FlexShopper providing LTO solutions to over 1,600 retail merchants through its partnership with Versatile Credit Launch of enhanced application process to drive more originations through improved customer experience FlexShopper expects to add over 100 new stores per quarter through its expanding partnership with Versatile Credit BOCA RATON, Fla., Sept. 09, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, announces a ...

BOCA RATON, Fla., Sept. 05, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, today announced that Russ Heiser, CEO, and John Davis, COO are participating at the 26th Annual H.C. Wainwright Global Investor Conference in New York City at the Lotte New York Palace Hotel on September 9 - September 11, 2024. Management will provide an overview of its second quarter of 2024 financial results, highlighted by a 30% year-over ...

Over 800 merchant locations now offering FlexShopper's LTO product through Terrace Finance's multi-lender platform FlexShopper and Terrace Finance launch Spanish language payment solution to better serve applicants and merchant partners BOCA RATON, Fla., Aug. 26, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, announces a partnership with Terrace Finance Corp, one of the most diverse financing waterfall platforms. T ...

FlexShopper announces the successful integration of their LTO program into PayTomorrow's platform Successful rollout with Monro Inc., one of the nation's leading automotive service and tire providers with approximately 1,300 locations FlexShopper's partnership with PayTomorrow has quickly added over 100 incremental locations with additional retailers, supporting a robust pipeline of over 4,000 locations BOCA RATON, Fla., Aug. 19, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent nationa ...

Financial Data and Key Metrics Changes - FlexShopper reported a total revenue increase of over 29% year-over-year in Q2 2024 [5] - Gross profit expanded by 90%, resulting in a gross margin of 50% compared to 34% in Q2 2023 [17] - Adjusted EBITDA rose from approximately $300,000 in Q2 2023 to almost $4.9 million in Q2 2024, marking the highest second quarter adjusted EBITDA level in two years [6][19] Business Line Data and Key Metrics Changes - Retail revenue increased from $780,000 in Q1 2024 to $1.4 million in Q2 2024, showing consistent growth in monthly retail revenue [9] - Total lease funding approvals doubled year-over-year, reaching $74.8 million in Q2 2024 compared to $37.0 million in Q2 2023 [18] - The provision for doubtful accounts as a percentage of gross lease billings improved to 22.5% in Q2 2024 from 33.4% in Q2 2023, indicating better asset quality [15] Market Data and Key Metrics Changes - The company added 150 retail storefronts by the end of Q2 2024, with an expectation of 500 additional storefronts in the second half of 2024 [11][32] - The retail lending environment remains challenging for nonprime consumers, but the company is enhancing risk-based pricing to optimize consumer engagement [13] Company Strategy and Development Direction - FlexShopper is focused on expanding its financing options and enhancing its digital marketplace, which includes traditional lease-to-own offerings and unsecured consumer loan products [6][7] - The company aims to increase customer conversion rates, which have been under 1% of unique website visitors, through various strategies including expanding payment solutions [12] - A significant opportunity exists to grow the online retail strategy, with plans to add more product categories and SKUs to the FlexShopper site [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth strategies and the ability to capture market share as other lenders tighten their standards [13][14] - The company remains vigilant regarding potential economic slowdowns but sees continued customer interest and stable consumer prices [20] Other Important Information - FlexShopper has made significant investments in technology to enhance underwriting, collections, and account servicing capabilities [8] - The company does not take inventory of products offered on its websites, relying on strategic relationships with distributors and manufacturers for drop-shipping [10] Q&A Session Summary Question: Update on total lease funding approvals metric - Management explained the shift to total lease funding approvals to clarify the number of approvals being issued, which may not be used immediately [22] Question: Status of microsites rollout - The first microsite focusing on gaming and electronics is live, with plans to launch two more by the end of the year [23] Question: Maturity of new retail locations - New locations typically take a few days to set up, with training for local operators being crucial for acceptance [24][25] Question: Customer engagement with lease funding approvals - Management noted seasonality in customer engagement, with higher take rates for essential items compared to consumer electronics [30] Question: Total retail locations after new additions - The total number of retail locations is expected to be just short of 5,000 after the addition of 500 new locations [32]

FlexShopper Inc. (FPAY) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to loss of $0.22 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 13.33%. A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced a loss of $0.03, delivering a surprise of 40%. Over the last four quarters, the company has surpasse ...

BOCA RATON, Fla., Aug. 06, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY) ("FlexShopper"), a leading national online lease-to-own ("LTO") retailer and payment solution provider for underserved consumers, today announced its financial results for the quarter ended June 30, 2024. Russ Heiser, Jr, Chief Executive Officer, stated, "Our second-quarter and year-to-date results are encouraging as the long-term growth strategies we are pursuing begin to take hold. Over the past two quarters we have focus ...

Exhibit 99.1 NEWS RELEASE FlexShopper, Inc. Reports 2024 Second-Quarter Financial Results Boca Raton, Fla., -- August 6, 2024 -- FlexShopper, Inc. (Nasdaq: FPAY) ("FlexShopper"), a leading national online lease-to-own ("LTO") retailer and payment solution provider for underserved consumers, today announced its financial results for the quarter ended June 30, 2024. Russ Heiser, Jr, Chief Executive Officer, stated, "Our second-quarter and year-to-date results are encouraging as the long-term growth strategies ...

