Lendway, Inc. Announces June 30, 2025 Financial Results
Lendway Inc. (Nasdaq:LDWY) reported strong financial results for Q2 2025, with net revenue of $23.2 million and net income of $1.0 million ($0.58 per diluted share), compared to a net loss of $0.5 million in Q2 2024. The company achieved significant improvements with operating income of $2.5 million, up from $0.2 million year-over-year.
Key financial metrics for Q2 2025 include gross profit of $5.4 million (23.3% of sales) and Adjusted EBITDA of $2.6 million. The six-month results showed net revenue of $35.6 million and operating income of $3.9 million, marking a substantial turnaround from a $1.5 million operating loss in the same period last year. The company's improved performance was driven by record-breaking Mother's Day sales and the successful integration of the Bloomia acquisition.
Lendway Inc. (Nasdaq:LDWY) ha registrato risultati finanziari robusti per il Q2 2025, con ricavi netti pari a $23,2 milioni e un utile netto di $1,0 milione ($0,58 per azione diluita), rispetto a una perdita netta di $0,5 milioni nel Q2 2024. L'azienda ha ottenuto miglioramenti significativi con un reddito operativo di $2,5 milioni, rispetto a $0,2 milioni dell'anno precedente.
I principali indicatori del Q2 2025 includono un utile lordo di $5,4 milioni (23,3% delle vendite) e un Adjusted EBITDA di $2,6 milioni. Nei primi sei mesi i ricavi netti sono stati di $35,6 milioni e il reddito operativo di $3,9 milioni, segnando un notevole recupero rispetto a una perdita operativa di $1,5 milioni nello stesso periodo dell'anno precedente. La migliorata performance è stata trainata da vendite record per la Festa della Mamma e dall'integrazione riuscita dell'acquisizione di Bloomia.
Lendway Inc. (Nasdaq:LDWY) presentó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos netos de $23,2 millones y un beneficio neto de $1,0 millón ($0,58 por acción diluida), frente a una pérdida neta de $0,5 millones en el Q2 de 2024. La compañía logró mejoras significativas con un resultado operativo de $2,5 millones, frente a $0,2 millones interanuales.
Las métricas clave para el Q2 2025 incluyen un beneficio bruto de $5,4 millones (23,3% de las ventas) y un EBITDA ajustado de $2,6 millones. En los seis meses los ingresos netos fueron de $35,6 millones y el resultado operativo de $3,9 millones, marcando una vuelta significativa desde una pérdida operativa de $1,5 millones en el mismo periodo del año anterior. La mejora del desempeño se impulsó por ventas récord en el Día de la Madre y la exitosa integración de la adquisición de Bloomia.
Lendway Inc. (Nasdaq:LDWY)는 2025년 2분기에 견조한 재무 실적을 보고했습니다. 순매출 $23.2백만과 순이익 $1.0백만(희석 주당 $0.58)을 기록했으며, 이는 2024년 2분기의 순손실 $0.5백만에서의 개선입니다. 회사는 영업이익 $2.5백만으로 전년 동기 $0.2백만에서 크게 향상되었습니다.
2025년 2분기 주요 지표로는 매출총이익 $5.4백만(매출의 23.3%)과 조정 EBITDA $2.6백만이 포함됩니다. 상반기 기준으로는 순매출 $35.6백만, 영업이익 $3.9백만을 기록해 전년 동기 영업손실 $1.5백만에서 크게 반등했습니다. 실적 개선은 어버이날(어머니의 날) 기록적 판매와 Bloomia 인수의 성공적 통합에 힘입은 것입니다.
Lendway Inc. (Nasdaq:LDWY) a publié de solides résultats financiers pour le T2 2025, avec un chiffre d'affaires net de 23,2 millions de dollars et un bénéfice net de 1,0 million de dollars (0,58 $ par action diluée), contre une perte nette de 0,5 million au T2 2024. La société a réalisé des améliorations significatives avec un résultat d'exploitation de 2,5 millions de dollars, contre 0,2 million l'an précédent.
Les principaux indicateurs du T2 2025 incluent une marge brute de 5,4 millions de dollars (23,3% des ventes) et un EBITDA ajusté de 2,6 millions. Sur six mois, les revenus nets se sont élevés à 35,6 millions et le résultat d'exploitation à 3,9 millions, marquant un important redressement par rapport à une perte d'exploitation de 1,5 million sur la même période l'an passé. La performance améliorée a été stimulée par des ventes record pour la Fête des Mères et l'intégration réussie de l'acquisition de Bloomia.
