Key Highlights

  • The all-stock combination closed on August 11, 2026.
  • Pro forma 2025 revenue is above $4 billion and adjusted EBITDA above $460 million.
  • Legacy Katapult stockholders hold approximately 6% post-close.
  • Second-quarter revenue was $74.8 million, up 4.0%.

Katapult Holdings, Inc. (NASDAQ:KPLT) has changed substantially since August 11, when it completed an all-stock combination with The Aaron's Company and CCF Holdings. The enlarged group says it is a combined nonprime consumer financial platform, with pro forma 2025 revenue above $4 billion and pro forma 2025 adjusted EBITDA above $460 million. The question may be how a business that reported $74.8 million of quarterly revenue in the second quarter fits into a much larger structure.

Latest Company Context

Katapult reported second-quarter 2026 results on August 4, before the transaction closed. Revenue was $74.8 million, up 4.0% year over year, and gross originations were $75.5 million, up 4.7%. The net loss was $4.4 million, an improvement of 44.0%, which the company attributed mainly to lower interest expense after the November 2025 term loan extinguishment. Adjusted EBITDA was $1.2 million versus $0.3 million a year earlier. On August 11 the combination closed, and Aaron's and CCFI became indirect subsidiaries of Katapult. Post-close fully diluted ownership is approximately 14% for Aaron's stockholders, 80% for CCFI unitholders and 6% for legacy Katapult stockholders. The company said it will keep trading on Nasdaq as KPLT.

Key Business Drivers

The key driver is integration of three businesses and brands: Aaron's, CCFI and Katapult. The company will report in two segments, Lease-to-Own & Retail and Consumer Finance, and a December 2025 announcement said it would be headquartered in Atlanta. The ownership split is notable: legacy Katapult holders now hold about 6% on a fully diluted basis, which means the pro forma figures describe a business dominated by the acquired operations. Pro forma numbers combine historical results and may not reflect actual post-close performance. Nonprime consumer finance is sensitive to credit losses, consumer spending and funding costs, which could influence results.

What Investors Should Watch

Investors may watch the first reporting period that includes the combined operations, where the two-segment structure and consolidated figures should become visible. Any initial guidance for the enlarged company would help frame expectations. Integration milestones, cost synergies, and capital structure details, including debt arising from the transaction, may also matter. Credit performance and lease charge-off trends in both segments could be an important indicator, as could trading liquidity given the change in share count and holder base. Further filings, such as the Form 8-K and any pro forma financial statements, could provide detail not covered in press headlines.

A Much Larger Structure and Few Per-Share Answers

Katapult is now a much larger combined platform whose legacy shareholders hold about 6% of the fully diluted shares. Integration and any initial guidance for the enlarged company are the next pieces of information.