OppFi Reports Record Quarterly Revenue and Adjusted Net Income and Increases Full Year Revenue and Adjusted Net Income Guidance

Rhea-AI Summary

OppFi (NYSE: OPFI), a tech-enabled digital finance platform, reported record Q2 2025 results with total revenue increasing 12.8% year-over-year to $142.4 million. The company achieved a record adjusted net income of $39.4 million, up 59.0% year-over-year, despite GAAP net income declining 58.5% to $11.5 million.

Key operational metrics showed improvement with average yield reaching 136.1% and net charge-off rate decreasing to 31.9%. The company's Model 6 drove growth while maintaining risk standards, achieving a record 80% auto-approval rate with strong customer satisfaction.

Based on strong performance, OppFi raised its full-year 2025 guidance, projecting revenue of $578-605 million and adjusted net income of $125-130 million, up from previous guidance of $563-594 million and $106-113 million respectively.

Positive

• Record quarterly revenue of $142.4 million, up 12.8% year-over-year
• Record adjusted net income of $39.4 million, increasing 59.0% year-over-year
• Net charge-off rate decreased 60 basis points to 31.9%
• Auto-approval rate reached record 80%, up from 76% year-over-year
• Increased full-year 2025 guidance for both revenue and adjusted net income

Negative

• GAAP net income decreased 58.5% year-over-year to $11.5 million
• Net loss attributable to OppFi Inc. of $20.78 million, compared to $3.07 million profit last year
• Basic and Diluted EPS declined to -$0.78 from $0.16 year-over-year

Insights

Financial Analyst

OppFi reports record revenue and adjusted net income despite GAAP decline, signals strong operational improvements with raised 2025 guidance.

OppFi delivered a record-breaking quarter with total revenue increasing 12.8% year-over-year to $142.4 million. While GAAP net income decreased 58.5% to $11.5 million, adjusted net income surged 59.0% to a company record of $39.4 million, highlighting significant operational improvements beneath the headline numbers.

The company's credit quality metrics show notable progress. Net charge-offs as a percentage of total revenue improved by 60 basis points year-over-year to 31.9%, indicating more effective underwriting. The average yield increased 130 basis points to a record 136.1%, demonstrating stronger pricing power in their lending model.

Operational efficiency gains are evident in the auto-approval rate reaching 80% in Q2 2025, up from 76% a year ago. This automation improvement helps reduce processing costs while maintaining customer satisfaction with a Net Promoter Score of 79.

The divergence between declining GAAP earnings and surging adjusted metrics suggests significant non-recurring or non-operational items impacting the quarter. This is further reflected in the dramatic 777.7% decline in net income attributable to OppFi Inc., dropping to a loss of $20.8 million from a positive $3.1 million last year.

Most importantly, management's confidence is evident in their raised full-year 2025 guidance, increasing revenue projections to $578-605 million (from $563-594 million) and adjusted net income to $125-130 million (from $106-113 million). This ~17% increase in projected adjusted net income signals strong forward momentum in their core business model.

The company's focus on their "Model 6" lending approach appears to be successfully driving incremental origination growth while maintaining risk standards, suggesting sustainable growth potential in their specialized lending niche serving everyday Americans through bank partnerships.

GAAP net income decreased 58.5% year over year to $11.5 million

Adjusted net income¹ increased 59.0% year over year to $39.4 million, a Company record for any quarter

Total revenue increased 12.8% year over year to $142.4 million, a Company record for any quarter

Average yield, annualized increased by 130 basis points year over year to 136.1%, a Company record for any quarter

Net charge-off rate as a percentage of total revenue decreased 60 basis points year over year to 31.9%

Revenue guidance for the full year 2025 increased to $578 million to $605 million, from a previous range of $563 million to $594 million

Adjusted net income¹ guidance for the full year 2025 increased to $125 million to $130 million, from $106 million to $113 million

CHICAGO, Aug. 6, 2025 /PRNewswire/ -- OppFi Inc. (NYSE: 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 second quarter ended June 30, 2025.

