Lendway Inc - LDWY STOCK NEWS

Lendway (NASDAQ:LDWY) reported Q3 2024 financial results with net revenue of $6.6 million and gross profit of $1.4 million (21.7% of sales). The company posted an operating loss of $1.4 million, improved from $1.6 million loss in Q3 2023. Net loss was $1.1 million ($0.64 per share) compared to net income of $1.1 million in Q3 2023. Cash position stood at $1.3 million with working capital of $11.5 million. Bloomia, acquired in February 2024, contributed all revenue and has earned $5.0 million in adjusted EBITDA since acquisition. The company noted seasonal weakness in Q3 but secured increased tulip bulb supply despite market scarcity.

Lendway, Inc. (NASDAQ:LDWY) reported improved financial results for Q2 2024. Key highlights include:

- Net revenue of $16.8 million
- Gross profit of $4.0 million (23.7% of sales)
- Operating loss reduced to $0.1 million from $0.6 million in Q2 2023
- Adjusted EBITDA of $1.8 million compared to a loss of $0.5 million in Q2 2023
- Cash generated from operations increased to $3.5 million

The improvement is largely attributed to the acquisition of Bloomia, a leading US tulip producer. However, the company reported a net loss of $0.7 million ($0.42 per share) due to acquisition-related costs and increased interest expenses. Management expects seasonality in sales, with stronger performance in Q1 and Q2.

Lendway (NASDAQ: LDWY) has announced that Mark J. Jundt and Daniel C. Philp will become Co-Chief Executive Officers, effective July 1, 2024. This leadership change follows the resignation of current CEO Randy D. Uglem. Jundt, who has been with Lendway's Board since November 2022 and served as its Chair since August 2023, brings extensive experience in corporate governance, mergers, acquisitions, and litigation. Philp, also a Board member since November 2022, has been with Air T since 2014 and played a key role in the acquisition of Bloomia, B.V. The Board believes that the dual leadership will enhance strategic initiatives, administration, and corporate governance.

Lendway (NASDAQ:LDWY) has appointed William (Bill) Prescott as Sales Manager for its primary business unit, Fresh Tulips USA , also known as Bloomia. Prescott will be responsible for expanding Bloomia's sales in the Western United States. Prescott brings over 15 years of sales and marketing experience, most recently serving as the Director of Sales and Marketing at Sun Valley Floral Farms. This strategic hire aims to leverage Prescott’s expertise to penetrate the Western U.S. market, which is a key growth area for Bloomia.

CEO Werner Jansen expressed enthusiasm about Prescott's addition to the team, highlighting his extensive knowledge of the target market. Prescott also shared his excitement about joining Bloomia and expanding its reputation for high-quality tulips and service in the Western U.S.

Lendway announced its Q1 2024 financial results ending March 31, 2024. The company has transitioned into a specialty agricultural and finance firm, focusing on Bloomia B.V., a tulip growing enterprise, acquired in February 2024 for $53.4 million.

Q1 2024 net sales were $8 million, mainly from Bloomia. However, the company reported an operating loss of $1.5 million, compared to $628,000 in Q1 2023, and a net loss of $1.3 million, or $0.77 per share, up from $528,000 or $0.29 per share in Q1 2023. Despite the losses, adjusted EBITDA showed improvement at $1.7 million.

Bloomia's sales, benefiting from seasonality, contributed significantly to the results. Expenses, including $1.54 million acquisition-related costs and $1.36 million amortization expense, impacted profitability. Cash and equivalents stood at $5 million, down from $16.1 million at the end of December 2023.

Lendway, Inc. announced the appointment of Elizabeth McShane as the Chief Financial Officer, effective May 20, 2024. McShane brings extensive financial experience to the company, previously working at Regis and KPMG. The CEO and Board of Directors expressed excitement about her joining, highlighting her leadership qualities. The company's acquisition of Bloomia signifies a new growth phase in the specialty ag and finance sector, with McShane aiming to enhance operational efficiencies for shareholder value creation.

Lendway, Inc. (NASDAQ:LDWY) announced financial results for Q4 and full year 2023, transitioning into specialty agriculture and non-bank lending. The company acquired Bloomia B.V., a tulip producer, for $47.5 million. Bloomia's net sales for 2023 were $45.0 million, showing growth. However, the non-bank lending business faced challenges in closing deals due to resource constraints. Operating expenses for continuing operations were $536,000 and $3,519,000 for Q4 and full year 2023. Lendway reported income from discontinued operations of $2,474,000 in 2023, down from $12,340,000 in 2022, impacted by a litigation settlement in 2022. The company had cash and cash equivalents of $16,077,000 at the end of 2023, used for the Bloomia acquisition.

Lendway, Inc. (LDWY) broadens its mission as a specialty ag and finance company by acquiring a majority stake in Bloomia B.V., a leading fresh cut tulip producer. The $47.5 million cash acquisition accelerates Lendway's growth strategy, with Tulp 24.1, LLC now holding an 81.4% interest in Bloomia. The deal was financed through a mix of credit facilities and bridge loans. Lendway aims for significant value creation for stockholders and plans to explore further growth opportunities in related industries.

Lendway, Inc. (NASDAQ:LDWY) reported Q3 2023 financial results, highlighting the establishment of a non-bank lending business focused on real estate loans for agricultural purposes. The company plans to expand its product offerings over time and is seeking to establish loan origination channels in Minnesota and nearby states. Q3 2023 results showed a shift in operations with minimal revenue and anticipated losses from continuing operations for the remainder of the year. Lendway also announced its exploration of strategic options to maximize stockholder value.