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Lendway, Inc. (symbol: LDWY) is a multifaceted specialty agriculture and finance company, committed to managing and expanding its agricultural investments in both the United States and internationally. Founded in 1990 and formerly known as Insignia Systems, Inc., Lendway has undergone significant transformation to focus on non-bank lending and specialty agriculture as its core businesses.
Core Businesses
- Non-Bank Lending: The company has strategically shifted towards building a scalable non-bank lending business. Headed by Randy Uglem, who was promoted to President and CEO in August 2023, Lendway aims to purchase existing loans and originate new loans backed by collateral. The business initially focuses on agricultural real estate loans and seeks to expand its offerings as market opportunities arise.
- Specialty Agriculture: Lendway made a decisive move in February 2024 by acquiring 81.4% of Bloomia B.V., one of the largest producers of fresh cut tulips in the United States. Bloomia operates from multiple locations, including the U.S., Netherlands, and South Africa, producing over 75 million tulip stems annually.
Recent Achievements
- Successful Asset Sale: In August 2023, Lendway sold its in-store marketing business for $3.5 million, retaining significant accounts receivable. This sale marked the end of its old business model, allowing full focus on non-bank lending.
- Strategic Acquisitions and Partnerships: The acquisition of Bloomia has not only broadened its agricultural footprint but also accelerated its pathway to long-term growth. Lendway also announced a new stock repurchase program in August 2023, reflecting strong confidence in its future growth.
- Financial Stability: Despite a period of transformation, Lendway reported substantial cash reserves of $16,077,000 as of the end of 2023, which supported its strategic acquisitions.
Current Projects
As Lendway continues to build its non-bank lending platform, it is also exploring other strategic options such as acquisitions, mergers, and business combinations to maximize shareholder value. The company’s focus remains on creating a diversified portfolio, managing risk, and maintaining high operational standards.
Financial Performance
The company reported Q1 2024 revenue of $8,033,000, primarily from Bloomia. However, it anticipates minimal revenue and potential losses in the near term due to strategic investments in Bloomia and other ventures.
For additional information, visit Lendway, Inc. (LDWY) or contact (800) 874-4648.
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.
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