IOU Financial Inc. - IOUFF STOCK NEWS

IOU Financial announced a repurchase of approximately $0.9 million of convertible debentures, raising its total year-to-date repurchases to $3.2 million. This strategic move aims to reduce corporate debt and capitalize on economic recovery opportunities. CEO Robert Gloer emphasized the company's strong cash position, enabling focused investments in small business loans via its marketplace strategy. Since 2009, IOU has funded over US $1 billion in small business growth loans, establishing itself as a trusted alternative lender.

IOU Financial Inc. has achieved a significant milestone, surpassing US$1 billion in total loan originations over its 12-year history. The company reported a record loan origination of US$52 million in Q3 2021, marking a 51.5% increase from Q2 2021 and a remarkable 183.1% growth year-over-year. CEO Robert Gloer expressed optimism regarding economic recovery, emphasizing the importance of funding for small businesses. IOU Financial is expected to release its Q3 financial results soon, highlighting its commitment to supporting small business growth.

IOU Financial reported impressive growth in loan originations, achieving US$34.4 million in Q2 2021, up 36.1% from Q1 2021 and 272.4% from Q2 2020. July 2021 marked the company’s highest monthly volume at US$18.5 million. The firm aims for total loan originations of US$165M to US$200M for 2021, significantly higher than US$84.9M in 2020. Financial highlights include a corporate cash position of US$11.1 million and a reduced adjusted net loss of US$0.3 million in Q2 2021 compared to US$2.7 million in Q2 2020.

IOU Financial Inc. announced a new leadership structure aimed at driving growth and innovation. CEO Robert Gloer, appointed on June 10, 2021, emphasized maximizing the company's exposure to the economic recovery through new products and technology. The streamlined operations will focus on Strategy, Operations, Finance, and Risk Mitigation. Key appointments include Carl Brabander as EVP of Strategy, Jason Stevens as VP of Loss Mitigation, and several others in significant roles. IOU has emerged from the pandemic in a strong cash position and continues to show growth in loan originations.

IOU Financial Inc. announced the repurchase of approximately $1.9 million of its convertible debentures as part of its strategy to leverage a strong cash position for economic recovery. This follows a prior announcement on April 8, 2021, to repurchase up to $2.0 million. Additionally, IOU plans to repurchase another $500,000 worth of debentures. CEO Robert Gloer emphasized the company’s strengthened position post-COVID-19 and commitment to supporting small businesses. The repurchase agreements are expected to conclude by July 31, 2021.

IOU Financial Inc. held its Annual General and Special Meeting on June 10, 2021, where key decisions were made. Directors Robert Gloer, Philippe Marleau, Evan Price, Yves Roy, Lucas Timberlake, and Neil Wolfson were elected. PricewaterhouseCoopers LLP was reappointed as auditor, and the Company's rolling Stock Option Plan and Advance Notice By-Law were approved. Notably, Wayne Pommen did not seek re-election, with Chairman Evan Price acknowledging his service.

IOU Financial continues to provide access to growth capital for small businesses, having underwritten US$898 million in loans since 2009.

IOU Financial Inc. reported a loan origination volume of US$25.3 million for Q1 2021, a 32.2% increase over Q4 2020 but a 33.5% decrease year-over-year. The company significantly improved its cash position, reaching $11.5 million at March 31, 2021, up from $9.9 million at December 31, 2020. Despite an adjusted net loss of $0.4 million, down from $2.1 million in Q1 2020, IOU is targeting annual loan originations of US$165M to US$200M in 2021.

IOU Financial reports its financial results for 2020 amid pandemic challenges. Loan origination rose from $9.2M in Q2 2020 to over $25M in Q1 2021. The company has a loan purchase agreement for up to $150M annually, boosting capital sources. Corporate cash improved to $11.5M by March 31, 2021. Despite a net loss of $3.2M for 2020, cash collections were prioritized. Founder Phil Marleau transitions to an advisory role on June 10, with COO Robert Gloer becoming CEO. IOU targets loan originations of $165M to $200M for 2021.

IOU Financial Inc. announced plans to repurchase up to $2 million of its convertible debentures at a discount. This initiative, part of its Pandemic Resilience Plan, aims to strengthen the company’s financial position as it supports small businesses' recovery. In March 2021, IOU reported a record loan origination of US$12.1 million and maintained a cash position of $11.5 million. If completed, the repurchase could save IOU approximately $500,000 in interest expenses.