Oportun第二季淨收入增至853.6萬美元 上半年遜去年同期

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number 001-39050
OPORTUN FINANCIAL CORPORATION 
(Exact Name of Registrant as Specified in its Charter)

Delaware45-3361983
State or Other Jurisdiction of 
Incorporation or OrganizationI.R.S. Employer Identification No.

1825 South Grant Street, Suite 850
San Mateo,CA94402
Address of Principal Executive OfficesZip Code

 (650) 810-8823 
Registrant’s Telephone Number, Including Area Code

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareOPRTNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
☐
Accelerated filer
☒

Non-accelerated filer
☐
Smaller reporting company
☒
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐    No ☒
The number of shares of registrant’s common stock outstanding as of July 30, 2026 was 45,987,253.

TABLE OF CONTENTS

PART I ‑ FINANCIAL INFORMATION
Item 1.
Financial Statements (Unaudited)
3

Condensed Consolidated Balance Sheets
3

Condensed Consolidated Statements of Operations
4

Condensed Consolidated Statements of Changes in Stockholders' Equity
5

Condensed Consolidated Statements of Cash Flow
7

Notes to the Condensed Consolidated Financial Statements
8

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
22

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
42

Item 4.
Controls and Procedures
42

PART II ‑ OTHER INFORMATION
Item 1.
Legal Proceedings
43

Item 1A.
Risk Factors
43

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
69

Item 3.
Defaults Upon Senior Securities
69

Item 4.
Mine Safety Disclosures
69

Item 5.
Other Information
69

GLOSSARY
70

Item 6.
Exhibits
72

Signature
73

2

PART I ‑ FINANCIAL INFORMATION 

Item 1. Financial Statements

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Balance Sheets (Unaudited) 
(in thousands, except share and per share data)

June 30,December 31, 
20262025
Assets
Cash and cash equivalents$139,590 $105,525 
Restricted cash72,839 93,409 
Loans receivable at fair value2,736,750 2,874,092 

Capitalized software and other intangibles, net66,934 71,698 

Right of use assets - operating11,206 9,441 

Other assets101,993 103,691 
Total assets$3,129,312 $3,257,856 

Liabilities and stockholders' equity
Liabilities
Secured financing$304,159 $199,384 
Asset-backed notes at fair value 137,778 263,799 
Asset-backed borrowings at amortized cost2,088,453 2,192,649 
Corporate financing
119,891 143,663 

Lease liabilities12,003 11,468 

Other liabilities59,895 56,811 
Total liabilities2,722,179 2,867,774 
Stockholders' equity

Common stock, $0.0001 par value - 1,000,000,000 shares authorized at June 30, 2026 and December 31, 2025; 46,222,056 shares issued and 45,950,033 shares outstanding at June 30, 2026; 44,709,065 shares issued and 44,437,042 shares outstanding at December 31, 2025
8 8 
Common stock, additional paid-in capital629,838 623,668 

Accumulated deficit(216,404)(227,285)
Treasury stock at cost, 272,023 shares at June 30, 2026 and December 31, 2025
(6,309)(6,309)
Total stockholders’ equity407,133 390,082 
Total liabilities and stockholders' equity$3,129,312 $3,257,856 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

3

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Operations (Unaudited) 
(in thousands, except share and per share data)

Three Months Ended June 30,
Six Months Ended June 30,

2026202520262025
Revenue
Interest income$219,274 $218,281 $434,939 $438,502 
Non-interest income13,954 16,065 27,053 31,748 
Total revenue233,228 234,346 461,992 470,250 
Less:
Interest expense41,933 59,538 89,912 116,941 

Net decrease in fair value(85,663)(70,257)(171,557)(142,929)
Net revenue105,632 104,551 200,523 210,380 

Operating expenses:
Technology and facilities32,293 36,649 66,433 73,086 
Sales and marketing17,593 18,077 33,542 37,959 
Personnel24,510 20,247 50,038 41,212 
Outsourcing and professional fees9,650 9,701 18,354 17,713 
General, administrative and other5,966 9,769 12,975 17,143 

Total operating expenses90,012 94,443 181,342 187,113 

Income before taxes
15,620 10,108 19,181 23,267 
Income tax expense7,084 3,231 8,300 6,623 
Net income$8,536 $6,877 $10,881 $16,644 

