OnDeck reported a Q2/17 net loss attributable to OnDeck common stockholders of $1.5 million compared to $17.9 million in the same quarter in 2016. The year-to-date net loss of $12.6 million compared to a net loss of $30.5 million for the same six months in 2016.
The following highlights were excerpted from the news release:
“OnDeck’s second quarter 2017 results demonstrated solid progress toward achieving our strategic priorities,” said Noah Breslow, OnDeck’s CEO. “Our credit policy adjustments that began in the middle of the first quarter continue to yield benefits, with sequential improvements in both our provision rate and 15+ day delinquency ratio. We also further implemented our $45 million cost rationalization plan, lowering our annual operating expense run rate going forward to approximately $160 million. Reflecting these initiatives, the net loss applicable to OnDeck common stockholders, which included a $3.2 million severance charge, decreased to $1.5 million in the second quarter of 2017, an improvement of more than $16 million from the prior year quarter. We are on track to return to sequential originations growth in Q3 and achieve GAAP profitability by year end, and we look forward to profitable growth off a lower expense base in 2018.”
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