OppFi Reports Record Annual Revenue, Net Income, and Adjusted Net Income

Net income increased 74.4% year over year to $146.2 million, a new Company record

Adjusted net income 1 increased 69.1% year over year to $139.8 million, a new Company record

Basic and diluted earnings per share ("EPS") increased $0.63 year over year to $0.99

Adjusted EPS 1 increased $0.64 year over year to $1.59, a new Company record

CHICAGO, March 11, 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 record financial results for the quarter and year ended December 31, 2025.

"Our record-breaking results in 2025 capped off an extraordinary year for the company, as OppFi achieved record total originations, revenue, net income, and adjusted net income. Additionally, OppFi finished 2025 with a record-end receivables balance, providing strong momentum going into 2026, to grow revenue and profitability as reflected in our guidance," said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi.

(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.

Financial Summary

The following tables present a summary of OppFi's results for the three months and years ended December 31, 2025 and 2024 (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 December 31,

Change

(Unaudited)

2025

2024

Total revenue (1)

$ 159,250

$ 135,723

17.3 %

Net income

$ 38,444

$ 13,973

175.1 %

Net income (loss) attributable to OppFi Inc.

$ 16,846

$ (5,609)

400.3 %

Adjusted net income (2)

$ 25,815

$ 20,295

27.2 %

Basic EPS

$ 0.61

$ (0.26)

334.0 %

Diluted EPS (3)

$ 0.38

$ (0.26)

245.3 %

Adjusted EPS (2,3)

$ 0.30

$ 0.23

27.7 %

(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, stock options, and securities issued in the employee stock purchase plan in any periods in which their inclusion would have an

antidilutive effect.

Year Ended December 31,

Change

(Unaudited)

2025

2024

Total revenue (1)

$ 597,050

$ 525,963

13.5 %

Net income

$ 146,247

$ 83,837

74.4 %

Net income attributable to OppFi Inc.

$ 26,329

$ 7,258

262.8 %

Adjusted net income (2)

$ 139,759

$ 82,665

69.1 %

Basic EPS

$ 0.99

$ 0.36

175.7 %

Diluted EPS (3)

$ 0.99

$ 0.36

175.7 %

Adjusted EPS (2,3)

$ 1.59

$ 0.95

66.6 %

(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, stock options, and securities issued in the employee stock purchase plan in any periods in which their inclusion would have an

antidilutive effect.

Key Performance Metrics

The following tables represent key performance metrics as of and for the three months and years ended December 31, 2025 and 2024 (in thousands, except percentage metrics).

As of and for the Three Months Ended

(Unaudited)

December 31, 2025

December 31, 2024

Total net originations (a)

$ 230,120

$ 213,668

Total retained net originations (a)

$ 201,219

$ 192,503

Ending receivables (b)

$ 493,118

$ 425,240

Net charge-offs as % of total revenue (c)

45 %

42 %

Net charge-offs as % of average receivables, annualized (c)

59 %

54 %

Average yield, annualized (d)

130 %

Auto-approval rate (e)

79 %

(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.

As of and for the Years Ended

(Unaudited)

December 31, 2025

December 31, 2024

Total net originations (a)

$ 899,270

$ 801,514

Total retained net originations (a)

$ 791,124

$ 732,799

Ending receivables (b)

$ 493,118

$ 425,240

Net charge-offs as % of total revenue (c)

37 %

39 %

Net charge-offs as % of average receivables (c)

49 %

51 %

Average yield (d)

133 %

131 %

Auto-approval rate (e)

79 %

76 %

(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. 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.

(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 Update

During the year ended December 31, 2025, OppFi repurchased 1,541,949 shares of Class A Common Stock, which were held as treasury stock as of December 31, 2025, for an aggregate purchase price of $15.5 million at an average purchase price per share of $10.04. As of December 31, 2025, $20.9 million of the repurchase authorization under the 2024 Repurchase Program remained available.

Full-Year 2026 Guidance

Conference Call

Management will host a conference call today at 9:00 a.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. An archived version of the webcast will be available on OppFi's website.

The conference call can also be accessed with the following dial-in information:

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 5,400 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.

Contacts:

Investor Relations:

Mike Gallentine

Head of Investor Relations

[email protected]

Media Relations:

[email protected]

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," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue," 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, 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; 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. 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.

Consolidated Statements of Operations

The following tables present consolidated statements of operations for the three months and years ended December 31, 2025 and 2024 (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.

