FPAY

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2nd quarter total revenues increased 29.8% to $31.8 million from $24.5 million

FPAY expects to add 500 new retail partner locations during the second half of 2024

Last year their total fundings increased 7.7% to $120.4 million from $111.8 million  

Total revenues for 2023 surpassed $115 Million

READ THE INVESTOR PRESENTATION HERE

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‍Hello Everyone,

We have a brand mew profile for you to research heading into tomorrow's session.

This one has been on fire the last month and been steadily moving up the chart.

Pull up FPAY immediately and start your research.

FlexShopper is an innovative payments provider and online retailer that helps everyday Americans afford products for their homes and other everyday essential items. With FlexShopper’s best-in-class proprietary application process, when a customer applies for a payment solution, it does not impact their credit score, and the Company has multiple payment options for all types of credit profiles, which provides tremendous value to both customers and retail partners.

FPAY serving a growing number of consumers who are getting squeezed by rising costs and limited access to traditional credit. In that respect, FPAY solutions can be a game-changer in the fintech space. Ironically, its simplicity is the value driver.

FlexShopper didn't reinvent the credit markets—they simply made them more accessible with a unique business model that provides consumers with access to high-ticket items through flexible payment plans. It's not a credit card. FPAY offers a lease-to-own service that provides a straightforward, interest-free way for customers to acquire goods. What makes FlexShopper unique in a retail sector that churns trillions of dollars each year? Its sophisticated digital platform.

Fintech Opportunity

FlexShopper's value driver isn't product-based; it's technology-based, designed to seamlessly integrate with online and brick-and-mortar retailers' sales platforms. That integration makes it easy for customers to apply for lease agreements and take home products that might otherwise be cost-prohibitive. In other words, FPAY removes the barriers associated with traditional credit applications and opens the door to millions of potential customers who need flexible payment options.

Asset Light, Dual Channel Business Model
FlexShopper’s technology and unique dual channel business model allows the Company to follow its customers, supporting cross-selling opportunities and repeat customer transactions. In fact, FlexShopper is channel agnostic and, of its in-store customers, approximately 23% are then captured on FlexShopper’s marketplace.

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B2C Channel - Online Marketplace

FlexShopper provides consumers with immediate purchasing power to buy products through www.flexshopper.com and additional corporate owned microsites

• 50% repeat customers
• 1.5x cash-on-cash returns in first year
• 77k+ SKUs from top retailers
• Dropship program eliminates inventory risk

B2B Channels - Patented Payment Method
FlexShopper provides retail merchants with greater consumer demand and higher sales conversions by providing a payment option on a retail partner’s eCommerce site or brick-and-mortar location
• 36% repeat customers
• Merchants experience an increase of ~40% in financed orders
• Supports incremental revenue opportunities for retail partners
• Significant growth in retail locations over the past three years

FlexShopper, Inc. Reports 2024 Second-Quarter Financial Results

BOCA RATON, Fla., Aug. 06, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY) (“FlexShopper”), a leading national online lease-to-own (“LTO”) retailer and payment solution provider for underserved consumers, today announced its financial results for the quarter ended June 30, 2024.

Russ Heiser, Jr, Chief Executive Officer, stated, “Our second-quarter and year-to-date results are encouraging as the long-term growth strategies we are pursuing begin to take hold. Over the past two quarters we have focused on providing greater payment solutions to more customers, expanding retail revenue, and leveraging our established platform to provide expanded payment options to more retail partners. I am pleased with the progress we are making and during the second quarter we experienced strong growth with total revenue up 29.8%, total lease funding approvals increasing 102.2% compared to the same period last year, and we added 150 new retail partner locations. We expect to add an additional 500 new retail partner locations during the second half of 2024. In addition, we continue to focus on prudently managing risk and driving profitability. During the second quarter, the provision for doubtful accounts as a percentage of gross lease billings and fees decreased by 32.4% over the prior year period, and we experienced a 1,533.3% increase in adjusted EBITDA. Adjusted EBITDA for the 2024 second quarter was $4.9 million – the highest second-quarter level in two years.”

“While the economic environment remains fluid, we believe our expanded platform, strengthened financial model, strong asset quality, and access to capital will drive profitable growth in 2024 and beyond. As other payment providers adjust their credit standards or exit the market, FlexShopper continues to invest in expanding payment offerings, marketing capabilities, and distribution channels to take advantage of market share opportunities that may become available,” concluded Mr. Heiser.

