NEWS RELEASE OppFi Generates Record Quarterly Revenue, Exceeds Quarterly Guidance by more than 40%, and Raises Full-Year Adjusted Net Income and EPS Guidance 2025-05-07 Net income increased 101.3% year over year to $20.4 million inclusive of an $11.4 million loss attributable to OppFi Inc. Adjusted net income1 increased 285.1% year over year to $33.8 million, a Company record for any quarter Total revenue increased 10.1% year over year to $140.3 million, a Company record for any quarter Average yield, annualized, increased by 630 basis points year over year to 135.8% Net charge-o� rate as a percentage of total revenue decreased 1,330 basis points year over year to 34.6% Adjusted net income1 guidance for the full year 2025 increased to $106 million to $113 million, from $95 million to $97 million CHICAGO--(BUSINESS WIRE)-- OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a leading tech-enabled digital �nance platform that works with banks to provide �nancial products and services for everyday Americans, today reported �nancial results for the �rst quarter ended March 31, 2025. “We’re incredibly proud to report a record-breaking �rst quarter, with all-time highs in quarterly revenue and adjusted net income,” said Todd Schwartz, CEO and Executive Chairman of OppFi. “Our disciplined approach to 1
growth, continued re�nement in credit modeling, improved operational e�ciency, and a strong balance sheet position us to deliver sustained, pro�table growth in 2025—and we’re pleased to increase our full-year adjusted net income guidance as a result.” (1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are �nancial 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 �nancial measures to their most directly comparable GAAP �nancial measures. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP �nancial measures is not included in this press release because, without unreasonable e�orts, 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 table presents a summary of OppFi’s results for the three months ended March 31, 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 March 31, Change (unaudited) 2025 2024 % Total revenue $ 140,268 $ 127,343 10.1% Net income $ 20,390 $ 10,131 101.3% Net (loss) income attributable to OppFi Inc. $ (11,372) $ 5,537 (305.4)% Adjusted net income(1) $ 33,817 $ 8,781 285.1% Basic EPS $ (0.48) $ 0.29 (265.5)% Diluted EPS(2) $ (0.48) $ 0.10 (580.0)% Adjusted EPS(1,2) $ 0.38 $ 0.10 277.5% (1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are �nancial 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 �nancial measures to their most directly comparable GAAP �nancial 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 e�ect. Key Performance Metrics The following table represents key quarterly metrics (in thousands, except percentage metrics). As of and for the Three Months Ended, March 31, December 31, March 31, (unaudited) 2025 2024 2024 Total net originations(a) $ 189,168 $ 213,668 $ 163,496 Total retained net originations(a) $ 168,963 $ 192,503 $ 152,512 Ending receivables(b) $ 406,579 $ 425,240 $ 371,386 Net charge-o�s as % of total revenue(c) 35% 42% 48% Net charge-o�s as % of average receivables, annualized(c) 47% 54% 62% Average yield, annualized(d) 136% 130% 130% Auto-approval rate(e) 79% 79% 73% (a) Total net originations are de�ned as gross originations net of transferred balance on re�nanced loans, while total retained net originations are de�ned as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners. (b) Ending receivables are de�ned as the unpaid principal balances of loans at the end of the reporting period. (c) Net charge-o�s as a percentage of total revenue and net charge-o�s as a percentage of average receivables represent total charge-o�s from the i d l i f l d f i bl N h � f 2
period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-o�s as a percentage of average receivables is presented as an annualized metric. Finance receivables are charged o� at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives noti�cation of a customer bankruptcy or is otherwise deemed uncollectible. (d) Average yield is de�ned 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 A�rm total revenue $563 million to $594 million Raise adjusted net income $106 to $113 million, from a previous range of $95 to $97 million; and Increase adjusted earnings per share $1.18 to $1.26 from a previous range of $1.06 to $1.07, based on approximate weighted average diluted share count of 90 million Conference Call Management will host a conference call today at 9:00 a.m. ET to discuss OppFi’s �nancial 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) 274-8461 International: (203) 518-9814 Conference ID: OPPFI An archived version of the webcast will be available on OppFi's website. About OppFi OppFi (NYSE: OPFI) is a leading tech-enabled digital �nance platform that works with banks to provide �nancial products and services for everyday Americans. Through a transparent and responsible platform, which includes �nancial inclusion and excellent customer experience, the Company supports consumers who are turned away by mainstream options to build better �nancial health. OppLoans by OppFi maintains a 4.5/5.0 star rating on Trustpilot with more than 4,900 reviews, making the Company one of the top consumer-rated �nancial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC (“Bitty”), a credit access company that o�ers revenue- based �nancing and other working capital solutions to small businesses. For more information, please visit opp�.com. 3