Comparison of the three months ended December 31, 2025 and 2024

Three Months Ended December 31,

Change

(Unaudited)

2025

2024

Revenue:

Interest on finance receivables

$ 157,801

$ 134,337

$ 23,464

17.5 %

Other revenue

1,449

1,386

4.5

159,250

135,723

23,527

17.3

Change in fair value of finance receivables

(73,681)

(54,897)

(18,784)

34.2

Provision for credit losses on finance receivables

—

(8)

(100.0)

Net revenue

85,569

80,818

4,751

5.9

Expenses: (a)

Salaries and employee benefits

14,650

14,447

203

1.4

Direct marketing costs

14,198

13,318

880

6.6

Interest expense and amortized debt issuance costs

9,402

11,029

(1,627)

(14.8)

Professional fees

5,012

5,581

(569)

(10.2)

Technology costs

2,959

3,110

(151)

(4.9)

Payment processing fees

1,720

1,632

5.4

Occupancy

1,028

1,041

(13)

(1.2)

Depreciation and amortization

764

2,126

(1,362)

(64.1)

Exit costs, net

—

(37)

(100.0)

General, administrative and other

4,903

3,825

1,078

28.2

Total expenses

54,636

56,145

(1,509)

(2.7)

Income from operations

30,933

24,673

6,260

25.4

Other (expense) income:

Change in fair value of warrant liabilities

11,876

(10,994)

22,870

208.0

Income from equity method investment

1,412

815

597

73.2

Other (expense) income, net

(4,414)

(4,493)

(5721.2)

Income before income taxes

39,807

14,573

25,234

173.2

Income tax expense

1,363

600

763

127.2

Net income

38,444

13,973

24,471

175.1

Less: net income attributable to noncontrolling interest

21,599

19,582

2,017

10.3

Net income (loss) attributable to OppFi Inc:

$ 16,846

$ (5,609)

$ 22,455

400.3 %

Earnings (loss) per common share attributable to OppFi Inc.:

Earnings (loss) per common share:

Basic

$ 0.61

$ (0.26)

Diluted

$ 0.38

$ (0.26)

Weighted average common shares outstanding:

Basic

27,517,762

20,248,004

Diluted

87,141,594

20,248,004

(a) Beginning with the quarter ended September 30, 2025, for all periods presented, we aligned our expense classifications as presented in the Consolidated Statements of Operations.

Comparison of the years ended December 31, 2025 and 2024

Year Ended December 31,

Change

2025

2024

$ Change

% Change

(Unaudited)

Revenue:

Interest on finance receivables

$ 591,769

$ 521,227

$ 70,542

13.5 %

Other revenue

5,281

4,736

545

11.5

597,050

525,963

71,087

13.5

Change in fair value of finance receivables

(215,868)

(204,443)

(11,425)

5.6

Provision for credit losses on finance receivables

—

(42)

(100.0)

Net revenue

381,182

321,478

59,704

18.6

Expenses: (a)

Salaries and employee benefits

60,695

60,475

220

0.4

Direct marketing costs

50,890

49,208

1,682

3.4

Interest expense and amortized debt issuance costs

39,367

44,708

(5,341)

(11.9)

Professional fees

20,103

21,574

(1,471)

(6.8)

Technology costs

12,433

12,171

262

2.2

Payment processing fees

6,589

7,119

(530)

(7.4)

Depreciation and amortization

5,159

9,621

(4,462)

(46.4)

Occupancy

4,127

4,030

2.4

Exit costs, net

(1,449)

2,983

(4,432)

(148.6)

General, administrative and other

16,590

15,053

1,537

10.2

Total expenses

214,504

226,942

(12,438)

(5.5)

Income from operations

166,678

94,536

72,142

76.3

Other (expense) income:

Change in fair value of warrant liabilities

(11,347)

(8,244)

(3,103)

37.6

Income from equity method investment

4,974

1,442

3,532

244.9

Other (expense) income, net

(4,173)

318

(4,491)

(1411.7)

Income before income taxes

156,132

88,052

68,080

77.3

Income tax expense

9,885

4,215

5,670

134.5

Net income

146,247

83,837

62,410

74.4

Less: net income attributable to noncontrolling interest

119,918

76,579

43,339

56.6

Net income attributable to OppFi Inc.