"The significant improvements we've made in operations and credit have delivered another record quarter. Model 6 has continued to drive incremental origination growth while maintaining our risk standards. We also achieved a record auto-approval percentage for the quarter while maintaining strong customer satisfaction of 79 NPS. As a result of this momentum, we are raising our full-year guidance for both revenue and adjusted net income. We believe our differentiated approach to facilitating consumer lending continues to position us for sustainable growth and long-term value creation," said Todd Schwartz, CEO and Executive Chairman of OppFi.

(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. 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. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.

Financial Summary

The following tables present a summary of OppFi's results for the three and six months ended June 30, 2025 and 2024 (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 June 30,				Change
(Unaudited)		2025		2024		%
Total revenue		$             142,443		$             126,304		12.8 %
Net income		$               11,480		$               27,676		(58.5) %
Net (loss) income attributable to OppFi Inc.		$              (20,780)		$                 3,066		(777.7) %
Adjusted net income(1)		$               39,401		$               24,781		59.0 %
Basic EPS		$                  (0.78)		$                   0.16		(588.1) %
Diluted EPS(2)		$                  (0.78)		$                   0.16		(588.1) %
Adjusted EPS(1,2)		$                   0.45		$                   0.29		55.1 %

(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. 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.

(2) 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.

 

		Six Months Ended June 30,				Change
(Unaudited)		2025		2024		%
Total revenue		$             282,711		$             253,647		11.5 %
Net income		$               31,870		$               37,807		(15.7) %
Net (loss) income attributable to OppFi Inc.		$              (32,152)		$                 8,603		(473.7) %
Adjusted net income(1)		$               73,219		$               33,562		118.2 %
Basic EPS		$                  (1.28)		$                   0.44		(390.4) %
Diluted EPS(2)		$                  (1.28)		$                   0.36		(455.0) %
Adjusted EPS(1,2)		$                   0.83		$                   0.39		113.1 %

(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. 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.

(2) 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 tables represent key quarterly metrics (in thousands, except percentage metrics).

		As of and for the Three Months Ended
		June 30,		March 31,		June 30,
(Unaudited)		2025		2025		2024
Total net originations(a)		$      233,873		$      189,168		$      205,549
Total retained net originations(a)		$      205,706		$      168,963		$      189,344
Ending receivables(b)		$      437,750		$      406,579		$      387,086
Net charge-offs as % of total revenue(c)		32 %		35 %		33 %
Net charge-offs as % of average receivables, annualized(c)		43 %		47 %		44 %
Average yield, annualized(d)		136 %		136 %		135 %
Auto-approval rate(e)		80 %		79 %		76 %

(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.

 

		As of and for the Six Months Ended
(Unaudited)		June 30, 2025		June 30, 2024
Total net originations(a)		$                     423,041		$                     369,045
Total retained net originations(a)		$                     374,669		$                     341,856
Ending receivables(b)		$                     437,750		$                     387,086
Net charge-offs as % of total revenue(c)		33 %		40 %
Net charge-offs as % of average receivables, annualized(c)		45 %		53 %
Average yield, annualized(d)		135 %		131 %
Auto-approval rate(e)		79 %		75 %

(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.

Full Year 2025 Guidance Update

• Raise total revenue
  • $578 million to $605 million, from a previous range of $563 million to $594 million;
• Raise adjusted net income¹
  • $125 million to $130 million, from a previous range of $106 to $113 million; and
• Raise adjusted earnings per share¹
  • $1.39 to $1.44 from a previous range of $1.18 to $1.26, based on approximate weighted average diluted share count of 90 million shares

(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. 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. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.

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) 343-4136
• International: (203) 518-9843
• 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 4.5/5.0 star rating on Trustpilot based on over 4,900 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.