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 di�er 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 �nancial 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 signi�cant risks and uncertainties that could cause the actual results to di�er materially from the expected results. Most of these factors are outside OppFi’s control and are di�cult to predict. Factors that may cause such di�erences include, but are not limited to: the impact of general economic conditions, including economic slowdowns, in�ation, interest rate changes, recessions, the impact of tarrifs, 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 �nancing sources will continue to �nance 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 �nancial institutions or the �nancial 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 �nancial reporting; the ability of OppFi to grow and manage growth pro�tably 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; the possibility that OppFi may be adversely a�ected 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 �lings 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 4
obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to re�ect 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 �nancial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, and Adjusted EPS. Adjusted EBT is de�ned 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 de�ned as Adjusted EBT as de�ned above, adjusted for taxes assuming a tax rate for each period presented that re�ects 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 de�ned as Adjusted Net Income as de�ned 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 �nancial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be di�erent from non-GAAP �nancial measures used by other companies. OppFi believes that the use of these non-GAAP �nancial 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, �nancial measures determined in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for reconciliations for OppFi's non-GAAP �nancial measures to the most directly comparable GAAP �nancial measures. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP �nancial measures is not included in this press release because, without unreasonable e�orts, 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 table present consolidated results of operations for the three months ended March 31, 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 March 31, 2025 and 2024 Three Months Ended March 31, Change (Unaudited) 2025 2024 $ % Interest and loan related income $ 139,118 $ 126,279 $ 12,839 10.2% Other revenue 1,150 1,064 86 8.1 5
Total revenue 140,268 127,343 12,925 10.1 Change in fair value of �nance receivables (49,458) (64,102) 14,644 (22.8) Provision for credit losses on �nance receivables — (27) 27 (100.0) Net revenue 90,810 63,214 27,596 43.7 Expenses: Sales and marketing 8,479 8,177 302 3.7 Customer operations 11,409 11,363 46 0.4 Technology, products, and analytics 7,444 9,779 (2,335) (23.9) General, administrative, and other 10,739 17,181 (6,442) (37.5) Total expenses before interest expense 38,071 46,500 (8,429) (18.1) Interest expense 10,247 11,430 (1,183) (10.4) Total expenses 48,318 57,930 (9,612) (16.6) Income from operations 42,492 5,284 37,208 704.1 Change in fair value of warrant liabilities (21,607) 5,171 (26,778) (517.8) Income from equity method investment 1,076 — 1,076 — Other income 80 80 — — Income before income taxes 22,041 10,535 11,506 109.2 Income tax expense 1,651 404 1,247 308.5 Net income 20,390 10,131 10,259 101.3 Less: net income attributable to noncontrolling interest 31,762 4,594 27,168 591.3 Net (loss) income attributable to OppFi Inc. $ (11,372) $ 5,537 $ (16,909) (305.4)% (Loss) earnings per share attributable to OppFi Inc.: (Loss) earnings per common share: Basic $ (0.48) $ 0.29 Diluted $ (0.48) $ 0.10 Weighted average common shares outstanding: Basic 23,691,769 19,205,427 Diluted 23,691,769 86,243,498 Condensed Consolidated Balance Sheets Comparison as of March 31, 2025 and December 31, 2024 (in thousands): (unaudited) March 31, December 31, Change 2025 2024 $ % Assets Cash and restricted cash $ 90,768 $ 88,288 $ 2,480 2.8% Finance receivables at fair value 454,683 473,696 (19,013) (4.0) Equity