Oportun Financial Corp Stock Price, News & Analysis

Oportun Financial Corporation (Nasdaq: OPRT) reported strong Q1 2022 results, achieving a 139% year-over-year growth in originations and a 59% rise in total revenues, reaching $215 million. Record diluted EPS stood at $1.37, while adjusted EPS was $1.58. The company raised its full-year revenue guidance to $910-$930 million and adjusted EPS guidance to $2.45-$2.56. Membership grew to 1.7 million, driven by increased product adoption. However, the 30+ Day Delinquency Rate rose to 4.5% from 3.0% year-over-year.

Oportun (Nasdaq: OPRT) will announce its first-quarter 2022 financial results on May 9, 2022, after market close. A conference call will follow at 5:00 PM ET, providing an opportunity for investors to discuss the results. Participants are advised to dial in 10 minutes prior to the start. Oportun is a fintech platform that aims to deliver inclusive financial services and has supported over 1.5 million members with more than $12 billion in affordable credit since its inception.

Oportun (Nasdaq: OPRT) announced the appointment of Dorian Hare as SVP of Investor Relations, bringing prior experience from Equifax and Moody's. CEO Raul Vazquez emphasized the importance of effective communication in driving shareholder value amidst the company’s growth potential. Additionally, Casey Mueller has been promoted to Senior VP and Principal Accounting Officer. Oportun reported record revenue of $627 million and Adjusted Net Income of $79 million for 2021, highlighting its successful digital banking strategy and commitment to providing affordable financial services.

Oportun (Nasdaq: OPRT) announced a sale of $228 million in loans through amortizing asset-backed notes, part of a $400 million total issuance. The transaction features loans secured by personal installment loans and achieved a yield of 6.75% on Oportun's share. Priced at a fixed interest rate of 3.83% per annum, the notes received favorable ratings from DBRS and Kroll. This strategic move allows Oportun to generate capital while reducing credit exposure. Oportun has provided over $12 billion in credit to its members since its inception.

Oportun Financial Corporation (OPRT) reported a robust performance for 4Q21, with aggregate originations of $865 million—up 93% year-over-year—bringing FY21 total to a record $2.3 billion. Total revenue for 4Q21 reached $194 million, a 38% increase, while net income rose to $14.2 million, or $0.46 per diluted share. Adjusted net income stood at $25.6 million, or $0.82 per diluted share. The company's member base grew to 1.48 million following the acquisition of Digit, boosting digital banking capabilities. Oportun forecasts continued growth in 2022 with projected revenue and originations increasing significantly.

Oportun Financial Corporation (Nasdaq: OPRT) will announce its financial results for the fourth quarter of 2021 on February 24, 2022, post-market close. A conference call and earnings webcast will occur at 5:00 pm ET. Interested participants can join via dial-in or through the company's investor relations website. Since its inception, Oportun has provided over $10 billion in loans to 1.4 million members, helping them save significantly on fees and interest. The firm is recognized as a Community Development Financial Institution (CDFI) since 2009.

Oportun partners with Sezzle to enhance its Lending-as-a-Service platform, becoming Sezzle’s first digital-only partner. This collaboration allows consumers to finance higher-value purchases at Sezzle's 44,000 merchants, benefiting from Oportun's machine learning capabilities to assess loan applicants. Historically, around half of Oportun's borrowers lacked credit scores, yet the company has aided nearly 1 million Americans in building their credit since 2006, saving them over $2 billion in fees. The partnership aims to provide affordable and transparent financing options.

Oportun (Nasdaq: OPRT) granted 385,268 restricted stock units to 16 employees on December 30, 2021, as part of the 2021 Inducement Equity Incentive Plan following its acquisition of Hello Digit, Inc. on December 22, 2021. The vesting periods for these stock units range from one to four years, contingent on continued employment. The grants were approved by Oportun’s Compensation and Leadership Committee as required by Nasdaq regulations and serve as a material inducement for new hires.

Oportun (Nasdaq: OPRT) has successfully acquired Digit, a neobanking platform, for approximately $211.1 million in cash and stock. This acquisition aims to enhance Oportun's AI and digital capabilities, benefiting its 1.4 million members. With Digit's automated savings tools and existing member base of 600,000, Oportun plans to provide a more comprehensive financial service. Digit will operate as a business unit under Oportun, retaining its leadership and workforce.