Strong Q1 Gross Originations Growth
Gross originations grew 15.4% year-over-year, exceeding the outlook of 11% growth. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
Increasing Consumer Engagement
Applications grew by approximately 59%, and the total lease count increased by approximately 22%. The percentage of customers with more than one active lease increased to over 28% from just under 27% last year.
Significant Growth in KPay Originations
KPay originations were $22.8 million, up approximately 57%, and represented 35% of total gross originations, up from 26% in Q1 2024.
Expansion of App Marketplace
App originations grew 42% to $37.9 million, with approximately 59% of gross originations starting in the app marketplace.
Positive Revenue Growth
First quarter revenue grew 10.6% to $71.9 million, marking the eighth consecutive quarter of year-over-year growth.