Lendway Inc. (Nasdaq:LDWY) meldete starke Finanzergebnisse für das 2. Quartal 2025 mit Nettoerlösen von $23,2 Millionen und einem Nettogewinn von $1,0 Million ($0,58 je verwässerter Aktie), verglichen mit einem Nettoverlust von $0,5 Millionen im Q2 2024. Das Unternehmen erzielte deutliche Verbesserungen mit einem Betriebsergebnis von $2,5 Millionen gegenüber $0,2 Millionen im Jahresvergleich.
Wesentliche Kennzahlen für Q2 2025 sind ein Bruttogewinn von $5,4 Millionen (23,3% des Umsatzes) und ein bereinigtes EBITDA von $2,6 Millionen. Für die ersten sechs Monate lagen die Nettoerlöse bei $35,6 Millionen und das Betriebsergebnis bei $3,9 Millionen, was einen erheblichen Turnaround gegenüber einem Betriebsverlust von $1,5 Millionen im Vorjahreszeitraum darstellt. Die Verbesserung wurde durch rekordverdächtige Muttertagsverkäufe und die erfolgreiche Integration der Übernahme von Bloomia getragen.
- Net revenue increased 37% to $23.2 million in Q2 2025 from $16.9 million in Q2 2024
- Operating income surged to $2.5 million from $0.2 million year-over-year
- Cash from operations increased to $6.3 million from $3.5 million in Q2 2024
- Total debt reduced to $34.1 million from $42.1 million at year-end 2024
- Bloomia's adjusted EBITDA grew to $6.1 million from $4.9 million year-over-year
- Cash and cash equivalents decreased to $0.9 million from $1.8 million at year-end 2024
- Working capital declined significantly to $1.1 million from $11.0 million at year-end 2024
- Gross profit margins decreased due to higher bulb costs
- Foreign exchange losses increased to $701,000 from $9,000 in Q2 2024
Insights
Lendway delivered strong Q2 results with significant improvements in profitability and operational efficiency compared to 2024.
Lendway's Q2 financial results demonstrate substantial year-over-year improvements across all key metrics. Net revenue reached
Profitability metrics show even more impressive gains. Operating income jumped to
The company's operational efficiency appears to be improving. Gross margin held relatively steady at
The balance sheet shows both strengths and potential concerns. Debt levels decreased from
The Bloomia acquisition appears to be performing well, with its adjusted EBITDA increasing to
Overall, Lendway's Q2 results indicate successful integration of the Bloomia acquisition and significant operational improvements year-over-year, though investors should monitor the relatively tight liquidity position given the seasonal nature of the business.
MINNEAPOLIS, MN / ACCESS Newswire / August 28, 2025 / Lendway, Inc. (Nasdaq:LDWY) ("Lendway" or the "Company") today announced its financial results for the three and six months ended June 30, 2025.
Overview
Quarter ended June 30, 2025
Net revenue was
$23.2 million .Gross profit was
$5.4 million , or23.3% of sales.Operating income of
$2.5 million compared to$0.2 million in the quarter ended June 30, 2024.Net income from continuing operations was
$1.3 million compared to a loss of$0.6 million in the quarter ended June 30, 2024Net income attributable to Lendway was
$1.0 million , or income of$0.58 per diluted share, compared to net loss of$0.5 million , or a loss of$0.29 per diluted share in the quarter ended June 30, 2024.Adjusted EBITDA was
$2.6 million compared to$2.0 million in the quarter ended June 30, 2024.At June 30, 2025, cash and cash equivalents were
$0.9 million and working capital was$1.1 million .Cash provided by operating activities of continuing operations was
$6.3 million compared to$3.5 million in the quarter ended June 30, 2024.
Six months ended June 30, 2025
Net revenue was
$35.6 million .Gross profit was
$9.3 million , or26.1% of sales.Operating income of
$3.9 million compared to an operating loss of$1.5 million in the six months ended June 30, 2024.Net income from continuing operations was
$1.9 million compared to a loss of$2.1 million in the six months ended June 30, 2024.Net income attributable to Lendway was
$1.5 million , or income of$0.82 per diluted share, compared to net loss of$1.7 million , or a loss of$0.95 per diluted share in the six months ended June 30, 2024.Adjusted EBITDA was
$5.3 million compared to$3.6 million in the six months ended June 30, 2024.Cash provided by continuing operations was
$8.0 million compared to$5.0 million in the six months ended June 30, 2024.
