OppFi (OPFI) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year 2024 total revenue, with net income and adjusted net income more than doubling year-over-year for the quarter and rising significantly for the year.

• Exceeded three-year operational and financial goals set in 2021, delivering record results and maintaining 10 consecutive years of positive net income.

• Operational excellence, improved credit quality, and continuous improvement drove strong results, with expectations for continued growth in 2025.

• Increased Q1 2025 adjusted net income guidance by more than two times due to strong early performance.

Financial highlights

• Q4 2024 total revenue rose 2.1% year-over-year to $135.7 million; full-year revenue reached $526.0 million, up 3.3%.

• Q4 net income was $14.0 million (up $12.0 million YoY); full-year net income was $83.8 million (up $44.4 million YoY).

• Q4 adjusted net income reached $20.3 million (up $11.8 million YoY); full-year adjusted net income was $82.7 million (up $41.2 million YoY).

• Adjusted EPS for 2024 was $0.95, up from $0.49 in 2023, exceeding raised guidance.

• Net charge-off rate as a percentage of total revenue improved to 39.1% for 2024 (down 440 bps YoY); average yield increased to 131.4%.

Outlook and guidance

• 2025 full-year revenue guidance: $563 million–$594 million, a 7%–13% increase.

• 2025 adjusted net income guidance: $95 million–$97 million, up 15%–17%.

• Adjusted EPS expected between $1.06 and $1.07 for 2025, up 11%–13%.

• Q1 2025 adjusted net income expected at $22 million–$24 million, more than double previous guidance.

• Less seasonality expected in 2025 due to stabilized yield, predictable credit trends, and operational efficiencies.