Welcome to our dedicated page for FlexShopper news (Ticker: FPAY), a resource for investors and traders seeking the latest updates and insights on FlexShopper stock.
FlexShopper, Inc. (NASDAQ: FPAY) is a leading financial technology company specializing in lease-to-own (LTO) solutions for consumers and retailers. As a wholly owned subsidiary, FlexShopper, LLC, operates an extensive e-commerce marketplace (www.flexshopper.com) that offers over 80,000 brand-name durable goods ranging from electronics and furniture to musical instruments and appliances.
FlexShopper provides consumers with three convenient ways to lease brand-name items: through its own e-commerce platform, via third-party e-commerce sites that feature FlexShopper's LTO payment methods, and directly in retail stores. The company's innovative technology not only facilitates these transactions but also ensures seamless integration for retailers and e-tailers looking to offer LTO options to customers who may lack sufficient cash or credit.
FlexShopper's business model involves funding these LTO transactions by paying merchants upfront for the goods, then collecting payments from consumers under LTO contracts. This approach enables a broader range of consumers to access high-quality products while offering retailers a secure and guaranteed payment solution.
In recent years, FlexShopper has achieved significant milestones, including expanding its product range and enhancing its proprietary LTO technology platforms, which are now utilized by an increasing number of retail partners. Financially, the company has shown strong performance metrics and continues to focus on growth and customer satisfaction.
FlexShopper regularly updates its investor relations with conference calls and webcasts, providing key performance metrics and financial results. For example, the next scheduled conference call is set for Tuesday, April 2, 2024, at 8:30 a.m. ET to discuss Q4 and year-end results.
For more information on FlexShopper, visit the official website or contact their investor relations at ir@flexshopper.com.
FlexShopper (FPAY) has secured a purchase option agreement to redeem 91% of its Series 2 Preferred Stock at a 50+% discount to its Q2 2024 liquidation preference of approximately $43 million. The transaction is expected to save the company over $23 million, equivalent to about $1 per share. The redemption will result in annual savings of approximately $4 million in payment-in-kind dividends and is projected to be highly accretive to earnings. The purchase option extends for one year, with additional payments potentially required based on change of control or patent settlement announcements.
FlexShopper, Inc. (Nasdaq: FPAY), a leading online lease-to-own retailer and payment solutions provider, has filed patent infringement lawsuits against Upbound Group, Inc. (Nasdaq: UPBD) and Katapult Holdings, Inc. (Nasdaq: KPLT). The legal action, filed in the U.S. District Court for the Eastern District of Texas, alleges unauthorized use of FlexShopper's patented technologies.
The lawsuits focus on five key patents granted between 2018 and present, which protect FlexShopper's computer-implemented lease-to-own (LTO) technology. FlexShopper has retained Quinn Emanuel Urquhart & Sullivan, LLP to represent them in these cases.
FlexShopper is seeking both injunctive relief to prevent further infringement and monetary damages. The patents in question cover innovative systems and methods for enabling retailers to partner with third-party lease-to-own providers, facilitating seamless lease-to-own transactions for consumers.
FlexShopper (NASDAQ: FPAY), a national online lease-to-own retailer and payment solutions provider, has partnered with Versatile Credit to expand its merchant opportunities. The collaboration integrates FlexShopper's lease-to-own (LTO) services into Versatile Credit's platform, covering over 1,600 tire & auto retail locations across 30+ states. In Q2 2024, applicants via Versatile Credit were approved for over $8.3 million through FlexShopper.
The partnership introduces an enhanced application process, aiming to drive higher utilization rates and expand FlexShopper's LTO solutions. The company expects to add over 100 new retail locations per quarter through this growing partnership. FlexShopper anticipates doubling funding approvals over the next year, projecting total fundings to double by Q4 2024.
