Technology

Armadin and TENEX.ai Run the Largest Controlled Live AI Cyberattack on Record

Published

7 days ago

August 3, 2026

A joint engagement at a globally critical institution demonstrates continuous, machine-speed attack and response, the standard most organizations have not built and the one Armadin and TENEX.ai already run every day.

PALO ALTO, Calif., Aug. 3, 2026 /PRNewswire/ — Armadin, an AI-native cybersecurity company, and TENEX.ai, a fully-agentic, human-led security operations provider, today described a joint engagement to test a safe real-world global attack for a leading global institution.

Armadin’s autonomous, agentic attacker executed a safe AI attack across the entire external perimeter, internal network, and web applications. TENEX.ai‘s agentic platform and SOC ingested, triaged, and responded to the resulting telemetry in real time.

Over the course of the three day attack, Armadin’s swarm generated 17 million offensive actions, discovering 38 validated attack paths and producing 238 security findings. TENEX.ai’s agentic Security Operations platform separately triaged 100% of 101,169 alerts and reconstructed the entire attack across 231 billion raw events – a forensic effort that would have taken a five-person team approximately 2,400 hours or four months of manual analyst work.

This engagement reflects standing operating practice for both Armadin and TENEX.ai, not an isolated proof of concept. Armadin runs Hyperattacks against live environments continuously to help customers close their security gap before adversaries discover it. TENEX.ai runs fully-agentic, human-led continuous detection and response for every customer on the same operating cadence. This engagement demonstrates, under live conditions, what happens when both operating models run against each other at AI scale and speed rather than in isolation.

Why This Matters

Defenders historically relied on incomplete point-in-time assessments and signature-based scanners to discover their security gap. As AI accelerates the pace of digital change and attackers leverage agentic AI to conduct sophisticated machine-speed attacks, security programs must move towards effective autonomous security: AI-powered offense training AI-driven defense.

Armadin’s platform safely delivers the most comprehensive and powerful AI attacks to identify new and novel attack paths before adversaries can exploit them and train an organization’s defenses at machine speed.

TENEX.ai’s platform is built on continuous detection, triage, and investigation – matching that tempo on the defensive side. This engagement shows what happens when both capabilities run concurrently against a live enterprise environment, rather than sequentially or in isolation and what it exposes about the gap between having detection tooling and having detection coverage.

How it Worked

Armadin’s agentic swarm operated against the institution’s external perimeter, internal network, and web applications under zero-knowledge conditions. No privileged credentials. No control-point whitelisting. No source code access.

The swarm discovered and analyzed petabytes of attack surface reconnaissance data, indexed it into a security knowledge graph, then launched 26,000 agents against the environment. Each attack leveraged models trained with the expertise, tradecraft, and judgment of elite human operators, chaining discovered exposures into validated attack paths with the sophistication of an advanced threat actor. Every action the swarm took ran through Armadin’s control layer with supervision from a safety model trained with expert human feedback.

TENEX.ai’s SOC ingested the resulting activity through its detection stack, correlated and triaged the alerts it generated, and escalated based on analyst judgment rather than a pre-agreed response plan.

Neither side treated the other as a test to pass. Armadin’s agents adapted their tradecraft based on the defensive controls they encountered. TENEX.ai’s analysts investigated and escalated based on what the telemetry showed – not a script agreed in advance.

What the Swarm Found

Armadin’s swarm launched 1,300 attacks, carried out by 26,000 agents executing millions of actions and consuming tens of billions of tokens, targeting more than 25,000 services.

The engagement began at the institution’s external perimeter. Armadin’s swarm targeted the perimeter and identified exploitable access to the institution’s systems behind a defensive security deployment that included WAFs, endpoint security, and a Security Operations Center. Over the course of the engagement, Armadin documented 238 findings and chained 38 validated attack paths. 98 of those findings were significant. Armadin’s swarm is built to enumerate this class of exposure because it maps the actual, deployed dependency graph rather than relying on a static software bill of materials. That is the pattern most vulnerability management programs are not yet built to catch, because it does not read like a vulnerability in the traditional sense. It reads like ordinary engineering practice, right up until someone exploits it.

What TENEX.AI saw

During the exercise, TENEX.ai triaged all 101,169 alerts generated across the institution’s security stack. Human analysts remained accountable for every investigative and escalation decision, while TENEX.ai agents traced the attacker’s activity across 231 billion events, reconstructed 38 attack paths, assembled supporting evidence, and delivered evidence-backed findings for action. The scale of the investigation highlights the challenge facing modern Security Operations Centers. Attacker activity represented just one event in every 13,338 recorded during the engagement. TENEX.ai processed the entire data set while analysts directed the investigation and AI agents generated and executed queries, identified pivot points, gathered evidence, and synthesized the results.

The outcome was not a high-level summary. TENEX.ai produced evidence-backed determinations for all 238 findings. For each finding, the platform documented the attacker’s actions, the affected endpoint, whether the activity could be proven from available telemetry, which existing detections identified it, and what additional detection logic would be required. Each finding was classified across 31 dimensions, including mappings to MITRE ATT&CK, OWASP Top 10, OWASP API Top 10, and CWE where applicable. The platform also performed 31 documented verification checks, recording both positive and negative results so that visibility gaps were documented rather than assumed away.

Under a traditional SOC model, each of the 38 attack paths would typically require a separate investigation. Instead, TENEX.ai established every finding from evidence, correlated 2,164 distinct source addresses across 89 alerting rules related to the attacker infrastructure, and completed the investigation as a single coordinated operation. Every conclusion was evidence-based. Based on the scope of the investigation, performing the same work manually would have required approximately 2,400 analyst-hours – more than a year of effort for a single analyst or roughly four months for a five-person team.

What This Means

The institution in this engagement proactively engaged in the critical work of testing their environment against an AI Hyperattack. They maintain a WAF, endpoint security, and SOC coverage consistent with a well-resourced, expert, enterprise security program. Armadin’s swarm found and validated a real path to exploitation and proof that the exposure was genuine and not theoretical. TENEX.ai’s SecOps platform, SOC, and team triaged and worked that activity in real time, exactly as its detection and response model is built to do under live adversarial pressure.

That combination, autonomous offense and human-augmented defense operating against each other at machine speed, is converging on the default operating condition for enterprise security. Continuous adversarial validation is becoming the baseline, not the exception. Organizations that build it in now will be ready for what’s already here. Those still testing once a year will find their gap in production, and it will already be too late.

