Stonegate Capital Partners Updates Coverage on OppFi, Inc. (OPFI) 2Q26

Rhea-AI Summary

OppFi (NYSE: OPFI) reported 2Q26 revenue up 1.9% year over year to a second-quarter record of $145.2 million, while adjusted net income fell 27.0% to $28.8 million and adjusted EPS declined to $0.33 from $0.45. According to OppFi, the weaker quarter led to a lower FY26 outlook, largely tied to delayed line-of-credit (LOC) and LOLA initiatives and macro pressure on consumer affordability, while adjusted operating expenses were held at about 34% of revenue.

Credit metrics showed sequential improvement, with net charge-offs at 39.5% of revenue and 52.3% of average receivables, down from 42.5% and 55.5% in 1Q26, and total net originations rising 20.5% quarter over quarter. OppFi highlights upcoming catalysts including a planned September LOC launch, LOLA migration, and the pending BNCC acquisition, for which management continues to target a 4Q26 close and approximately $3.00 of EPS by 2028.

Positive

• Revenue +1.9% YoY to a 2Q record of $145.2M
• Adjusted operating expenses held at ~34% of revenue
• Net charge-offs improved to 39.5% of revenue and 52.3% of receivables
• Total net originations increased 20.5% quarter over quarter
• Management targets $3.00 EPS by 2028
• BNCC acquisition targeted to close in 4Q26

Negative

• Adjusted net income declined 27.0% to $28.8M in 2Q26
• Adjusted EPS fell to $0.33 from $0.45 year over year
• OppFi reduced its FY26 earnings outlook

Market Reaction – OPFI

+0.61% $6.63 21.6x vol

15m delay

+0.61% Vs previous close

$6.63 Last Price

$6.50 $7.90 Day Range

$566.16M Market Cap

21.6x Rel. Volume

Following this news, OPFI has gained 0.61%, reflecting a mild positive market reaction. Our momentum scanner has triggered 63 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $6.63. Trading volume is exceptionally heavy at 21.6x the average, suggesting very strong buying interest.

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Market Context

Net Selling insider sentiment added a cautionary platform signal to this coverage update. Historical...

Analysis

Net Selling insider sentiment added a cautionary platform signal to this coverage update. Historical acquisition reactions were positive, but BNCC execution, credit normalization, and rollout timing remained relevant risks to monitor.

Key Figures

Revenue: $145.2M Adjusted net income: $28.8M Adjusted EPS: $0.33 +5 more

8 metrics

Revenue $145.2M 2Q26, up 1.9% year over year

Adjusted net income $28.8M 2Q26, down 27.0%

Adjusted EPS $0.33 2Q26, versus $0.45 previously

Adjusted operating expenses 34% of revenue 2Q26, approximately

Net charge-offs 39.5% of revenue 2Q26, versus 42.5% in 1Q26

Net charge-offs 52.3% of average receivables 2Q26, versus 55.5% in 1Q26

Net originations 20.5% Sequential improvement in 2Q26

2028 EPS target $3.00 Management target by 2028

Historical Context

5 past events · Latest: Aug 04 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 04	Investor conferences	Neutral	-0.2%	Announced participation in two August virtual investor conferences; shares reacted -0.2%.
Jul 28	Earnings call notice	Neutral	-1.4%	Scheduled second-quarter results and an earnings call for August 10; shares reacted -1.35%.
May 07	Q1 earnings report	Positive	+1.4%	Reported record revenue, net income, and a new $40 million share repurchase program.
Apr 29	BNCC acquisition	Positive	+2.0%	Agreed to acquire BNCCORP in a cash-and-stock transaction valued at approximately $130 million.
Apr 29	BNCC acquisition	Positive	+2.0%	Detailed the BNCCORP transaction, targeted synergies, and projected adjusted EPS accretion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Historical reactions were positive following Q1 earnings and BNCC acquisition news, while conference-related announcements were followed by negative reactions.

