OppFi Inc. reported record second quarter revenue of $145.2 million, representing a 1.9% increase year-over-year. While GAAP net income rose 36.0% to $15.6 million, adjusted EPS of $0.33 missed analyst expectations of $0.48. The results reflect a strategic shift toward tighter credit standards, which resulted in a 9.3% decrease in total net originations. Management also lowered full-year 2026 guidance, citing deliberate portfolio moderation and elevated charge-offs.
Key Highlights
- Total revenue reached a record $145.2 million for the quarter, driven by higher average receivable balances despite a decline in new originations.
- Credit quality showed strain as net charge-offs as a percentage of total revenue rose to 39.5%, up from 31.9% in the prior-year period.
- Full-year 2026 guidance was revised downward, with total revenue now expected between $600 million and $625 million, compared to the previous range of $650 million to $675 million.
- The company secured a new $100 million senior secured multi-draw term loan facility at a fixed interest rate of 12.50% to 13.50% to support growth and its pending acquisition of BNCCORP.