Wisr Hits Cash NPAT Profit as Loan Book Surges 23% Toward $1 Billion Milestone
Wisr Limited (ASX: WZR) has reported its H1FY26 results, achieving Cash NPAT profitability in Q2FY26 as loan book growth accelerates towards the $1 billion threshold. The fintech lender’s loan book expanded 23% to $928.5 million, driven by originations surging 82% to $311.0 million, whilst H1FY26 Cash NPAT of ($0.7 million) represented a $1.6 million improvement on the prior corresponding period.
Wisr achieves Q2 Cash NPAT profitability as loan book surges toward $1 billion
The company’s H1FY26 Cash NPAT of ($0.7 million) marked a material turnaround from ($2.3 million) in H1FY25, with the critical milestone of quarterly profitability achieved in Q2FY26. The improvement reflects sustained loan book growth, which increased 23% to $928.5 million from $756.8 million in December 2024, positioning the lender within striking distance of the $1 billion psychological threshold.
Revenue climbed 14% to $51.5 million (H1FY25: $45.3 million), underpinned by the expanding loan portfolio and improved unit economics. The company’s Cash NPAT metric, which adds EBITDA to cash corporate facility finance costs, provides a clearer view of operational cash generation by excluding non-cash items such as share-based payments, depreciation, and expected credit loss provisions.
CEO Andrew Goodwin stated: “The results delivered represent a fundamental business turnaround over the last 18 months, culminating in the achievement of Cash NPAT profitability for Q2FY26. The foundations are now very much in place to expand on this outcome.”
For fintech lenders scaling their operations, achieving Cash NPAT profitability ahead of statutory profitability validates that the underlying business model generates sufficient cash from operations to cover financing costs, a critical threshold for investor confidence.
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Loan originations surge 82% to fuel book expansion
Wisr’s origination momentum accelerated sharply during H1FY26, with total loan originations reaching $311.0 million, an 82% increase on H1FY25’s $170.8 million. The result also represented a 24% sequential improvement on H2FY25’s $251.2 million, demonstrating sustained distribution channel effectiveness.
Personal loans contributed $198.9 million (up 83% on H1FY25), whilst secured vehicle loans delivered $112.1 million (up 81% on H1FY25). Both product lines posted near-identical growth rates, indicating balanced demand across the company’s lending portfolio.
| Metric | H1FY25 | H2FY25 | H1FY26 |
|---|---|---|---|
| Total Originations | $170.8M | $251.2M | $311.0M |
| Personal Loans | $108.7M | Not disclosed | $198.9M |
| Secured Vehicle Loans | $62.1M | Not disclosed | $112.1M |
The sustained origination growth demonstrates Wisr’s ability to scale distribution whilst maintaining credit discipline. For investors, this validates demand for the company’s products and supports the trajectory towards the $1 billion loan book milestone.
Credit quality strengthens alongside growth
Counter to typical credit cycle patterns, Wisr reported improving loss metrics despite rapid book expansion. 90+ day arrears declined 42 basis points year-on-year to 1.13% (from 1.55% in December 2024), whilst net losses fell 49 basis points to 1.38% (from 1.87% in H1FY25).
The company’s average credit score increased to 807 (from 798 in December 2024), reflecting a deliberate shift towards higher-quality originations through disciplined underwriting.
- 90+ day arrears: 1.13% (down 42 bps YoY)
- Net losses: 1.38% (down 49 bps YoY)
- Average credit score: 807 (up from 798)
Improving credit metrics whilst scaling originations signals disciplined underwriting standards, reducing the risk of future impairments and supporting margin expansion. The Portfolio Risk Adjusted Margin (RAM) increased to 3.89% (from 3.87% in H1FY25), indicating that lower loss rates are offsetting the modest Net Interest Margin compression to 5.26%.
What is Cash NPAT and why does it matter for fintech lenders?
Cash NPAT is a profitability measure used by fintech lenders to reflect operational cash generation more accurately than statutory Net Profit After Tax (NPAT). The metric is calculated by adding EBITDA to cash corporate facility finance costs, excluding non-cash items such as share-based payments, depreciation, amortisation, expected credit loss provisions, and mark-to-market adjustments.
