OppFi (OPFI 0.49%), a digital lending platform focused on serving consumers who are underserved by traditional financial institutions, reported its second-quarter 2025 financial results on August 6, 2025. OppFi set new records for both revenue and adjusted net income (non-GAAP), marking its strongest quarter to date, as total revenue (GAAP) reached $142.4 million and adjusted net income (non-GAAP) reached $39.4 million. Revenue (GAAP) reached $142.4 million, ahead of the $141.2 million analyst estimate (GAAP) and up 12.8% year over year (GAAP). Adjusted EPS (non-GAAP earnings per share, a profit figure that excludes certain one-time costs) came in at $0.45, outpacing the consensus non-GAAP EPS estimate of $0.295 and representing a rise of 55.1% year over year. On a GAAP (Generally Accepted Accounting Principles) basis, however, net income fell sharply due to a sizable one-time non-cash charge. Overall, the period showed robust growth in OppFi’s core business alongside progress in automation and credit quality, though accounting volatility remains a key factor for investors to monitor.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (Non-GAAP) | $0.45 | $0.30 | $0.29 | 55.1 % |
| Revenue (GAAP) | $142.4 million | N/A | $126.3 million | 12.8 % |
| Net Income (GAAP) | $11.5 million | $27.7 million | (58.5 %) | |
| Adjusted Net Income (Non-GAAP) | $39.4 million | $24.8 million | 59.0 % | |
| Net Charge-Offs as % of Total Revenue | 32.0 % | 33.0 % | (1.0) pp |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Understanding OppFi’s Business and Focus Areas
OppFi specializes in offering installment loans to consumers who often lack access to traditional credit. Its platform uses algorithms and automation to underwrite and issue loans quickly. Since its founding through December 31, 2024, OppFi has facilitated over $7.2 billion in gross loan originations.
The company’s strategy centers on several core areas: scaling its tech-based lending platform, working with partner banks to broaden its reach, ensuring compliance with changing regulations, and providing strong customer service. Automation is critical to its cost structure and customer experience. Regulatory compliance is equally important, as OppFi operates in a tightly controlled environment. Customer satisfaction is tracked through scores such as Net Promoter Score (NPS), which reached 79 for Q2 2025.
Highlights from the Quarter: Results and Developments
The period marked all-time highs for GAAP revenue and non-GAAP adjusted net income. Revenue (GAAP) was $142.4 million, up from $126.3 million for Q2 2024, and surpassed consensus expectations for non-GAAP EPS. Adjusted EPS (non-GAAP) came in at $0.45, beating non-GAAP EPS estimates by 52.5%. Growth was underpinned by increased loan originations—up 13.8% year over year to $233.9 million—and higher yields. Automated decision-making hit a record, with 80% of loans approved without human intervention.
Rising yields—now at a 136% average annualized rate—helped push adjusted net income (non-GAAP) up 59% year over year. The company points to enhancements in its proprietary “Model 6” underwriting system as a driver of both credit quality and origination growth.
GAAP net income declined 58.5% to $11.5 million. The main reason for this drop in GAAP net income was a substantial non-cash charge of $33.3 million tied to “warrant liabilities,” which fluctuate with the company’s stock price but do not reflect ongoing business results. Such charges highlight the volatility between GAAP and non-GAAP profits for OppFi, as evidenced by the significant divergence: GAAP net income was $11.5 million while adjusted net income (non-GAAP) was $39.4 million. Other one-off costs for stock compensation, legal items, and severance made up part of the differences as well.
Operational expenses remained in check, aided by increased automation and a streamlined process, with sales and marketing costs falling 6.9% year over year. The company’s customer-centric approach was reflected in its Net Promoter Score of 79 and a Trustpilot rating of 4.5 out of 5 stars, based on more than 4,900 reviews for Q2 2025. OppFi also benefited from its minority investment in Bitty—a revenue-based financing provider for small businesses—adding $1.1 million to income.
Looking Ahead: Guidance and Key Trends
Management raised its full-year guidance following the strong results. The new revenue outlook for 2025 is $578 million to $605 million, up from prior expectations of $563 million to $594 million. Adjusted net income guidance also rose to $125 million to $130 million, an increase from the $106 million to $113 million previously forecast. Adjusted EPS (non-GAAP) is projected to land between $1.39 and $1.44, based on an estimated 90 million diluted shares.
Looking forward, investors will want to watch several areas: the company’s ability to maintain credit quality as its loan book grows, the trajectory of non-cash GAAP charges such as warrant liabilities, and any developments in regulation, particularly in key states like California. No regular quarterly dividend was declared; OppFi issues special dividends on an occasional basis rather than a set schedule. Ongoing progress in automation and customer satisfaction, as well as stable credit performance, are likely to shape the company’s narrative for the rest of the year.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
