FlexShopper, Inc. Reports 2024 Fourth-Quarter and Year-End Financial Results

Core Insights - FlexShopper, Inc. reported a 19.5% year-over-year increase in annual revenue, driven by ongoing DTC and B2B growth strategies [1] - 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][2] Financial Performance - Total lease funding approvals increased 79.3% to $382.8 million from $213.5 million [8] - Total revenues for 2024 reached $139.8 million, up 19.5% from $117.0 million in 2023 [8] - Gross profit increased 40.3% to $76.7 million, with gross profit margin rising 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 2023 [8] 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] - Lease originations for Q1 2025 increased 49.7% compared to the same period in 2024, indicating continued growth momentum [4] Balance Sheet and Cash Flow - 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] - Cash at the end of 2024 was $10.4 million, up from $4.4 million at the end of 2023 [22] Future Outlook - FlexShopper anticipates continued growth in 2025, projecting full-year gross profit between $90 million and $100 million, representing a 17% to 30% increase from 2024 [16] - Expected adjusted EBITDA for 2025 is projected to be between $40 million and $45 million, a 20% to 35% increase from 2024 [16]