Dallas, Texas--(Newsfile Corp. - August 11, 2026) - OppFi, Inc. (NYSE: OPFI): Stonegate Capital Partners Updates Coverage on OppFi (NYSE: OPFI). OppFi's 2Q26 results weaken the near-term earnings outlook but do not change the longer-term thesis. The FY26 reset reflects delayed LOC and LOLA-related initiatives alongside macro pressure on consumer affordability, with management deliberately pacing product rollout and underwriting rather than pursuing volume at the expense of credit quality. Controlled adjusted expenses and sequentially improving charge-offs suggest the model remains intact, while OppFi prioritizes balance-sheet strength, unit economics, and risk-adjusted returns. LOC launch, LOLA migration, and improving originations should clarify a return to growth, while BNCC approval remains the larger strategic driver.
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Key Takeaways:
- Revenue increased 1.9% y/y to a second-quarter record of $145.2M, while adjusted net income declined 27.0% to $28.8M and adjusted EPS fell to $0.33 from $0.45. Although the quarter resulted in a lower FY26 outlook, adjusted operating expenses remained well controlled at approximately 34% of revenue, suggesting the earnings reset was driven primarily by origination timing and credit trends rather than deterioration in the underlying cost structure.
- Credit performance showed encouraging sequential improvement, with net charge-offs declining to 39.5% of revenue and 52.3% of average receivables from 42.5% and 55.5%, respectively, in 1Q26, while total net originations improved 20.5% q/q. We believe this supports management's decision to prioritize underwriting discipline and risk-adjusted returns over near-term volume, with further credit normalization and the September LOC launch providing a potential path back toward stronger origination growth.
- The longer-term growth framework remains intact despite the FY26 guidance reduction, with LOC, LOLA migration, and the pending BNCC acquisition still representing the primary strategic catalysts. Management continues to target a 4Q26 BNCC close and approximately $3.00 of EPS by 2028, and we believe the acquisition could materially expand OppFi's geographic reach, product breadth, and access to lower-cost funding as revenue synergies begin to emerge in 2027.
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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
Contacts:
Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com
Source: Stonegate, Inc.
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