Results for Quarter Ended June 30, 2024, vs. Quarter Ended June 30, 2023:

• Total lease funding approvals increased 102.2% to $74.8 million from $37.0 million
• Total revenues increased 29.8% to $31.8 million from $24.5 million
• Gross profit increased 89.3% to $15.9 million from $8.4 million
• Adjusted EBITDA(1) increased by $4.6 million to $4.9 million from $0.3 million
• Operating income of $2.4 million compared with operating loss of ($2.0) million
• Net loss attributable to common stockholders of ($2.7) million, or ($0.13) per diluted share, compared to net loss attributable to common stockholders of ($6.3) million, or ($0.29) per diluted share

Results for the Six Months Ended June 30, 2024, vs. the Six Months Ended June 30, 2023:

• Total lease funding approvals increased 69.7% to $118.1 million from $69.6 million
• Total revenues increased 18.8% to $65.7 million from $55.3 million
• Gross profit increased 53.6% to $33.8 million from $22.0 million
• Adjusted EBITDA(1)increased by $5.8 million to $12.5 million compared to $6.7 million
• Operating income of $7.4 million compared with operating income of $2.1 million
• Net loss attributable to common stockholders of ($4.0) million, or ($0.18) per diluted share, compared to net income attributable to common stockholders of ($7.5) million, or ($0.34) per diluted share

(1) Adjusted EBITDA is a non-GAAP financial measure. Refer to the definition and reconciliation of this measure under “Non-GAAP Measures”.

Liquidity - FlexShopper ended the first quarter of 2024 with cash of $4.9 million and $32.2 million of permitted borrowing capacity.

FlexShopper Partners with Versatile Credit to Expand Merchant Opportunities

FlexShopper providing LTO solutions to over 1,600 retail merchants through its partnership with Versatile Credit

Launch of enhanced application process to drive more originations through improved customer experience

FlexShopper expects to add over 100 new stores per quarter through its expanding partnership with Versatile Credit

BOCA RATON, Fla., Sept. 09, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, announces a partnership with Versatile Credit, a leading provider of software that connects merchants, lenders, and consumers to facilitate financing options at points-of-sale. This partnership integrates FlexShopper’s robust lease-to-own (LTO) services into Versatile Credit's platform, enhancing consumer payment solution options across more than 1,600 tire & auto retail merchant locations in over 30 states. In the second quarter of 2024, applicants via the Versatile Credit platform were approved for over $8.3 million through FlexShopper.

Through its strategic collaboration with FlexShopper, Versatile Credit introduces a needed payment solution for its merchant partners that enhances operations in more than 1,600 tire & auto stores. FlexShopper’s differentiated technology platform streamlines the application process, ensuring the highest level of privacy and protection for customers, and expands adoption across Versatile Credit’s distribution network. Implementation and re-training of an enhanced application process is underway. The Company expects this will drive higher utilization rates across Versatile Credit’s merchant partners and expand FlexShopper’s LTO solutions to new merchant partners. As a result, FlexShopper expects to add over 100 new retail locations per quarter over the next several quarters through its growing partnership with Versatile Credit.

"We are thrilled to announce our enhanced partnership with Versatile Credit. During the second quarter, we approved over $8.3 million in LTO limits. We believe we are well positioned for total fundings to double by the fourth quarter, as our training efforts mature, and merchants become more familiar with our payment solutions and innovative application process ahead of the holiday season. We are excited to deepen our relationship with Versatile Credit and help more merchant partners increase conversion, drive higher ASPs, and grow sales," stated Russ Heiser, CEO of FlexShopper.

Key Highlights:

• Streamlined Processes: Built to simplify the leasing application process, making it quicker and more efficient for both customers and retail partners.
• Enhanced Security: Ensuring the highest level of privacy and data protection by eliminating outdated paper application and retention and driving the application process through the customer’s own personal device.
• Increased Adoption and Funding: With focused field engagement and comprehensive training programs, combined with the optimized flow, FlexShopperanticipates doubling the funding approvals over the next year.

"Our expanding collaboration with FlexShopper aligns perfectly with our mission to innovate and expand the financing options available to consumers. By incorporating FlexShopper’s tailored LTO solutions into our platform, we are enhancing our ability to serve our retail partners and their customers more effectively, fostering greater financial inclusivity and enabling merchants to develop their financing platforms strategically and comprehensively," said Vicki Turjan, COO at Versatile Credit.

NEWS

May 13, 2024

MANAGEMENT TEAM

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