Stonegate Capital Partners Updates Coverage on OppFi, Inc. (NYSE: OPFI) 1Q26

Stonegate Capital Partners has updated its coverage on OppFi, Inc. (NYSE: OPFI) following the company's first-quarter 2026 results. While OppFi's 1Q26 results were steady, the most significant development was its strategic shift toward a bank-enabled, deposit-funded model through the pending acquisition of BNCC. This move is expected to add approximately $1.0 billion in low-cost deposits, supporting national expansion and driving over 25% adjusted EPS accretion in the first year.

During the quarter, OppFi's revenue and receivables grew despite lower originations. Net originations declined 7.0% year-over-year to $176.0 million, but receivables increased 9.4% to $444.9 million, and revenue rose 8.3% to a record $151.9 million. The decline in originations was attributed to tighter credit standards, inflation, weaker consumer sentiment, and higher average tax refunds temporarily reducing loan demand. Higher charge-offs pressured adjusted earnings, but expense discipline was maintained as management invested across key growth initiatives including LOLA, Model 7, LOC, SMB lending, and BNC integration.

According to Stonegate, OppFi is prioritizing credit discipline and long-term platform expansion over near-term volume growth. The company's product and technology investments are expected to provide multiple catalysts in 2026. The LOLA migration is set to begin in May, Model 7 is anticipated in fall 2026, and LOC is scheduled to launch this summer. Meanwhile, OppFi's full-year 2026 guidance remains intact, with revenue projected between $650 million and $675 million and adjusted EPS of $1.76 to $1.84.

The full announcement, including downloadable images and more, can be viewed here. Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking, equity research, and capital raising for public and private companies.