|Over a week ago|
Katapult announces partnership with 1StopBedrooms » 08:0609/1509/15/22
Katapult has added…
Katapult has added furniture supplier, 1StopBedrooms, to its growing list of merchants. The partnership will help consumers, particularly those with little or no access to credit, obtain furniture and home accessories in all home categories -- from mattresses and sofas to rugs and lamps. Katapult provides consumers with transparent, flexible, and lease-purchase options. "Decorating and furnishing are personal ways that all of us turn a house into a home," said Orlando Zayas, CEO at Katapult. "With 1StopBedrooms as a new merchant partner, we can provide additional consumers with greater choices in their furniture purchasing experience, even if they do not have pristine credit. Lease-to-own offers consumers the flexibility they may need to acquire home furnishings that reflect their lifestyle while keeping their monthly expenses in check."
Katapult adds SimpleTire to partner network » 08:0809/0809/08/22
Katapult has added…
Katapult has added SimpleTire, an online tire retailer, to its network of merchant partners. The partnership gives all SimpleTire customers - and particularly those with non-prime credit ratings who may not have access to traditional financing options - a way to obtain replacement tires. Other merchants that offer Katapult lease-purchase payment options include Wayfair, Lenovo and Purple Mattress.
|Over a month ago|
Katapult reports Q2 EPS (10c) vs. (17c) last year » 07:1208/0908/09/22
Reports Q2 revenue $53M…
Reports Q2 revenue $53M vs. $77.5M last year. "Though our retailers and consumers continue facing near-term macro headwinds, we are confident in our long-term ability to weather these challenges. We continue to execute on the initiatives that we committed to as part of our strategic growth plan and are building momentum as it relates to capturing new volume opportunities from a very large addressable market," said Orlando Zayas, CEO of Katapult.
Katapult hires Bork as new Chief Revenue Officer » 08:1407/1907/19/22
Katapult (KPLT) has hired…
Katapult (KPLT) has hired Reid Bork as the company's Chief Revenue Officer, CRO. He will take charge of enhancing and optimizing Katapult's customer base and sales team to continue the expansion of the company's merchant partnerships and overall growth. In this position, Bork will play a role in building and leading the Katapult sales organization, working cross-functionally to develop and drive the end-to-end sales strategy. Prior to joining Katapult, Bork was the vice president and general manager at Sezzle (SEZNL), a high growth buy now pay later provider
|Over a quarter ago|
Katapult CEO buys $200K in common stock » 20:0106/0706/07/22
In a regulatory filing,…
In a regulatory filing, Katapult disclosed that its CEO Orlando Zayas bought 128.5K shares of common stock on June 3rd in a total transaction size of $200K.
Katapult downgraded to Hold from Buy at Loop Capital » 06:0105/1105/11/22
Loop Capital analyst…
Loop Capital analyst Anthony Chukumba downgraded Katapult to Hold from Buy with a price target of $1, down from $5. The company's Q1 results were significantly worse than expected, particularly from a profitability perspective, Chukumba tells investors in a research note. The analyst does not expect Katapult's performance to improve much in the near term, particularly given its "aggressive" headcount investments over the past several quarters.
Katapult reports Q1 EPS (6c) vs 15c last year » 07:5005/1005/10/22
Reports Q1 revenue…
Reports Q1 revenue $59.877M vs $80.6M last year. "While current macroeconomic headwinds continued to weigh on our consumers and retailers this quarter, we are optimistic that the strategic investments we have been making will position us to capture market share in this large addressable market. We look forward to incremental growth opportunities as these investments come to fruition in the mid to long term," said Orlando Zayas, CEO of Katapult.