Executive Quotes

AI is a step-change in adversary capability that every defender must prepare for. Every organization needs to build a security program focused on effective autonomous security: red AI training blue AI. The scale, speed, and sophistication of Armadin’s Ultimate Attacker creates an adversarial loop that compounds faster than human defense, helping organizations close their security gap before attackers exploit it. The organizations that mobilize first will build the institutional muscle memory that compounds over time. The ones that wait will find out what unmanaged exposure costs.
Kevin Mandia, Chief Executive Officer, Armadin

Every organization needs to prepare for the AI threat. The security gap is widening as AI accelerates digital change and democratizes advanced offensive cyber capability. The industry just watched what happens when a capable, autonomous system has nothing enforcing what it is allowed to do. We built Armadin to provide effective autonomous security with the world’s most sophisticated offensive AI capability governed by a control system to ensure alignment to train machine-speed defense. Every organization needs safe Hyperattacks to discover their gap before attackers do.
Travis Lanham, Chief Technology Officer, Armadin

Watching an agentic adversary operate against a live enterprise is very different from reading a red team report after. During this engagement, our AI agents and analysts investigated activity at a scale most SOC teams were never built to respond to or even detect. This isn’t a preview of where cybersecurity is headed – it’s the environment organizations are operating in today.”
Eric Foster, Chief Executive Officer, Tenex

“Machine-speed attacks cannot be answered with human-speed workflows. In this exercise, TENEX’s AI agents traced attacker activity across billions of events, connected the pivots, and assembled the evidence. Human analysts directed the investigation and governed every escalation. That is the operating model we built: AI working at machine speed, with humans accountable for outcomes.”
Venkata Koppaka, Co-Founder and Chief Technology Officer, TENEX.ai

For more information, visit hyperattack.ai.

About Armadin

Armadin is an AI-native cybersecurity company delivering the definitive effective autonomous security platform to identify and eliminate your organization’s exploitable risk. As the threat of AI-driven attacks escalates, Armadin Hyperattacks empower enterprises to proactively secure their environments.

Led by CEO Kevin Mandia, Armadin is a group of engineers, researchers, and hackers on a mission to redefine what proactive security can do in the AI era.

About TENEX.ai

TENEX.ai is an AI-native, human-led security operations platform and MDR built by operators who have previously scaled MDR and founding engineers from Google Chronicle and leading AI labs. TENEX serves enterprise customers across the Google and Microsoft security ecosystems. Its fully agentic Security Operations platform autonomously triages, investigates, hunts, and responds to threats, with elite human analysts always in the loop to provide oversight, judgment, and accountability. Backed by Crosspoint Capital Partners, Shield Capital, DTCP, Deepwork Capital, and the Florida Opportunity Fund, with its seed round led in 2025 by Andreessen Horowitz (a16z), TENEX is headquartered in Sarasota, FL, with offices in Overland Park, San Jose, and Phoenix. Learn more at TENEX.ai.

Media Contacts

Armadin: Kristy Campbell, media@armadin.com
TENEX.ai: press@TENEX.ai

This press release constitutes marketing materials and promotional content prepared by Armadin. The information contained herein is intended for marketing and informational purposes only and should not be construed as investment advice, a guarantee of future performance, or an offer to sell or a solicitation to buy any product or service. Armadin makes no warranty, representation, or guarantee regarding the accuracy, completeness, or reliability of any information presented in these materials.

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SOURCE Armadin

Technology

MySize Announces Reverse Stock Split

Published

11 minutes ago

August 10, 2026

AIRPORT CITY, Israel, Aug. 10, 2026 /PRNewswire/ — MySize, Inc. (NASDAQ: MYSZ) (“MySize” or the “Company”), a fashion technology company focused on AI-driven sizing solutions, omnichannel e-commerce, resale platforms and apparel distribution, announced that its Board of Directors has approved a one-for-eight reverse stock split of its common stock that is scheduled to become effective after trading closes on August 12, 2026. Beginning on August 13, 2026, the Company’s common stock will trade on the Nasdaq Capital Market on a split adjusted basis under a new CUSIP number 62844N505. The Company’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “MYSZ.” As previously disclosed, at the My Size Special Meeting of Stockholders held on July 21, 2026, the Company’s stockholders approved a proposal authorizing the Company’s Board of Directors, among other things, to effect one or more reverse stocks split at a ratio in the range of 1-for-2 and 1-for-30 in order to increase the per share price and bid price of the Company’s common stock to regain compliance with the continued listing requirements of Nasdaq and make the common stock more attractive to certain institutional investors, which would provide for a stronger investor base.

Upon effectiveness of the reverse stock split, every eight shares of the Company’s outstanding common stock will be converted to one share of common stock. In addition, a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding options and warrants entitling the holders to purchase common stock.

No fractional shares will be issued if, as a result of the reverse stock split, a stockholder would otherwise become entitled to a fractional share because the number of shares of common stock they hold before the reverse stock split is not evenly divisible by the split ratio. Instead, each stockholder will be entitled to receive a cash payment in lieu of such fractional share. The cash payment to be paid will be equal to the fraction of a share to which such stockholder would otherwise be entitled multiplied by the closing price per share as reported by The Nasdaq Capital Market (as adjusted to give effect to the reverse stock split) on August 12, 2026. The number of authorized shares of the Company’s common stock will not change, while the number of outstanding shares will be reduced from approximately 4.8 million to approximately 600 thousand.

Registered stockholders holding their shares of common stock in book-entry or through a bank, broker or other nominee form do not need to take any action in connection with the reverse stock split. For those stockholders holding physical stock certificates, the Company’s transfer agent, VStock Transfer, LLC, will send instructions for exchanging those certificates for new certificates representing the post-split number of shares. VStock Transfer, LLC can be reached at (212) 828-8436.

Additional information about the reverse stock split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on June 2, 2026, a copy of which is also available at www.sec.gov or at https://www.mysizeid.com/ under the SEC Filings tab located on the Investor Relations page.

About MySize, Inc.

MySize, Inc. (NASDAQ: MYSZ) provides AI-driven sizing and commerce solutions designed to increase conversion, reduce returns, and support efficient omnichannel retail operations worldwide. The Company’s portfolio includes proprietary technology platforms serving brands, retailers, and consumers across global markets.

To learn more about MySize, please visit our website: www.mysizeid.com.

