KPLT - Katapult stock soars after Q3 revenue grows amid macro challenges
Katapult Holdings (NASDAQ:KPLT) shares surge 39% after the fintech's Q3 revenue of $71.7M far surpasses the single analyst estimate of $55.2M. Revenue for the latest quarter increased 1% from $71.1M a year ago, and gross originations also rose 1% to $61.0M, "despite current macro challenges, including supply chain disruptions, that are impacting our merchant partners," the company said. Q3 adjusted net income of -$4.51M contrasts with $9.92M of income in the year-ago quarter. Q3 total operating expenses of $21.0M almost doubled from $10.7M a year ago. Bad debt expense of $5.94M rose from $3.93M in Q3 2020, but fell from ~$8M in Q2. Q3 adjusted EBITDA was about breakeven vs. $14.2M a year ago, due to increased expenses for being a public company and increased investments in technology and business development staffing. Its largest merchant partner saw U.S. sales fall 21% Y/Y in the quarter, however Katapult (KPLT) was able to
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Katapult stock soars after Q3 revenue grows amid macro challenges