Net income attributable to common stockholders
$8,536 $6,877 $10,881 $16,644 

Share data:
Earnings per share:

Basic$0.18 $0.15 $0.23 $0.36 
Diluted$0.17 $0.14 $0.22 $0.35 
Weighted average common shares outstanding:
Basic48,419,607 46,571,524 47,930,598 46,037,084 
Diluted49,396,024 47,893,172 48,950,110 47,468,455 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
4

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 
(in thousands, except share data)

For the Six Months Ended June 30, 2026
WarrantsCommon Stock
SharesAdditional Paid-in CapitalSharesPar Value Additional Paid-in CapitalAccumulated Deficit
Treasury StockTotal Stockholders' Equity
Balance – January 1, 20262,682,788 $11,150 44,437,042 $8 $612,518 $(227,285)$(6,309)$390,082 

Stock-based compensation expense— — — — 4,321 — — 4,321 

Vesting of restricted stock units, net of shares withheld— — 1,165,749 — (465)— — (465)

Net income— — — — — 2,345 — 2,345 
Balance – March 31, 20262,682,788 $11,150 45,602,791 $8 $616,374 $(224,940)$(6,309)$396,283 

Stock-based compensation expense— — — — 3,110 — — 3,110 

Vesting of restricted stock units, net of shares withheld— — 252,829 — (797)— — (797)

Issuance of common stock upon exercise of warrants (94,413)(492)94,413 — 493 — — 1 
Net income— — — — — 8,536 — 8,536 
Balance – June 30, 20262,588,375 $10,658 45,950,033 $8 $619,180 $(216,404)$(6,309)$407,133 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

5

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 
(in thousands, except share data)

For the Six Months Ended June 30, 2025
 WarrantsCommon Stock
SharesAdditional Paid-in CapitalSharesPar Value Additional Paid-in CapitalAccumulated DeficitTreasury StockTotal Stockholders' Equity
Balance – January 1, 20259,046,459 $33,825 36,111,856 $7 $578,817 $(252,531)$(6,309)$353,809 

Stock-based compensation expense— — — — 3,034 — — 3,034 

Vesting of restricted stock units, net of shares withheld— — 1,389,309 — (511)— — (511)

Net income— — — — — 9,767 — 9,767 
Balance – March 31, 20259,046,459 $33,825 37,501,165 $7 $581,340 $(242,764)$(6,309)$366,099 

Issuance of common stock upon exercise of stock options, net of shares withheld— — 8,104 — 46 — — 46 

Stock-based compensation expense— — — — 2,904 — — 2,904 

Vesting of restricted stock units, net of shares withheld— — 136,459 — — — — — 

Issuance of common stock upon exercise of warrants(6,363,671)(22,675)6,363,671 1 22,737 — — 63 
Net income— — — — — 6,877 — 6,877 
Balance – June 30, 20252,682,788 $11,150 44,009,399 $8 $607,027 $(235,887)$(6,309)$375,989 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
6

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Cash Flow (Unaudited) 
(in thousands)

Six Months Ended June 30,
2026

2025
Cash flows from operating activities
Net income$10,881 $16,644 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization17,823 21,783 

Fair value adjustment, net171,557 142,929 
Origination fees for loans receivable at fair value, net(7,358)(20,930)
Gain on loan sales(2,753)(2,979)
Stock-based compensation expense7,082 5,539 

Other, net11,215 23,380 
Originations of loans sold and held for sale(51,703)(72,249)
Proceeds from sale of loans54,456 76,768 
Changes in operating assets and liabilities
1,844 14,620 

Net cash provided by operating activities213,044 205,505 
Cash flows from investing activities
Originations and purchases of loans held for investment
(684,852)(772,912)

Repayments of loan principal655,793 677,443 
Capitalization of system development costs(12,773)(12,011)

Other, net(309)(382)

Net cash used in investing activities(42,141)(107,862)
Cash flows from financing activities
Borrowings under secured financing167,900 590,529 

Repayments of secured financing(64,113)(794,396)

Repayments of asset-backed notes at fair value(128,480)(474,041)
Borrowings under asset-backed borrowings at amortized cost482,560 857,279 
Repayments of asset-backed borrowings at amortized cost
(583,980)(248,050)

Repayments of corporate financing
(30,000)(13,759)
Payments of deferred financing costs(34)(1,207)