We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram, and Twitter.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the acquisition, expected revenues, and the expected closing of the acquisition. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Investor Contacts:
Oren Elmaliah, CFO
ir@mysizeid.com

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SOURCE My Size Inc.

Technology

HireQuest Reports Financial Results for Second Quarter 2026

Published

11 minutes ago

August 10, 2026

GOOSE CREEK, S.C., Aug. 10, 2026 /PRNewswire/ — HireQuest (Nasdaq: HQI), a national franchisor of on-demand staffing and direct-hire recruiting services, today reported financial results for the second quarter ended June 30, 2026.

Rick Hermanns, HireQuest’s President and Chief Executive Officer, commented, “Our second quarter results were underscored by a stabilizing job market and recovering demand environment for temporary staffing services. We generated year-over-year revenue growth and significantly enhanced profitability compared with the second quarter of 2025.

“Looking ahead, we believe our franchisees are well positioned to capture demand as market conditions improve, and employers prioritize access to flexible, skilled labor. We remain confident in our long-term strategy and our ability to deliver consistently profitable results and enhanced value for our shareholders,” Mr. Hermanns concluded.

Second Quarter 2026 Review

Franchise royalties in the second quarter of 2026 were $7.6 million compared to $7.3 million in the prior-year period, an increase of 4.1%. Service revenue was $513,000 compared to $354,000 in the prior-year period. The second quarter of 2025 included approximately $620,000 in franchise royalties and $70,000 in service revenue related to the divestiture of certain assets and liabilities associated with the permanent placement franchisee base of HQ MRI Corporation on January 1, 2026 (the “MRINetwork Assets Divestiture”). Pro forma for the MRINetwork Assets Divestiture, franchise royalties increased 13.8% in the second quarter of 2026.

Total revenue in the second quarter of 2026 was $8.1 million compared to $7.6 million in the prior year period, an increase of 6.0%. Pro forma for the MRINetwork Assets Divestiture, total revenue increased 16.6% in the second quarter of 2026.

SG&A expenses in the second quarter of 2026 were $4.0 million compared to $5.9 million in the second quarter of 2025, a decrease of 31.9%. Workers’ compensation expense was approximately $39,000 in the second quarter of 2026 compared to approximately $127,000 in the prior-year period. The second quarter of 2025 included approximately $633,000 in SG&A expenses related to the MRINetwork Assets Divestiture.

Depreciation and amortization in the second quarter of 2026 was approximately $762,000, compared to $734,000 in the second quarter of 2025.

Interest and other financing expense in the second quarter of 2026 was approximately $30,000 compared to $71,000 for the second quarter of 2025. Interest and other financing expense will fluctuate as the Company utilizes the line of credit for acquisitions or other short-term liquidity needs.

Net income in the second quarter of 2026 was $2.7 million or $0.19 per diluted share, compared to a net income of $1.1 million, or $0.08 per diluted share, in the second quarter of 2025.

Adjusted net income for the second quarter of 2026 was $3.2 million, or $0.23 per diluted share compared to adjusted net income of $2.1 million, or $0.15 per diluted share, in the second quarter of 2025.

Adjusted EBITDA for the second quarter of 2026 was $4.6 million compared to $3.3 million in the second quarter of 2025.

System-wide sales for the second quarter of 2026 were $117.8 million compared to $125.9 million for the second quarter of 2025. The decrease was primarily related to $17.7 million in system-wide sales related to the MRINetwork Assets Divestiture. Pro forma for the MRINetwork Assets Divestiture, system-wide sales increased 6.9% in the second quarter of 2026.

Year-To-Date 2026 Review

Franchise royalties for the six months ended June 30, 2026 were $13.6 million compared to $14.2 million for the same period in 2025, a decrease of 4.2%. Service revenue was $975,000 compared to $866,000 in the prior-year period. The six months ended June 30, 2026 included $1.1 million in franchise royalties and $144,000 in service revenue related to the MRINetwork Assets Divestiture. Pro forma for the MRINetwork Assets Divestiture, franchise royalties increased 4.0% for the period.

Total revenue was $14.6 million compared to $15.1 million in the same year-ago period, a decrease of 3.2%. Pro forma for the MRINetwork Assets Divestiture, total revenue increased 5.6% for the period.

SG&A expenses in the first six months of 2026 were $8.3 million compared to $11.1 million for the same period of 2025, a decrease of 25.7%. Workers’ compensation expense was approximately $78,000 in the for the first six months ended June 30, 2026 compared to approximately $155,000 in the prior-year period. The six months ended June 30, 2026 included $1.3 million in SG&A expenses related to the MRINetwork Assets Divestiture.

Depreciation and amortization in the first six months of 2026 was approximately $1.5 million, consistent with $1.5 million in the first six months of 2025.

Interest and other financing for the six months ended June 30, 2026 was approximately $38,000 compared to $214,000 in the prior year period. Interest and other financing expense will fluctuate as the Company utilizes the line of credit for acquisitions or other short-term liquidity needs.

Net income in the year-to-date period for 2026 was $4.3 million or $0.31 per diluted share, compared to a net income of $2.4 million, or $0.17 per diluted share, in the same year-ago period.

Adjusted net income for the six-month period was $5.1 million, or $0.37 per diluted share compared to adjusted net income of $3.9 million, or $0.28 per diluted share, in the first six months of 2025.

Adjusted EBITDA for the six months ended June 30, 2026 was $7.3 million compared to $6.1 million in the same prior-year period.

System-wide sales for the first six months of 2026 were $220.4 million compared to $244.3 million in the same period of 2025. The decrease was primarily related to $33.7 million in system-wide sales related to the MRINetwork Assets Divestiture. Pro forma for the MRINetwork Assets Divestiture, system-wide sales increased 3.6% for the period.

Balance Sheet and Capital Structure

Cash was $1.6 million as of June 30, 2026, compared to $3.9 million as of December 31, 2025. Total assets were $93.4 million as of June 30, 2026, compared to $88.2 million as of December 31, 2025. Total liabilities were $24.5 million as of June 30, 2026, compared to $19.9 million as of December 31, 2025.

Working capital as of June 30, 2026, was $35.1 million compared to $33.0 million as of December 31, 2025.

As of June 30, 2026, assuming continued covenant compliance, availability under the line of credit was approximately $41.0 million based on eligible collateral, less letter of credit reserves, bank product reserves, and current advances.