FlexShopper (Nasdaq: FPAY), a leading online lease-to-own retailer and payment solutions provider, announced its participation in the 26th Annual H.C. Wainwright Global Investor Conference in New York City from September 9-11, 2024. CEO Russ Heiser and COO John Davis will present the company's Q2 2024 financial results, highlighting:
- 30% year-over-year increase in total revenue
- 102% increase in total lease funding approvals
- 16x increase in adjusted EBITDA
Management will also discuss FlexShopper's multi-year growth strategies, including expanding its TAM, increasing customer traffic and conversion, enhancing retail opportunities, and growing its online and in-store merchant count. The on-demand presentation will be available from 7:00 a.m. ET on September 9, 2024, with one-on-one meetings scheduled for September 10.
FlexShopper (NASDAQ: FPAY) has partnered with Terrace Finance to expand its lease-to-own (LTO) services to over 800 retail merchant locations. The collaboration integrates FlexShopper's LTO solutions into Terrace Finance's multi-provider platform, enhancing payment options for underserved consumers. Key highlights include:
- Over $4.6 million in approved fundings during Q2 2024
- Expected addition of 500 more retail locations by end of 2024
- Launch of Spanish language payment solution
- Seamless integration with brick-and-mortar, point-of-sale, and eCommerce platforms
This partnership aims to expand conversion rates, increase repeat purchases, and drive growth for both companies in 2024 and beyond.
FlexShopper (Nasdaq: FPAY) and PayTomorrow have announced a strategic partnership, integrating FlexShopper's lease-to-own (LTO) services into PayTomorrow's financing platform. The collaboration has successfully launched with Monro Inc., a leading tire and automotive chain with about 1,300 locations across the U.S. This partnership has already added over 100 incremental locations, bringing the total to over 1,400 retail locations served.
FlexShopper's CEO, Russ Heiser, highlighted the success of the initial rollout and the potential for growth, with a pipeline of over 4,000 potential locations to be added within the PayTomorrow platform. The integration aims to provide consumers with flexible payment options and merchants with comprehensive financing solutions, streamlining the checkout process and potentially increasing sales.
FlexShopper, Inc. (Nasdaq: FPAY) reported strong financial results for Q2 2024. Total revenue increased 29.8% to $31.8 million, while gross profit surged 89.3% to $15.9 million. The company saw a significant improvement in Adjusted EBITDA, which rose to $4.9 million from $0.3 million in the same period last year. Total lease funding approvals increased by 102.2% to $74.8 million. Despite these positive metrics, FlexShopper reported a net loss of $2.7 million, or ($0.13) per diluted share. The company added 150 new retail partner locations and expects to add 500 more in H2 2024. FlexShopper's CEO, Russ Heiser, Jr, expressed confidence in the company's long-term growth strategies and its ability to capitalize on market share opportunities.
FlexShopper, Inc. (Nasdaq: FPAY), a leading national online lease-to-own retailer and payment solution provider, has announced its plans to release financial results for the second quarter ended June 30, 2024. The results will be disclosed after the market closes on Tuesday, August 6, 2024. Following this, the company will host a conference call on Wednesday, August 7, 2024, at 8:30 a.m. Eastern Time to discuss the results.
Interested parties can join the conference call via phone or webcast. The toll-free dial-in number is (800) 715-9871, while the international dial-in is (646) 307-1963, with the Conference ID: 7545308. The call will also be webcast live on the company's website. An audio replay will be available on FlexShopper's investor relations website after the call.
FlexShopper, Inc. (Nasdaq: FPAY), a national leader in online lease-to-own retail and payment solutions, reported its financial results for Q1 2024, ending March 31. Total revenues rose 10.1% to $33.9 million from $30.8 million, and gross profit increased 30.9% to $17.8 million from $13.6 million. Adjusted EBITDA increased by $1.2 million, reaching $7.6 million from $6.4 million. Operating income saw a 19% rise to $5.0 million from $4.2 million. Despite these gains, the company reported a net loss of $1.3 million, consistent with the previous year's Q1 loss of $1.2 million. Core earnings improved by 64.7% to $354,000 from $215,000. Financial metrics reveal a mixed picture with positive revenue and profit growth, but ongoing net losses.
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