Positive momentum remained strong for the month of December with record application volume, record lease and loan originations and record retail product margin

Operating metrics substantially better than the results in the third quarter of 2024 and the fourth quarter of 2023, which produced prior record financial results for those respective periods

BOCA RATON, Fla., Jan. 06, 2025 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (NASDAQ:FPAY), a prominent national online lease-to-own retailer and payment solutions provider, today announced strong operating results for the fourth quarter of 2024 and the 2024 holiday season. Performance during the fourth quarter of 2024 reflects the successful transformation underway as a result of FlexShopper's direct-to-consumer (DTC) and business-to-business (B2B) growth strategies.

"2024 was a transformative year for FlexShopper, highlighting the multi-year strategies we have been pursuing to profitably grow our business, manage risk, provide more payment options for our DTC and B2B customers, and leverage the patented, asset light, technology enabled platform we have developed," said Russ Heiser, CEO at FlexShopper. "Most importantly, our fourth quarter operating performance highlights the hard work of our talented and committed team members, and the value our payment solutions provide customers across the U.S. The fourth quarter of 2023 and the third quarter of 2024 produced record quarterly financial results, respectively, and the fourth quarter of 2024 has significantly outperformed those quarters."

FlexShopper provided the following operating results for the month of December 2024:

• FlexShopper experienced record levels of lease originations, with overall originations up 35% year-over-year and marketplace originations up 42% year-over-year, while maintaining disciplined underwriting standards.
• Record new customer application volume in December 2024, up over 45% year-over-year.
• New customer applications on the Company's flexshopper.com marketplace increased 34% year-over-year reflecting strengthening customer demand and awareness.
• Over 40% year-over-year reduction in marketplace marketing cost per new customer in December 2024, resulting in a 34% year-over-year reduction in digital marketing spend, while achieving 13% growth in new customer count.
• Record retail product margin on the Company's flexshopper.com marketplace in December of over $1.4 million, a 34% year-over-year increase, as a result of higher origination volume, higher product margin, and the contribution of additional 3rd party funded sales on flexshopper.com.
• Highest new customer originations in FlexShopper's Revolution Loan business since the Company acquired the business in December 2022 with a 95% year-over-year increase.
• Asset quality continued to improve, with 12 consecutive months of seasoned originations demonstrating year-over-year increases in cumulative payment rate.
  
   

FlexShopper 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.