On June 15, 2026, the Company paid a quarterly cash dividend of $0.06 per share of common stock to shareholders of record as of June 1, 2026. The Company intends to pay a $0.06 cash dividend on a quarterly basis, but the declaration of any dividend and the exact amount each quarter will be based on its business results and financial position and is subject to board of directors’ discretion.

Conference Call

HireQuest will hold a conference call to discuss its financial results.

Date:

Monday, August 10, 2026

Time:

4:30 p.m. Eastern Time

Toll-free dial-in number:

888-506-0062

International dial-in number:

973-528-0011

Entry code:

669011

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be broadcast live and available for replay at https://www.webcaster5.com/Webcast/Page/2359/54263 and via the investor relations section of HireQuest’s website at https://hirequest.com/.

A replay of the conference call will be available through Monday, August 24, 2026.

Toll-free replay number:

877-481-4010

International replay number:

919-882-2331

Replay passcode:

54263

About HireQuest

HireQuest is a franchisor of staffing solutions with a footprint across the U.S. and international markets. Through its primary divisions – HireQuest Direct, HireQuest Health, Snelling, TradeCorp and DriverQuest – the company delivers temporary, direct-hire, and contract workforce solutions across a wide range of industries, including construction, light industrial, healthcare, finance, manufacturing, hospitality, logistics and more. From on-demand staffing to direct hire recruiting, HireQuest’s divisions work together to provide workforce solutions that help businesses grow and create meaningful opportunities for the communities we serve. For more information, visit www.hirequest.com

Important Cautions Regarding Forward-Looking Statements

This news release includes and our directors and officers may make certain estimates and other forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including, among others, statements with respect to future revenue, franchise sales, system-wide sales, net income and Adjusted EBITDA (a non-GAAP Financial Measure); operating results; dividends and shareholder returns; anticipated benefits and synergies of any proposed transaction and future opportunities, including statements regarding value, profitability or growth prospects, cost synergies of any merger or acquisitions including those we have completed in 2023 and 2024; intended office openings or closings; expectations of the effect on our financial condition of claims and litigation; strategies for customer retention and growth; strategies for risk management; and all other statements that are not purely historical and that may constitute statements of future expectations. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods.

While we believe these statements are accurate, forward-looking statements are not historical facts and are inherently uncertain. They are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. We cannot assure you that these expectations will materialize, and our actual results may be significantly different. Therefore, you should not place undue reliance on these forward-looking statements. Important factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us include the following: the level of demand in and financial performance of the temporary staffing and permanent placement industry; the financial performance of our franchisees; our franchisees’ and our customers’ ability to navigate successfully the challenges posed by instability in the financial and capital markets and the overall economic environment including the impact of increases in the price of oil and gas and any potential recession; changes in customer demand; the extent to which we are successful in gaining new long-term relationships with customers or retaining existing ones, and the level of service failures that could lead customers to use competitors’ services; workers’ compensation expenses that fluctuate from period to period based on the mix of classifications, the level of payroll, recent claims resolution, and cumulative experience; significant investigative or legal proceedings including, without limitation, those brought about by the existing regulatory environment or changes in the regulations governing the temporary staffing and permanent placement industry and those arising from the action or inaction of our franchisees and temporary employees; strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses including, without limitation, successful integration following the acquisitions of Ready Temporary Staffing, TEC Staffing Services, MRI Network, Snelling Staffing, LINK, Recruit Media, Dental Power, Temporary Alternatives, Inc., and subsequent or smaller acquisitions; the possibility that any strategic target will not agree to consummate a transaction or that any such transaction is consummated on different terms than currently anticipated; the possibility that conditions to the completion of a proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals, will not be met; the possibility that we may be unable to achieve expected synergies and operating efficiencies within an expected time frame or at all and to successfully integrate any acquired operations with ours; the possibility that such integration may be more difficult, time-consuming, or costly than expected, or that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, or suppliers) may be greater than expected following a proposed transaction or the public announcement of a proposed transaction; disruptions to our technology network including computer systems and software whether resulting from a cyber-attack or otherwise; natural events such as pandemics, severe weather, fires, floods, and earthquakes, or man-made or other disruptions of our operating systems or the economy including by war or political turmoil; and the factors discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K filed with the SEC.

Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. The Company disclaims any obligation to update or revise any forward-looking statement, whether written or oral, that may be made from time to time, based on the occurrence of future events, the receipt of new information, or otherwise, except as required by law.

Non-U.S. GAAP Financial Measures

This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Management uses these non-U.S. GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for U.S. GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with U.S. GAAP. Management believes the presentation of non-U.S. GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-U.S. GAAP measures are not formally defined under U.S. GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to U.S. GAAP financial measures, our management believes these non-U.S. GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-U.S. GAAP measures. See the tables below for a reconciliation of these non-U.S. GAAP measures to the most directly comparable U.S. GAAP financial measures.

Company Contact:
HireQuest
David Hartley, Chief Financial Officer
(800) 835-6755
Email: cdhartley@hirequest.com

Investor Relations Contact:
IMS Investor Relations
John Nesbett/Jennifer Belodeau
(203) 972-9200
Email: hirequest@imsinvestorrelations.com

HireQuest
Condensed Consolidated Balance Sheets
(unaudited)

(in thousands, except share and par value data)

June 30, 2026

December 31,
2025

ASSETS

Current assets

Cash

1,640

3,895

Accounts receivable, net of allowance of $350 thousand and $288 thousand,
respectively

48,856

39,281

Notes receivable

1,001

1,073

Prepaid expenses, deposits, and other assets

3,026

3,249

Prepaid workers’ compensation

812

848

Total current assets

55,335

48,346

Property and equipment, net

3,964

4,050

Workers’ compensation claims payment deposit

1,273

1,128

Franchise agreements, net

16,336

17,242

Other intangible assets, net

6,439

6,980

Goodwill

1,633

Investment in unconsolidated affiliate

635

–

Deferred tax asset

1,526

1,868

Other assets

410

279

Notes receivable, net of current portion and allowance of $736 thousand and $1.2
million, respectively

5,148

5,599

Intangible asset held for sale

672

1,102

Total assets

93,371

88,227

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

377

192

Other current liabilities

2,015

2,186

Accrued payroll, benefits, and payroll taxes

1,767

1,800

Due to franchisees

11,602

7,004

Risk management incentive program liability

1,778

1,237

Workers’ compensation claims liability

2,689

2,929

Total current liabilities

20,228

15,348

Workers’ compensation claims liability, net of current portion

2,000

2,232

Franchisee deposits

2,287

2,326

Total liabilities

24,515

19,906

Commitments and contingencies (Note 11)

