Propel Holdings (PRL) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $201.5M, adjusted EBITDA of $44.8M, adjusted net income of $24.9M, originations of $260.7M and ending CLAB of $690.5M.

• Revenue grew 32% YoY; net income rose 23% to $18.4M and adjusted net income increased 54%.

• Growth broadened across LaaS, the U.K. and MoneyKey Bank Service Program, supported by consumer demand, disciplined underwriting and technology-driven efficiencies.

Financial highlights

• Revenue rose 32% YoY to $201.5M; funded originations increased 27% to $260.7M and ending CLAB grew 24% to $690.5M.

• Net income increased 23% to $18.4M; diluted EPS was $0.43, while adjusted diluted EPS rose 53% to a record $0.59.

• Adjusted EBITDA reached a record $44.8M, up 39% YoY; its margin was 22% versus 21%.

• Loans and advances receivable rose 22% YoY to a record $529.0M; operating income was $36.6M versus $31.6M.

Outlook and guidance

• 2026 ending CLAB growth is tracking near the high end of the 18%–24% guidance range; guidance remains unchanged.

• LaaS is expected to approach, but not reach, 10% of quarterly revenue in Q4, with triple-digit YoY growth expected to continue.

• Q4 revenue yield is expected to ease from Q3's 121%; normalized yield is projected at 116%–120% heading into 2027.

• 2027 priorities include expanding products, partnerships and geographies, scaling LaaS, advancing AI and pursuing sustainable, profitable growth.

• 2026 U.K. revenue is expected to exceed its trailing-12-month level of ~$70M; investments are expected to support record 2026 U.K. profitability and faster bottom-line growth in 2027.