Core Viewpoint - FlexShopper, Inc. has received a deficiency notification from Nasdaq due to its failure to timely file its Quarterly Report for Q2 2025, which may affect its continued listing status [1][2]. Group 1: Compliance and Filing Issues - FlexShopper was previously granted an exception until October 13, 2025, to file its delinquent Form 10-K for 2024 and Form 10-Q for Q1 2025, but now faces additional delinquency for the Q2 2025 Form 10-Q [2]. - The company must submit an updated plan to regain compliance with Nasdaq's filing requirements due to the new delinquency [2][3]. - The delay in filing the Q2 2025 Form 10-Q is attributed to the need for sufficient time to complete accounting and internal control processes [3]. Group 2: Company Overview - FlexShopper, Inc. is a financial technology company that specializes in lease-to-own and lending solutions for underserved consumers in the U.S. [4]. - The company offers flexible payment options through its direct marketplace and partners with various retailers [4].

Core Points - FlexShopper, Inc. received a 180-calendar day extension from Nasdaq to regain compliance with Listing Rule 5250(c)(1) regarding timely filing of financial reports [1][2] - The extension was granted after Nasdaq reviewed materials submitted by the company, allowing additional time for compliance [2] - FlexShopper is currently working with its independent auditor to complete its annual audit for the fiscal year ended December 31, 2024, and will provide updates on its delayed financial filings soon [3] - During the new compliance period, FlexShopper's shares will continue to trade on Nasdaq, and if the company files its Form 10-K and Form 10-Q by October 13, 2025, it is expected to regain compliance [4] - If the company fails to file the required reports by the deadline, it may face delisting from Nasdaq [4] - FlexShopper is a financial technology company that offers lease-to-own payment solutions and flexible funding options for underserved consumers through its online marketplace and partnerships with merchants [5]

Group 1 - FlexShopper has announced a strategic partnership with ICON Vehicle Dynamics to provide lease-to-own payment solutions for ICON's customers, enhancing accessibility to premium vehicle upgrades [1][4] - ICON's customers can now purchase high-quality off-road performance parts with flexible weekly payments and no credit needed, facilitated by FlexShopper's advanced technology platform [2][3] - The partnership aligns with ICON's commitment to innovation and performance, allowing customers to upgrade their vehicles without compromising on quality or budget [3][4] Group 2 - FlexShopper is currently working to regain compliance with Nasdaq's listing standards after failing to timely file its Form 10-Q and Form 10-K [5][6] - The company has until June 16, 2025, to submit a plan to regain compliance, with the possibility of receiving an extension of up to 180 days if the plan is accepted [6] - FlexShopper is a national financial technology company that offers innovative payment options, including lease-to-own and lending products, to underserved consumers [7]

```markdown [Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) The company achieved significant revenue and operating income growth in 2024, driven by strategic investments and expanded market reach, with momentum continuing into 2025 [CEO Commentary and Strategic Progress](index=1&type=section&id=CEO%20Commentary%20and%20Strategic%20Progress) The CEO highlighted 2024 as a transformative year with successful technology investments, increased LTO locations, a new retail revenue strategy, and a 66% rise in operating income, with momentum continuing into 2025 - DTC and B2B growth strategies led to a **~250%** increase in LTO offerings to **7,900** locations during **2024**[3](index=3&type=chunk) - The new retail revenue strategy on the flexshopper.com marketplace, in its first year, added incremental revenues and profits[3](index=3&type=chunk) - The company raised **$12.2 million** in proceeds through a rights offering between **November 2024** and early **2025** to improve its balance sheet[4](index=4&type=chunk) - Lease originations for the first quarter of **2025** increased by **49.7%** compared to the same period in **2024**[5](index=5&type=chunk) [Fourth Quarter 2024 Financial Highlights](index=1&type=section&id=Results%20for%20the%20Fourth%20Quarter%20Ended%20December%2031%2C%202024) In