Contacts:

Investor Relations:
Mike Gallentine
Head of Investor Relations
mgallentine@oppfi.com

Media Relations:
media@oppfi.com

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi's expectations with respect to its full year 2025 guidance, the future performance of OppFi's platform, and expectations for OppFi's growth and future financial performance. These forward-looking statements are based on OppFi's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, the impact of tariffs, and tightening of credit markets on OppFi's business; the impact of challenging macroeconomic and marketplace conditions; the impact of stimulus or other government programs; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi's bank partners will continue to lend in California and whether OppFi's financing sources will continue to finance the purchase of participation rights in loans originated by OppFi's bank partners in California; OppFi's ability to scale and grow the Bitty business; the impact that events involving financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi's business; risks related to any material weakness in OppFi's internal controls over financial reporting; the ability of OppFi to grow and manage growth profitably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi's ability to comply with various covenants in its corporate and warehouse credit facilities; risks related to potential litigation; changes in applicable laws or regulations, including, but not limited to, impacts from the One Big Beautiful Bill Act; the possibility that OppFi may be adversely affected by other economic, business, and/or competitive factors; risks related to management transitions; and other risks and uncertainties indicated from time to time in OppFi's filings with the United States Securities and Exchange Commission, in particular, contained in the section or sections captioned "Risk Factors." OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, and Adjusted EPS. Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other adjustments, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate for each period presented that reflects the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. The earnout units were not earned pursuant to the earnout provisions of the Business Combination Agreement on or prior to July 21, 2024, the third anniversary of the closing date of the Company's business combination. Accordingly, on such date the earnout units and associated Class V Voting Stock were forfeited. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" below for reconciliations for OppFi's non-GAAP financial measures to the most directly comparable GAAP financial measures. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.

First Quarter Results of Operations

Consolidated Statements of Operations

The following tables present consolidated results of operations for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and 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.

Comparison of the three months ended June 30, 2025 and 2024

		Three Months Ended June 30,				Change
(Unaudited)		2025		2024		$		%
Interest and loan related income		$         141,144		$         125,076		$        16,068		12.8 %
Other revenue		1,299		1,228		71		5.8
Total revenue		142,443		126,304		16,139		12.8
Change in fair value of finance receivables		(42,197)		(40,019)		(2,178)		5.4
Provision for credit losses on finance receivables		—		(4)		4		(100.0)
Net revenue		100,246		86,281		13,965		16.2
Expenses:
Sales and marketing		10,077		10,824		(747)		(6.9)
Customer operations		11,299		11,608		(309)		(2.7)
Technology, products, and analytics		7,721		9,148		(1,427)		(15.6)
General, administrative, and other		16,702		14,250		2,452		17.2
Total expenses before interest expense		45,799		45,830		(31)		(0.1)
Interest expense		9,639		10,964		(1,325)		(12.1)
Total expenses		55,438		56,794		(1,356)		(2.4)
Income from operations		44,808		29,487		15,321		52.0
Change in fair value of warrant liabilities		(33,304)		(976)		(32,328)		3310.8
Income from equity method investment		1,121		—		1,121		—
Other income		79		79		—		—
Income before income taxes		12,704		28,590		(15,886)		(55.6)
Income tax expense		1,224		914		310		33.9
Net income		11,480		27,676		(16,196)		(58.5)
Less: net income attributable to noncontrolling interest		32,260		24,610		7,650		31.1
Net (loss) income attributable to OppFi Inc.		$          (20,780)		$              3,066		$      (23,846)		(777.7) %
(Loss) earnings per common share attributable to OppFi Inc.:
(Loss) earnings per common share:
Basic		$              (0.78)		$                0.16
Diluted		$              (0.78)		$                0.16
Weighted average common shares outstanding:
Basic		26,610,330		19,675,934
Diluted		26,610,330		19,675,934