Stockholders’ equity

Preferred stock – $0.001 par value, 1,000,000 shares authorized; none issued

–

Common stock – $0.001 par value, 30,000,000 shares authorized; 13,890,418 and
14,079,692 shares issued, respectively

Additional paid-in capital

37,604

37,222

Treasury stock, at cost – 0 and 48,849 shares, respectively

–

(146)

Retained earnings

31,238

31,231

Total stockholders’ equity

68,856

68,321

Total liabilities and stockholders’ equity

93,371

88,227

HireQuest
Condensed Consolidated Statement of Income
(unaudited)

(in thousands, except per share data)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Franchise royalties

7,586

7,284

13,647

14,245

Service revenue

513

354

975

866

Total revenue

8,099

7,638

14,622

15,111

Selling, general and administrative expenses

3,994

5,861

8,263

11,117

Depreciation and amortization

762

734

1,540

1,469

Income from operations

3,343

1,043

4,819

2,525

Other miscellaneous income

159

Interest income

118

129

218

262

Gain on divestiture

–

248

–

Interest and other financing expense

(30)

(71)

(38)

(214)

Net income before income taxes

3,436

1,129

5,269

2,732

Provision for income taxes

684

948

224

Net income from continuing operations

2,752

1,073

4,321

2,508

Loss from discontinued operations, net of tax

(60)

(13)

(69)

(85)

Net income

2,692

1,060

4,252

2,423

Basic earnings (loss) per share

Continuing operations

0.20

0.08

0.31

0.18

Discontinued operations

–

(0.01)

Total

0.20

0.08

0.31

0.17

Diluted earnings (loss) per share

Continuing operations

0.20

0.08

0.31

0.18

Discontinued operations

(0.01)

–

(0.01)

Total

0.19

0.08

0.31

0.17

Weighted average shares outstanding

Basic

13,786

13,938

13,829

13,932

Diluted

13,810

13,990

13,845

14,001

HireQuest
Non-U.S. GAAP – Reconciliation of Net Income to Adjusted EBITDA
(unaudited)

Three months ended

Six months ended

(in thousands)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income

2,692

1,060

4,252

2,423

Interest expense

214

Provision for income taxes

684

948

224

Depreciation and amortization

762

734

1,540

1,469

EBITDA

4,168

1,921

6,778

4,330

WOTC related costs

165

173

315

Non-cash compensation

212

240

360

479

Gain on divestiture

–

(248)

–

Acquisition related charges, net

–

929

–

846

Write down of notes receivable

164

–

215

103

Adjusted EBITDA

4,613

3,255

7,278

6,073

HireQuest
Non-U.S. GAAP – Reconciliation of Net Income to Adjusted Net Income
(unaudited)

Three months ended

Six months ended

(in thousands, except per share data)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income

$ 2,692

$ 1,060

$ 4,252

$ 2,423

Amortization of acquired intangibles

567

539

1,134

1,080

Gain on divestiture

–

(248)

–

Acquisition related charges, net

–

929

–

846

Write down of notes receivable

164

–

215

103

Tax effect of adjustments (1)

(190)

(382)

(286)

(528)

Adjusted net income

$ 3,233

$ 2,146

$ 5,067

$ 3,924

Adjusted net income per diluted share

$ 0.23

$ 0.15

$ 0.37

$ 0.28

Weighted average diluted shares outstanding

13,810

13,990

13,845

14,001

(1) the tax effect includes the application of our estimated combined statutory rate of 26% to all taxable/deductible adjustments.

HireQuest
Non-U.S. GAAP – Supplemental SG&A Breakdown
(unaudited)

Three months ended

Six months ended

(in thousands)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Core SG&A

$ 3,791

$ 4,735

$ 7,970

$ 9,766

Net workers’ compensation expense (benefit)

127

155

MRINetwork advertising fund expenses

–

144

Acquisition related charges (1)

–

929

–

949

Impairment of notes receivable

164

–

215

103

SG&A

$ 3,994

$ 5,861

$ 8,263

$ 11,117

(1) Acquisition related charges, for purposes of calculating Core SG&A, only includes expenses categorized as SG&A and does not include gains or losses associated with the sale of franchise businesses which are categorized as other miscellaneous income.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hirequest-reports-financial-results-for-second-quarter-2026-302847469.html

SOURCE HireQuest

Technology

OppFi Reports Second Quarter 2026 Results, Record Second Quarter Revenue

Published

11 minutes ago

August 10, 2026

Total revenue increased 1.9% year over year to $145.2 million, a Company record for any second quarter

Net income increased 36.0% year over year to $15.6 million

CHICAGO, Aug. 10, 2026 /PRNewswire/ — OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans, today reported financial results for the second quarter ended June 30, 2026.

“The strategic transformation of OppFi continues to gain momentum as we execute against the initiatives that lay the foundation for our next chapter,” said Todd Schwartz, CEO and Executive Chairman. “As we advance our pending acquisition of BNCCORP, Inc. and BNC National Bank, prepare the launch of our new line of credit product, and further expand our product roadmap, we are building a more diversified, technology-enabled financial platform. We believe a broader product suite, enhanced technology capabilities, and the strategic benefits of operating as a national bank will strengthen our long-term earnings power, drive more consistent performance across economic cycles, and position OppFi to create substantial long-term value for customers, communities, and shareholders.”

Financial Summary

The following tables present a summary of OppFi’s results for the three and six months ended June 30, 2026 and 2025 (in thousands, except per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Three Months Ended June 30,

Change

(Unaudited)

2026

2025

Total revenue(1)

$ 145,170

$ 142,443

1.9 %

Net income

$ 15,612

$ 11,480

36.0 %

Net income (loss) attributable to OppFi Inc.

$ 14,842

$ (20,780)

NM(4)

Adjusted net income(2)

$ 28,760

$ 39,401

(27.0) %

Basic EPS

$ 0.22

$ (0.78)

Diluted EPS(3)

$ 0.18

$ (0.78)

Adjusted EPS(2,3)

$ 0.33

$ 0.45

(25.0) %

(1) Total revenue is calculated as the sum of interest on finance receivables and other revenue.

(2) Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below
for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures.