Lendway's Chairman and Co-Chief Executive Officer, Mark Jundt, commented, "We're extremely proud to share the results from this last quarter, including record-breaking Mother's Day sales. Over the last six months, the team has worked tirelessly to meet unprecedented demand from our customers. We're excited to keep growing with our customers and to keep this incredible momentum going." Co-Chief Executive Officer Dan Philp added, "We set a goal to grow market share this year and we exceeded our goal, which resulted in record breaking revenue and a more diverse customer base. We're pleased with the financial performance and look forward to the next fiscal year."
As previously announced, Lendway's board of directors approved a change in fiscal year end from December 31 to June 30 each calendar year. Lendway is reporting a six-month transition period starting January 1, 2025 and ending June 30, 2025, which is the period between the closing of the most recent fiscal year on December 31, 2024 and the opening date of the new fiscal year starting on July 1, 2025.
Quarter and Six Months Results
Net Revenue
Net revenue was
Net revenue was
Gross profit
Gross profit in the three months ended June 30, 2025 was
Gross profit in the six months ended June 30, 2025 was
Operating income (loss)
The Company had operating income of
The Company had operating income of
Net income (loss) from continuing operations
Net income from continuing operations was
Net income from continuing operations was
Net income (loss) attributable to Lendway
Net income attributable to Lendway for the three months ended June 30, 2025 was
Net income attributable to Lendway for the six months ended June 30, 2025 was
Adjusted EBITDA
In the three months ended June 30, 2025, adjusted EBITDA was
In the six months ended June 30, 2025, adjusted EBITDA was
Bloomia Adjusted EBITDA
Bloomia had
Balance Sheet
As of June 30, 2025, cash and cash equivalents totaled
About Lendway, Inc.
Lendway, Inc (Nasdaq:LDWY) is a specialty ag company focused on making and managing its ag investments in the U.S. and internationally. The Company is the majority owner of Bloomia, one of the largest producers of fresh-cut tulips in the United States. For additional information, contact (800) 874-4648 or visit our website at www.lendway.com. Investor inquiries can be submitted to info@lendway.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release that are not statements of historical or current facts are considered "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Company to be materially different from the results or performance expressed or implied by such forward-looking statements. The words "anticipate," "believe," "could," "estimate," "expect," "future," "intend," "likely," "may," "plan," "project," "will" and similar expressions identify forward-looking statements. Forward-looking statements include statements expressing the intent, belief or current expectations of the Company and members of our management team regarding, for instance: (i) our belief that our cash balance, cash generated by operations and borrowings available under our Amended Credit Agreement, will provide adequate liquidity and capital resources for at least the next twelve months, and (ii) regarding the potential for growth and other opportunities for our business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. These statements are subject to the risks and uncertainties that could cause actual results to differ materially and adversely from the forward-looking statements. These forward-looking statements are based on current information, which we have assessed and which by its nature is dynamic and subject to rapid and even abrupt changes.
Factors that could cause our estimates and assumptions as to future performance, and our actual results, to differ materially include the following: (1) our ability to integrate and continue to successfully operate the newly acquired Bloomia business, (2) our ability to compete, (3) concentration of Bloomia's historical revenue among a small number of customers, (4) changes in interest rates, (5) ability to comply with the requirements of the Amended Credit Agreement and operate within its restrictions, (6) economic and market conditions that may restrict or delay appropriate or desirable opportunities, (7) our ability to develop and maintain necessary processes and controls relating to our businesses, (8) reliance on one or a small number of employees, (9) potential adverse classifications of our Company if we are unsuccessful in executing our business plans, (10) other economic, international, business, market, financial, competitive and/or regulatory factors affecting the Company's businesses generally, (11) our ability to attract and retain highly qualified managerial, operational and sales personnel, and (12) the availability of additional capital on desirable terms, if at all. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including those set forth in our Transition Report on Form 10-KT for the six months ended June 30, 2025 and additional risks, identified in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K filed with the SEC. Such forward-looking statements should be read in conjunction with the Company's filings with the SEC. The Company assumes no responsibility to update the forward-looking statements contained in this press release or the reasons why actual results would differ from those anticipated in any such forward-looking statement, other than as required by law.