Financial Performance - Total revenues for Q2 2024 reached $31,758,885, a 29.0% increase from $24,532,036 in Q2 2023[11] - Lease revenues and fees for Q2 2024 were $27,074,048, up 18.9% from $22,906,843 in Q2 2023[11] - Loan revenues and fees increased to $3,314,375 in Q2 2024, compared to $1,625,193 in Q2 2023, representing a 103.5% growth[11] - Operating income for Q2 2024 was $2,377,066, a significant improvement from a loss of $2,031,323 in Q2 2023[11] - Net loss for Q2 2024 was $1,603,059, compared to a net loss of $5,297,655 in Q2 2023, indicating a reduction in losses[11] - Gross profit for the six months ended June 30, 2024, was $33,780,801, a 53.6% increase from $21,997,555 in 2023[143] - Adjusted EBITDA for the six months ended June 30, 2024, was $12,491,259, reflecting an 86.5% increase from $6,696,501 in 2023[144] - For the six months ended June 30, 2024, the net loss attributable to common shares was $3,978,436, compared to a net loss of $7,492,596 for the same period in 2023, representing a 46.5% improvement[47] - Basic and diluted earnings per share for the six months ended June 30, 2024, were both $(0.18), compared to $(0.34) for the same period in 2023, indicating a reduction in losses[48] Assets and Liabilities - Total current assets increased to $132,438,401 in 2024 from $117,434,627 in 2023, reflecting a growth of 12.7%[10] - Total liabilities rose to $144,731,149 in 2024, up from $127,259,604 in 2023, marking a 13.8% increase[10] - Cash balance improved to $4,892,912 in 2024, compared to $4,413,130 in 2023, showing a 10.8% increase[10] - The company reported a total stockholders' equity of $27,481,239 in 2024, down from $29,230,773 in 2023, a decrease of 6.0%[10] - The company reported principal and accrued interest outstanding on the NRNS Note of $10,674,096 as of June 30, 2024[180] Cash Flow and Financing - Total cash provided by financing activities for the six months ended June 30, 2024, was $20,529,695, compared to a cash used of $1,807,465 in the same period of 2023[16] - The company incurred $28,534,788 in depreciation and impairment of lease merchandise for the six months ended June 30, 2024, slightly down from $29,831,205 in 2023[16] - The company borrowed $22,361,690 under the 2024 Credit Agreement for the six months ended June 30, 2024, compared to $2,795,000 borrowed in the same period in 2023[176] - Interest expense incurred under the 2024 Credit Agreement was $4,137,318 for the six months ended June 30, 2024, compared to $3,332,686 for the same period in 2023[177] - The outstanding balance under the 2024 Credit Agreement was $118,816,690 as of June 30, 2024[177] - The company expects to meet liquidity needs for future growth through cash flow from operations and/or additional borrowings against the Credit Agreement[184] Marketing and Expenses - Marketing expenses for Q2 2024 were $2,545,814, an increase of 71.0% from $1,488,578 in Q2 2023[11] - Salaries and benefits increased by 42.0% to $4,224,614 in Q2 2024 from $2,976,008 in Q2 2023, attributed to hiring for new initiatives[152] - Marketing expenses increased by 66.6% to $4,311,386 compared to $2,587,767 in the previous year, as the company ramped up efforts to generate more originations[162] Credit Quality and Receivables - The company reported a provision for doubtful accounts of $17,290,476 for the six months ended June 30, 2024, down from $22,085,828 in 2023, reflecting improved credit quality[16] - The allowance for doubtful accounts rose to $33,008,354 as of June 30, 2024, compared to $19,954,828 at the end of 2023, indicating an increase of about 65.5%[26] - The net charge-off for the six months ended June 30, 2024, was $(2,411,225), compared to $(11,041,155) for the year ended December 31, 2023, reflecting improved credit quality[60] - The provision for doubtful accounts as a percentage of gross lease billings decreased to 23% in Q2 2024 from 33% in Q2 2023[147] Shareholder Information - The total number of common shares outstanding as of June 30, 2024, was 21,527,869, a slight decrease from 21,751,807 shares in the same period of 2023[47] - The Company has 170,332 shares of Series 1 Convertible Preferred Stock outstanding, convertible into 225,231 shares of common stock[96] - Cumulative accrued dividends for Series 2 Preferred Stock totaled $25,349,212 as of June 30, 2024[98] - The Board of Directors authorized a share repurchase program to acquire up to $2 million of the Company's common stock, with a term of 18 months[194] Strategic Initiatives - The company plans to continue its market expansion and product development strategies to enhance its financial performance moving forward[19] - FlexShopper launched a new initiative in Q1 2024 to offer alternative lenders payment options on its marketplace, expanding its customer reach[134] - The company is actively working on onboarding a new bank partner for its unsecured consumer loan product after its previous partner exited the high APR business in 2023[132] Miscellaneous - The company is not currently experiencing any material impact from the COVID-19 pandemic as of August 6, 2024[185] - The company recognized a tax benefit from uncertain tax positions only if it is more likely than not that the position will be sustained, with no unrecognized tax benefits recorded as of June 30, 2024[64]

FlexShopper Inc. (FPAY) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 40%. A quarter ago, it was expected that this company would post a loss of $0.26 per share when it actually produced a loss of $0.03, delivering a surprise of 88.46%. Over the last four quarters, the company has surpasse ...