Comparison of the six months ended June 30, 2025 and 2024

		Six Months Ended June 30,				Change
(Unaudited)		2025		2024		$		%
Interest and loan related income		$         280,262		$         251,355		$        28,907		11.5 %
Other revenue		2,449		2,292		157		6.9
Total revenue		282,711		253,647		29,064		11.5
Change in fair value of finance receivables		(91,655)		(104,121)		12,466		(12.0)
Provision for credit losses on finance receivables		—		(31)		31		(100.0)
Net revenue		191,056		149,495		41,561		27.8
Expenses:
Sales and marketing		18,556		19,002		(446)		(2.3)
Customer operations		22,708		22,971		(263)		(1.1)
Technology, products, and analytics		15,165		18,927		(3,762)		(19.9)
General, administrative, and other		27,441		31,430		(3,989)		(12.7)
Total expenses before interest expense		83,870		92,330		(8,460)		(9.2)
Interest expense		19,886		22,394		(2,508)		(11.2)
Total expenses		103,756		114,724		(10,968)		(9.6)
Income from operations		87,300		34,771		52,529		151.1
Change in fair value of warrant liabilities		(54,911)		4,195		(59,106)		(1409.1)
Income from equity method investment		2,197		—		2,197		—
Other income		159		159		—		—
Income before income taxes		34,745		39,125		(4,380)		(11.2)
Income tax expense		2,875		1,318		1,557		118.1
Net income		31,870		37,807		(5,937)		(15.7)
Less: net income attributable to noncontrolling interest		64,022		29,204		34,818		119.2
Net (loss) income attributable to OppFi Inc.		$          (32,152)		$              8,603		$      (40,755)		(473.7) %
(Loss) earnings per common share attributable to OppFi Inc.:
(Loss) earnings per common share:
Basic		$              (1.28)		$                0.44
Diluted		$              (1.28)		$                0.36
Weighted average common shares outstanding:
Basic		25,158,196		19,440,680
Diluted		25,158,196		86,148,477

 

Condensed Consolidated Balance Sheets

Comparison as of June 30, 2025 and December 31, 2024 (in thousands):

		(Unaudited)
		June 30,		December 31,		Change
		2025		2024		$		%
Assets
Cash and restricted cash		$           78,265		$           88,288		$          (10,023)		(11.4) %
Finance receivables at fair value		491,488		473,696		17,792		3.8
Equity method investment		18,574		19,194		(620)		(3.2)
Other assets		85,048		59,993		25,055		41.8
Total assets		$         673,375		$         641,171		$           32,204		5.0 %
Liabilities and stockholders' equity
Accounts payable and accrued expenses		$           29,840		$           33,290		$            (3,450)		(10.4) %
Total debt		305,897		318,758		(12,861)		(4.0)
Warrant liabilities		70,019		15,108		54,911		363.5
Other liabilities		49,914		39,802		10,112		25.4
Total liabilities		455,670		406,958		48,712		12.0
Total stockholders' equity		217,705		234,213		(16,508)		(7.0)
Total liabilities and stockholders' equity		$         673,375		$         641,171		$           32,204		5.0 %

 

Financial Capacity and Capital Resources

As of June 30, 2025, OppFi had $45.2 million in unrestricted cash, a decrease of $16.1 million from December 31, 2024. As of June 30, 2025, OppFi had an additional $219.1 million of unused debt capacity under its financing facilities for future availability, representing a 42% overall undrawn capacity, an increase from $206.2 million as of December 31, 2024. The increase in undrawn debt was driven primarily by using excess cash to pay down debt on our term loan and adding an additional $50.0 million in capacity to one of our revolving lines of credit. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $78.3 million, OppFi had approximately $603.3 million in funding capacity as of June 30, 2025.

Reconciliation of Non-GAAP Financial Measures

The following tables present reconciliations of non-GAAP financial measures for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and 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.

