Technology
Stoneridge Reports Second Quarter 2026 Results
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5 days agoon
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Strengthening Demand & Expense Control Underpin 2Q Performance
NOVI, Mich., Aug. 5, 2026 /PRNewswire/ — Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2026.
2026 Second Quarter Highlights:
Sales growth of 15.1% YoY to $181.4 millionRecord quarterly MirrorEye revenue of ~$37 million (+39% YoY)Record quarterly revenue for Stoneridge Brazil of $20.5 millionNet loss from continuing operations of $5.3 million, or $0.19 per share; improved from a net loss of $11.1 million, or $0.40 per share, in the prior yearAdjusted EBITDA of $5.5 million; best quarterly performance in 24 monthsReaffirming 2026 guidance ranges
“Our second quarter performance reflects disciplined execution of our strategy as we improve our cost structure and focus our resources on the opportunities that will drive long-term value,” said Natalia Noblet, president and chief executive officer. “In Brazil, our strategic shift toward high-value OEM programs continues to position the business for more sustainable, profitable growth. With strong execution across the business, we remain confident in our strategy and are reaffirming our full-year guidance for 2026.”
The exhibits attached hereto provide reconciliation details on normalizing adjustments of non-GAAP financial measures used in this press release.
Second Quarter Results & Commentary
(in millions, except percentages and per share data)
Results
Three Months Ended June 30,
2026
%
2026
2025
Change
Net Sales
$ 181.4
$ 157.5
15.1 %
Gross Profit
36.8
36.3
1.3 %
Gross Margin %
20.3 %
23.1 %
277 bps
Income (loss) from Operations
(1.2)
(4.2)
71.7 %
Income (loss) before taxes from continuing operations
(2.7)
(9.6)
71.6 %
Provision for income taxes from continuing operations
2.6
1.5
65.6 %
Net Income (loss) from continuing operations
(5.3)
(11.1)
52.6 %
Net Income (loss) per diluted common share from
continuing operations
(0.19)
(0.40)
53.4 %
Weighted-average common shares outstanding
28.2
27.8
1.6 %
Adjusted consolidated EBITDA
$ 5.5
$ 0.8
578.5 %
Adjusted consolidated EBITDA %
3.0 %
0.5 %
251 bps
Consolidated net sales from continuing operations of $181.4 million increased 15.1% YoY. On a core basis, excluding favorable currency translation of $4.4 million and Mexico Manufacturing Agreement revenue of $7.1 million related to the sale of the Control Devices business, revenue improved 7.8% YoY. The North American commercial vehicle market and Stoneridge Brazil were the primary contributors to second quarter growth.
Gross margin decreased 277 basis points to 20.3% from 23.1% in the second quarter of 2025 as cost leverage on higher sales and benefits from targeted expense control initiatives were more than offset by a combination of higher material costs, stemming from unfavorable currency, strategic inventory-related actions and adverse product mix following the completion of a European regulatory retrofit campaign.
Consolidated net loss from continuing operations totaled $(5.3) million, or $(0.19) per share, compared to a net loss of $(11.1) million, or $(0.40) per share, for the quarter ended June 30, 2025.
Non-GAAP adjusted EBITDA totaled $5.5 million, or 3.0% of sales, compared to $0.8 million, or 0.5% of sales, in the year ago period.