Lendway, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Values are rounded to the nearest thousand dollars and thousand shares)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Revenue, net | $ | 23,179,000 | $ | 16,920,000 | $ | 35,622,000 | $ | 24,953,000 | ||||||||
Cost of goods sold | 17,788,000 | 13,014,000 | 26,342,000 | 19,303,000 | ||||||||||||
Gross profit | 5,391,000 | 3,906,000 | 9,280,000 | 5,650,000 | ||||||||||||
Sales, general and administrative expenses | 2,906,000 | 3,741,000 | 5,363,000 | 7,129,000 | ||||||||||||
Operating income (loss) | 2,485,000 | 165,000 | 3,917,000 | (1,479,000 | ) | |||||||||||
Foreign exchange loss (gain), net | 701,000 | 9,000 | 366,000 | (36,000 | ) | |||||||||||
Interest expense, net | 935,000 | 964,000 | 1,905,000 | 1,189,000 | ||||||||||||
Other expense (income), net | (1,000 | ) | (9,000 | ) | 23,000 | - | ||||||||||
Income (loss) from continuing operations before income taxes | 850,000 | (799,000 | ) | 1,623,000 | (2,632,000 | ) | ||||||||||
Income tax benefit | (469,000 | ) | (201,000 | ) | (313,000 | ) | (548,000 | ) | ||||||||
Net income (loss) from continuing operations | 1,319,000 | (598,000 | ) | 1,936,000 | (2,084,000 | ) | ||||||||||
Income from discontinued operations, net of tax | 23,000 | 64,000 | 33,000 | 136,000 | ||||||||||||
Net income (loss) including noncontrolling interest | 1,342,000 | (534,000 | ) | 1,969,000 | (1,948,000 | ) | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 295,000 | (19,000 | ) | 473,000 | (270,000 | ) | ||||||||||
Net income (loss) attributable to Lendway, Inc. | 1,047,000 | (515,000 | ) | 1,496,000 | (1,678,000 | ) | ||||||||||
Other comprehensive income (foreign currency translation) | 910,000 | 43,000 | 932,000 | 46,000 | ||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | 169,000 | 8,000 | 173,000 | 9,000 | ||||||||||||
Comprehensive income (loss) attributable to Lendway, Inc. | $ | 1,788,000 | $ | (480,000 | ) | $ | 2,255,000 | $ | (1,641,000 | ) | ||||||
Net income (loss) per basic share attributable to Lendway, Inc.: | ||||||||||||||||
Continuing operations | $ | 0.58 | $ | (0.33 | ) | $ | 0.83 | $ | (1.02 | ) | ||||||
Discontinued operations | 0.01 | 0.04 | 0.02 | 0.08 | ||||||||||||
Basic earnings per share | $ | 0.59 | $ | (0.29 | ) | $ | 0.85 | $ | (0.95 | ) | ||||||
Net income (loss) per diluted share attributable to Lendway, Inc.: | ||||||||||||||||
Continuing operations | $ | 0.56 | $ | (0.33 | ) | $ | 0.81 | $ | (1.02 | ) | ||||||
Discontinued operations | 0.01 | 0.04 | 0.02 | 0.08 | ||||||||||||
Diluted earnings per share | $ | 0.58 | $ | (0.29 | ) | $ | 0.82 | $ | (0.95 | ) | ||||||
Shares used in calculation of net income (loss) per share: | ||||||||||||||||
Basic | 1,770,000 | 1,770,000 | 1,770,000 | 1,770,000 | ||||||||||||
Diluted | 1,817,000 | 1,770,000 | 1,814,000 | 1,770,000 | ||||||||||||
SELECTED BALANCE SHEET DATA
June 30, 2025 | December 31, 2024 | |||||||
Cash and cash equivalents | $ | 906,000 | $ | 1,759,000 | ||||
Working capital (1) | 1,098,000 | 11,026,000 | ||||||
Total assets | 96,102,000 | 99,985,000 | ||||||
Total debt | 34,083,000 | 42,090,000 | ||||||
Total liabilities | 81,265,000 | 88,091,000 | ||||||
Stockholders' equity | 14,837,000 | 11,894,000 | ||||||
Working capital represents current assets less current liabilities.
Non-GAAP Reconciliations
This press release includes EBITDA, Adjusted EBITDA, and Bloomia Adjusted EBITDA, which are non-GAAP financial measures. Non-GAAP financial measures, which are not calculated or presented in accordance with U.S. generally accepted accounting principles ("GAAP"), have been provided as information supplemental and in addition to the financial measures presented in accordance with GAAP. Such non-GAAP financial measures are not substitutes for, or as an alternative to, and should be considered in conjunction with, the respective GAAP financial measures. The non-GAAP financial measures presented may differ from similarly named measures used by other companies.