For scaling fintech lenders, Cash NPAT profitability demonstrates that the business generates enough cash from operations to cover its financing costs, a critical inflection point that validates the unit economics of the lending model. Statutory NPAT profitability typically follows once the business matures and non-cash charges stabilise relative to revenue.
Wisr’s achievement of quarterly Cash NPAT profitability in Q2FY26, ahead of the company’s H2FY26 guidance, signals that the underlying economics now support self-sustaining growth. Investors should monitor the transition from Cash NPAT profitability to full statutory NPAT profitability as the next milestone, which would indicate the business has reached full operational maturity.
Capital structure strengthened for profitable scaling
Wisr completed a $10.6 million equity raise in November 2025, with $7.5 million applied to repay corporate debt and the remainder supporting origination growth. The corporate facility was simultaneously refinanced at a materially lower interest margin, reducing funding costs and improving capital efficiency.
The refinanced facility provides a $50 million commitment, with $27.5 million drawn at 31 December 2025, comprising $10.0 million committed capacity and $12.5 million uncommitted capacity. The company’s three warehouse facilities now provide $767 million total commitment with $165 million undrawn capacity, reflecting a deliberate reduction in facility limits to optimise commitment fees and support increased asset-backed securities transaction cadence.
- Equity raise: $10.6M
- Corporate debt repaid: $7.5M
- Corporate facility drawn: $27.5M of $50M
- Warehouse capacity: $767M (with $165M undrawn)
- Term deal funding: 35% of book (up from 23% Jun-25)
- Unrestricted cash: $16.3M (up from $14.1M Jun-25)
Term deal funding, which now represents 35% of the loan book (up from 23% in June 2025), provides longer-term funding certainty and reduces refinancing risk. Lower funding costs directly improve Net Interest Margin, whilst increased term deal funding demonstrates institutional confidence in Wisr’s loan quality.
Operational automation driving efficiency gains
AI-powered automation enhancements continue to drive operational leverage across Wisr’s platform. 83% of loans are now automatically approved by the company’s AI decision engine (up from 78% in December 2024), whilst 43% of loan verification steps are now automated (up from 20% in December 2024).
The company has integrated the New Payments Platform (NPP), enabling 24/7 instant loan settlements to customers, improving conversion rates and customer satisfaction. Automation enables operating leverage by allowing Wisr to scale originations without proportional cost increases, supporting margin expansion as the book grows.
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FY26 guidance reaffirmed with H2 profitability in sight
Following the achievement of Q2FY26 Cash NPAT profitability, Wisr reaffirmed its upgraded FY26 guidance metrics, providing forward visibility on the path to sustained profitability.
- Cash NPAT profitability: Expected H2FY26
- Loan originations growth: 40%+ (FY25 base: $422M)
- Revenue growth: 15%+ (FY25 base: $91.6M)
- Cost-to-income ratio: <29% (FY25: 31%)
Andrew Goodwin, CEO
“The results delivered represent a fundamental business turnaround over the last 18 months, culminating in the achievement of Cash NPAT profitability for Q2FY26. The foundations are now very much in place to expand on this outcome.”
The reaffirmed guidance, delivered after meeting the Q2 profitability milestone ahead of schedule, provides confidence in management’s execution capability. The 40%+ originations growth target implies full-year originations exceeding $590 million, supporting continued loan book expansion.
Approaching the $1 billion loan book milestone
Wisr’s loan book of $928.5 million positions the company within 8% of the psychologically significant $1 billion threshold. At the current quarterly growth rate of approximately $100 million to $125 million, the milestone appears achievable within the near term.
Crossing $1 billion in loan book would represent a significant scale achievement for an ASX-listed fintech lender, potentially attracting broader institutional interest and improving funding economics through enhanced warehouse capacity and pricing. The milestone would also validate Wisr’s platform scalability and competitive positioning within Australia’s digital lending market.
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