Can Wisr Turn Cash Profitability Into Sustained Earnings Momentum?

Strong Growth in Lending and Revenue

Wisr Limited has delivered a compelling half-year performance for the six months ending 31 December 2025, marked by significant growth in its lending portfolio and improved financial metrics. The company’s loan book swelled by 23% compared to the previous year, reaching $928.5 million, driven by a surge in loan originations which jumped 82% to $311 million. This growth was balanced across personal loans and secured vehicle loans, with both product lines seeing originations increase by over 80% year-on-year.

Revenue rose 14% to $51.5 million, reflecting the expanding loan book and stable portfolio yields. Wisr’s EBITDA turned positive at $2 million, a notable improvement from the prior period’s $0.8 million, signalling enhanced operational leverage as the business scales.

Improved Credit Quality and Risk Management

The company’s disciplined credit underwriting approach is evident in the improved credit quality metrics. The average credit score of the loan book increased to 807, up from 798 a year earlier, indicating a shift towards higher-quality borrowers. Concurrently, 90+ day arrears fell by 42 basis points to 1.13%, and net losses declined by 49 basis points to 1.38%, underscoring effective risk management and active arrears control.

Wisr’s risk-adjusted margin improved slightly, despite a modest compression in net interest margin, which was impacted by temporary elevated undrawn costs related to new warehouse funding facilities. The company’s focus on maintaining strong risk settings while growing the loan book appears to be paying dividends.

Capital and Funding Initiatives Strengthen Balance Sheet

In November 2025, Wisr successfully completed a $10.6 million equity raise, which was partly used to repay $7.5 million of corporate debt. The remaining debt was refinanced at materially lower interest margins, reducing funding costs and enhancing liquidity. The company’s three warehouse funding facilities now total $767 million in commitments, with $165 million undrawn capacity, supporting ongoing loan origination growth.

Cash reserves increased to $75.5 million, including $16.3 million in unrestricted cash, providing a solid buffer for operational needs and growth opportunities. Wisr’s funding strategy, including a $250 million asset-backed securities issuance in September 2025, reflects a diversified and optimised capital structure.

Technology and Customer Experience Advances

Wisr continues to leverage technology to drive efficiency and customer satisfaction. Automation now enables 83% of loan approvals to be processed automatically through an AI-powered decision engine, up from 78% a year ago. Additionally, 43% of loan verification steps are automated, doubling from the previous period.

The adoption of the New Payments Platform (NPP) allows for instant loan settlements 24/7, significantly enhancing customer experience and conversion rates. The company also refreshed its partner portal, improving broker engagement and efficiency. These initiatives contribute to a strong customer Net Promoter Score of +82, up from +75 six months prior.

Outlook: Path to Profitability and Sustainable Growth

Looking ahead, Wisr is optimistic about delivering cash NPAT profitability in the second half of FY26, a milestone that would validate its strategic focus on disciplined growth, credit quality, and operational efficiency. The company plans to maintain its momentum in loan book expansion while leveraging its proprietary technology platform to enhance scalability and customer outcomes.

Wisr’s governance framework remains robust, with active oversight of risk management through dedicated committees and a clear risk appetite statement. The absence of material events post-reporting period further supports a stable outlook.