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

By PR Newswire | August 06, 2025, 7:00 AM

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

[email protected]

Media Relations:

[email protected]

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

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