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Argus Research Initiates Equity Research Report Coverage on FlexShopper, Inc. (NasdaqCM:FPAY)

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NEW YORK, Dec. 16, 2024 /PRNewswire/ — Argus Research, an independent investment research firm, has launched Equity Research Report coverage on FlexShopper, Inc. (NasdaqCM:FPAY).

Click Here to view full Argus Equity Research Report.

COMPANY HIGHLIGHTS: Excerpts (as conveyed by Argus Analyst Steve Silver) include:

FPAY: A Leader in LTO Financing

Leader in the LTO Financing Market: In our view, FlexShopper is executing on a growth strategy to establish leading DTC and B2B solutions for nonprime consumers (typically those with FICO scores below 660). The company operates an Amazon-like marketplace to purchase goods in their DTC channel and provides multiple financing options (including internal and third-party) to serve a wider base of customers with limited access to credit. FlexShopper also works with B2B retail channel partners, both online and offline, to provide financing for customers that traditional “buy now pay later” (BNPL) companies, such as Affirm, would typically not fund.New Leadership Drives Transition to Profitability: Over the past two years, a new leadership team has repositioned FlexShopper’s operating model, which resulted in the achievement of positive net income in 3Q24. We expect the company’s profitability to continue to expand moving forward, and see multiple operational catalysts in 2025 that should continue to drive improved investor sentiment.Analytical, Risk-Based Algorithms Driving Loan Growth and Improved Asset Quality: We view positively FlexShopper’s investments in its digital and analytics infrastructure, which is supporting improved underwriting decisions and improving portfolio asset quality. Since late 2022, FlexShopper has seen growth in loan originations, with better asset yield and with bad debt declining by nearly 1000 basis points year over year. In 3Q24, improved asset quality drove a $2 million benefit compared to the prior-year period.Expanding Retail Channel and Payment Provider Partnerships: Across 2024, FlexShopper has expanded a retail partner channel built upon largely exclusive relationships that we see driving loan originations both in-store and on retailer websites while driving traffic back to FlexShopper’s e-commerce marketplace. Year-to-date, the company has signed partnerships for approximately 7,800 retail locations, representing a 250% increase over the end of 2023, and has exceeded its initial 2024 retail store count goal by the third quarter of the year. FlexShopper has also launched partnerships with multiple payment solution providers to expand customer payment options and expand its reach. Despite these results, we still see the company as being in the early stages of its growth cycle.Discount Purchase of Series 2 Preferred Stock: In October 2024, FlexShopper entered into a purchase option agreement with the majority holder of its Series 2 preferred stock, which gives FlexShopper a one-year option to redeem 91% of the preferred stock at a substantial discount of more than 50% to its liquidation value of around $43 million. If fully executed, the deal would transfer $23 million of equity value to shareholders, around $1 per share, while eliminating more than $4 million currently paid in annual dividends to operating income. We expect the retirement of this obligation in an accretive manner to help FlexShopper to delever its balance sheet from a position of strength, further accelerating its growth trajectory.Rights Offering Launched to Equitize its Balance Sheet: FlexShopper has filed an S-1 with the SEC for an up to 70 million share rights offering, at a price of $1.70 per share, which we see as accretive to pro forma 2024 results and increasingly accretive the more capital that is raised. In its filed free writing prospectus in November 2024, FlexShopper said for every $25 million of capital raised, the company would enhance its bottom line by reducing its annual dividend and interest by $4.5 million, representing an immediate yield of 13% for new investors, starting with the elimination of the Series 2 preferred stock.Defending IP Position: On September 30, 2024, FlexShopper filed patent infringement lawsuits against Upbound Group Inc. and Katapult Holdings Inc., alleging infringement and unauthorized use of five key FlexShopper patents that protect FlexShopper’s computer-implemented LTO technology. We expect initial responses to be filed by early 2025 and view the Eastern District of Texas, a jurisdiction that tends to move quickly, positively for a swift adjudication pathway, which we think could lead to similar suits against other LTO companies.Fair Value: FPAY is trading below its LTO peers, even those low-growth companies whose operations are largely offline and operate out of legacy brick-and-mortar locations. We expect this gap to narrow significantly over time, as FlexShopper executes on its growth strategy and commands multiple expansion. Based on our enterprise value (EV)/EBITDA analysis, we see a fair value of $5.50 per share.

