March 08, 2024 - by Editor Prism MarketView

OppFi’s Shares Tumble 19% Amid Lower-than-Expected 2024 Financial Projections

08 March 2024

New York, March 08, 2024 - PRISM MarketView - OppFi (NYSE: OPFI), a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans, experienced a significant decline in the company’s share price, dropping 19% to $3.06 during premarket trading. This drop followed the fintech company’s announcement of weaker financial expectations for 2024, attributed to consumer financial pressures.

OppFi Inc. - Prism MarketView

OppFi is a mission-driven fintech platform that helps everyday Americans gain access to credit with digital specialty finance products.

OppFi Exceeds 2023 Earnings Guidance, Provides Outlook for Continued Profitable Growth in 2024

CHICAGO, March 07, 2024--OppFi Inc. (NYSE: OPFI; OPFI WS) ("OppFi" or the "Company"), a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans, today reported financial results for the fourth quarter and year ended December 31, 2023.

Before this downturn, OppFi shares had seen an approximately 87% increase over the previous year. Nevertheless, the projected revenue for 2024, set between $510 million and $530 million, did not meet the $549.8 million forecast by analysts, as reported by FactSet.

Additionally, the company’s anticipated adjusted earnings are expected to range from 53 to 57 cents per share, which falls short of the analysts’ expectation of 59 cents per share.

Pam Johnson, the Chief Financial Officer, indicated that OppFi is taking a more conservative approach to growth, expecting an increase in charge-offs as a percentage of total revenue in the coming quarter. Charge-offs, a sign of borrowers’ difficulties in repaying loans, are projected to rise.

“We’re excited to begin 2024 and leverage our strong 2023 to continue achieving profitable growth. 2023 marked our ninth consecutive year of net income, with annual records for total revenue and ending receivables. We achieved what we said we would do, and credit improvements and operating efficiencies led us to raise full-year earnings guidance three times. In addition, our solid fourth quarter enabled us to exceed our final full-year earnings guidance for 2023. In 2024, we plan to maintain our strategy to be disciplined with underwriting, emphasizing profitability over portfolio growth, while simultaneously aiming for further operating efficiency throughout the company.”

OppFi CEO Todd Schwartz

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