method investment 18,503 19,194 (691) (3.6) Other assets 76,118 59,993 16,125 26.9 Total assets $ 640,072 $ 641,171 $ (1,099) (0.2)% Liabilities and stockholders’ equity Accounts payable and accrued expenses $ 32,924 $ 33,290 $ (366) (1.1)% Other liabilities 45,671 39,802 5,869 14.7 Total debt 287,998 318,758 (30,760) (9.7) Warrant liabilities 36,715 15,108 21,607 143.0 Total liabilities 403,308 406,958 (3,650) (0.9) Total stockholders’ equity 236,764 234,213 2,551 1.1 Total liabilities and stockholders’ equity $ 640,072 $ 641,171 $ (1,099) (0.2)% Financial Capacity and Capital Resources As of March 31, 2025, OppFi had $58.0 million in unrestricted cash, a decrease of $3.4 million from December 31, 2024. As of March 31, 2025, OppFi had an additional $237.0 million of unused debt capacity under its �nancing facilities for future availability, representing a 45% 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. Including total �nancing commitments of $525.0 million and cash and restricted cash on the balance sheet of $90.8 million, OppFi had approximately $615.8 million in funding capacity as of March 31, 2025. Reconciliation of Non-GAAP Financial Measures The following tables present reconciliations of non-GAAP �nancial measures for the three months ended March 31, 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 March 31, 2025 and 2024 Three Months Ended March 31, Change 6
(Unaudited) 2025 2024 $ % Net income $ 20,390 $ 10,131 $ 10,259 101.3% Income tax expense 1,651 404 1,247 308.5 Other income (80) (80) — — Change in fair value of warrant liabilities 21,607 (5,171) 26,778 517.8 Other adjustments, net(a) 609 6,203 (5,594) (90.2) Adjusted EBT 44,177 11,487 32,690 284.6 Less: pro forma taxes(b) 10,360 2,706 7,654 282.9 Adjusted net income $ 33,817 $ 8,781 $ 25,036 285.1% Adjusted earnings per share $ 0.38 $ 0.10 Weighted average diluted shares outstanding 87,991,698 86,243,498 (a) For the three months ended March 31, 2025, other adjustments, net of $0.6 million included $1.3 million in expenses related to stock compensation, $0.3 million in expenses related to severance, $0.3 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 o�set by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card’s exit activities. For the three months ended March 31, 2024, other adjustments, net of $6.2 million included a $2.9 million expense related to OppFi Card’s exit activities, $1.0 million in expenses related to stock compensation, $0.8 million in expenses related to severance, $0.8 million in expenses related to corporate development, and $0.7 million in expenses related to legal matters. 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 March 31, 2025 and 23.56% for the three months ended March 31, 2024, re�ecting 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 March 31, 2025 and 2024 Three Months Ended March 31, (Unaudited) 2025 2024 Weighted average Class A common stock outstanding 23,691,769 19,205,427 Weighted average Class V voting stock outstanding 62,698,935 91,898,193 Elimination of earnouts at period end — (25,500,000) Dilutive impact of restricted stock units 1,341,739 562,950 Dilutive impact of performance stock units 62,377 76,928 Dilutive impact of stock options 196,878 — Weighted average diluted shares outstanding 87,991,698 86,243,498 Three Months Ended Three Months Ended (In thousands, except share and per share data) March 31, 2025 March 31, 2024 (Unaudited) $ Per Share $ Per Share Weighted average diluted shares outstanding 87,991,698 86,243,498 Net income $ 20,390 $ 0.23 $ 10,131 $ 0.12 Income tax expense 1,651 0.02 404 — Other income (80) — (80) — Change in fair value of warrant liabilities 21,607 0.25 (5,171) (0.06) Other adjustments, net(a) 609 0.01 6,203 0.07 Adjusted EBT 44,177 0.50 11,487 0.13 Less: pro forma taxes(b) 10,360 0.12 2,706 0.03 Adjusted net income 33,817 0.38 8,781 0.10 (a) For the three months ended March 31, 2025, other adjustments, net of $0.6 million included $1.3 million in expenses related to stock compensation, $0.3 million in expenses related to severance, $0.3 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 o�set by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card’s exit activities. For the three months ended March 31, 2024, other adjustments, net of $6.2 million included a $2.9 million expense related to OppFi Card’s exit activities, $1.0 million in expenses related to stock compensation, $0.8 million in expenses related to severance, $0.8 million in expenses related to corporate development, and $0.7 million in expenses related to legal matters. 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 March 31, 2025 and 23.56% for the three months ended March 31, 2024, re�ecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes. Investor Relations: Mike Gallentine Head of Investor Relations mgallentine@opp�.com 7
Media Relations: media@opp�.com Source: OppFi 8