goeasy Ltd

Latest Results (15.04.2026):

goeasy Ltd. reported results for the fourth quarter of 2025 (Q4/25). The company’s consumer loan portfolio reached $5.51 billion (up 20% year-over-year) and Q4 revenue was essentially flat at $406.3 million, but the quarter was marked by sharply higher credit losses, a large goodwill impairment and an overall net loss. Management has implemented a six‑point plan, amended financing arrangements and outlined a 2026 transitional reset to restore credit performance, liquidity and returns.

Loan growth and originations

Gross consumer loans receivable at Q4/25 were $5.51 billion, +19.8% YoY. Q4 loan originations were $951.5 million (+16.9% YoY) with growth in applications driving volume; Q4 portfolio growth during the period was $68.4 million.

Revenue and yield

Q4/25 revenue was $406.3 million, roughly flat vs Q4/24 ($407.0M). Total annualized yield on consumer loans (including ancillary products) fell to 26.6% in Q4/25 (down 600 bps YoY), with yield declines largely offset by portfolio growth.

Credit performance

Credit metrics deteriorated materially: Q4/25 annualized net charge-off rate was 23.8% (up ~1,460 bps vs 9.2% in Q4/24), driven by $331.1 million of net charge‑offs in the quarter, including $177.9 million incremental charge‑offs attributable to LendCare. Allowance for expected credit losses rose to 9.57% from 7.81% a year earlier.

Profitability and EPS

The company reported an operating loss of $283.3 million and a net loss of $336.9 million for Q4/25. Diluted loss per share was $20.49 (Q4/24 diluted EPS $3.12). On an adjusted basis, Q4 adjusted operating loss was $120.1 million and adjusted diluted loss per share was $8.93 (vs adjusted EPS $3.32 in Q4/24).

Impairment and one‑time items

goeasy recorded a $159.6 million impairment of goodwill related to LendCare in Q4/25. Adjusting items (including impairment, certain finance and other non‑recurring items) materially widened reported losses versus adjusted results.

Balance sheet, liquidity and financing

Total assets were $5.76 billion at year‑end (+11% YoY). The company reported cash on hand of ~$240 million (as of Feb 28, 2026) and liquidity capacity up to $983 million (noting $743 million of that is not expected to be available until July 1, 2026). Debt-to-adjusted tangible equity was 4.81x and the average blended coupon on debt was 6.6%. goeasy intends to repay US$64.6 million of senior unsecured notes maturing May 1, 2026 from existing liquidity.

Financing amendments and covenant status

On March 24, 2026 goeasy executed definitive agreements amending its syndicated revolving credit, securitization warehouse and secured borrowing facilities to (i) keep facilities available, (ii) waive certain covenant compliance for Q4/25, and (iii) amend eligibility and pricing terms (including excluding LendCare-originated receivables from certain tests). The company states it was in compliance with all covenants as of Dec 31, 2025 and the date of the release.

Cost actions, governance and leadership

Management implemented a ~9% workforce reduction in March 2026 expected to save ~$30 million annually. The regular quarterly dividend and share repurchases have been suspended indefinitely. Leadership changes include Patrick Ens named CEO effective Jan 1, 2026 and Felix Wu appointed CFO in March 2026. An advance notice by‑law was adopted.

2026 outlook

For Q1 2026 the company expects gross consumer loans receivable to be $5.3–$5.4 billion (a near‑term decline before resuming growth), total loan yield to improve to 27.0–28.0% over the year, and net charge‑offs (annualized) of 17.5–18.5% in Q1 with full‑year 2026 net charge‑offs expected to trend to the mid‑teens as credit improves. Management emphasizes a disciplined reset of the operating model, liquidity prioritization and credit remediation in 2026.