(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance
stock units, and stock options in any periods in which their inclusion would have an antidilutive effect.

(4) “NM” signifies a non-meaningful comparison.

Six Months Ended June 30,

Change

(Unaudited)

2026

2025

Total revenue(1)

$ 297,051

$ 282,711

5.1 %

Net income

$ 69,650

$ 31,870

118.5 %

Net income (loss) attributable to OppFi Inc.

$ 43,243

$ (32,152)

NM(4)

Adjusted net income(2)

$ 58,805

$ 73,219

(19.7) %

Basic EPS

$ 0.91

$ (1.28)

Diluted EPS(3)

$ 0.74

$ (1.28)

Adjusted EPS(2,3)

$ 0.68

$ 0.83

(17.7) %

(1) Total revenue is calculated as the sum of interest on finance receivables and other revenue.

(4) “NM” signifies a non-meaningful comparison.

Key Performance Metrics

The following tables represent key quarterly metrics as of and for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentage metrics).

Three Months Ended June 30,

Change

(Unaudited)

2026

2025

Total net originations(a)

$ 212,038

$ 233,873

(9.3) %

Total retained net originations(a)

$ 176,761

$ 205,706

(14.1) %

Ending receivables(b)

$ 440,065

$ 437,750

0.5 %

Net charge-offs as % of total revenue(c)

39.5 %

31.9 %

23.7 %

Net charge-offs as % of average receivables, annualized(c)

52.3 %

43.5 %

20.4 %

Average yield, annualized(d)

132.4 %

136.1 %

(2.7) %

Auto-approval rate(e)

81.2 %

79.7 %

1.8 %

(a) Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are
defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners.

(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period.

(c) Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from
the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average
receivables is presented as an annualized metric. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past
due on a recency basis, when OppFi receives notification of a customer bankruptcy or is otherwise deemed uncollectible.

(d) Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric.

(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-
approval) divided by the total number of loans approved.

Six Months Ended June 30,

Change

(Unaudited)

2026

2025

Total net originations(a)

$ 388,012

$ 423,041

(8.3) %

Total retained net originations(a)

$ 328,211

$ 374,669

(12.4) %

Ending receivables(b)

$ 440,065

$ 437,750

0.5 %

Net charge-offs as % of total revenue(c)

41.0 %

33.3 %

23.3 %

Net charge-offs as % of average receivables, annualized(c)

53.8 %

45.0 %

19.5 %

Average yield, annualized(d)

131.1 %

135.3 %

(3.2) %

Auto-approval rate(e)

80.2 %

76.5 %

5.0 %

(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period.

(d) Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric.

(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-
approval) divided by the total number of loans approved.

Share Repurchase Program

During the six months ended June 30, 2026, OppFi repurchased $11.2 million of its Class A common stock at an average purchase price of $9.46 per share. During the second quarter, the Company initiated repurchases under the $40 million share repurchase program authorized by its Board of Directors on May 6, 2026.

Full Year 2026 Guidance Update

OppFi is updating its full year 2026 guidance as follows:

Total revenue between $600 million and $625 millionAdjusted net income1 between $115 million and $130 million; andAdjusted EPS1 between $1.34 and $1.51, based on approximate weighted average diluted share count of 86 million shares

(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of projected full year 2026 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.

Conference Call

Management will host a conference call today at 5:00 p.m. ET to discuss OppFi’s financial results and business outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company’s website.

The conference call can also be accessed with the following dial-in information:

Domestic: (833) 419-0865International: (785) 838-9333Conference ID: OPPFI

An archived version of the webcast will be available on OppFi’s website.

About OppFi

OppFi (NYSE: OPFI) is a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans. Through this transparent and responsible platform, which emphasizes financial inclusion and exceptional customer experience, the Company assists consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,600 reviews, positioning the Company among the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC (“Bitty”), a credit access company that provides revenue-based financing and other working capital solutions to small businesses. For additional information, please visit oppfi.com.

Important Additional Information and Where to Find It

In connection with the proposed transaction between OppFi and BNCCORP, Inc. (“BNCC”), OppFi has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (File No. 333-297733) (the “registration statement”), which includes a proxy statement of BNCC and a prospectus of OppFi (the “proxy statement/prospectus”), and OppFi may file with the SEC other relevant documents regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CAREFULLY AND IN THEIR ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY OPPFI, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT OPPFI, BNCC, BNC NATIONAL BANK AND THE PROPOSED TRANSACTION. A definitive copy of the proxy statement/prospectus has been mailed to stockholders of BNCC. Investors and security holders will be able to obtain the registration statement and the proxy statement/prospectus, as well as other filings containing information about OppFi, free of charge from OppFi or from the SEC’s website. The documents filed by OppFi with the SEC may be obtained free of charge at OppFi’s website, at https://investors.oppfi.com/financials/sec-filings/default.aspx, or by requesting them by mail at 130 E. Randolph Street, Suite 3400, Chicago, IL 60601 or by email at corporate.secretary@oppfi.com.

Participants in a Solicitation

This communication is not a solicitation of a proxy from any security holder of BNCC or OppFi. However, OppFi, BNCC and certain of their respective directors and executive officers may be deemed to be participants in a solicitation of proxies from the stockholders of BNCC in respect of the proposed transaction. Information about OppFi’s directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2025 and other documents filed by OppFi with the SEC. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the registration statement and in the proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities of OppFi or a solicitation of any vote or approval with respect to the proposed transaction by OppFi or BNCC, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Contacts:

