Thursday, 18 April 2024

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FlexShopper reveals robust Q4 growth and strategic expansions By

SolarMax Technology Announces 7.5M Share IPO at $4/sh By

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In the fourth quarter of 2023, FlexShopper (NASDAQ:) (FP) delivered a strong financial performance with significant improvements across various metrics. The company reported a 7% increase in total fundings and a substantial rise in net lease and loan revenues, which went up by 42%.

Gross profit soared by over 300%, and operating income reached $5.6 million, marking a dramatic turnaround from the $5.5 million loss seen in the previous year.

FlexShopper is evolving its business model, transitioning its website into a comprehensive retail platform while broadening payment options and merchandise selection. The company also announced a new credit facility and strategic partnerships aimed at expanding its market presence and sustaining profitable growth into 2024.

Key Takeaways

  • Total fundings rose by 7%.
  • Net lease and loan revenues increased by 42%.
  • Gross profit escalated by over 300%.
  • Operating income hit $5.6 million, compared to a $5.5 million loss last year.
  • The company is transitioning to a retail platform with diverse payment options.
  • A new credit facility was secured, enhancing funding to $150 million.
  • Asset quality improved, and bad debt was reduced through tighter underwriting and risk modeling.
  • Storefronts grew by 51% year-over-year, with a 50% increase projected for 2024.
  • FlexShopper launched a strategic partnership in the tire industry, anticipating a significant storefront boost.
  • The company is investing in leadership, technology, and fraud prevention.
  • Marketing spend for the online channel is expected to more than double by year-end.

Company Outlook

  • FlexShopper is focusing on sustainable, profitable growth.
  • A mix of 45% online and 55% retail customers is expected for new acquisitions.
  • Overall customer distribution is projected to be two-thirds online and one-third retail.

Bearish Highlights

  • The company did not highlight any specific challenges or setbacks during the call.

Bullish Highlights

  • FlexShopper is expanding into new locations and product verticals.
  • The transition to a retail platform with additional payment options is underway.
  • A new credit facility with better terms signifies financial stability and growth potential.


  • There were no reported misses in the earnings call.

Q&A Highlights

  • Russ Heiser discussed retail strategy and expansion, noting the addition of 720 store locations since the end of 2023.
  • A partnership with a company that has 1,600 locations is expected to further increase the storefront count.
  • A pilot program in Tampa is aimed at increasing…

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