Oportun Q2 adj EBITDA $30M (+109% YoY); GAAP loss $31M on credit card mark; new $245M facility

Oportun Financial Corp

2024-Q2 EPS reported -$1.46 revenue$500,878,000

Revenue $250M (-6% YoY); GAAP net loss $31M (EPS -$0.78); adjusted net income $3.2M (adjusted EPS $0.08).
Adjusted EBITDA $30M, up 109% YoY; total operating expenses down 20% YoY; met or exceeded all guidance metrics.
Signed non-binding LOI to sell credit card portfolio; $36M GAAP mark-to-market; expected to boost 2025 adj EBITDA by ~$11M.
Closed $245M warehouse facility with Deutsche Bank and Jefferies; three-year revolving period; collateralized by loan originations.
New lending-as-a-service collaboration with Western Union to expand brand awareness and application funnel.

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