Second Quarter GAAP Segment Results & Commentary
(in millions, except percentages and per share data)
Revenue
Three Months Ended June 30, 2026
Constant
%
Currency
2026
2025
Change
vs. 2025
Electronics
$ 160.9
$ 142.7
12.8 %
11.0 %
Stoneridge Brazil
20.5
14.9
37.6 %
25.7 %
Consolidated Net Sales
181.4
157.5
15.1 %
12.4 %
(in millions, except percentages and per share data)
Operating Income
Three Months Ended June 30, 2026
%
2026
2025
Change
Electronics
$ 4.9
$ 2.7
77.2 %
% of segment sales
3.0 %
1.9 %
110 bps
Stoneridge Brazil
2.6
1.0
165.8 %
% of segment sales
12.6 %
6.5 %
607 bps
Corporate
(8.6)
(7.9)
(9.0) %
Consolidated Operating Income
$ (1.2)
$ (4.2)
71.7 %
% of consolidated net sales
(0.7) %
(2.7) %
201 bps
Electronics second quarter sales of $160.9 million increased by $18.2 million, or 12.8%, relative to the second quarter of 2025. Excluding a favorable foreign currency translation impact of $2.6 million and Mexico Manufacturing Agreement revenue related to the sale of the Control Devices business, revenue improved 6.0% YoY. Revenue growth against the second quarter of 2025 was primarily driven by the North American commercial vehicle market. Second quarter adjusted operating margin increased by 12 basis points YoY to 3.0% as the benefits of a higher revenue base and implemented cost initiatives more than offset the cumulative impacts of unfavorable mix, currency and strategic inventory-related actions.
Stoneridge Brazil second quarter sales of $20.5 million increased by $5.6 million, or 37.6%. Excluding a favorable foreign currency translation impact of $1.8 million, sales improved by 25.7%. Higher OEM sales were the primary driver of growth during the quarter. Second quarter adjusted operating income of $2.3 million, or 11.2% of sales, increased 135.5%, or 464 basis points, compared to the second quarter of 2025 as higher sales volume more than offset increased SG&A expense.
Cash and Debt Balances
As of June 30, 2026, cash and cash equivalents totaled $71.5 million with total debt of $151.1 million, resulting in net debt of $79.6 million. The $38.5 million decrease in net debt compared to December 31, 2025 reflects the deployment of proceeds from the sale of the Control Devices business in January and tighter control of working capital during the first half of the year. The Company’s Credit Facility is due to mature on July 1, 2027. The company expects to refinance the credit facility, and is currently engaged in a global refinancing process.
2026 Outlook & Management Commentary
The Company is reaffirming the 2026 guidance ranges that were most recently updated in May. “We are encouraged by our progress in the second quarter, and believe initiatives to generate operational efficiencies and enhance profitability are beginning to materialize,” said Noblet. “We are also seeing promising signs across the European and North American commercial vehicle markets, which should support growth over the balance 2026. However, we believe it prudent to balance these positives against ongoing macroeconomic and geopolitical uncertainty. We continue to focus on material cost reductions, quality improvements as well as inflationary cost recovery, and remain committed to executing our long-term strategic plan as we navigate the challenging external environment.”
2026 FULL YEAR
GUIDANCE
(in millions, except percentages and per
share data)
2026
Current
Revenue ($M)
$645
—
$670
Adj. Gross Margin
21.5 %
—
22.0 %
Adj. Operating Margin
— %
—
0.5 %
Adj. EBITDA ($M)
$20
—
$25
%
3.1 %
—
3.7 %
The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted gross margin, adjusted operating margin, and adjusted EBITDA (or adjusted EBITDA margin) to the most directly comparable GAAP financial measures because the Company is unable to provide such reconciliations without unreasonable effort. This is due to the inherent difficulty of forecasting with the required precision the timing and amount of various items that have not yet occurred, are out of the Company’s control, or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable reconciling information, which could be material to future results calculated in accordance with GAAP. The Company’s actual results calculated in accordance with GAAP may vary materially from these non-GAAP financial measures presented herein.
