KPLT Katapult Holdings, Inc.

Overview and Growth

Katapult Holdings, Inc. generated $291.76M of revenue in fiscal 2025, with net income of $1.36M and an operating cash outflow of $11.93M. At $291.76M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 18.0% above fiscal 2024 revenue of $247.19M, marking a year-over-year increase. On a per-share basis, diluted EPS was -$0.11, which connects the reported earnings outcome with the company’s diluted share count. The company employed $107.87M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 2.7x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $51.60M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 17.7% of revenue, showing how much of the top line remained after direct costs. Operations produced a $513.00K operating loss before non-operating and tax effects. An operating margin of -0.2% reflected costs exceeding revenue-level gross profit by 0.2% of sales. Net income came to $1.36M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 0.5%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $1.68M of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 0.6%, relating income before taxes directly to revenue. The company recognized $319.00K of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 18.9% of pretax income, showing the tax burden absorbed by the year’s earnings. The net-income-to-assets relationship measured 1.3%, showing earnings relative to the full balance sheet. The company moved from a $25.91M net loss in fiscal 2024 to net income of $1.36M.

Liquidity and Capital Structure

The company held $107.87M of assets against $118.04M of liabilities and -$38.08M of equity, revealing how the asset base was financed. Equity was negative at -$38.08M, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. At period end, current assets of $105.23M compared with current liabilities of $117.60M, defining the company’s short-term resource position. The current ratio was 0.89x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Cash and equivalents totaled $22.43M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 19.1%, excluding receivables and other current assets. The equity-to-assets relationship was -35.3%, placing book capital against the total resource base. Relative to total assets, liabilities measured 109.4%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 20.8%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $93.17M in fiscal 2024, the current asset base moved 15.8% and finished higher. Compared with $3.46M in fiscal 2024, the current cash balance moved 547.4% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $11.93M, showing that operations absorbed cash during the period. Capital expenditures used $34.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. The company recorded a $11.97M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 4.1%. The free-cash-flow deficit equaled 11.1% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.