Total revenue increased 8.3% year over year to $151.9 million, a Company record for the first quarter
Net income increased 165.0% year over year to $54.0 million
Adjusted net income(1) decreased 11.2% year over year to $30.0 million
Board approves new $40 million Share Repurchase Program
CHICAGO, May 7, 2026 /PRNewswire/ -- OppFi Inc. $(OPFI)$ ("OppFi" or the "Company"), a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans, today reported financial results for the first quarter ended March 31, 2026.
"Operationally, OppFi had a healthy start to 2026, generating record first-quarter revenue, which reflects the strength of our core operations. Strategically, we believe 2026 is a pivotal year of investment for OppFi as we evolve the business with the transformative combination of OppFi's digital-first platform and BNC's national bank charter. This initiative unlocks significant opportunities for growth and product diversification. Combining our operations under unified regulatory supervision by the OCC and Federal Reserve simplifies and strengthens our compliance and risk management, which positions us for long-term scalability and sustainable growth," said Todd Schwartz, CEO and Executive Chairman of OppFi. Our new share repurchase program reflects our continued confidence in OppFi's long-term growth prospects, our commitment to returning value to our stockholders and belief that our stock currently trades at a significant discount to its underlying value," Todd Schwartz added.
(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See "Reconciliation of Non-GAAP Financial Measures" below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures.
Financial Summary
The following table presents a summary of OppFi's results for the three months ended March 31, 2026 and 2025 (in thousands, except per share data) . Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31, Change
------------------------------------- --------
(Unaudited) 2026 2025 %
----------------- ------------------ --------
Total revenue(1) $ 151,881 $ 140,268 8.3 %
Net income $ 54,038 $ 20,390 165.0 %
Net income (loss)
attributable to OppFi
Inc. $ 28,401 $ (11,372) 349.7 %
Adjusted net income(2) $ 30,045 $ 33,817 (11.2) %
Basic EPS $ 1.06 $ (0.48) 321.0 %
Diluted EPS(3) $ 0.56 $ (0.48) 215.7 %
Adjusted EPS(2,3) $ 0.35 $ 0.38 (9.3) %
The financial results do not reflect the simplification of OppFi's corporate
structure to collapse its prior Up-C structure, which occurred after the end
of the quarter.
(1) Total revenue is calculated as the sum of interest on finance receivables
and other revenue.
(2) Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See
"Reconciliation of Non-GAAP Financial Measures" below for a detailed
description and reconciliation of such non-GAAP financial measures to their
most directly comparable GAAP financial measures.
(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities,
including Class V Voting Stock, restricted stock units, performance stock
units, and stock options in any periods in which their inclusion would have an
antidilutive effect.
Key Performance Metrics
The following table represents key quarterly metrics as of and for the three months ended March 31, 2026 and 2025 (in thousands, except percentage metrics).
As of and for the Three Months Ended
--------------------------------------------
(Unaudited) March 31, 2026 March 31, 2025
--------------------- ---------------------
Total net originations(a) $ 175,975 $ 189,168
Total retained net
originations(a) $ 151,449 $ 168,963
Ending receivables(b) $ 444,922 $ 406,579
Net charge-offs as % of
total revenue(c) 42.5 % 34.6 %
Net charge-offs as % of
average receivables,
annualized(c) 55.5 % 47.0 %
Average yield, annualized(d) 130.7 % 135.8 %
Auto-approval rate(e) 79 % 79 %
(a) Total net originations are defined as gross originations net of
transferred balance on refinanced loans, while total retained net originations
are defined as the portion of total net originations with respect to which the
Company ultimately purchased a receivable from bank partners.
(b) Ending receivables are defined as the unpaid principal balances of loans
at the end of the reporting period.
(c) Net charge-offs as a percentage of total revenue and net charge-offs as a
percentage of average receivables represent total charge-offs from the period
less recoveries as a percentage of total revenue and as a percentage of
average receivables. Net charge-offs as a percentage of average receivables is
presented as an annualized metric. Finance receivables are charged off at the
earlier of the time when accounts reach 90 days past due on a recency basis,
when OppFi receives notification of a customer bankruptcy or is otherwise
deemed uncollectible.
(d) Average yield is defined as total revenue from the period as a percent of
average receivables and is presented as an annualized metric.
(e) Auto-approval rate is calculated by taking the number of approved loans
that are not decisioned by a loan processor or underwriter (auto-approval)
divided by the total number of loans approved.
Share Repurchase Program
During the three months ended March 31, 2026, OppFi repurchased 1,040,699 shares of Class A Common Stock, which were held as treasury stock, for an aggregate purchase price of $9.9 million at an average purchase price per share of $9.54. As of March 31, 2026, $11.0 million of the repurchase authorization under the Company's prior repurchase program remained available. On May 6, 2026, the Board of Directors of OppFi approved a new share repurchase program under which the Company may repurchase up to $40 million of its Class A Common Stock. This new program replaces the Company's prior share repurchase program, which was terminated.
Repurchases under the new program may be made from time to time on the open market, through privately negotiated transactions, or via other methods, in accordance with applicable securities laws and other relevant legal requirements. The timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors. The new program does not obligate the Company to repurchase any specific dollar amount or number of shares, and it may be extended, modified, suspended or discontinued at any time.
Conference Call
Management will host a conference call today at 9:00 a.m. ET to discuss OppFi's financial results and business outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company's website.
The conference call can also be accessed with the following dial-in information:
-- Domestic: (800) 579-2543 -- International: (785) 424-1789 -- Conference ID: OPPFI
An archived version of the webcast will be available on OppFi's website.
About OppFi
OppFi (NYSE: OPFI) is a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans. Through this transparent and responsible platform, which emphasizes financial inclusion and exceptional customer experience, the Company assists consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,500 reviews, positioning the Company among the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC ("Bitty"), a credit access company that provides revenue-based financing and other working capital solutions to small businesses. For additional information, please visit oppfi.com.
Important Additional Information will be Filed with the SEC
In connection with the proposed transaction between OppFi and BNCCORP, Inc. ("BNCC"), OppFi will file with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (the "registration statement"), which will contain a proxy statement of BNCC and a prospectus of OppFi (the "proxy statement/prospectus"), and OppFi may file with the SEC other relevant documents regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CAREFULLY AND IN THEIR ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY OPPFI, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OPPFI, BNC AND THE PROPOSED TRANSACTION. A definitive copy of the proxy statement/prospectus will be mailed to stockholders of BNCC when that document is final. Investors and security holders will be able to obtain the registration statement and the proxy statement/prospectus, as well as other filings containing information about OppFi, free of charge from OppFi or from the SEC's
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