Key Terms

adjusted eps, net charge-offs, risk-adjusted returns

3 terms

adjusted eps financial

"adjusted net income declined 27.0% to $28.8M and adjusted EPS fell to $0.33"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

net charge-offs financial

"Credit performance showed encouraging sequential improvement, with net charge-offs declining"

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.

risk-adjusted returns financial

"prioritize underwriting discipline and risk-adjusted returns over near-term volume"

A way of measuring investment performance that adjusts raw returns to account for how much risk was taken to earn them. Think of it like comparing two cars by not just top speed but also fuel efficiency: a higher ‘speed per gallon’ is more impressive. For investors it shows whether higher profits came from smart choices or simply from taking bigger chances, helping compare funds and make safer portfolio decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Dallas, Texas--(Newsfile Corp. - August 11, 2026) - OppFi, Inc. (NYSE: OPFI): Stonegate Capital Partners Updates Coverage on OppFi (NYSE: OPFI). OppFi's 2Q26 results weaken the near-term earnings outlook but do not change the longer-term thesis. The FY26 reset reflects delayed LOC and LOLA-related initiatives alongside macro pressure on consumer affordability, with management deliberately pacing product rollout and underwriting rather than pursuing volume at the expense of credit quality. Controlled adjusted expenses and sequentially improving charge-offs suggest the model remains intact, while OppFi prioritizes balance-sheet strength, unit economics, and risk-adjusted returns. LOC launch, LOLA migration, and improving originations should clarify a return to growth, while BNCC approval remains the larger strategic driver.

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

Key Takeaways:

• Revenue increased 1.9% y/y to a second-quarter record of $145.2M, while adjusted net income declined 27.0% to $28.8M and adjusted EPS fell to $0.33 from $0.45. Although the quarter resulted in a lower FY26 outlook, adjusted operating expenses remained well controlled at approximately 34% of revenue, suggesting the earnings reset was driven primarily by origination timing and credit trends rather than deterioration in the underlying cost structure.
• Credit performance showed encouraging sequential improvement, with net charge-offs declining to 39.5% of revenue and 52.3% of average receivables from 42.5% and 55.5%, respectively, in 1Q26, while total net originations improved 20.5% q/q. We believe this supports management's decision to prioritize underwriting discipline and risk-adjusted returns over near-term volume, with further credit normalization and the September LOC launch providing a potential path back toward stronger origination growth.
• The longer-term growth framework remains intact despite the FY26 guidance reduction, with LOC, LOLA migration, and the pending BNCC acquisition still representing the primary strategic catalysts. Management continues to target a 4Q26 BNCC close and approximately $3.00 of EPS by 2028, and we believe the acquisition could materially expand OppFi's geographic reach, product breadth, and access to lower-cost funding as revenue synergies begin to emerge in 2027.

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, equity research and capital raising 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/309255

FAQ

How did OppFi (OPFI) perform in 2Q26 in terms of revenue and earnings?

OppFi reported 2Q26 revenue of $145.2 million, up 1.9% year over year, while adjusted net income fell 27.0% to $28.8 million. According to OppFi, adjusted EPS declined to $0.33 from $0.45, reflecting weaker near-term earnings.

What happened to OppFi’s FY26 outlook after its 2Q26 results (NYSE: OPFI)?

OppFi’s 2Q26 results led to a lower FY26 outlook. According to OppFi, this reset reflects delayed LOC and LOLA-related initiatives and macro pressure on consumer affordability, rather than a deterioration in the company’s underlying cost structure.

How did OppFi’s credit performance and originations trend in 2Q26?

OppFi reported sequentially better credit metrics in 2Q26, with net charge-offs at 39.5% of revenue and 52.3% of average receivables. According to OppFi, total net originations increased 20.5% quarter over quarter, indicating improving origination activity alongside tighter underwriting.

What are the key strategic initiatives for OppFi (OPFI) after its 2Q26 update?

Key initiatives include the planned September LOC launch, LOLA platform migration, and the pending BNCC acquisition. According to OppFi, these are expected to support future growth once implemented and are central to the company’s longer-term strategic framework.

What details were provided on OppFi’s pending BNCC acquisition and timing?

OppFi continues to target a 4Q26 close for the pending BNCC acquisition. According to OppFi, the transaction is viewed as a major strategic driver, with anticipated benefits in geographic reach, product breadth, and access to lower-cost funding over time.

What long-term EPS target did OppFi disclose alongside its 2Q26 results?

OppFi management continues to target approximately $3.00 of EPS by 2028. According to OppFi, this goal is tied to executing on LOC, LOLA migration, and the BNCC acquisition, with revenue synergies expected to begin emerging in 2027.

How efficient were OppFi’s operating expenses in 2Q26 relative to revenue?

OppFi reported adjusted operating expenses at approximately 34% of revenue in 2Q26. According to OppFi, this cost control indicates that the earnings reset was driven more by origination timing and credit trends than by higher underlying operating expenses.