Adjusted EBT and Adjusted Net Income

Comparison of the three months ended June 30, 2025 and 2024

		Three Months Ended June 30,				Variance
(Unaudited)		2025		2024		$		%
Net income		$                11,480		$               27,676		$      (16,196)		(58.5) %
Income tax expense		1,224		914		310		33.9
Other income		(79)		(79)		—		—
Change in fair value of warrant liabilities		33,304		976		32,328		3310.8
Other adjustments, net(a)		5,542		2,932		2,610		89.0
Adjusted EBT		51,471		32,419		19,052		58.8
Less: pro forma taxes(b)		12,070		7,638		4,432		58.0
Adjusted net income		$                39,401		$               24,781		$       14,620		59.0 %
Adjusted earnings per share		$                    0.45		$                    0.29
Weighted average diluted shares outstanding		88,419,961		86,268,511

(a) For the three months ended June 30, 2025, other adjustments, net of $5.5 million included $5.1 million in expenses related to stock compensation, $0.3 million in expenses related to severance, and $0.2 million in expenses related to legal matters. For the three months ended June 30, 2024, other adjustments, net of $2.9 million included $2.1 million in expenses related to stock compensation, $0.5 million in expenses related to legal matters, $0.3 million in expenses related to severance, and $0.1 million in expenses related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.45% for the three months ended June 30, 2025 and 23.56% for the three months ended June 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

Comparison of the six months ended June 30, 2025 and 2024

		Six Months Ended June 30,				Change
(Unaudited)		2025		2024		$		%
Net income		$              31,870		$               37,807		$        (5,937)		(15.7) %
Income tax expense		2,875		1,318		1,557		118.1
Other income		(159)		(159)		—		—
Change in fair value of warrant liabilities		54,911		(4,195)		59,106		1409.1
Other adjustments, net(a)		6,152		9,136		(2,984)		(32.7)
Adjusted EBT		95,649		43,907		51,742		117.8
Less: pro forma taxes(b)		22,430		10,345		12,085		116.8
Adjusted net income		$              73,219		$               33,562		$       39,657		118.2 %
Adjusted earnings per share		$                   0.83		$                    0.39
Weighted average diluted shares outstanding		88,208,125		86,148,477

(a) For the six months ended June 30, 2025, other adjustments, net of $6.2 million included $6.4 million in expenses related to stock compensation, $0.6 million in expenses related to severance, $0.5 million in expenses related to legal matters, and $0.2 million in expenses related to an adjustment to the Company's outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card's exit activities. For the six months ended June 30, 2024, other adjustments, net of $9.1 million included $3.1 million in expenses related to stock compensation, $2.9 million in expenses related to OppFi Card's exit activities, $1.2 million in expenses related to legal matters, $1.1 million in expenses related to severance, and $0.9 million in expenses related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.45% for the six months ended June 30, 2025 and 23.56% for the six months ended June 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

Adjusted Earnings Per Share

Comparison of the three months ended June 30, 2025 and 2024

	Three Months Ended June 30,
(Unaudited)	2025		2024
Weighted average Class A common stock outstanding	26,610,330		19,675,934
Weighted average Class V voting stock outstanding	60,251,993		91,380,789
Elimination of earnouts at period end	—		(25,500,000)
Dilutive impact of restricted stock units	1,304,191		642,306
Dilutive impact of performance stock units	41,427		69,482
Dilutive impact of stock options	212,020		—
Weighted average diluted shares outstanding	88,419,961		86,268,511

 

	Three Months Ended				Three Months Ended
(In thousands, except share and per share data)	June 30, 2025				June 30, 2024
(Unaudited)	$		Per Share		$		Per Share
Weighted average diluted shares outstanding			88,419,961				86,268,511
Net income	$          11,480		$               0.13		$          27,676		$               0.32
Income tax expense	1,224		0.01		914		0.01
Other income	(79)		—		(79)		—
Change in fair value of warrant liabilities	33,304		0.38		976		0.01
Other adjustments, net(a)	5,542		0.06		2,932		0.03
Adjusted EBT	51,471		0.58		32,419		0.38
Less: pro forma taxes(b)	12,070		0.14		7,638		0.09
Adjusted net income	$          39,401		$               0.45		$          24,781		$               0.29

