$KLAR trades at $16.77, more than 58% below its IPO price.
Q1 2026:
• Revenue +44% to $1.01B
• US revenue +68%
• GMV +33% to $33.7B
• Adjusted operating profit $68M vs $3M last year
• Operating income improved from -$90M to +$17M
• Active consumers +21% to 119M
• Merchants +49% to 1.07M
• Fair Financing +238%
Yet the company is valued at only about $6.6B, barely above 1.5x annualized revenue. Next year the number will be below 1x.
Meanwhile, Chairman Michael Moritz bought nearly $50M worth of shares after the IPO.
Revenue is accelerating. Profitability is improving. The user base is expanding.
The company added growth, profitability and scale. The stock lost more than half its value.
What am I missing here, except more cash to buy for?