Net payments related to stock-based activities(1,261)(401)
Net cash used in financing activities(157,408)(84,046)
Net increase in cash and cash equivalents and restricted cash13,495 13,597 
Cash and cash equivalents and restricted cash, beginning of period198,934 214,625 
Cash and cash equivalents and restricted cash, end of period$212,429 $228,222 

Supplemental disclosure of cash flow information
Cash and cash equivalents$139,590 $96,816 
Restricted cash72,839 131,406 
Total cash and cash equivalents and restricted cash$212,429 $228,222 

Cash paid for income taxes, net of refunds$1,643 $1,395 
Cash paid for interest$91,882 $100,364 
Cash paid for amounts included in the measurement of operating lease liabilities$3,721 $5,608 
Supplemental disclosures of non-cash investing and financing activities
Right of use assets obtained in exchange for operating lease obligations$3,795 $1,929 

Non-cash investments in capitalized assets$142 $370 
Non-cash financing activities$17,439 $33,259 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
7

OPORTUN FINANCIAL CORPORATION
Notes to the Condensed Consolidated Financial Statements (Unaudited) 
June 30, 2026 

1.Organization and Description of Business

Oportun Financial Corporation (together with its subsidiaries unless the context indicates otherwise, "Oportun," or the "Company") is a mission driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, the Company empowers members with the confidence to build a better financial future. Oportun takes a holistic approach to serving its members and views as its purpose to responsibly meet their current capital needs, help improve their financial profiles, increase their financial awareness and put them on a path to a financially healthy life. Oportun offers access to a comprehensive suite of products, offered either directly or through partners, including unsecured and secured lending, and savings. The Company is headquartered in San Mateo, California. The Company has been certified by the United States Department of the Treasury as a Community Development Financial Institution since 2009.

2.Summary of Significant Accounting Policies

Basis of Presentation ‑ The Company meets the Securities and Exchange Commission's ("SEC") definition of a “Smaller Reporting Company”, and therefore qualifies for the SEC's reduced disclosure requirements for smaller reporting companies. The accompanying condensed and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These statements are unaudited and reflect all normal, recurring adjustments that are, in management's opinion, necessary for the fair presentation of results. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026, as amended (the "Annual Report").

Use of Estimates ‑ The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates and assumptions.

Accounting Policies - There have been no changes to the Company's significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the Annual Report, except for the new accounting pronouncements subsequently adopted as noted below.

Recently Adopted Accounting Standards 

There have been no accounting standards adopted during the three months ended June 30, 2026. 

Accounting Standards to be Adopted

Income Statement - In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the effect of the new guidance on its Condensed Consolidated Statement of Operations.

Internally Developed Software - In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU eliminates the prior “project stage” model and clarifies that capitalization begins when management authorizes and commits funding for a project and completion is probable; it also relocates website-development guidance into Subtopic 350-40 and requires entities to apply the PP&E disclosure requirements in ASC 360-10 to capitalized internal-use software. The ASU is effective for annual periods beginning after December 15, 2027, including interim periods within those annual periods; early adoption is permitted. Entities may adopt prospectively, retrospectively, or under a modified transition approach. The Company is evaluating the effect of this guidance on its accounting for and disclosures of internal-use software.

Interim Reporting - In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU intends to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” As the Board stated in the proposed guidance and reiterates in the ASU, the amendments are not intended to “change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements.” The ASU is effective for interim reporting periods within annual reporting periods beginning after 
8

December 15, 2027; early adoption is permitted. Entities may adopt prospectively, or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the effect of this guidance on its interim reporting.

Codification Improvements - In December 2025, the FASB issued ASU 2025-12 “Codification Improvements” to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years; early adoption is permitted. The Company is evaluating the effect of this guidance on its results of operations, financial position and disclosures.

3.Earnings per Share

Basic and diluted earnings per share are calculated as follows:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except share and per share data)2026202520262025
Net income$8,536 $6,877 $10,881 $16,644 

Net income attributable to common stockholders
$8,536 $6,877 $10,881 $16,644 

Basic weighted-average common shares outstanding (1)
48,419,607 46,571,524 47,930,598 46,037,084 
Weighted average effect of dilutive securities:

Restricted stock units976,417 1,321,648 1,019,512 1,431,371 

Diluted weighted-average common shares outstanding49,396,024 47,893,172 48,950,110 47,468,455 

Earnings per share:
Basic$0.18 $0.15 $0.23 $0.36 
Diluted$0.17 $0.14 $0.22 $0.35 

(1) The outstanding and exercisable warrants issued with an exercise price of $0.01 are included in the Basic weighted-average common shares outstanding. See Note 10, Stockholders' Equity for additional information.

