24/7 Market News Snapshot 14 November, 2024 – FlexShopper, Inc. Common Stock (NASDAQ:FPAY)

DENVER, Colo., 14 November, 2024 (247marketnews.com) – (NASDAQ:FPAY) are discussed in this article.
FlexShopper, Inc. is currently experiencing notable volatility in the stock market, with shares opening at $1.49 and trading at $1.42, reflecting a decrease of approximately 10.51% from the previous session, which closed at $1.285. The trading volume today has reached 517.31K, indicating increased investor activity and interest. This decline may lead to cautious sentiment among traders, prompting a careful analysis of support levels and overall market trends as investors seek optimal entry points amidst current uncertainties.

Despite recent stock performance fluctuations, FlexShopper has reported impressive financial results for the third quarter of 2024, showcasing a significant pivot towards profitable growth. The company achieved a record total revenue of $38.6 million, marking a 22.9% increase compared to the prior year. Additionally, the quarter’s earnings reached $1.2 million, amounting to $0.05 per diluted share.

Driving this growth is the substantial increase in retail partnerships, which has led to a surge in the number of signed store locations to over 7,800—an extraordinary 250% rise since the beginning of the year. This expansion has substantially bolstered retail revenue and gross margins, demonstrating the effectiveness of FlexShopper’s innovative lease-to-own solutions in meeting the growing demand for accessible financing options.

CEO Russ Heiser, Jr. highlighted that enhancements in risk management and customer performance have been crucial to the company’s growth strategy. The substantial improvement in the provision for doubtful accounts relative to gross lease billings reflects FlexShopper’s focus on attracting higher-quality customers. Furthermore, adjusted EBITDA surged by 45% year-over-year to an impressive $12.2 million, underscoring strong operational performance and strategic execution.

Looking to the future, FlexShopper is optimistic about its potential for continued growth, including the resolution of ongoing patent infringement lawsuits and plans for a rights offering aimed at reducing capital costs, all while enhancing shareholder value.

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