---
schema_version: "secwatch.filing_event.v1"
accession: "0001538716-23-000067"
form_type: "8-K"
ticker: "OPRT"
cik: "0001538716"
company_name: "Oportun Financial Corp"
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T13:09:28.107755+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Oportun Q1 revenue up 21% to $260M; net loss $102M; cuts 255 jobs for $78-83M annual savings

## Summary
- Total revenue $260M (+21% YoY); GAAP net loss $102M (diluted EPS -$3.00); adjusted net loss $88M (-$2.60).
- Borrowed $25M incremental term loans on May 5; issued warrants for 1,048,363 shares at $0.01/exercise price.
- Announced headcount reduction of 255 employees (~19% of corporate staff); expects $8M Q2 charges and $78-83M annualized savings.
- Raised FY2023 adjusted EBITDA guidance; maintained total revenue guidance.
- Annualized net charge-off rate 12.1% (vs 8.6% prior year); 30+ day delinquency 5.5% (vs 4.5%).

## SEC filing metadata
- accession: 0001538716-23-000067
- form_type: 8-K
- ticker: OPRT
- cik: 0001538716
- company_name: Oportun Financial Corp
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 2.03, 2.05, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000067/0001538716-23-000067-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000067/oprt-20230508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001538716-23-000067
- JSON: https://secwatch.observer/filing/0001538716-23-000067.json
- Plain text: https://secwatch.observer/filing/0001538716-23-000067.txt

## Key facts
- Debt Financings
  Oportun Financial Corp incurred term loan of $25 million with certain affiliates of Neuberger Berman Specialty Finance.
  - Instrument: term loan
  - Principal: $25 million
  - Counterparty: certain affiliates of Neuberger Berman Specialty Finance
  - Event: incurrence
  source text: On May 5, 2023, the Company borrowed $25 million of incremental term loans (the “Incremental Tranche B Loans”) pursuant to the Company's corporate facility entered into by and among the Company, as borrower, the subsidiaries of the Company party thereto as guarantors, certain affiliates of Neuberger Berman Specialty Finance as lenders, and Wilmington Trust, National Association, as administrative agent and collateral agent, dated as of September 14, 2022 (as amended, supplemented or otherwise modified, the “Amended Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000067/0001538716-23-000067-index.htm
- Earnings Releases
  Oportun Financial Corp reported first quarter ended March 31, 2023 results: revenue $260 million, net income ($102) million, EPS $(3.00) per diluted share. Guidance raised.
  - Period: first quarter ended March 31, 2023
  - Revenue: $260 million
  - Net income: ($102) million
  - EPS: $(3.00) per diluted share
  - Guidance: raised
  - Result: reported results
  source text: as expressly stated by specific reference in such filing. --- EX-99.1 (EX-99.1) --- Oportun Reports First Quarter 2023 Financial Results Grew revenue 21% year-over-year to $260 million Outperformed each guidance metric Implementing further expense optimization measures to provide additional $78M to $83M in annualized savings SAN CARLOS, CA – May 8, 2023 –
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000067/0001538716-23-000067-index.htm
- Restructurings & Charges
  Oportun Financial Corp announced a restructuring with charges of approximately $8 million affecting corporate staff (a headcount reduction of 255 employees, representing approximately 19% of the Company's corporate staff).
  - Type: restructuring
  - Charge: approximately $8 million
  - Affected area: corporate staff
  - Headcount: a headcount reduction of 255 employees, representing approximately 19% of the Company's corporate staff
  source text: On May 8, 2023, the Company announced that it is taking a series of personnel and other cost saving measures to reduce expenses and streamline efficiency. These measures include a headcount reduction of 255 employees, representing approximately 19% of the Company's corporate staff, which excludes retail and contact center agents. The Company also announced additional measures to reduce its expenditures on external contractors and vendors. In relation to these and other personnel related activities, management expects to incur non-recurring, pre-tax charges of approximately $8 million in the second quarter of 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000067/0001538716-23-000067-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.