Oppfi Inc ( (OPFI) ) has released its Q2 earnings. Here is a breakdown of the information Oppfi Inc presented to its investors.
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OppFi Inc. is a tech-enabled digital finance platform that collaborates with banks to offer financial products and services to underserved Americans, focusing on financial inclusion and customer satisfaction. In its latest earnings report, OppFi announced record quarterly revenue and adjusted net income, alongside an increase in full-year revenue and adjusted net income guidance. The company reported a 12.8% increase in total revenue to $142.4 million and a 59.0% rise in adjusted net income to $39.4 million, marking record highs for any quarter. Despite a 58.5% decrease in GAAP net income to $11.5 million, OppFi’s strategic operational improvements and credit enhancements have driven significant growth. The company also reported a decrease in net charge-off rates and an increase in average yield, indicating improved financial health. Looking forward, OppFi has raised its full-year revenue guidance to between $578 million and $605 million and adjusted net income guidance to between $125 million and $130 million, reflecting confidence in its ongoing growth and value creation strategies.