Included below are reconciliations of EBITDA and adjusted EBITDA to net income (loss) from continuing operations, the most directly comparable GAAP measure. EBITDA does not reflect our cash expenditures, the cash requirements for the replacement of depreciated and amortized assets, or changes in cash requirements for our working capital needs. We have included these non-GAAP performance measures as a comparable measure to eliminate the effects of non-recurring transactions that occurred during the three and six months ended June 30, 2025 and 2024. We believe EBITDA, Adjusted EBITDA and Bloomia Adjusted EBITDA provide meaningful supplemental information about our operating performance as this measure excludes amounts from income from discontinued operations that we do not consider part of our core operating results when assessing our performance. Items excluded from Adjusted EBITDA consist of acquisition-related costs and other costs, such as the cost of inventory that was stepped up to fair value as a result of the purchase accounting related to our acquisition of a majority interest in Bloomia.
The following table reconciles net income (loss) from continuing operations to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net income (loss) from continuing operations | $ | 1,319,000 | $ | (598,000 | ) | $ | 1,936,000 | $ | (2,084,000 | ) | ||||||
Interest expense (income), net | 935,000 | 964,000 | 1,905,000 | 1,189,000 | ||||||||||||
Income tax (benefit) expense | (469,000 | ) | (201,000 | ) | (313,000 | ) | (548,000 | ) | ||||||||
Depreciation and amortization | 848,000 | 808,000 | 1,683,000 | 1,108,000 | ||||||||||||
EBITDA | 2,633,000 | 973,000 | 5,211,000 | (335,000 | ) | |||||||||||
Acquisition and integration-related related costs | - | 652,000 | 24,000 | 2,194,000 | ||||||||||||
Non-cash step-up inventory write-off | - | 162,000 | - | 1,522,000 | ||||||||||||
Severance | - | - | 39,000 | - | ||||||||||||
One-time waste costs | - | 270,000 | - | 270,000 | ||||||||||||
Non-operating (income) expense | - | (36,000 | ) | - | (36,000 | ) | ||||||||||
Adjusted EBITDA | $ | 2,633,000 | $ | 2,021,000 | $ | 5,274,000 | $ | 3,615,000 | ||||||||
The following table reconciles Bloomia adjusted EBITDA to total Company adjusted EBITDA. Management excludes Lendway corporate overhead when evaluating its investment in Bloomia.
Six Months Ended | Six Months Ended | |||||||||||
June 30, 2025 | June 30, 2025 | |||||||||||
Bloomia | Lendway Overhead | Total | ||||||||||
Income (loss) from continuing operations before income taxes | $ | 2,426,000 | $ | (803,000 | ) | $ | 1,623,000 | |||||
Depreciation and amortization | 1,677,000 | 6,000 | 1,683,000 | |||||||||
Interest expense, net | 1,894,000 | 11,000 | 1,905,000 | |||||||||
EBITDA | 5,997,000 | (786,000 | ) | 5,211,000 | ||||||||
Acquisition and integration-related costs | 24,000 | - | 24,000 | |||||||||
Severance | 39,000 | - | 39,000 | |||||||||
Adjusted EBITDA | $ | 6,060,000 | $ | (786,000 | ) | $ | 5,274,000 | |||||
Acquisition to | Six Months Ended | |||||||||||
June 30, 2024 | June 30, 2024 | |||||||||||
Bloomia | Lendway Overhead | Total | ||||||||||
Loss from continuing operations before income taxes | $ | (1,517,000 | ) | $ | (1,115,000 | ) | $ | (2,632,000 | ) | |||
Depreciation and amortization | 1,108,000 | - | 1,108,000 | |||||||||
Interest expense (income), net | 1,315,000 | (126,000 | ) | 1,189,000 | ||||||||
EBITDA | 906,000 | (1,241,000 | ) | (335,000 | ) | |||||||
Acquisition and integration-related costs | 2,194,000 | - | 2,194,000 | |||||||||
Non-cash step-up inventory write-off | 1,522,000 | - | 1,522,000 | |||||||||
One-time waste costs | 270,000 | - | 270,000 | |||||||||
Non-operating income | (36,000 | ) | - | (36,000 | ) | |||||||
Adjusted EBITDA | $ | 4,856,000 | $ | (1,241,000 | ) | $ | 3,615,000 | |||||
We believe these non-GAAP financial measures will be useful to permit investors to compare results with prior periods that did not include the one-time events and the resulting accounting charges. Management has used EBITDA and Adjusted EBITDA and Bloomia Adjusted EBITDA (a) to evaluate our historical and prospective financial performance and trends as well as our performance relative to competitors and peers; (b) to measure operational profitability consistently; (c) in presentations to the members of our Board of Directors; and (d) to evaluate compliance with covenants and restricted activities under the terms of our Credit Agreement.
SOURCE: Lendway, Inc.
View the original press release on ACCESS Newswire
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