$ 26,329

$ 7,258

$ 19,071

262.8 %

Earnings per common share attributable to OppFi Inc.:

Earnings per common share:

Basic

$ 0.99

$ 0.36

Diluted

$ 0.99

$ 0.36

Weighted average common shares outstanding:

Basic

26,506,458

20,145,606

Diluted

26,506,458

20,145,606

(a) Beginning with the quarter ended September 30, 2025, for all periods presented, we aligned our expense classifications as presented in the Consolidated Statements of Operations.

Condensed Consolidated Balance Sheets

The following table presents consolidated balance sheets as of December 31, 2025 and 2024 (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)

December 31,

Change

2025

2024

Assets

Cash and restricted cash

$ 93,263

$ 88,288

$ 4,975

5.6 %

Finance receivables at fair value

546,236

473,696

72,540

15.3

Equity method investment

19,076

19,194

(118)

(0.6)

Other assets

95,515

59,993

35,522

59.2

Total assets

$ 754,090

$ 641,171

$ 112,919

17.6 %

Liabilities and stockholders' equity

Accounts payable and accrued expenses

$ 46,171

$ 33,290

$ 12,881

38.7 %

Other liabilities

51,235

39,802

11,433

28.7

Total debt

321,353

318,758

2,595

0.8

Warrant liabilities

26,455

15,108

11,347

75.1

Total liabilities

445,214

406,958

38,256

9.4

Total stockholders' equity

308,876

234,213

74,663

31.9

Total liabilities and stockholders' equity

$ 754,090

$ 641,171

$ 112,919

17.6 %

Condensed Consolidated Statement of Cash Flows

The following table presents the consolidated statement of cash flows for the years ended December 31, 2025 and 2024 (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.

Year Ended December 31,

Change

(Unaudited)

2025

2024

Net cash provided by operating activities

$ 401,305

$ 323,806

$ 77,499

23.9 %

Net cash used in investing activities

$ (307,804)

$ (243,442)

$ (64,362)

26.4

Net cash used in financing activities

$ (88,526)

$ (66,019)

$ (22,507)

34.1

Net increase in cash and restricted cash

$ 4,975

$ 14,345

$ (9,370)

(65.3) %

Financial Capacity and Capital Resources

As of December 31, 2025, OppFi had $49.5 million in unrestricted cash, a decrease of $11.9 million from December 31, 2024. As of December 31, 2025, OppFi had an additional $203.6 million of unused debt capacity under its financing facilities for future availability, representing a 39% overall undrawn capacity, a decrease from $206.2 million as of December 31, 2024. The decrease in undrawn debt was driven primarily by an increase in the utilization of revolving lines of credit to fund receivables growth. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $93.3 million, OppFi had approximately $618.3 million in funding capacity as of December 31, 2025.

Reconciliation of Non-GAAP Financial Measures

The following tables present reconciliations of non-GAAP financial measures for the three months and years ended December 31, 2025 and 2024 (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 December 31, 2025 and 2024

Three Months Ended December 31,

Change

(Unaudited)

2025

2024

Net income

$ 38,444

$ 13,973

$ 24,471

175.1 %

Income tax expense

1,363

600

763

127.2

Other expense (income), net

4,414

(79)

4,493

5720.9

Change in fair value of warrant liabilities

(11,876)

10,994

(22,870)

(208.0)

Other adjustments, net (a)

2,675

921

1,754

190.4

Adjusted EBT

35,020

26,409

8,611

32.6

Less: pro forma taxes (b)

9,205

6,114

3,091

50.6

Adjusted net income

25,815

20,295

5,520

27.2 %

Adjusted earnings per share

$ 0.30

$ 0.23

Weighted average diluted shares outstanding

87,141,594

87,504,493

(a) For the three months ended December 31, 2025, other adjustments, net of $2.7 million included $1.7 million in expenses related to stock

compensation, $0.8 million in expenses related to the tax receivable agreement liability, $0.4 million in expenses related to legal matters, and

$0.2 million in expenses related to severance, partially offset by a $0.5 million addback related to corporate development. For the three months

ended December 31, 2024, other adjustments, net of $0.9 million included $1.1 million in expenses related to stock compensation, $0.1 million

in expenses related to severance, and $0.1 million in expenses related to corporate development, partially offset by a $0.4 million addback

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 26.28% for the three months ended December 31, 2025 and a tax rate of 23.15% for the three months ended December

31, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

Comparison of the years ended December 31, 2025 and 2024

Year Ended December 31,

Change

(Unaudited)

2025

2024

Net income

$ 146,247

$ 83,837

$ 62,410

74.4 %

Income tax expense

9,885

4,215

5,670

134.5

Other expense (income), net

4,173

(318)

