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Katapult Holdings, Inc(KPLT). discloses a net loss of $1 5.5 million for the first half of 2023, reflecting its financial performance amidst changing market dynamics.
Katapult Holdings, Inc. announces total revenue of $110.2 million for the first six months of 2023, propelled by rental revenue of $108.6 million and additional income streams.
Katapult Holdings' Financial Snapshot: Net Loss and Revenue Figures for H1 2023
Katapult Holdings, Inc. and its subsidiaries reveal their financial health for the first half of 2023 through their condensed consolidated balance sheets, statements of operations and comprehensive loss, and statements of stockholders' (deficit) equity. The company reported a net loss of $15.5 million alongside a total revenue of $110.2 million during this period.
Condensed Consolidated Balance Sheets
The company's assets stand at $105.6 million as of June 30, 2023, showing a decrease from $131.9 million at the end of 2022. Current assets amount to $102.4 million, primarily consisting of cash and cash equivalents, while property held for lease and other assets make up the remaining portion. Property and equipment, security deposits, and intangible assets also contribute to the company's asset base.
Liabilities and Stockholders' (Deficit) Equity
Liabilities for Katapult Holdings, Inc. include accounts payable, accrued liabilities, and lease liabilities, resulting in total current liabilities of $17.9 million. Additionally, non-current term loans and other liabilities amount to $23.6 million and $0.5 million respectively. The stockholders' deficit equity stands at ($280) thousand, reflecting the company's financial position as of June 30, 2023.
Condensed Consolidated Statements of Operations and Comprehensive Loss
The company's revenue for the six months ended June 30, 2023, amounts to $110.2 million, with rental revenue contributing $108.6 million and other revenue adding $1.6 million. Cost of revenue totals $86.0 million, resulting in a gross profit of $24.2 million. Operating expenses, including servicing costs, professional fees, and technology expenses, lead to a loss from operations of ($5.2) million.
Net Loss and Loss Components
Katapult Holdings, Inc. reports a net loss of ($15.5) million for the first half of 2023. This loss includes various components such as loss on partial extinguishment of debt, interest expenses, and change in fair value of warrant liability.
Condensed Consolidated Statements of Stockholders' (Deficit) Equity
The company's stockholders' deficit equity has shifted from $7.1 million at the end of 2022 to ($280) thousand as of June 30, 2023. The balance changes are attributed to factors such as the issuance of warrants, vesting of restricted stock units, and stock-based compensation expenses.
Condensed Consolidated Statements of Cash Flows
During the first half of 2023, Katapult Holdings, Inc. experienced a net cash usage in operating activities amounting to ($8.6) million, mainly due to depreciation, amortization, and other adjustments. The company invested ($0.5) million in property and equipment and capitalized software. In terms of financing activities, the company had a net cash usage of ($19.2) million, reflecting principal repayments on loans and stock repurchases.
Katapult Holdings, Inc. remains committed to navigating the evolving financial landscape while adapting its strategies to achieve long-term growth and profitability. The company's financial data provides insight into its performance and outlook in a dynamic market environment.