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

November 14, 2024

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.

Related news for (FPAY)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.