Conference Call on the Web
A live Internet broadcast of Stoneridge’s conference call regarding 2026 second quarter results can be accessed at 8:00 a.m. Eastern Time on Thursday, August 6, 2026, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global supplier of safe and efficient electronic systems and technologies. Our systems and products power vehicle intelligence, while enabling safety and security for on- and off-highway transportation sectors around the world. Additional information about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this press release contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this press release and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) strategic focus following the sale of the Control Devices segment, (iii) acquisition strategy, (iv) investments and new product development, (v) growth opportunities related to awarded business, and (vi) operational expectations. Forward-looking statements may be identified by the words “will,” “may,” “should,” “could,” “would,” “designed to,” “believes,” “plans,” “projects,” “intends,” “expects,” “estimates,” “anticipates,” “continue,” and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by these statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with or reimbursements from our customers or other cost reduction actions, as necessary;global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries;tariffs specifically in countries where we have significant direct or indirect manufacturing or supply chain exposure and our ability to either mitigate the impact of tariffs or pass any incremental costs to our customers;our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;the reduced purchases, loss, financial distress or bankruptcy of a major customer or supplier;the costs and timing of business realignment, facility closures or similar actions;a significant change in commercial, automotive, off-highway or agricultural vehicle production;competitive market conditions and resulting effects on sales and pricing;foreign currency fluctuations and our ability to manage those impacts;customer acceptance of new products;our ability to successfully launch/produce products for awarded business;adverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers’ products;our ability to protect our intellectual property and successfully defend against assertions made against us;liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;labor disruptions at our facilities, or at any of our significant customers or suppliers;business disruptions due to natural disasters or other disasters outside of our control;the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving credit facility;capital availability or costs, including changes in interest rates;refinancing risk and access to capital markets and liquidity;the failure to achieve the successful integration of any acquired company or business;risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions;the items described in Part I, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-K.
The forward-looking statements contained herein represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, except as required by law, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2026 and 2025 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably estimate.
In evaluating its business, the Company considers and uses net debt as a supplemental measure of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net loss from continuing operations, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, and net debt are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods.
Adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income loss from continuing operations, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, and net debt should not be considered in isolation or as a substitute for gross profit, operating income (loss), income (loss) before tax, income tax expense (benefit), loss from continuing operations, net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP. Because not all companies calculate non-GAAP financial measures in the same manner, the non-GAAP financial measures presented in this press release may not be comparable to similarly titled measures used by other companies, and the Company’s use of these measures may vary from that of other companies in its industry.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
2026
December 31,
2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 71,514