INVESTMENT THESIS: Click Here to view full Argus Equity Research Report and Investment Thesis.

About FlexShopper, Inc. (NasdaqCM:FPAY) www.flexshopper.com

Founded in 2013, Boca Raton, Florida–based FlexShopper Inc. is a leading national financial technology company that offers innovative payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its direct-to-consumer (DTC) online marketplace at FlexShopper.com and via partnerships with merchants (B2B) both online and at brick-and-mortar locations. FlexShopper’s solutions are crafted to meet the needs of a wide range of consumer segments through lease-to-own (LTO) and other flexible lending products.

For more information please contact:

For FlexShopper:
Investor Relations
ir@flexshopper.com

Investor and Media Contact:
Andrew Berger, Managing Director
SM Berger & Company, Inc.
Tel: (216) 464-6400
andrew@smberger.com

About Argus Research Corp. 

Headquartered in NYC, Argus Research (www.argusresearch.com) is a leading independent equity research firm (est. 1934) ̶ providing fundamental and quantitative research coverage on more than 1,600 companies across all 11 sectors of the S&P 500, as well as macroeconomic and equity market forecasts, thematic research, model portfolios and IPO research. In addition, Argus has recently committed to providing a company sponsored research solution for small & mid-cap companies seeking coverage. Argus’s CSR Research Reports & earnings estimates (if applicable) are available on major research / earnings estimate aggregator platforms, including Bloomberg, Thomson Reuters, Factset and S&P Global.

For more Information please contact:

Darrell Stone
646-747-5438
dstone@argusresearch.com

Argus Research Co. has received a flat fee from the company discussed in this report as part of a Sponsored Research agreement between Argus and the company. No part of Argus Research’s compensation is directly or indirectly related to the content of this assessment or to other opinions expressed in this report. Please refer to the full Argus report and the disclaimer for complete disclosures.

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ScienceOra Demonstrates AI-Assisted Hydrogen-Production Catalyst Design Workflow at Tencent Global Digital Ecosystem Summit

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The workflow spans literature analysis, candidate design, experimental planning and industrial decision support, extending AI4S into materials research

SHENZHEN, China, Oct. 30, 2026 /PRNewswire/ — Wenge AI demonstrated an AI-assisted hydrogen-production catalyst design workflow supported by ScienceOra at the 2026 Tencent Global Digital Ecosystem Summit. The demonstration showed how AI for Science (AI4S) can connect literature analysis, catalyst candidate design, experimental planning and industrial decision support, helping materials researchers translate scientific evidence into actionable research plans.

ScienceOra is Wenge AI’s intelligent research decision platform, built on the ScienceOne Scientific Foundation Model. For specialist research tasks such as materials development, the platform brings together scientific models, professional literature, research data and tools to support information access, research-plan development and scientific decision-making.

From literature analysis to catalyst candidate design

The demonstration focused on the design of a high-entropy alloy catalyst for the alkaline hydrogen evolution reaction. To address the need for high activity and durability, ScienceOra searched professional literature and drew on published research methods and elemental properties to support the development of candidate designs. It also cross-checked optimization proposals against relevant literature, providing researchers with references that could be reviewed and verified.

Rather than simply generating material formulations, the workflow connects documentary evidence, materials knowledge and specific design objectives to support more targeted analysis of candidate solutions. Researchers remain responsible for assessing scientific validity and determining subsequent research directions.

From experimental planning to industrial decision support

For experimental planning, ScienceOra can assist in developing research protocols around candidate designs, helping researchers organize experimental variables and producing testing standard operating procedures (SOPs) and related reference information for subsequent validation.

For industrial applications, the platform can also support comparative analysis across dimensions such as the feasibility of scaled hydrogen production, performance at industrially relevant current densities, durability, raw-material availability and compatibility with mass-production synthesis processes. It can then assist in establishing decision priorities, screening criteria and process-improvement recommendations.

Candidate designs, experimental plans, process recommendations and references can be consolidated into a structured research report, helping R&D teams assess scientific evidence alongside engineering constraints. AI provides analytical and decision support, while experimental testing and scientific validation remain essential parts of materials research.

