Lendway Reports 55% Revenue Growth and Net Income Turnaround in Latest Quarter

Lendway, Inc. reported significant financial improvements in its latest quarterly filing for the period ending March 31, 2025. The company achieved net revenue of $12.4 million, a substantial increase from $8.0 million in the same period last year, reflecting a 55% year-over-year growth. This increase is attributed to a full quarter of revenue from the recently acquired Bloomia B.V., a major producer of fresh-cut tulips, which Lendway acquired on February 22, 2024. The gross profit for the quarter was $3.9 million, representing a gross margin of 31.3%, up from 21.7% in the prior year, indicating improved operational efficiency and cost management.

In terms of profitability, Lendway reported a net income of $449,000 for the quarter, a significant turnaround from a net loss of $1.2 million in the same quarter of 2024. The company’s operating income also improved to $1.4 million, compared to an operating loss of $1.6 million a year earlier. This positive shift is largely due to reduced sales, general, and administrative expenses, which fell to $2.5 million from $3.4 million, primarily due to the absence of acquisition-related costs that impacted the previous year’s figures.

Operationally, Lendway has seen a notable increase in its customer base, with four customers accounting for over 10% of total revenues in the latest quarter, compared to three in the prior year. The company’s accounts receivable also rose significantly, reflecting increased sales activity. As of March 31, 2025, total assets stood at $100.5 million, up from $100.0 million at the end of 2024, while total liabilities decreased to $87.9 million from $88.5 million, indicating a strengthening balance sheet.

Looking ahead, Lendway is optimistic about its growth trajectory, particularly with the seasonal nature of its tulip sales business, which typically peaks in the spring. The company anticipates that the upcoming quarter will benefit from the Easter holiday sales, which shifted to the second quarter in 2025. Additionally, Lendway plans to continue leveraging its acquisition of Bloomia to enhance its market position in the fresh-cut flower industry, while also managing its debt levels and operational costs effectively. The company expects to maintain compliance with its financial covenants and is focused on sustaining its operational momentum in the coming months.