FlexShopper Announces Record Q4 Start With Lease Gross Revenue Up 15%, Net Revenue Up 25%, And Gross Profit Up 51% YoY; Marketing Expenses Down 40%, New Loan Originations Up 34%

Benzinga · Dec 23 21:42

Robust October and November 2024 results driven by the continued success of FlexShopper's
direct-to-consumer and business-to-business growth strategies

Based on strong October and November 2024 performance, management expects the fourth quarter of 2024 to exceed financial results for the fourth quarter of 2023

BOCA RATON, Fla., Dec. 23, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (NASDAQ:FPAY), a prominent national online lease-to-own retailer and payment solutions provider, today announced record initial holiday season financial results, as the Company benefits from the continued success of its direct-to-consumer (DTC) and business-to-business (B2B) growth strategies. For the first two months of the 2024 fourth quarter, compared to the same two-month period in 2023, lease gross revenue increased 15%, and lease net revenue increased over 25%, as bad debt expense, as a percent of gross revenue declined by 600 basis points. As a result, lease gross profit increased 51% for the first two months of the 2024 fourth quarter, while lease marketing expense has declined over 40% for the same period. New loan originations increased over 34% versus the same two-month period last year.

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FlexShopper Announces Record Q4 Start With Lease Gross Revenue Up 15%, Net Revenue Up 25%, And Gross Profit Up 51% YoY; Marketing Expenses Down 40%, New Loan Originations Up 34%

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