OppFi shares drop nearly 25% following Q2 earnings miss

OppFi shares fell nearly 25% following the release of its second-quarter results, which showed record revenue but a significant decline in adjusted net income. The company reported revenue of approximately $145 million, a 2% increase year-over-year, but adjusted net income dropped 27% to roughly $29 million ($0.33 per share) compared to $39.4 million in the prior-year period.

The decline in profitability was attributed to several factors, including increased acquisition-related fees tied to the pending purchase of BNC National Bank, higher one-time expenses for corporate simplification, and a longer-than-expected rollout of a new line of credit product and the LOLA system migration. Additionally, the company tightened underwriting in certain customer segments, leading to a 9% year-over-year decline in originations to $212 million.

OppFi also lowered its full-year 2026 guidance. The company now expects annual revenue to fall between $600 million and $625 million, down from its previous projection of $650 million to $675 million. The updated adjusted net income forecast is now $115 million to $130 million, compared to the previous estimate of $153 million to $160 million.