Infinitum urges Katapult board to commence full strategic review » 08:4403/2803/28/22
Infinitum Partners, a…
Infinitum Partners, a significant stockholder of Katapult Holdings, with an ownership interest of approximately 1.3% of the Company's outstanding shares, today announced that it has delivered an open letter to the Katapult board of directors. The letter read in part, " Since going public through a merger with FinServ Acquisition Corp. in June 2021 at an almost $1 billion valuation, roughly 80% of Katapult's equity value has been destroyed under its current management and board of directors. Katapult's dismal performance of late starkly contrasts with its previous track record as a private company, when its growth was outstanding by any metric. In our opinion, this is partially explained by wildly unrealistic projections that were made while the SPAC deal was marketed, resulting in the Company subsequently missing every single target set then - by embarrassing margins. We also believe that this has been compounded by inaction and ineptitude by the Company's management and the Board. At this point, based on our own research, in-depth discussions with other investors, and prevailing market conditions, it is clear to us that in order to protect what is left of shareholder value, Katapult must urgently explore strategic options that would take the Company private. Specifically, we encourage the Board to focus on potential acquisitions by strategic buyers and banking institutions. In our view, the past year has proved beyond reasonable doubt that Katapult was never, and is still not, ready to be a public company. We know there would be interest from a strategic buyer based on discussions we had and similar transactions that have occurred in the marketplace...Amidst the dramatic deterioration during 2021, the Board seems to have remained out of touch. It has authorized an incremental $20 million SG&A expenditure and approved additional operating expenses, spending balance sheet cash without assuring shareholders that there is a real plan for how such investments will yield recovery, growth, and a return on their investment. In our view, this highly irresponsible move further threatens shareholder value unless the Company imminently signs a large enterprise merchant partner. Katapult was a fantastic grower and compounder in nearly every category as a private company. Between 2018 and 2020, revenues grew at a significant pace and company had $40mm of EBITDA in 2020. Since going public, however, the Company has flailed and floundered, missing expectations, failing to deliver on grand promises, and refusing to adapt to an increasingly bleak situation. In addition, the company as a public company had higher revenues in 2021 but SG&A went up dramatically and profitability declined. Our view is that the Company is fundamentally headed in the wrong direction. In hindsight, Katapult was not ready to be a public company at the time of the SPAC transaction, and would still be better off as a private company today and for the foreseeable future. Therefore, we urge the Board to immediately engage with financial and legal advisors to commence a full strategic review. Based on current market comps, we believe that the Company could be worth $8-10 per share to a strategic buyer or a banking institution. We have repeatedly voiced our views privately in discussions with Katapult's management and members of the Board. However, at this point we find ourselves with little choice but to publicly air our grave misgivings about the state of affairs at the Company, and hope that this will encourage the Company to finally take decisive action. While we remain open to further conversations with the Company, we reserve all options available to us to protect the rights and shareholder value of all investors in Katapult."
Katapult Adyen hires new VP of Strategic Partnerships, VP of Strategy » 08:2003/2303/23/22
KPLT, ADYEY, UBS
Katapult (KPLT) announced…
Katapult (KPLT) announced it has hired Jay Diamonon as Katapult's Vice President, VP, of Strategic Partnerships and Eric Harmon as Vice President of Strategy and Corporate Development. Diamonon will take the lead in securing and managing Katapult's current and future retail partners, while Harmon will take the lead in defining Katapult's strategic priorities and initiatives to accelerate the company's growth. Prior to joining Katapult, Diamonon led the US sales team for Adyen (ADYEY). Harmon most recently held a position as executive director of alternative data product at UBS (UBS).
Katapult reports Q4 revenue 7c, one est. (6c) » 07:1403/1503/15/22
Reports Q4 revenue…
Reports Q4 revenue $73.3M, consensus $70.18M. "2021 was an important year for Katapult as we became a public company. In a challenging macro backdrop that resulted in slower gross origination growth than anticipated, we continued to focus on delivering high levels of customer and merchant satisfaction with our products and services, and grew our revenue 23% year-over-year," said Orlando Zayas, CEO of Katapult. "As we look to 2022 and beyond, we are excited about the opportunity to execute our long-term growth strategy and believe we are in the initial stages of building a sizable, durable and scalable business."