Katapult Holdings, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting a 10% year-over-year increase in total revenue, which surpassed the company's previous outlook. This marks a period of continued growth across key financial and operating metrics for the e-commerce-focused financial technology company.
Gross originations demonstrated an eighth consecutive quarter of year-over-year growth. Notably, gross originations excluding Wayfair increased from under 30% to 58% of the company's base and grew 37% year-over-year during the third quarter, highlighting successful diversification efforts. Katapult Pay (KPay) was a significant driver, with KPay gross originations increasing 86% year-over-year and representing 31% of total gross originations.
For the full year 2024, Katapult updated its outlook, expecting gross originations growth of 6-8% year-over-year, revenue growth of at least 10% year-over-year, and adjusted EBITDA of at least $4 million. CFO Nancy Walsh stated that the company is positioned to deliver its first full year of Adjusted EBITDA profitability since 2021, despite continued headwinds in the home furnishings category.
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