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ATLCL

Atlanticus Holdings Corporation 6.125% Senior Notes due 2026

ATLCL

Atlanticus Holdings Corporation 6.125% Senior Notes due 2026 • NASDAQ
$24.93 ▲ 0.36% (+0.09)
Market Cap $947.72 M
52w High $25.44
52w Low $23.29
Dividend Yield 1.53%
P/E 0
Volume 2.55K
Outstanding Shares 38.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $494.676M ▲ $69.309M ▲ $24.977M ▼ 5.049% ▼ $1.5 ▼ $34.969M ▼
Q2-2025 $394.163M ▲ $48.089M ▲ $30.573M ▼ 7.756% ▼ $1.87 ▲ $41.833M ▼
Q1-2025 $345.166M ▼ $45.203M ▲ $31.52M ▲ 9.132% ▲ $1.85 ▲ $42.468M ▲
Q4-2024 $353.491M ▲ $41.788M ▲ $31.303M ▲ 8.855% ▲ $1.77 ▲ $41.269M ▲
Q3-2024 $351.224M $35.005M $29.543M 8.411% $1.58 $38.567M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $425.023M ▲ $7.08B ▲ $6.495B ▲ $589.344M ▲
Q2-2025 $329.421M ▼ $3.643B ▲ $3.084B ▲ $563.324M ▲
Q1-2025 $350.39M ▼ $3.272B ▲ $2.743B ▼ $532.712M ▲
Q4-2024 $375.416M ▲ $3.271B ▲ $2.781B ▲ $492.906M ▲
Q3-2024 $308.651M $3.04B $2.586B $457.723M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.588M ▼ $107.452M ▼ $-506.908M ▼ $442.158M ▲ $42.702M ▲ $107.394M ▼
Q2-2025 $30.29M ▼ $132.688M ▲ $-405.526M ▼ $294.624M ▲ $21.786M ▲ $130.545M ▲
Q1-2025 $31.122M ▼ $131.572M ▲ $-114.893M ▲ $-54.866M ▼ $-38.187M ▼ $128.893M ▲
Q4-2024 $31.303M ▲ $122.602M ▲ $-175.995M ▲ $168.32M ▼ $114.927M ▲ $121.006M ▲
Q3-2024 $28.685M $112.364M $-306.287M $171.469M $-22.454M $112.495M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q1-2025
Merchant Fees
Merchant Fees
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Credit and Debit Card
Credit and Debit Card
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Service Charges and Other Customer Related Fees
Service Charges and Other Customer Related Fees
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Atlanticus has been consistently profitable over the past several years, with revenue and operating earnings trending upward overall, though with some bumps along the way. The most recent year shows a sharp step‑up in revenue after a dip the year before, which suggests the business is scaling again, likely helped by portfolio growth and partnerships. Profit margins look solid for a lender focused on non‑prime customers, indicating that pricing and risk management are generally effective. That said, earnings have been somewhat volatile year to year, which is typical for a credit‑driven business exposed to changes in consumer behavior and the credit cycle.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets and loan receivables growing as the company has extended more credit. Debt has also risen meaningfully, and now represents a large share of the capital structure, while equity has grown but remains comparatively smaller. This profile reflects a leveraged credit platform: efficient when things go well, but more sensitive if credit losses or funding conditions worsen. Cash on hand has stayed fairly stable in relation to the size of the business, which is adequate but not overly conservative for a lender with this growth profile.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive and has strengthened over time, which is encouraging for a company whose obligations include fixed interest payments on notes like ATLCL. Free cash flow closely tracks operating cash flow because the business is not very capital‑expenditure intensive; most investment is in receivables rather than physical assets. This means that as long as credit performance holds up, the company tends to convert a good share of its earnings into cash. However, as a financing company, it still relies on ongoing access to funding markets and bank partners to support portfolio growth, so liquidity is not just about internal cash generation.

Competitive Edge

Competitive Edge Atlanticus operates in a specialized corner of consumer credit, targeting non‑prime and near‑prime borrowers that many traditional banks avoid. Its long operating history and large data set, combined with its “Credit as a Service” model, give it a meaningful information and technology edge in underwriting and servicing this population. Deep partnerships with retailers, healthcare providers, and other financial institutions create embedded distribution channels that are not easily displaced. Still, the company faces competition from other fintechs, specialty finance firms, and evolving bank programs, and it remains exposed to regulatory scrutiny and consumer‑protection trends that can reshape the playing field.

Innovation and R&D

Innovation and R&D The company’s innovation is centered on analytics, software, and product design rather than traditional lab‑style R&D. Its proprietary platform uses machine learning and AI‑driven decision tools to evaluate non‑prime customers more finely than simple credit scores, which supports its “second‑look” financing and point‑of‑sale offerings. Product innovation—such as retail credit, healthcare financing, and the Aspire banking and graduation programs—aims to move customers along a path from higher‑risk to more traditional credit. Ongoing work to expand the platform, integrate acquisitions, and deepen AI use is promising, but it must be balanced against regulatory expectations around fairness, explainability, and data use.

Summary

Overall, Atlanticus is a technology‑enabled consumer finance company that has shown persistent profitability, growing scale, and solid cash generation, supported by a specialized focus on underserved borrowers. Its data‑rich underwriting platform, long experience in non‑prime credit, and close partnerships with merchants and financial institutions form a meaningful competitive moat. On the other hand, the business is highly leveraged, operates in a cyclical and politically sensitive segment of consumer credit, and depends on continued access to funding and stable credit performance. For holders or analysts of the ATLCL notes, the key ongoing questions are how well Atlanticus manages credit quality through different economic conditions and whether its funding, leverage, and regulatory environment remain supportive of its ability to service debt obligations comfortably.