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, Inc. (Nasdaq: FPAY) announced its financial results for Q4 and fiscal year 2022. In Q4, total fundings rose by 11.3% to $33.1 million, despite a 31.1% drop in net lease and loan revenues to $21.4 million. Gross profit decreased by 68.5% to $3.8 million. However, net income soared to $7.9 million due to a $14.5 million gain from a bargain purchase and a $2.7 million tax benefit. For the fiscal year, fundings increased 28.9% to $111.8 million, while net revenues fell 9.9% to $113.1 million, and gross profit declined 19.7% to $37.1 million. The adjusted EBITDA turned negative at $(0.5 million) from $11.4 million. Operationally, FlexShopper acquired Revolution Financial, launching a direct loan origination model across 11 states.
FlexShopper, Inc. (Nasdaq: FPAY) has received a standard notice of noncompliance from Nasdaq due to the late filing of its Annual Report on Form 10-K for the year ended December 31, 2022. This notice indicated a breach of Nasdaq Listing Rule 5250(c)(1), requiring timely filing of all periodic financial reports with the SEC.
However, FlexShopper believes that the submission of the Form 10-K on April 24, 2023, has restored its compliance with the Nasdaq listing requirements. FlexShopper is a financial technology company that offers lease-to-own solutions for durable goods through its e-commerce platform, catering to underserved consumers.
FlexShopper, Inc. (Nasdaq: FPAY) announced the acquisition of assets from Revolution Financial Inc. and its affiliates, marking a strategic move into nationwide direct-to-consumer physical locations. This deal includes 22 physical stores and 78 virtual locations within Liberty Tax stores, enhancing FlexShopper's capacity to offer consumer financing solutions. CEO Richard House stated this acquisition facilitates the rollout of their partnership with Liberty Tax. Further details will be shared during the 2022 year-end results conference call.
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