FlexShopper reports Q4 total lease originations up 58% vs. Q3

FlexShopper (FPAY) provided the following operating results for the fourth quarter of 2024 compared to the third quarter of 2024: Total lease originations were up 58% in the fourth quarter of 2024 vs the third quarter of 2024. Originations on the Company’s flexshopper.com marketplace increased 152% in the fourth quarter of 2024 vs the third quarter of 2024. Application volume for both marketplace and total lease business was up 34% in the fourth quarter of 2024 vs the third quarter of 2024. 60% quarter-over-quarter reduction in marketing cost per new DTC customer in the fourth quarter of 2024. Retail product margin on the Company’s flexshopper.com marketplace of $2.1 million, a 143% increase New customer originations in FlexShopper’s Revolution Loan business increased 43% in the fourth quarter of 2024 vs the third quarter of 2024. FlexShopper provided the following operating results for the fourth quarter of 2024 compared to the fourth quarter of 2023: Total lease application volume was up 8% in the fourth quarter of 2024 vs the fourth quarter of 2023. 22% year-over-year reduction in marketplace marketing cost per new customer in the fourth quarter of 2024 vs the fourth quarter of 2023. New customer originations in FlexShopper’s Revolution Loan business increased 52% in the fourth quarter of 2024 vs the fourth quarter of 2023. Heiser continued, “We believe FlexShopper is filling a valuable need across retail channels by providing flexible payment solutions to consumers through an easy to use, technology enabled application process. This is producing strong demand from current and potential B2B partners, while simultaneously driving growth on our DTC flexshopper.com digital marketplace. In addition, we expect the significant origination growth we experienced for the fourth quarter of 2024 will support strong financial results in 2025, as prior period lease originations are recognized as lease revenue and benefit financial results in future quarters. These trends, combined with higher levels of originations, are expected to drive continued growth in revenue and profitability in 2025.”