Stonegate Capital Partners Updates 3Q24 Report on OppFi, Inc. (OPFI)

Rhea-AI Summary

OppFi (NYSE: OPFI) reported strong financial results for Q3 2024, with total revenue reaching $136.6M, representing a 2.6% year-over-year increase. The company achieved record-breaking performance with net income of $32.1M, marking a 106.4% year-over-year growth. Adjusted net income rose 116.2% to $28.8M. The company's net revenue margin expanded by 992 basis points to 66.7% compared to Q3 2023. These results significantly exceeded both Stonegate Capital Partners and consensus estimates for revenue, adjusted net income, and adjusted EPS.

Positive

• Record quarterly net income of $32.1M, up 106.4% YoY
• Revenue growth of 2.6% YoY to $136.6M
• Adjusted net income increase of 116.2% YoY to $28.8M
• Net revenue margin expansion of 992 basis points to 66.7%
• Outperformed analyst estimates across all key metrics

Negative

• None.

News Market Reaction

-1.81%

1 alert

-1.81% News Effect

On the day this news was published, OPFI declined 1.81%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Dallas, Texas--(Newsfile Corp. - November 8, 2024) - OppFi, Inc. (NYSE: OPFI): Stonegate Capital Partners updates coverage on OppFi (NYSE: OPFI). OppFi reported revenue, adj. Net Income, and adj. EPS of $136.6M, $31.5M, and $0.36, respectively. This compares to our/consensus estimates of $130.1M/$130.8M, $17.9M/$17.2M, and $0.21/$0.20. Net revenue margin was 66.7% for the quarter, which was a year over year margin expansion of 992 bps from 3Q23. The impressive performance this quarter is attributed to a notable increase in both total revenue and net income, setting new records for the Company. We expect this positive trajectory to persist throughout the remainder of 2024, as OppFi continues to prioritize strategic initiatives aimed at enhancing profitability and driving sustainable growth.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Net income increased 106.4% year over year to $32.1 million, a Company record for any quarter.
• Adjusted net income increased 116.2% year over year to $28.8 million.
• Total revenue increased 2.6% year over year to $136.6 million.

Click image above to view full announcement.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229280

FAQ

What was OppFi's (OPFI) revenue in Q3 2024?

OppFi reported total revenue of $136.6 million in Q3 2024, representing a 2.6% increase year-over-year.

How much did OppFi's (OPFI) net income grow in Q3 2024?

OppFi's net income grew by 106.4% year-over-year to $32.1 million in Q3 2024, setting a new company record.

What was OppFi's (OPFI) net revenue margin in Q3 2024?

OppFi's net revenue margin was 66.7% in Q3 2024, showing an expansion of 992 basis points compared to Q3 2023.

Did OppFi (OPFI) beat analyst estimates in Q3 2024?

Yes, OppFi exceeded both Stonegate Capital Partners and consensus estimates for revenue, adjusted net income, and adjusted EPS in Q3 2024.