Previously disclosed collaboration reports design efficiency and activity improvements

In a previously disclosed industry–research collaboration on hydrogen-production catalyst design, ScienceOra supported literature analysis and research-plan development. The collaboration reported a 38% improvement in catalyst activity and reduced the design stage from several months to 30 minutes. The case illustrates the potential of domain-specific AI to connect scientific literature, research design and engineering requirements.

ScienceOra was recently made available on Tencent WorkBuddy, with an initial offering of more than 30 research expert agents and skills covering literature analysis, research hypotheses, plan design, modeling and simulation, validation analysis and research communication. The conference demonstration further illustrated how ScienceOra can be applied to specialist materials research, as AI4S moves beyond general information processing toward support for research workflows and industrial R&D decision-making.

For more information, visit https://www.scienceone.ai/portal/.

About Wenge AI

Wenge AI (1956.HK) is a provider of artificial intelligence technology and service platform products for enterprises. With self-developed large models as its core, the company helps enterprises build practical intelligent platforms and applications. Founded by a team of AI scientists from the Chinese Academy of Sciences, Wenge AI has deep technological expertise in large models, cognitive intelligence and complex-system modeling, and is committed to advancing AI from technological capabilities to enterprise-level applications.

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SOURCE Wenge AI

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Cake Digital Bank Wins Gold at Qorus-Infosys Finacle Banking Innovation Awards 2026

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ROME, Oct. 31, 2026 /PRNewswire/ — Cake Digital Bank, a digital-only bank from Vietnam, has won Gold at the Qorus-Infosys Finacle Banking Innovation Awards 2026 for its initiative, “Reinventing Financial Experiences Through an AI-First Banking Model.” Cake was the only financial institution from Vietnam recognized at this year’s awards.

The winners were celebrated in Rome, Italy, during Infosys Finacle Conclave 2026. The 13th edition of the awards attracted 538 submissions from 206 financial institutions across 68 countries, with 37 institutions recognized across ten award categories. The selection process combined voting by industry peers with evaluation by an expert jury of 81 senior banking executives.

The award-winning institutions included leading international banking names such as Santander, Commonwealth Bank, DBS, Maybank, and CaixaBank, reflecting the global scope and competitive landscape of the awards.

John Berry, Chairman of Qorus, observed that the banking industry is entering a new era in which AI is becoming integral to innovation, transforming initiatives and expanding the possibilities of financial services.

Building an AI-First Banking Model from the Ground Up

As artificial intelligence becomes increasingly central to banking innovation, financial institutions face a growing challenge: translating technological capabilities into better customer experiences, greater operational efficiency, and sustainable business performance.

Cake’s AI-first approach reflects this industry shift while taking a different starting point. Rather than integrating AI into established banking processes, Cake was built as a digital-only bank from the outset, embedding AI, data, and automation into its technology architecture, operating model, and customer journeys.

This greenfield foundation has enabled Cake to develop an integrated AI-first banking model, where technology supports how the bank makes decisions, manages operations, and delivers financial services at scale.

Supported by its independently developed core banking and card management systems, Cake applies AI across the banking value chain, from customer onboarding, credit assessment, and fraud prevention to risk management, customer service, and personalized financial recommendations.

Beyond operational efficiency, Cake has also invested in localized AI capabilities designed specifically for Vietnamese users, enabling more accessible, responsive, and personalized financial experiences.

Scaling Growth with Efficiency and Sustainable Business Performance

Nearly six years since its launch, Cake has grown to serve more than 8 million customers, demonstrating the scalability of its branchless digital banking model.

Cake achieved positive EBITDA in Q3 2024, just 3.5 years after launch, marking a significant milestone in demonstrating the viability of its digital-only banking model. The bank subsequently recorded 173% year-on-year revenue growth in 2025, followed by a further 121% growth in 2026, reflecting sustained business momentum as it continues to scale. Meanwhile, average revenue per user (ARPU) increased from USD 12 in 2024 to USD 44 in 2026, highlighting Cake’s ability to generate greater value from its growing customer base.

Beyond customer acquisition, Cake’s growth strategy increasingly focuses on deepening customer relationships and expanding the range of financial needs served through its platform and partner ecosystems. This approach reflects the bank’s evolution toward a mature digital banking model, where scale is complemented by stronger customer engagement, operational efficiency, and long-term business sustainability.