Investor Relations:
investors@oppfi.com

Media Relations:
media@oppfi.com

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “opportunity,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “possible,” “continue,” “positions,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi’s expectations with respect to its full year 2026 guidance, the future performance of OppFi’s platform and underwriting models, the anticipated launch and performance of its new line of credit product, statements regarding OppFi’s proposed acquisition of BNCC, including the anticipated timing, structure, benefits and strategic rationale of the transaction, OppFi’s expectations with respect to the geographic expansion and product diversification that may come from the acquisition, and expectations for OppFi’s growth and future financial performance. These forward-looking statements are based on OppFi’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, the impact of tariffs, and tightening of credit markets on OppFi’s business; the impact of challenging macroeconomic and marketplace conditions; the impact of stimulus or other government programs; risks related to the proposed acquisition of BNCC including the risk that the transactions may not be completed in a timely manner or at all, the failure to satisfy closing conditions or obtain required regulatory approvals, the impact of the transaction on OppFi’s governance structure, integration or execution challenges, and adverse reactions from customers or stockholders; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi’s bank partners will continue to lend in California and whether OppFi’s financing sources will continue to finance the purchase of participation rights in loans originated by OppFi’s bank partners in California; OppFi’s ability to scale and grow the Bitty business; the impact that events involving financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi’s business; risks related to any material weakness in OppFi’s internal controls over financial reporting; the ability of OppFi to grow and manage growth profitably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi’s ability to comply with various covenants in its corporate and warehouse credit facilities; risks related to potential litigation; changes in applicable laws or regulations, including, but not limited to, impacts from the One Big Beautiful Bill Act; the possibility that OppFi may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in OppFi’s filings with the United States Securities and Exchange Commission, in particular, contained in the section captioned “Risk Factors.” OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, and Adjusted EPS. Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other adjustments, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate for each period presented that reflects the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for reconciliations for OppFi’s non-GAAP financial measures to the most directly comparable GAAP financial measures.

Consolidated Statements of Operations

The following tables present consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Three Months Ended June 30,

Change

(Unaudited)

2026

2025

Revenue:

Interest on finance receivables

$ 143,726

$ 141,144

$ 2,582

1.8 %

Other revenue

1,444

1,299

145

11.2

145,170

142,443

2,727

1.9

Change in fair value of finance receivables

(58,999)

(42,197)

(16,802)

39.8

Net revenue

86,171

100,246

(14,075)

(14.0)

Expenses:

Salaries and employee benefits

16,294

17,754

(1,460)

(8.2)

Professional fees

13,613

4,792

8,821

184.1

Direct marketing costs

11,403

11,890

(487)

(4.1)

Interest expense and amortized debt issuance costs

8,125

9,639

(1,514)

(15.7)

Technology costs

3,525

3,382

143

4.2

Payment processing fees

1,634

1,527

107

7.0

Depreciation and amortization

1,509

1,502

0.5

Occupancy

987

1,030

(43)

(4.2)

General, administrative and other

4,726

3,922

804

20.5

Total expenses

61,816

55,438

6,378

11.5

Income from operations

24,355

44,808

(20,453)

(45.6)

Other income (expense):

Change in fair value of warrant liabilities

201

(33,304)

33,505

100.6

Income from equity method investment

813

1,121

(308)

(27.5)

Other income

10.1

Income before income taxes

25,456

12,704

12,752

100.4

Income tax expense

9,844

1,224

8,620

704.0

Net income

15,612

11,480

4,132

36.0

Less: net income attributable to noncontrolling interest

770

32,260

(31,490)

(97.6)

Net income (loss) attributable to OppFi Inc.

$ 14,842

$ (20,780)

$ 35,622

171.4 %

Earnings (loss) per common share attributable to OppFi Inc.:

Earnings (loss) per common share:

Basic

$ 0.22

$ (0.78)

Diluted

$ 0.18

$ (0.78)

Weighted average common shares outstanding:

Basic

67,512,878

26,610,330

Diluted

86,037,151

26,610,330

Six Months Ended June 30,

Change

(Unaudited)

2026

2025

Revenue:

Interest on finance receivables

$ 294,252

$ 280,262

$ 13,990

5.0 %

Other revenue

2,799

2,449

350

14.3

297,051

282,711

14,340

5.1

Change in fair value of finance receivables

(123,582)

(91,655)

(31,927)

34.8

Net revenue

173,469

191,056

(17,587)

(9.2)

Expenses:

Salaries and employee benefits

30,548

31,532

(984)

(3.1)

Direct marketing costs

21,788

22,178

(390)

(1.8)

Professional fees

20,877

8,991

11,886

132.2

Interest expense and amortized debt issuance costs

16,635

19,886

(3,251)

(16.3)

Technology costs

6,854

6,343

511

8.1

Payment processing fees

3,292

3,157

135

4.3

Depreciation and amortization

2,100

3,262

(1,162)

(35.6)

Occupancy

1,858

2,069

(211)

(10.2)

General, administrative and other

9,800

6,338

3,462

54.6

Total expenses

113,752

103,756

9,996

9.6

Income from operations

59,717

87,300

(27,583)

(31.6)

Other income (expense):

Change in fair value of warrant liabilities

21,496

(54,911)

76,407

139.1

Income from equity method investment

1,933

2,197

(264)

(12.0)

Other income

319

159

160

100.6

Income before income taxes

83,465

34,745

48,720

140.2

Income tax expense

13,815

2,875

10,940

380.5

Net income

69,650

31,870

37,780

118.5

Less: net income attributable to noncontrolling interest

26,407

64,022

(37,615)

(58.8)

Net income (loss) attributable to OppFi Inc.

$ 43,243

$ (32,152)

$ 75,395

234.5 %

Earnings (loss) per common share attributable to OppFi Inc.:

Earnings (loss) per common share:

Basic

$ 0.91

$ (1.28)

Diluted

$ 0.74

$ (1.28)

Weighted average common shares outstanding:

Basic

47,371,349

25,158,196

Diluted

86,117,558

25,158,196

Condensed Consolidated Balance Sheets

The following table presents consolidated balance sheets as of June 30, 2026 and December 31, 2025 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

(Unaudited)

June 30,

December 31,

Change

2026

2025

Assets

Cash and restricted cash

$ 91,846

$ 93,263

$ (1,417)

(1.5) %

Finance receivables at fair value

496,306

546,236

(49,930)

(9.1)

Equity method investment

19,958

19,076

882

4.6

Other assets

162,619

95,515

67,104

70.3

Total assets

$ 770,729

$ 754,090

$ 16,639

2.2 %

Liabilities and stockholders’ equity

Accounts payable and accrued expenses

$ 44,231

$ 46,171

$ (1,940)

(4.2) %

Total debt

276,453

321,353

(44,900)

(14.0)

Warrant liabilities

4,959

26,455

(21,496)

(81.3)

Other liabilities

30,831

51,235

(20,404)

(39.8)

Total liabilities

356,474

445,214

(88,740)

(19.9)

Total stockholders’ equity

414,255

308,876

105,379

34.1

Total liabilities and stockholders’ equity

$ 770,729

$ 754,090

$ 16,639

2.2 %

Condensed Consolidated Statement of Cash Flows

The following table presents the consolidated statement of cash flows for the six months ended June 30, 2026 and 2025 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Six Months Ended June 30,