Q4 2024, FlexShopper reported increased total revenues and gross profit, stable operating income, and higher Adjusted EBITDA, despite a widened net loss attributable to common stockholders Q4 2024 vs Q4 2023 Key Metrics | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $35.5M | $30.3M | +17.3% | | Gross Profit | $20.4M | $15.7M | +29.8% | | Gross Profit Margin | 58% | 52% | +6 p.p. | | Operating Income | $5.8M | $5.6M | +3.6% | | Adjusted EBITDA | $8.6M | $8.2M | +5.7% | | Net Loss to Common Stockholders | ($1.9M) | ($0.7M) | Widened | | Diluted EPS | ($0.09) | ($0.03) | Widened | | Total Lease Funding Approvals | $142.4M | $86.0M | +65.6% | [Full Year 2024 Financial Highlights](index=1&type=section&id=Results%20for%20the%20Twelve%20Months%20Ended%20December%2031%2C%202024) For the full year 2024, the company achieved significant increases in total revenues, operating income, and Adjusted EBITDA, while narrowing its net loss attributable to common stockholders Full Year 2024 vs 2023 Key Metrics | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $139.8M | $117.0M | +19.5% | | Gross Profit | $76.7M | $54.7M | +40.3% | | Gross Profit Margin | 55% | 47% | +8 p.p. | | Operating Income | $22.8M | $13.7M | +66.4% | | Adjusted EBITDA | $33.3M | $23.2M | +43.1% | | Net Loss to Common Stockholders | ($4.7M) | ($8.3M) | Narrowed | | Diluted EPS | ($0.22) | ($0.38) | Improved | | Total Lease Funding Approvals | $382.8M | $213.5M | +79.3% | [2025 Outlook and Corporate Updates](index=3&type=section&id=2025%20Outlook%20and%20Corporate%20Updates) The company provides positive financial guidance for 2025 while addressing a Nasdaq compliance issue related to its 10-K filing [2025 Forward Guidance](index=3&type=section&id=2025%20Forward%20Guidance) FlexShopper anticipates continued growth in 2025, projecting full-year gross profit between $90 million and $100 million and Adjusted EBITDA between $40 million and $45 million 2025 Full Year Guidance | Metric | 2025 Guidance | YoY Growth vs 2024 | | :--- | :--- | :--- | | Gross Profit | $90M - $100M | 17% - 30% | | Adjusted EBITDA | $40M - $45M | 20% - 35% | [10-K Filing and Nasdaq Compliance](index=3&type=section&id=10-K%20Filing%20and%20Nasdaq%20Compliance) The company received a Nasdaq non-compliance notification due to a delayed 10-K filing but intends to regain compliance, potentially with an extension until October 13, 2025 - Received a non-compliance notification from Nasdaq on **April 17, 2025**, due to a delay in filing the Form **10-K**[12](index=12&type=chunk) - The company intends to file the **10-K** as soon as practicable and may be granted up to **180 days** (until **October 13, 2025**) to regain compliance[12](index=12&type=chunk) [Consolidated Financial Statements (Unaudited)](index=5&type=section&id=CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(unaudited)) The unaudited financial statements show increased assets and liabilities, with improved net loss and cash flow from financing activities [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of December 31, 2024, FlexShopper's total assets and liabilities increased, primarily due to growth in receivables, while total stockholders' equity also rose Selected Balance Sheet Data (as of Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Total Assets | $209,508,494 | $156,490,377 | | Total Liabilities | $176,358,320 | $127,259,604 | | Total Stockholders' Equity | $33,150,174 | $29,230,773 | | Cash | $10,402,637 | $4,413,130 | | Lease receivables, net | $72,191,028 | $44,795,090 | [Consolidated Statements of Operations](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the year ended December 31, 2024, total revenues and operating income increased, and the net loss attributable to common shareholders significantly narrowed despite higher interest expenses Selected Statement of Operations Data (Year ended Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenues | $139,800,732 | $116,975,007 | | Operating Income | $22,778,529 | $13,690,347 | | Interest Expense | ($22,136,448) | ($18,913,773) | | Net Loss | ($179,269) | ($4,233,617) | | Net Loss Attributable to Common Shareholders | ($4,693,270) | ($8,337,255) | | Diluted Loss Per Share | ($0.22) | ($0.38) | [Consolidated Statements of Cash Flows](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the year ended December 31, 2024, net cash used in operating and investing activities was offset by significant cash provided by financing