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Mar 31, 2024
Oportun Q1 2024 Earnings Report
Oportun's financial performance was strong compared to guidance, with operating expenses significantly reduced and a return to adjusted profitability achieved.
Key Takeaways
Oportun reported a net loss of $26 million, significantly improved from the prior year's $102 million loss. The company returned to adjusted profitability with an adjusted net income of $3.6 million. Total revenue was $250 million, and operating expenses decreased by 25% year-over-year.
Total operating expenses declined 15% sequentially and 25% year-over-year.
GAAP net loss sharply reduced by $76M year-over-year, returned to adjusted profitability.
An additional $150M whole loan sale agreement was executed in May.
Full year 2024 Total Revenue and Adjusted EBITDA guidance were raised.
Forward Guidance
Oportun is providing the following guidance for 2Q 2024 and full year 2024 as follows: Total Revenue $245 - $250M (2Q 2024) and $985 - $1,010M (Full Year 2024), Annualized Net Charge-Off Rate 12.4% +/- 15 bps (2Q 2024) and 11.9% +/- 50 bps (Full Year 2024), Adjusted EBITDA $14 - $17M (2Q 2024) and $80 - $90M (Full Year 2024).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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