Change

(Unaudited)

2026

2025

Net cash provided by operating activities

$ 182,812

$ 179,357

$ 3,455

1.9 %

Net cash used in investing activities

(78,481)

(115,561)

37,080

(32.1)

Net cash used in financing activities

(105,748)

(73,819)

(31,929)

43.3

Net decrease in cash and restricted cash

$ (1,417)

$ (10,023)

$ 8,606

(85.9) %

Financial Capacity and Capital Resources

As of June 30, 2026, OppFi had $64.3 million in unrestricted cash, an increase of $14.9 million from December 31, 2025. As of June 30, 2026, OppFi had an additional $173.5 million of unused debt capacity under its financing facilities for future availability, representing a 39% overall undrawn capacity, a decrease from $203.6 million as of December 31, 2025. The decrease in undrawn debt was driven primarily by the termination of the Gray Rock SPV LLC revolving line of credit. Including total financing commitments of $450.0 million and cash and restricted cash on the balance sheet of $91.8 million, OppFi had approximately $541.8 million in funding capacity as of June 30, 2026.

Reconciliation of Non-GAAP Financial Measures

The following tables present reconciliations of non-GAAP financial measures for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Adjusted EBT and Adjusted Net Income

Comparison of the three months ended June 30, 2026 and 2025

Three Months Ended June 30,

Change

(Unaudited)

2026

2025

Net income

$ 15,612

$ 11,480

$ 4,132

36.0 %

Income tax expense

9,844

1,224

8,620

704.0

Other income

(87)

(79)

(8)

10.1

Change in fair value of warrant liabilities

(201)

33,304

(33,505)

(100.6)

Other adjustments, net(a)

12,659

5,542

7,117

128.4

Adjusted EBT

37,827

51,471

(13,644)

(26.5)

Less: pro forma taxes(b)

9,067

12,070

(3,003)

(24.9)

Adjusted net income

$ 28,760

$ 39,401

$ (10,641)

(27.0) %

Adjusted earnings per share

$ 0.33

$ 0.45

Weighted average diluted shares outstanding

86,037,151

88,419,961

(a) For the three months ended June 30, 2026, other adjustments, net of $12.7 million included $7.9 million in expenses related to the proposed transaction of BNCC (the “Transaction”) and the series of transactions which resulted in OppFi becoming the sole owner of OppFi-LLC and the termination of the Tax Receivable Agreement (collectively, the “Corporate Simplification”), $3.1 million in expenses related to stock compensation, $1.4 million in expenses related to severance, and $0.4 million in expenses related to legal matters. For the three months ended June 30, 2025, other adjustments, net of $5.5 million included $5.1 million in expenses related to stock compensation, $0.3 million in expenses related to severance, and $0.2 million in expenses related to legal matters. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.97% for the three months ended June 30, 2026 and 23.45% for the three months ended June 30, 2025, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

Comparison of the six months ended June 30, 2026 and 2025

Six Months Ended June 30,

Change

(Unaudited)

2026

2025

Net income

$ 69,650

$ 31,870

$ 37,780

118.5 %

Income tax expense

13,815

2,875

10,940

380.5

Other income

(319)

(159)

(160)

100.6

Change in fair value of warrant liabilities

(21,496)

54,911

(76,407)

(139.1)

Other adjustments, net(a)

15,694

6,152

9,542

155.1

Adjusted EBT

77,344

95,649

(18,305)

(19.1)

Less: pro forma taxes(b)

18,539

22,430

(3,891)

(17.3)

Adjusted net income

$ 58,805

$ 73,219

$ (14,414)

(19.7) %

Adjusted earnings per share

$ 0.68

$ 0.83

Weighted average diluted shares outstanding

86,117,558

88,208,125

(a) For the six months ended June 30, 2026, other adjustments, net of $15.7 million included $8.9 million in expenses related to the Transaction and Corporate Simplification, $4.7 million in expenses related to stock compensation, $1.6 million in expenses related to severance, and $0.5 million in expenses related to legal matters. For the six months ended June 30, 2025, other adjustments, net of $6.2 million included $6.4 million in expenses related to stock compensation, $0.6 million in expenses related to severance, $0.5 million in expenses related to legal matters, and $0.2 million in expenses related to an adjustment to the Company’s outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card’s exit activities. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.97% for the six months ended June 30, 2026 and 23.45% for the six months ended June 30, 2025, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

Adjusted Earnings Per Share

Comparison of the three months ended June 30, 2026 and 2025

Three Months Ended June 30,

(Unaudited)

2026

2025

Weighted average Class A common stock outstanding

67,512,878

26,610,330

Weighted average Class V voting stock outstanding

17,857,291

60,251,993

Dilutive impact of restricted stock units

513,835

1,304,191

Dilutive impact of performance stock units

3,267

41,427

Dilutive impact of stock options

149,880

212,020

Weighted average diluted shares outstanding

86,037,151

88,419,961

Three Months Ended June 30,

(In thousands, except share and per share data)

2026

2025

(Unaudited)

Per Share

Weighted average diluted shares outstanding

86,037,151

88,419,961

Net income

$ 15,612

$ 0.18

$ 11,480

$ 0.13

Income tax expense

9,844

0.11

1,224

0.01

Other income

(87)

—

(79)

—

Change in fair value of warrant liabilities

(201)

—

33,304

0.38

Other adjustments, net(a)

12,659

0.15

5,542

0.06

Adjusted EBT

37,827

0.44

51,471

0.58

Less: pro forma taxes(b)

9,067

0.11

12,070

0.14

Adjusted net income

$ 28,760

$ 0.33

$ 39,401

$ 0.45

(a) For the three months ended June 30, 2026, other adjustments, net of $12.7 million included $7.9 million in expenses related to the Transaction and Corporate Simplification, $3.1 million in expenses related to stock compensation, $1.4 million in expenses related to severance, and $0.4 million in expenses related to legal matters. For the three months ended June 30, 2025, other adjustments, net of $5.5 million included $5.1 million in expenses related to stock compensation, $0.3 million in expenses related to severance, and $0.2 million in expenses related to legal matters. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

Comparison of the six months ended June 30, 2026 and 2025

Six Months Ended June 30,

(Unaudited)

2026

2025

Weighted average Class A common stock outstanding

47,371,349

25,158,196

Weighted average Class V voting stock outstanding

38,051,607

61,470,613

Dilutive impact of restricted stock units