OppFi — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $149.2 million, a 3.8% decrease from $155.1 million in the prior year period.
• Total revenue for the nine months ended September 30, 2026, was $446.3 million, a 1.9% increase from $437.8 million in the prior year period.
• Net income for the three months ended September 30, 2026, was $34.5 million, a 54.6% decrease from $75.9 million in the prior year period.
• Net income attributable to OppFi Inc. for the three months ended September 30, 2026, was $34.5 million, a 17.2% decrease from $41.6 million in the prior year period.
• Net income for the nine months ended September 30, 2026, was $104.1 million, a 3.4% decrease from $107.8 million in the prior year period.
• Net income attributable to OppFi Inc. for the nine months ended September 30, 2026, was $77.7 million, a 719.6% increase from $9.5 million in the prior year period.
• Adjusted net income for the three months ended September 30, 2026, was $31.6 million, a 22.5% decrease from $40.7 million in the prior year period.
• Adjusted net income for the nine months ended September 30, 2026, was $90.4 million, a 20.7% decrease from $113.9 million in the prior year period.
• Diluted EPS for the three months ended September 30, 2026, was $0.40, a 47.6% decrease from $0.77 in the prior year period.
• Diluted EPS for the nine months ended September 30, 2026, was $1.14, a 214.0% increase from $0.36 in the prior year period.
• Adjusted EPS for the three months ended September 30, 2026, was $0.37, a 20.1% decrease from $0.46 in the prior year period.
• Adjusted EPS for the nine months ended September 30, 2026, was $1.05, an 18.6% decrease from $1.29 in the prior year period.
• Net charge-offs as a percentage of total revenue increased to 40.1% for the three months ended September 30, 2026, from 35.1% in the prior year period.
• Net charge-offs as a percentage of total revenue increased to 40.7% for the nine months ended September 30, 2026, from 33.9% in the prior year period.
• Net charge-offs as a percentage of average receivables, annualized, increased to 52.6% for the three months ended September 30, 2026, from 46.7% in the prior year period.
• Net charge-offs as a percentage of average receivables, annualized, increased to 53.2% for the nine months ended September 30, 2026, from 45.5% in the prior year period.
• Average yield, annualized, decreased to 131.4% for the three months ended September 30, 2026, from 133.2% in the prior year period.
• Average yield, annualized, decreased to 130.8% for the nine months ended September 30, 2026, from 134.3% in the prior year period.
• Total debt increased to $349.6 million as of September 30, 2026, from $321.4 million as of December 31, 2025.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $268.1 million, a 5.7% decrease from $284.5 million in the prior year period.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $160.6 million, a 26.5% decrease in usage from $218.4 million in the prior year period.
• Net cash used in financing activities for the nine months ended September 30, 2026, was $60.1 million, a 24.1% decrease in usage from $79.2 million in the prior year period.

Guidance and Future Outlook:

• Full year 2026 total revenue guidance is refined to between $600 million and $610 million.
• Full year 2026 adjusted net income guidance is refined to between $115 million and $120 million.
• Full year 2026 adjusted EPS guidance is refined to between $1.34 and $1.40, based on an approximate weighted average diluted share count of 86 million shares.

Business Segments and Product Lines:

• Launched a new Line of Credit product, described as a significant milestone in the expansion of OppFi's product suite.
• Continued execution of product and pricing initiatives designed to expand addressable market opportunities and enhance customer choice.
• Advanced migration to the LOLA platform.
• OppFi holds a 35% equity interest in Bitty Holdings, LLC, a credit access company providing revenue-based financing and working capital solutions to small businesses.
• OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,800 reviews.

Market and Competitive Landscape:

• Total net originations for the three months ended September 30, 2026, were $229.3 million, a 6.8% decrease from $246.1 million in the prior year period.
• Total net originations for the nine months ended September 30, 2026, were $617.4 million, a 7.7% decrease from $669.2 million in the prior year period.
• Total retained net originations for the three months ended September 30, 2026, were $190.7 million, an 11.4% decrease from $215.2 million in the prior year period.
• Total retained net originations for the nine months ended September 30, 2026, were $518.9 million, a 12.0% decrease from $589.9 million in the prior year period.
• Ending receivables as of September 30, 2026, were $458.6 million, a 4.7% decrease from $481.0 million as of the prior year period.
• Auto-approval rate for the three months ended September 30, 2026, was 80.1%, an increase of 1.2 percentage points from 79.1% in the prior year period.
• Auto-approval rate for the nine months ended September 30, 2026, was 80.2%, an increase of 1.0 percentage points from 79.2% in the prior year period.

Risks and Challenges:

• Risks include general economic conditions, economic slowdowns, inflation, interest rate changes, recessions, tariff impacts, and tightening credit markets.
• Risks related to the proposed acquisition of BNCC include the possibility that transactions may not be completed, failure to satisfy closing conditions, regulatory approval delays, integration challenges, and adverse reactions from customers or stockholders.
• Risks include potential outcomes regarding OppFi's ability to obtain declaratory relief against the California Commissioner of the Department of Financial Protection and Innovation and potential subject to AB 539.
• Risks include the ability of OppFi's bank partners to continue lending in California and financing sources to continue financing participation rights in loans originated by OppFi's bank partners in California.
• Risks include material weaknesses in internal controls over financial reporting, ability to scale and grow profitably, and retention of key employees.
• Risks include new product implementation, technology platform migration, evaluating acquisitions, concentration risk, and compliance with covenants in corporate and warehouse credit facilities.
• Risks include potential litigation, changes in applicable laws or regulations (including impacts from the One Big Beautiful Bill Act), and other economic, business, and competitive factors.

Management Commentary and Tone:

• CEO Todd Schwartz stated that the strategic transformation of OppFi continued to gain momentum with strong execution across priorities driving the next phase of growth.
• Management highlighted the launch of the line of credit product, migration to the LOLA platform, and progress in product innovation as initiatives building a more diversified, technology-enabled financial platform.
• Management expressed belief that these initiatives will broaden capabilities, strengthen long-term earnings power, and position OppFi to create substantial long-term value.

Other Key Points:

• OppFi repurchased $6.7 million of common stock during the third quarter of 2026 under its share repurchase program.
• Over the nine months ended September 30, 2026, OppFi repurchased $17.9 million of Class A common stock at an average purchase price of $8.91 per share.
• As of September 30, 2026, OppFi had $102.7 million in unrestricted cash, an increase of $53.2 million from December 31, 2025.
• As of September 30, 2026, OppFi had $198.5 million of unused debt capacity under its financing facilities, representing 36% overall undrawn capacity.
• Total funding capacity as of September 30, 2026, was approximately $690.7 million, including total financing commitments of $550.0 million and cash and restricted cash of $140.7 million.
• The decrease in undrawn debt capacity was driven primarily by the termination of the Gray Rock SPV LLC revolving line of credit.
• OppFi has filed a registration statement on Form S-4 regarding the proposed transaction with BNCCORP, Inc. ("BNCC").
• Conference call to discuss results and outlook was held on October 28, 2026, at 8:30 a.m. ET.
• Adjusted EBT and Adjusted Net Income are non-GAAP financial measures adjusted for income tax expense, change in fair value of warrant liabilities, other adjustments, net, and other income.
• Other adjustments, net for the nine months ended September 30, 2026, included $10.6 million in expenses related to the Transaction and Corporate Simplification, $6.4 million in stock compensation, $1.9 million in severance, and $0.5 million in legal matters.