The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stock options1,404,257 1,700,321 1,417,883 1,768,313 
Restricted stock units582,623 1,241,225 684,437 1,248,514 

Total anti-dilutive common share equivalents1,986,880 2,941,546 2,102,320 3,016,827 

4.Variable Interest Entities

For all variable interest entities (“VIEs”) in which the Company is involved, it assesses whether it is the primary beneficiary of the VIE on an ongoing basis. In circumstances where the Company has both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive the benefits of the VIE that could be significant, it would conclude that it is the primary beneficiary of the VIE, and it consolidates the VIE. In situations where the Company is not deemed to be the primary beneficiary of the VIE, it does not consolidate the VIE and only recognizes its interests in the VIE. See Note 8, Borrowings for additional information on the secured borrowing under the caption of asset-backed borrowings at amortized cost. 

Consolidated VIEs

As part of the Company’s overall funding strategy, the Company transfers a pool of designated loans receivable to wholly owned special-purpose subsidiaries to collateralize certain asset-backed financing transactions. For these VIEs where the Company has determined that it is the primary beneficiary because it has the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb the losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs, the VIEs assets and related liabilities are consolidated with the results of the Company. Such power arises from the Company’s contractual right to service the loans receivable securing the VIEs’ asset-backed debt obligations. The Company has an obligation to absorb losses or the right to receive benefits that are potentially significant to the VIEs because it retains the residual interest of each asset-backed financing transaction in the form of an asset-backed certificate. Accordingly, the Company includes the VIEs’ assets, including the assets securing the financing transactions, and related liabilities in its condensed consolidated financial statements. 

Each consolidated VIE issues a series of asset-backed securities that are supported by the cash flows arising from the loans receivable securing such debt. Cash inflows arising from such loans receivable are distributed monthly to the transaction’s lenders and related service providers in 
9

accordance with the transaction’s contractual priority of payments. The creditors of the VIEs above have no recourse to the general credit of the Company as the primary beneficiary of the VIEs and the liabilities of the VIEs can only be settled by the respective VIE’s assets. The Company retains the most subordinated economic interest in each financing transaction through its ownership of the respective residual interest in each VIE. The Company has no obligation to repurchase loans receivable that initially satisfied the financing transaction’s eligibility criteria but subsequently became delinquent or a defaulted loans receivable.

The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited): 

June 30,December 31, 
(in thousands)20262025
Consolidated VIE assets
Restricted cash$65,255 $85,767 
Loans Receivable at Fair Value
2,606,341 2,621,339 

Total VIE assets2,671,596 2,707,106 
Consolidated VIE liabilities
Secured financing (1)
308,620 204,833 
Asset-backed notes at fair value 137,778 263,799 
Asset-backed borrowings at amortized cost
1,947,970 1,947,937 

Total VIE liabilities$2,394,368 $2,416,569 

(1) Amounts exclude deferred financing costs. See Note 8, Borrowings for additional information.

5.Loans Held for Sale and Loans Sold

Other Loan Sales - From time to time the Company has entered into agreements to sell certain populations of its personal loans, including non-performing loans originated as held for investment. The sold loans are accounted for under the fair value option. The loan sales qualify for sale accounting treatment and the Company derecognizes these loans from its Condensed Consolidated Balance Sheets (Unaudited) upon sale.

Whole Loan Sale Program ‑ The Company enters into whole loan sale agreements with third parties in which the Company agrees to sell newly originated unsecured personal loans and secured personal loans. The originations of loans sold and held for sale during the three months ended June 30, 2026 was $25.9 million and the Company recorded a gain on sale of $1.4 million and servicing revenue of $1.5 million. The originations of loans sold and held for sale during the three months ended June 30, 2025 was $39.9 million and the Company recorded a gain on sale of $1.5 million and servicing revenue of $1.8 million.

The originations of loans sold and held for sale during the six months ended June 30, 2026 was $51.7 million and the Company recorded a gain on sale of $2.8 million and servicing revenue of $3.2 million. The origin