activities, leading to an increased year-end cash balance Selected Cash Flow Data (Year ended Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($34,946,153) | ($6,664,520) | | Net cash used in investing activities | ($9,151,274) | ($7,561,259) | | Net cash provided by financing activities | $50,086,934 | $12,465,560 | | Increase/(Decrease) in Cash | $5,989,507 | ($1,760,219) | | Cash, end of period | $10,402,637 | $4,413,130 | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes Adjusted EBITDA as a key non-GAAP metric to assess operational performance, demonstrating significant growth in 2024 [Definition of Non-GAAP Measures](index=9&type=section&id=Definition%20of%20Non-GAAP%20Measures) The company uses Adjusted EBITDA as a key non-GAAP metric to evaluate operating performance, defined as net income before specific non-cash and non-recurring adjustments - Adjusted EBITDA is defined as net income excluding interest, stock-based compensation, taxes, depreciation (other than leased merchandise), amortization, and non-recurring items[26](index=26&type=chunk) [Full Year 2024 Reconciliation](index=9&type=section&id=Full%20Year%202024%20Reconciliation) For the full year 2024, FlexShopper's gross profit increased significantly, and Adjusted EBITDA rose **43.1%** to **$33.3 million** after reconciliation from net loss Full Year 2024 Gross Profit and Adjusted EBITDA Reconciliation | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Gross Profit | $76,719,393 | $54,679,281 | 40.3% | | Net Loss | ($179,269) | ($4,233,617) | 95.8% | | Adjusted EBITDA | $33,273,953 | $23,249,164 | 43.1% | [Fourth Quarter 2024 Reconciliation](index=10&type=section&id=Fourth%20Quarter%202024%20Reconciliation) In Q4 2024, gross profit grew significantly, and Adjusted EBITDA increased **5.7%** to **$8.6 million**, despite the company reporting a net loss for the quarter Q4 2024 Gross Profit and Adjusted EBITDA Reconciliation | Metric | Q4 2024 | Q4 2023 | % Change | | :--- | :--- | :--- | :--- | | Gross Profit | $20,437,771 | $15,746,344 | 29.8% | | Net Loss | ($728,416) | $354,152 | (305.7%) | | Adjusted EBITDA | $8,631,920 | $8,164,197 | 5.7% | ```

Core Insights - FlexShopper, Inc. reported a 19.5% year-over-year increase in annual revenue, driven by ongoing DTC and B2B growth strategies [1][2] - Operating income for 2024 rose 66% to $22.8 million, with adjusted EBITDA increasing 43.1% to $33.3 million due to higher revenue and controlled expenses [1][8] Financial Performance - Total lease funding approvals increased 79.3% to $382.8 million from $213.5 million [8] - Total revenues for the year increased 19.5% to $139.8 million from $117.0 million [8] - Gross profit rose 40.3% to $76.7 million from $54.7 million, with gross profit margin improving from 47% to 55% [8] - Net loss attributable to common stockholders decreased to ($4.7) million, or ($0.22) per diluted share, compared to a net loss of ($8.3) million, or ($0.38) per diluted share in the previous year [8][22] Growth Strategies - FlexShopper expanded its LTO offerings to 7,900 locations, a ~250% increase, and launched a retail revenue strategy on its marketplace, contributing to incremental revenues [2][4] - Lease originations for the first quarter of 2025 increased 49.7% compared to the same period in 2024, indicating continued growth momentum [4] Balance Sheet and Capital Management - The company raised $12.2 million through a rights offering and is looking to repurchase 91% of its series 2 convertible preferred stock at a significant discount [3] - Total assets increased to $209.5 million as of December 31, 2024, compared to $156.5 million in 2023 [19][20] Future Outlook - FlexShopper anticipates continued growth in 2025, projecting gross profit between $90 million and $100 million, representing a 17% to 30% increase from 2024 [16] - Adjusted EBITDA for 2025 is expected to be between $40 million and $45 million, a 20% to 35% increase from 2024 [16]

Total new customer application volume in January 2025 increased 130% year-over-year, driving the highest level of January originations, with total originations up 44% year-over-year Monthly growth trends accelerated in January 2025, compared to December 2024 Indicators of profitability for January 2025 are encouraging with 105% increase in FlexShopper.com gross margin dollars, a 34% year-over-year reduction in marketplace marketing cost per new customer, and stable asset quality BOCA RATON, Fla., Feb. 10, ...

