Flexshopper, Inc. ( (FPAY) ) has released its Q3 earnings. Here is a breakdown of the information Flexshopper, Inc. presented to its investors.
FlexShopper, Inc. is a national financial technology company that specializes in providing innovative lease-to-own payment solutions, catering particularly to underserved consumers through online and in-store partnerships. In its latest earnings report, FlexShopper demonstrated a significant financial upswing, reporting record third-quarter total revenue of $38.6 million and a net income of $0.05 per diluted share. The company’s adjusted EBITDA increased impressively by 45% year-over-year, marking a new quarterly record of $12.2 million.
Key highlights in their financial performance include a 33% increase in total lease funding approvals and a 22.9% rise in total revenues compared to the same period last year. Gross profit surged by 32.9% to $22.5 million, with an improvement in the gross profit margin to 58%. The company’s strategic expansion has led to a significant increase in retail partnerships, now boasting over 7,800 retail locations, contributing to the growth in retail revenue and margins.
FlexShopper’s ongoing strategies to manage risk and improve customer performance have positively impacted their financial metrics, notably reducing the provision for doubtful accounts by 1,000 basis points from the prior year period. This focus, alongside patent litigation initiatives and corporate strategies like the accretive rights offering, positions the company for continued profitability and shareholder value creation.
Looking forward, FlexShopper’s management remains optimistic about the company’s growth trajectory, supported by strategic initiatives and market expansion. The positive financial results and operational developments are expected to bolster business momentum into 2025 and beyond, aligning with the company’s commitment to creating enduring value for its stakeholders.
