OppFi, Inc. reported robust financial results for the fourth quarter of 2024, showcasing strategic improvements in revenue, net income, and lending practices. The company's total revenue reached $135.7 million, representing a 2.1% year-over-year increase, while net income surged by an impressive 619.7% to approximately $14 million.
Key performance metrics highlight OppFi's strategic advancements. Total net originations increased 11% year-over-year to $214 million, driven by expanded bank partnerships and enhanced lead evaluation capabilities. The company's auto-approval rate rose to 79%, demonstrating improved algorithmic underwriting efficiency.
Financial stability remains a strong focus, with the company ending the quarter with $88.3 million in cash and restricted cash, and an additional $206.2 million in unused debt capacity. Charge-offs as a percentage of total revenue declined to 42%, down from 46% in the previous year, indicating improved credit risk management.
Looking forward, OppFi has provided optimistic guidance for 2025, projecting revenue between $563 million and $594 million, representing a 7-13% year-over-year increase. The company anticipates adjusted net income ranging from $95 million to $97 million, reflecting continued growth and operational discipline.
The financial performance and strategic positioning suggest OppFi is effectively navigating the alternative lending market, leveraging technological innovations and refined credit modeling to drive sustainable growth. The company's ability to improve lending standards while expanding originations indicates potential for continued market expansion and financial resilience.