Core Viewpoint - FlexShopper, Inc. has announced an update regarding its rights offering, allowing shareholders who participated in the initial unit subscription to engage in Series A, B, and C rights offerings, following a successful fundraising effort that raised approximately $12 million [1][2]. Financial Performance - The initial unit subscription raised about $12 million, which included $9.4 million in gross proceeds and the conversion of $2.5 million of subordinated debt [2]. - The gross proceeds were utilized to reduce borrowings under FlexShopper's credit agreement, leading to an estimated 15% accretive impact on pro-forma earnings per share for Q3 2024 [2]. Rights Offering Details - Series A rights expire on February 15, 2025, Series B on March 17, 2025, and Series C on April 16, 2025 [3]. - The exercise price for Series A is the higher of $1.70 or 90% of the VWAP over the last three trading days prior to expiration, capped at $2.55; Series B has a similar structure with a cap of $3.40; Series C is capped at $4.25 [3]. Participation Encouragement - FlexShopper encourages holders of the Series A, B, and C rights to contact their brokers or financial advisors to participate in the offerings, with specific submission deadlines highlighted [4]. Company Overview - FlexShopper, Inc. is a leading national financial technology company that provides payment solutions and flexible funding options to underserved consumers through its online marketplace and partnerships with merchants [7][8].

T. Scott King to Retire from FlexShopper’s Board of DirectorsBOCA RATON, Fla., Jan. 22, 2025 (GLOBE NEWSWIRE) -- FlexShopper Inc. (Nasdaq: FPAY), a leading national lease-to-own (LTO) retailer and payment solutions provider, today announced that it has appointed Patrick McCrory as an independent board member. In addition, FlexShopper announced the retirement of T. Scott King from the Company’s Board of Directors effective January 20. “We are excited to welcome Pat to FlexShopper’s Board of Directors,” said ...

Company Overview - FlexShopper, Inc. is a leading national online lease-to-own retailer and payment solutions provider, listed on Nasdaq under the ticker FPAY [1][3] - The company offers flexible funding options for underserved consumers through its online marketplace and partnerships with both online and brick-and-mortar merchants [3] Upcoming Event - FlexShopper will present at the Sidoti Micro-Cap Virtual Conference on January 22 and 23, 2025, with CEO Russ Heiser and COO John Davis hosting one-on-one meetings [1] - The live presentation is scheduled for January 23, 2025, at 9:15 AM Eastern Time, and registration for the event is free [2] Business Model - FlexShopper's solutions are designed to cater to a wide range of consumer segments through lease-to-own and lending products [3]

Core Viewpoint - FlexShopper, Inc. has successfully completed a unit rights offering, raising approximately $9.4 million in gross proceeds, with plans to utilize the funds for debt repayment and potential acquisitions [1][2][3]. Group 1: Rights Offering Details - The Rights Offering expired on January 10, 2025, with approximately 5,547,993 subscription rights exercised, representing about 21% of the company's common stock [2]. - Units were sold at $1.70, reflecting a 15% discount to the 3-day volume weighted average price [1]. - An additional 21 million rights can be exercised over the next 90 days at 30-day intervals for more shares [2]. Group 2: Financial Impact and Future Plans - The company intends to use proceeds to repurchase over 90% of its Series 2 Convertible Preferred Stock and repay portions of its credit facility and other debts [3]. - The CEO highlighted that the Rights Offering is expected to save approximately $8.5 million in annual dividend and interest expenses if similar participation occurs in upcoming rights offerings [3]. - The conversion of $2.5 million of subordinated debt is anticipated to save approximately $0.5 million in annual interest expenses [4]. Group 3: Market Performance - The company's stock price increased from $1.03 per share at the end of Q3 2024 to $1.90 per share by January 10, 2025, indicating a market capitalization growth from $22.1 million to over $54 million [3]. - The CEO expressed optimism about the company's growth strategy and market share expansion [5]. Group 4: Company Overview - FlexShopper, Inc. is a national financial technology company providing lease-to-own and lending products to underserved consumers through its online marketplace and partnerships with merchants [7].