KPLT

• Capital investment: Hawthorn Horizon Credit Fund made a $65 million investment, allowing payoff of term loan, repayment of part of revolving line of credit, and investment in growth; new directors, including Derek, joined the Board. - Q3 progress: Application growth was 76% through the first 3 quarters of 2025; unique new customers grew 35% YTD (47% in Q3); total customer base grew ~30% in Q3; MAUs grew nearly 49% YTD; NPS was 64, 55.3% of gross originations from repeat customers, LTV of repeat customers up ~5%. - App marketplace and KPay: Total app originations grew 44% to $39.3 million; KPay originations grew 66% to $26.4 million; added 46 new direct or waterfall merchants/merchant pathways in Q3. - Merchant activity: Direct and waterfall merchants accounted for 59% of total gross originations; top 25 merchants' gross originations grew 25% in Q3; working with merchants on promotional strategies and future functionality.

• Q4 2025: Gross originations expected to grow in the 15% to 20% range (including ~1 percentage point headwind from tightening in late Q3); revenue expected in the 21% to 23% range; adjusted EBITDA ~$2 million. - 2025 full year: Gross originations expected to grow between 20% and 23%; revenue expected in the 18% to 20% range; adjusted EBITDA between $8 million and $9 million (60% to 80% year-over-year growth). - 2026 projection: Projected at least 20% gross origination growth based on 2025 results.

In the third quarter, gross originations grew 25.3% to $64.2 million, and revenue increased by 22.8% to $74 million. Adjusted EBITDA was $4.4 million, which was above the $3 million to $3.5 million range. Total app originations, which start in the app but may be consummated elsewhere, grew 44% to $39.3 million, accounting for approximately 61% of gross originations. KPay originations, a subset of total app originations, grew 66% year-over-year to $26.4 million, representing 41% of total gross originations. Gross originations from direct and waterfall merchants made up approximately 59% of total gross originations, and when excluding the home furnishings and mattress category, direct and waterfall gross originations grew by approximately 42% year-over-year.

• Macroeconomic trends: Looming inflation, general market delinquency data indicating non-prime U.S. consumers facing challenges in meeting financial commitments, impact of government shutdown on core consumers; these factor into underwriting and marketing planning.