Nguyen Huu Quang, CEO of Cake Digital Bank, said:

“Winning Gold at the Qorus-Infosys Finacle Banking Innovation Awards is a meaningful international recognition of Cake’s AI-first banking model. From the beginning, our ambition has been to build a digital bank that combines technological innovation with sustainable business performance, while making financial services simpler, more accessible, and more relevant to customers. This recognition reinforces our commitment to delivering world-class banking experiences for Vietnamese users and continuing to advance our AI-first capabilities.”

The Gold Award marks another milestone in Cake’s development as a next-generation AI-first digital bank. It also demonstrates how a banking model developed and scaled in an emerging market can deliver meaningful customer and business outcomes, contributing practical perspectives to the global conversation on the future of digital banking.

In September 2026, Cake was also named “Vietnam’s Best Digital Bank” by Euromoney under its Group Level Banking Awards, further recognizing the bank’s progress in strategy, technology, and business performance.

About the Qorus-Infosys Finacle Banking Innovation Awards

The Qorus-Infosys Finacle Banking Innovation Awards are jointly organized by Qorus, a global association for retail financial institutions, and Infosys Finacle, a digital banking solutions provider. Now in their 13th edition, the awards recognize innovative initiatives and banking models that deliver meaningful impact across the global financial services industry.

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KSAT and Morehead State University Partner to Expand Lunar Communications Infrastructure

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Partnership strengthens the KSAT Lunar Network and supports deep space and lunar exploration

DENVER and MOREHEAD, Ky., Oct. 31, 2026 /PRNewswire/ — Kongsberg Satellite Services (KSAT), a leading provider of ground station networks and satellite operations, today announced a strategic partnership with Morehead State University (MSU) to enhance the KSAT Lunar Network, supporting the growing demand for communications and tracking services for deep space and lunar missions.

The partnership leverages MSU Space Science Center’s established deep space communications capabilities, including its 21-meter and 12-meter-class antennas in Morehead, Kentucky, to further increase the KSAT Lunar Network. Together, the partnership enables mission operators to maintain reliable links with spacecraft operating beyond Earth orbit by adding network capacity and resiliency over the Eastern United States.

“Partnering with MSU advances KSAT’s ability to deliver the communications infrastructure required for the accelerated demand for deep space and lunar missions. We are especially thrilled about this partnership as it helps enable science and exploration space missions today, while developing the next-generation workforce to support the long-term development of the U.S. cislunar economy,” said Dan Adams, General Manager of KSAT Inc.

“This partnership reflects our commitment to supporting the future of space exploration through innovation, education, and collaboration,” said Dr. Benjamin K. Malphrus, Executive Director of Space Science Center. “Working with KSAT provides exciting opportunities for our students and researchers while enabling us to contribute directly to the thriving commercial sector.”

KSAT and MSU share a strong commitment and heritage of supporting NASA’s Artemis program, most recently the Artemis II mission, and the broader science and exploration, as well as inspiring the next generation. In addition to expanding KSAT Lunar capabilities, the partnership will create even more opportunities for student involvement and workforce development through KSAT’s internship programs, helping prepare the next generation of engineers and space professionals for careers in the rapidly growing space sector.

About KSAT:

Kongsberg Satellite Services (KSAT) is the leading commercial provider of Ground Station Services, Earth Observation Services, and Satellite Operations Services. Headquartered in Tromsø, Norway, the company operates the largest commercial satellite ground station network worldwide, including facilities in Svalbard and Antarctica to provide unique southern hemisphere coverage. Through KSAT Inc., KSAT’s U.S. based full-capability subsidiary, KSAT delivers mission-critical infrastructure for customers in government, civil, and commercial space in the United States, as well as the global space industry. 

About MSU:
Morehead State University (MSU) is a comprehensive, regional university located in Appalachian Kentucky in the Daniel Boone National Forest. MSU is known for excellence in STEM fields and pre-professional programs. The Space Science Center is MSU’s Program of Distinction and manages a significant research and development portfolio in small satellite systems, having executed 7 smallsat missions to date. The Center operates a 21-meter ground station and a 12-meter tracking antenna that provides lunar tracking services and smaller aperture ground stations for satellite telecommunications support. The Center also supports innovative undergraduate, graduate and a Doctor of Engineering program in Space Systems Engineering.

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