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. (FPAY) news covers a financial technology company that operates as a national online lease-to-own retailer and payment solutions provider. The company focuses on offering lease-to-own and lending products to underserved consumers through its direct marketplace and partnerships with merchants at online and brick-and-mortar locations. News about FlexShopper often highlights developments in its payment options, marketplace performance, and merchant relationships, as well as updates on its financing arrangements and capital structure.
Recent press releases have described growth in lease originations, expansion of FlexShopper’s lease-to-own offerings across thousands of locations, and business updates tied to its direct-to-consumer and business-to-business strategies. Coverage also includes information on rights offerings and related capital-raising transactions, where the company has sought to equitize portions of its debt and preferred stock and adjust its borrowing under credit facilities. These items provide context on how FlexShopper funds its lease and loan portfolios and manages its balance sheet.
FlexShopper’s news flow also reflects significant regulatory and listing-related events. The company has announced Nasdaq deficiency notices related to delayed SEC filings and minimum bid price requirements, as well as a subsequent Nasdaq decision to initiate a process to delist its common stock due to filing delinquencies. In addition, news items have discussed an independent investigation into alleged misrepresentations connected to past financial statements, the conclusion that certain prior financial reports should not be relied upon, and the company’s stated intention to complete delayed filings.
Governance and leadership changes, such as board appointments and resignations, executive transitions, and the engagement of a chief restructuring officer, are also common themes in FlexShopper’s news releases. Investors and observers who follow FPAY news can review these updates to understand how the company’s payment solutions business, financing relationships, and regulatory status are evolving over time.
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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.
FlexShopper, Inc. (FPAY) reported Q3 2022 financial results revealing a 60.1% increase in total fundings to $25.8 million, though net lease revenues decreased 20.3% to $24.5 million. Despite gross lease originations slightly declining from $15.9 million to $15.7 million, loan participations surged 4,350% to $10.1 million. The company faced a 49.8% drop in gross profit to $6.4 million and reported a net loss of $(6.3 million), or $(0.32) per share. For the first nine months of 2022, total fundings rose 38.3% to $78.9 million, while net income reached $5.7 million.
FlexShopper, Inc. (Nasdaq: FPAY) will announce its third-quarter financial results on November 10, 2022, after market close. A conference call to discuss the results is scheduled for November 11 at 9:30 a.m. ET. Investors can participate via dial-in numbers or access the call on the company’s website. FlexShopper specializes in lease-to-own (LTO) retailing, providing consumers with access to durable goods through its e-commerce platform. The company's proprietary model screens consumers and facilitates LTO transactions by paying merchants directly.
FlexShopper, Inc. (Nasdaq: FPAY) has announced a long-term marketing partnership with Liberty Tax, allowing the company to offer consumer loans at Liberty Tax's 2,700 locations and through its digital platforms. This collaboration aims to enhance FlexShopper's omni-channel financing solutions by providing lease-to-own products and other financing alternatives in these outlets. CEO Richard House emphasized the potential for rapid growth through this strategic alliance, which will be discussed in more detail during the upcoming third-quarter conference call.
FlexShopper, Inc. (FPAY) reported strong financial results for Q2 2022, with total fundings soaring 64.5% to $32.8 million. Gross profit rose 58.2% to $17.5 million, and adjusted EBITDA increased significantly to $6.4 million from $2.1 million. Net income reached $14.4 million, a dramatic increase year-over-year. Despite the positive trends in loan participations, total net lease revenues and fees saw a slight decrease of 0.6% to $30.5 million. The company attributed growth to enhanced omni-channel capabilities and new sales initiatives amid economic challenges.
FlexShopper, Inc. (FPAY) plans to release its second quarter financial results on August 10, 2022, post-market closure. A conference call is scheduled for August 11, 2022, at 9:00 a.m. ET to discuss these results.
The call will be accessible via telephone for domestic (877-407-2988) and international callers (201-389-0923) and streamed live on the company's website. FlexShopper specializes in lease-to-own solutions for consumer goods through its e-commerce platform.
FlexShopper, Inc. (FPAY) reported Q1 2022 financial results with total fundings slightly up by 1% to $21.2 million. Gross lease originations fell by 22% to $16.3 million, while loan participations surged almost 5000% to $4.9 million. Net lease revenues decreased by 15.2% to $27.8 million, and gross profit fell 8.7% to $9.4 million. Adjusted EBITDA turned negative at $(40.3) thousand, compared to a positive $2.4 million in the previous year. The company posted a net loss of $2.4 million, or $(0.14) per diluted share.