(a) For the three months ended June 30, 2025, other adjustments, net of $5.5 million included $5.1 million in expenses related to stock compensation, $0.3 million in expenses related to severance, and $0.2 million in expenses related to legal matters. For the three months ended June 30, 2024, other adjustments, net of $2.9 million included $2.1 million in expenses related to stock compensation, $0.5 million in expenses related to legal matters, $0.3 million in expenses related to severance, and $0.1 million in expenses related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.45% for the three months ended June 30, 2025 and 23.56% for the three months ended June 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

Comparison of the six months ended June 30, 2025 and 2024

	Six Months Ended June 30,
(Unaudited)	2025		2024
Weighted average Class A common stock outstanding	25,158,196		19,440,680
Weighted average Class V voting stock outstanding	61,470,613		91,531,964
Elimination of earnouts at period end	—		(25,500,000)
Dilutive impact of restricted stock units	1,322,965		602,628
Dilutive impact of performance stock units	51,902		73,205
Dilutive impact of stock options	204,449		—
Weighted average diluted shares outstanding	88,208,125		86,148,477

 

	Six Months Ended				Six Months Ended
(In thousands, except share and per share data)	June 30, 2025				June 30, 2024
(Unaudited)	$		Per Share		$		Per Share
Weighted average diluted shares outstanding			88,208,125				86,148,477
Net income	$          31,870		$               0.36		$          37,807		$               0.44
Income tax expense	2,875		0.03		1,318		0.02
Other income	(159)		—		(159)		—
Change in fair value of warrant liabilities	54,911		0.62		(4,195)		(0.05)
Other adjustments, net(a)	6,152		0.07		9,136		0.11
Adjusted EBT	95,649		1.08		43,907		0.51
Less: pro forma taxes(b)	22,430		0.25		10,345		0.12
Adjusted net income	$          73,219		$               0.83		$          33,562		$               0.39

(a) For the six months ended June 30, 2025, other adjustments, net of $6.2 million included $6.4 million in expenses related to stock compensation, $0.6 million in expenses related to severance, $0.5 million in expenses related to legal matters, and $0.2 million in expenses related to an adjustment to the Company's outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card's exit activities. For the six months ended June 30, 2024, other adjustments, net of $9.1 million included $3.1 million in expenses related to stock compensation, $2.9 million in expenses related to OppFi Card's exit activities, $1.2 million in expenses related to legal matters, $1.1 million in expenses related to severance, and $0.9 million in expenses related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.45% for the six months ended June 30, 2025 and 23.56% for the six months ended June 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

 

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SOURCE OppFi

FAQ

What were OppFi's (OPFI) Q2 2025 earnings results?

OppFi reported Q2 2025 revenue of $142.4 million (up 12.8% YoY) and adjusted net income of $39.4 million (up 59.0% YoY), though GAAP net income decreased 58.5% to $11.5 million.

What is OppFi's updated revenue guidance for 2025?

OppFi raised its 2025 revenue guidance to $578-605 million, up from the previous range of $563-594 million.

How did OppFi's auto-approval rate perform in Q2 2025?

OppFi achieved a record 80% auto-approval rate in Q2 2025, up from 76% in Q2 2024, while maintaining strong customer satisfaction with a 79 NPS score.

What was OppFi's net charge-off rate in Q2 2025?

OppFi's net charge-off rate as a percentage of total revenue decreased by 60 basis points year-over-year to 31.9%.

What is OppFi's projected adjusted EPS for 2025?

OppFi raised its 2025 adjusted EPS guidance to $1.39-$1.44 from the previous range of $1.18-$1.26, based on approximately 90 million weighted average diluted shares.