progression.
The company showed strong competition, reporting top-line growth against a decline in competitors.
More details: Katapult IR
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