$ 53,057
Accounts receivable, less reserves of $543 and $325, respectively
135,744
89,019
Inventories, net
112,999
106,422
Prepaid expenses and other current assets
24,025
26,956
Current assets of discontinued operations
—
86,342
Total current assets
344,282
361,796
Long-term assets:
Property, plant and equipment, net
61,117
62,659
Intangible assets, net
33,077
37,632
Goodwill
36,528
37,590
Operating lease right-of-use asset
8,486
9,570
Investments and other long-term assets, net
23,236
22,167
Long-term assets of discontinued operations
—
19,702
Total long-term assets
162,444
189,320
Total assets
$ 506,726
$ 551,116
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable
$ 108,297
$ 62,398
Accrued expenses and other current liabilities
73,757
65,132
Current liabilities of discontinued operations
—
29,955
Total current liabilities
182,054
157,485
Long-term liabilities:
Revolving credit facility
151,089
180,942
Deferred income taxes
8,688
9,972
Operating lease long-term liability
5,776
6,601
Other long-term liabilities
9,994
11,604
Long-term liabilities of discontinued operations
—
4,733
Total long-term liabilities
175,547
213,852
Preferred Shares, without par value, 5,000 shares authorized, none issued
—
—
Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966
shares issued and 28,524 and 28,018 shares outstanding at June 30, 2026 and
December 31, 2025, respectively, with no stated value
—
—
Additional paid-in capital
204,854
219,186
Common Shares held in treasury, 442 and 948 shares at June 30, 2026 and
December 31, 2025, respectively, at cost
(9,649)
(27,457)
Retained earnings
43,957
77,150
Accumulated other comprehensive loss
(90,037)
(89,100)
Total shareholders’ equity
149,125
179,779
Total liabilities and shareholders’ equity
$ 506,726
$ 551,116
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
June 30,
Six months ended
June 30,
(in thousands, except per share data)
2026
2025
2026
2025
Net sales
$ 181,384
$ 157,541
$ 342,231
$ 306,598
Costs and expenses:
Cost of goods sold
144,551
121,192
270,442
234,998
Selling, general and administrative
26,061
25,704
58,590
51,569
Design and development
11,960
14,841
23,365
28,533
Operating loss
(1,188)
(4,196)
(10,166)
(8,502)
Interest expense, net
2,404
3,233
6,089
6,475
Equity in (earnings) loss of investee
(222)
(50)
9
(344)
Other (income) expense, net
(649)
2,222
(179)
1,396
Loss before income taxes from continuing operations
(2,721)
(9,601)
(16,085)
(16,029)
Provision for income taxes from continuing operations
2,555
1,542
3,969
3,118
Loss from continuing operations
(5,276)
(11,143)
(20,054)
(19,147)
Discontinued operations:
Loss (gain) from discontinued operations, net of tax
—
(1,784)
3,322
(2,592)
Loss on disposal, net of tax
—
—
9,817
—
Loss (gain) from discontinued operations
—
(1,784)
13,139
(2,592)
Net loss
$ (5,276)
$ (9,359)
$ (33,193)
$ (16,555)
Loss per share from continuing operations:
Basic
$ (0.19)
$ (0.40)
$ (0.71)
$ (0.69)
Diluted
$ (0.19)
$ (0.40)
$ (0.71)
$ (0.69)
Loss per share from discontinued operations:
Basic
$ —
$ 0.06
$ (0.47)
$ 0.09
Diluted
$ —
$ 0.06
$ (0.47)
$ 0.09
Loss per share from Stoneridge Inc.:
Basic
$ (0.19)
$ (0.34)
$ (1.18)
$ (0.60)
Diluted
$ (0.19)
$ (0.34)
$ (1.18)
$ (0.60)
Weighted-average shares outstanding:
Basic
28,244
27,788
28,071
27,734
Diluted
28,244
27,788
28,071
27,734
Regulation G Non-GAAP Financial Measure Reconciliations
Exhibit 1 – Reconciliation of Adjusted Gross Profit
(USD in millions)
Q2 2025
Q2 2026
Gross Profit
$ 36.3
$ 36.8
Add: Pre-Tax Business Realignment Costs
—
—
Adjusted Gross Profit
$ 36.3
$ 36.8
Exhibit 2 – Reconciliation of Adjusted Operating Loss
Reconciliation of Adjusted Operating Loss
(USD in millions)
Q2 2025
Q2 2026
Operating Loss
$ (4.2)
$ (1.2)
Add: Pre-Tax Business Realignment Costs
1.4
—
Add: Pre-Tax Share-Based Compensation Accelerated Vesting
0.3
0.4
Add: Pre-Tax Brazilian Indirect Taxes
—
(0.3)
Adjusted Operating Loss
$ (2.5)
$ (1.0)
Exhibit 3 – Reconciliation of Q2 Adjusted Tax Rate
Reconciliation of Q2 2026 Adjusted Tax Rate
(USD in millions)
Q2 2026
Tax Rate
Loss Before Tax
$ (2.7)
Add: Pre-Tax Share-Based Compensation Accelerated Vesting
0.4
Add: Pre-Tax Brazilian Indirect Taxes
(0.5)
Adjusted Loss Before Tax
$ (2.8)
Income Tax Expense
2.6
(93.84) %
Add: Tax Impact from Pre-Tax Adjustments
(0.2)
Add: After-Tax Impact of Valuation Allowances, net
—
Adjusted Income Tax Expense on Adjusted Loss Before Tax
$ 2.4
(85.64) %
Exhibit 4 – Reconciliation of Adjusted Net Loss and EPS
Reconciliation of Q2 2026 Adjusted Net Income and EPS