4,491

1411.7

Change in fair value of warrant liabilities

11,347

8,244

3,103

37.6

Other adjustments, net (a)

12,218

12,024

194

1.6

Adjusted EBT

183,870

108,002

75,868

70.2

Less: pro forma taxes (b)

44,111

25,337

18,774

74.1

Adjusted net income

139,759

82,665

57,094

69.1 %

Adjusted earnings per share

$ 1.59

$ 0.95

Weighted average diluted shares outstanding

87,947,364

86,652,427

(a) For the year ended December 31, 2025, other adjustments, net of $12.2 million included $10.0 million in expenses related to stock

compensation, $1.2 million in expenses related to legal matters, $0.9 million in expenses related to severance, $0.8 million in expenses

related to the tax receivable agreement liability, $0.5 million in expenses related to corporate development, 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. For the year ended December 31, 2024, other adjustments, net

of $12.0 million included $5.3 million in expenses related to stock compensation, $3.0 million in expenses related to OppFi Card's exit

activities, $1.8 million in expenses related to legal matters, $1.3 million in expenses related to severance, and $0.7 million in expenses

related to corporate development. 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 23.99% for the year ended December 31, 2025 and a tax rate of 23.46% for the year ended December 31, 2024,

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 December 31, 2025 and 2024

Three Months Ended December 31,

(Unaudited)

2025

2024

Weighted average Class A common stock outstanding

27,517,762

21,442,460

Weighted average Class V voting stock outstanding

58,698,241

64,758,117

Dilutive impact of restricted stock units

745,043

1,141,932

Dilutive impact of performance stock units

22,052

71,234

Dilutive impact of stock options

158,496

89,953

Dilutive impact of employee stock purchase plan

—

797

Weighted average diluted shares outstanding

87,141,594

87,504,493

Three Months Ended December 31,

(In thousands, except share and per share data)

2025

2024

(Unaudited)

Per Share

Weighted average diluted shares outstanding

87,141,594

87,504,493

Net income

$ 38,444

$ 0.44

$ 13,973

$ 0.16

Income tax expense

1,363

0.02

600

0.01

Other expense (income), net

4,414

0.05

(79)

—

Change in fair value of warrant liabilities

(11,876)

(0.14)

10,994

0.13

Other adjustments, net (a)

2,675

0.03

921

0.01

Adjusted EBT

35,020

0.40

26,409

0.30

Less: pro forma taxes (b)

9,205

0.11

6,114

0.07

Adjusted net income

25,815

$ 0.30

20,295

$ 0.23

(a) For the three months ended December 31, 2025, other adjustments, net of $2.7 million included $1.7 million in expenses related to stock

compensation, $0.8 million in expenses related to the tax receivable agreement liability, $0.4 million in expenses related to legal matters, and

$0.2 million in expenses related to severance, partially offset by a $0.5 million addback related to corporate development. For the three months

ended December 31, 2024, other adjustments, net of $0.9 million included $1.1 million in expenses related to stock compensation, $0.1 million

in expenses related to severance, and $0.1 million in expenses related to corporate development, partially offset by a $0.4 million addback

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 26.28% for the three months ended December 31, 2025 and a tax rate of 23.15% for the three months ended December

31, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

Comparison of the years ended December 31, 2025 and 2024

Year Ended December 31,

(Unaudited)

2025

2024

Weighted average Class A common stock outstanding

26,506,458

20,145,606

Weighted average Class V voting stock outstanding

60,114,665

65,619,358

Dilutive impact of restricted stock units

1,090,206

789,783

Dilutive impact of performance stock units

39,440

72,802

Dilutive impact of stock options

196,595

24,679

Dilutive impact of employee stock purchase plan

—

199

Weighted average diluted shares outstanding

87,947,364

86,652,427

Year Ended December 31,

(In thousands, except share and per share data)

2025

2024

(Unaudited)

Per Share

Weighted average diluted shares outstanding

87,947,364

86,652,427

Net income

$ 146,247

$ 1.66

$ 83,837

$ 0.97

Income tax expense

9,885

0.11

4,215

0.05

Other expense (income), net

4,173

0.05

(318)

—

Change in fair value of warrant liabilities

11,347

0.13

8,244

0.10

Other adjustments, net (a)

12,218

0.14

12,024

0.14

Adjusted EBT

183,870

2.09

108,002

1.25

Less: pro forma taxes (b)

44,111

0.50

25,337

0.29