BOCA RATON, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY) (the "Company") announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC") for a proposed rights offering in which it plans to distribute to its stockholders non-transferable subscription rights to purchase up to 35,000,000 units. Each unit will consist of one share of common stock (the "Common Shares") and three short-term rights to purchase additional Com ...

BOCA RATON, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), ("the Company"), a leading online lease-to-own retailer and payment solutions provider, today announced that it has entered into a purchase option agreement with the majority holder of the Company's Series 2 Preferred Stock (the "Preferred Stock"), in which FlexShopper has the option to redeem 91% of FlexShopper's Preferred Stock at a 50+% discount to the second quarter of 2024 liquidation preference of approximately $43 m ...

BOCA RATON, Fla., Oct. 01, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), ("the Company"), a leading online lease-to-own retailer and payment solutions provider, has initiated legal action to defend its intellectual property. The Company has filed patent infringement lawsuits against Upbound Group, Inc. (Nasdaq: UPBD) (including its Acima subsidiaries) and Katapult Holdings, Inc., (Nasdaq: KPLT) alleging unauthorized use of FlexShopper's patented technologies. FlexShopper has retained the renown ...

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]

Group 1: Earnings Performance - FlexShopper Inc. reported a quarterly loss of $0.13 per share, better than the Zacks Consensus Estimate of a loss of $0.15, and improved from a loss of $0.22 per share a year ago, representing an earnings surprise of 13.33% [1] - The company posted revenues of $31.76 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 2.45%, and compared to year-ago revenues of $24.53 million [2] - Over the last four quarters, FlexShopper has exceeded consensus EPS estimates four times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - FlexShopper shares have declined approximately 37.1% since the beginning of the year, contrasting with the S&P 500's gain of 8.7% [3] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the coming quarter at $0.07 on revenues of $41.32 million, and for the current fiscal year at -$0.08 on revenues of $158.02 million [7] - The Zacks Rank for FlexShopper is currently 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Group 3: Industry Context - The Financial - Miscellaneous Services industry, to which FlexShopper belongs, is currently in the top 42% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

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 ...