Welcome to our dedicated page for OppFi news (Ticker: OPFI), a resource for investors and traders seeking the latest updates and insights on OppFi stock.
OppFi Inc. reports news as a tech-enabled digital finance platform that works with banks to provide financial products and services for everyday Americans. Company updates commonly cover quarterly and annual operating results, revenue from installment and SalaryTap contracts, receivables balances, bank-partner credit products, and the OppLoans by OppFi consumer platform.
Recurring developments also include capital allocation through Class A common stock repurchases, financing and revolving credit arrangements tied to receivables, underwriting and risk-based pricing commentary, and OppFi's equity interest in Bitty Holdings, LLC, which offers revenue-based financing and other working-capital solutions to small businesses.
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OppFi achieved its eighth consecutive year of profitability with a net income of $3.3 million for 2022. The company reported record total revenue of $452.9 million and demonstrated a 29.2% increase year-over-year. Despite its successes, net income decreased by 96.3% compared to 2021. The marketing cost per funded loan decreased 20% year-over-year, and a new $150 million credit facility was closed with Castlelake, enhancing funding capacity. For 2023, OppFi projects revenue growth of 10% to 15% and an adjusted net income of $22 million to $28 million.
OppFi Inc. (NYSE: OPFI) will report its financial results for Q4 and full year 2022 on March 23, 2023, after market close. A conference call will follow at 4:30 p.m. ET to discuss these results and the company's outlook. Investors can access a webcast and submit questions via email. OppFi, a fintech platform, aims to provide credit access to underserved Americans and boasts a 4.6/5.0 rating on Trustpilot. The company is also noted for its A+ rating from the Better Business Bureau. Forward-looking statements in the release caution that actual results may vary due to various risks and uncertainties.
OppFi (NYSE:OPFI) celebrates a significant milestone, surpassing 1 million unique customers and launching a same-day funding service on its OppLoans platform. This service allows qualified customers applying by 1:00 pm ET on business days to receive funds the same day. Approximately one-third of OppFi’s customers have benefited from this feature. The company emphasizes its commitment to enhancing customer financial health through partnerships with social impact organizations offering financial education and resources. CEO Todd Schwartz stated that these offerings cater to the financial needs of underserved Americans.
OppFi Inc. (NYSE:OPFI) has secured a $150 million credit facility with Castlelake L.P. and Hudson Cove Capital Management. This facility, with a 4-year term, aims to finance receivables growth and replace an existing facility due to mature in January 2024. CEO Todd Schwartz emphasized that this move will help expand credit access to 60 million underserved Americans and support profitable growth. The company is recognized for its strong consumer ratings, holding a 4.6/5.0 star rating on Trustpilot.
OppFi reported a 35% year-over-year revenue increase to $124.2 million for Q3 2022. Net originations rose 11% to $182.7 million, and ending receivables surged 39% to $407.7 million. Despite these gains, the company faced a net loss of $0.7 million with basic and diluted EPS at $(0.04). Adjusted net income fell 95.6% to $0.8 million, with adjusted EPS at $0.01. OppFi reaffirms a full-year revenue growth guidance of 20-25% and anticipates profitability improvements in 2023.