(USD in millions, except EPS)
Q2 2026
Q2 2026 EPS
Net Loss
$ (5.3)
$ (0.19)
Add: After-Tax Share-Based Compensation Accelerated Vesting
0.4
0.02
Add: After-Tax Brazilian Indirect Taxes
(0.3)
(0.01)
Adjusted Net Loss
$ (5.2)
$ (0.18)
Exhibit 5 – Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA
(USD in millions)
Q2 2025
Q2 2026
Loss Before Income Taxes from Continuing Operations
$ (9.6)
$ (2.7)
Interest expense, net
3.2
2.4
Depreciation and amortization
5.5
5.6
EBITDA
$ (0.9)
$ 5.3
Add: Pre-Tax Business Realignment Costs
1.4
—
Add: Pre-Tax Share-Based Compensation Accelerated Vesting
0.3
0.4
Add: Pre-Tax Brazilian Indirect Taxes
—
(0.3)
Adjusted EBITDA
$ 0.8
$ 5.5
Exhibit 6 – Segment Adjusted Operating Income
Reconciliation of Electronics Adjusted Operating Income
(USD in millions)
Q2 2025
Q2 2026
Electronics Operating Income
$ 2.7
$ 4.9
Add: Pre-Tax Business Realignment Costs
1.4
—
Electronics Adjusted Operating Income
$ 4.2
$ 4.9
Reconciliation of Stoneridge Brazil Adjusted Operating Income
(USD in millions)
Q2 2025
Q2 2026
Stoneridge Brazil Operating Income
$ 1.0
$ 2.6
Add: Pre-Tax Brazilian Indirect Taxes
—
(0.3)
Stoneridge Brazil Adjusted Operating Income
$ 1.0
$ 2.3
Exhibit 7 – Reconciliation of Net Debt
(USD in millions)
Q2 2025
Q2 2026
Total Debt
$ 164.4
$ 151.1
Cash and Cash Equivalents
46.3
71.5
Net Debt
$ 118.1
$ 79.6
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SOURCE Stoneridge, Inc.
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About MySize, Inc.
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To learn more about MySize, please visit our website: www.mysizeid.com.
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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.
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HireQuest Reports Financial Results for Second Quarter 2026
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15 minutes agoon
August 10, 2026By
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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
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
14
14
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
5
28
22
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
56
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
30
71
38
214
Provision for income taxes
684
56
948
224
Depreciation and amortization
762
734
1,540
1,469
EBITDA
4,168
1,921
6,778
4,330
WOTC related costs
69
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)
39
127
78
155
MRINetwork advertising fund expenses
–
70
–
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.
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SOURCE HireQuest
Technology
OppFi Reports Second Quarter 2026 Results, Record Second Quarter Revenue
Published
15 minutes agoon
August 10, 2026By
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)
NM
Diluted EPS(3)
$ 0.18
$ (0.78)
NM
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)
NM
Diluted EPS(3)
$ 0.74
$ (1.28)
NM
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.
(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.
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 %
(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.
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
7
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
87
79
8
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
$
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.
(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,
(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
535,209
1,322,965
Dilutive impact of performance stock units
8,131
51,902
Dilutive impact of stock options
151,262
204,449
Weighted average diluted shares outstanding
86,117,558
88,208,125
Six Months Ended June 30,
(In thousands, except share and per share data)
2026
2025
(Unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares outstanding
86,117,558
88,208,125
Net income
$ 69,650
$ 0.81
$ 31,870
$ 0.36
Income tax expense
13,815
0.16
2,875
0.03
Other income
(319)
—
(159)
—
Change in fair value of warrant liabilities
(21,496)
(0.25)
54,911
0.62
Other adjustments, net(a)
15,694
0.18
6,152
0.07
Adjusted EBT
77,344
0.90
95,649
1.08
Less: pro forma taxes(b)
18,539
0.22
22,430
0.25
Adjusted net income
$ 58,805
$ 0.68
$ 73,219
$ 0.83
(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.
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NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
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