---
schema_version: "secwatch.filing_event.v1"
accession: "0001538716-23-000174"
form_type: "8-K"
ticker: "OPRT"
cik: "0001538716"
company_name: "Oportun Financial Corp"
filed_at: "2023-11-06T23:59:59+00:00"
generated_at: "2026-06-08T19:59:17.126364+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Oportun reports Q3 revenue $268M (+7% YoY), net loss $(21)M; announces 185 job cuts for $80M annual savings

## Summary
- GAAP net loss of $21M (diluted EPS -$0.55); adjusted net loss $18M (adjusted EPS -$0.46).
- Adjusted EBITDA $16M vs. year-ago -$6.2M; revenue record despite 24% origination decline.
- Headcount reduction of 185 employees (18% of corp staff) with $7-8M Q4 charges; annualized savings $80M.
- CEO and CFO voluntarily reduce base salaries by 15% effective Nov 11; director Carl Pascarella retired.
- Two new personal loan financing agreements totaling up to $267M; exploring strategic options for credit card portfolio.

## SEC filing metadata
- accession: 0001538716-23-000174
- form_type: 8-K
- ticker: OPRT
- cik: 0001538716
- company_name: Oportun Financial Corp
- filed_at: 2023-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 2.05, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000174/0001538716-23-000174-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000174/oprt-20231103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001538716-23-000174
- JSON: https://secwatch.observer/filing/0001538716-23-000174.json
- Plain text: https://secwatch.observer/filing/0001538716-23-000174.txt

## Key facts
- Earnings Releases
  Oportun Financial Corp reported third quarter ended September 30, 2023 results: revenue $268, net income $(21), EPS $(0.55).
  - Period: third quarter ended September 30, 2023
  - Revenue: $268
  - Net income: $(21)
  - EPS: $(0.55)
  - Result: reported results
  source text: million, we're well positioned for profitable, sustainable growth in service of our members." Third Quarter 2023 Results Metric GAAP Adjusted 1 3Q23 3Q22 3Q23 3Q22 Total revenue $268 $250 Net income (loss) $(21) $(106) ($18) $8.4 Diluted EPS $(0.55) $(3.21) $(0.46) $0.25 Adjusted EBITDA $16 $(6.2) Dollars in millions, except per share amounts. Business
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000174/0001538716-23-000174-index.htm
- Executive change
  Carl Pascarella retired as Director at Oportun Financial Corp.
  - Action: retired
  - Role: Director
  source text: Effective November 4, 2023, Mr. Carl Pascarella retired from his role as a director of the Company, as well as his roles as the lead independent director and member of the compensation and leadership committee, the credit risk and finance committee and the nominating, governance, and social responsibility committee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000174/0001538716-23-000174-index.htm
- Executive change
  R. Neil Williams changed role as Lead Independent Director at Oportun Financial Corp.
  - Action: assumed
  - Role: Lead Independent Director
  source text: Further, Mr. R. Neil Williams assumed the role of lead independent director.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000174/0001538716-23-000174-index.htm
- Restructurings & Charges
  Oportun Financial Corp announced a restructuring with charges of approximately $7 to $8 million (185 employees, representing approximately 18% of the Company's corporate staff, which excludes retail and contact center).
  - Type: restructuring
  - Charge: approximately $7 to $8 million
  - Headcount: 185 employees, representing approximately 18% of the Company's corporate staff, which excludes retail and contact center
  source text: On November 6 , 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 185 employees, representing approximately 18% 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 $7 to $8 million in the fourth quarter of 2023 , consisting primarily of severance payments, employee benefits contributions and related costs associated with the Company's headcount reduction.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871623000174/0001538716-23-000174-index.htm

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