OppFi Inc. (OPFI) continues being bullish, gaining a further 13.79% premarket to reach $8.50 as compared to its previous close at $7.47 on November 11. OPFI declared its financial results for the third quarter of 2021 at 5:00 pm Eastern Time, on November 11, 2021. While OPFI was on a bullish path during market hours the same day, the gain in stock almost doubled from 3.32% during the market to 6.69% aftermarket, given the positive Q3 results.
OppFi Inc. (OPFI)
OppFi Inc. which was previously known as New America Acquisition Corp. is a leading financial technology platform. OPFI helps banks to enable everyday consumers to gain credit c access. Through the OppFi technology platform, banks offer accessible products and services to their customers.
OPFI has various products including OppLoans, SalaryTap, and OppFi Card.
OPFI’s Q3 Earnings
As per the Financial results for the third quarter of 2021, OppFi showed great improvement not only from its previous quarter but also from the estimate consensus. The Q3 financial results were a beat on both revenue and earnings per share. The revenue for Q3 2021 was $92 million against the consensus estimate of $88.52 million. The OPFI Q3 revenue showed 47% increase from the revenue of $63 million in the same quarter of 2020 (up by 25% YOY).
The basic and diluted earning per share for Q3 was %1.06, giving adjusted basic and diluted earning per share of $0.21. The adjusted basic and diluted EPS was $0.06 better than the consensus estimate of $0.15.
According to the Q3 results, the Net Originations of OPFI stood at $165 million, showing a 25% Year over Year change from $144 million in Q3 2020. The adjusted EBITDA was $96.42 million for q3 2021, as compared to $66.5 million for the same quarter in 2020.
Reiterated 2021 Outlook
Given the better than expected financial results of Q3 2021, the company is reiterating its full-year 2021 outlook. According to the new 2021 outlook, OPFI’s revenue will stand somewhere between $350 million and $360 million. The adjusted net income is expected to now be in the range of $62 million and $66 million.
Moreover, the adjusted EBITDA is expected to range from $120 million to $125 million for the year 2021.
Jared Kaplan, CEO of OPFI, commented that the company is very excited about its ability for future growth and improvement for scaling the OppFi platform with a multi-product solution
