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Capital One for consumers with developing or limited credit histories.

Credit Acceptance Corporation, but for general purpose credit cards and personal loans instead of auto loans.

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• Credit Card Services: Offers credit card products designed for consumers who may have limited access to traditional credit.
• Consumer Installment Loan Services: Provides direct installment loans to consumers for various personal needs.
• Loan Servicing and Analytics: Delivers comprehensive loan origination, underwriting, and servicing solutions, leveraging proprietary analytics and technology.

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Atlanticus Holdings Corporation (ATLC) primarily sells its financial products and services directly to **individuals (consumers)**, rather than to other companies as major customers.

Based on the company's business model and product offerings, its primary customer categories are:

1. Consumers with Fair to Poor Credit Profiles: Atlanticus specializes in providing credit solutions, including credit cards (e.g., Aspire, Reflex, Indigo brands) and installment loans, to individuals who may have been underserved by traditional prime lenders due to their credit history.
2. Consumers Seeking Point-of-Sale Financing through Merchants: Through its Fortiva Retail Credit program, Atlanticus provides private label credit products and installment loans to consumers making purchases at a network of participating merchants (e.g., for furniture, electronics, home improvement, automotive repair). These consumers are seeking financing directly at the point of sale.
3. Consumers Seeking General-Purpose Credit Cards or Personal Loans: This category encompasses individuals who apply directly for Atlanticus's credit card products or personal installment loans for various financial needs beyond specific retail purchases.

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• Pathward Financial, Inc. (CASH)
• First Electronic Bank (Private Company)
• WebBank (Private Company)

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Jeffrey A. Howard President and Chief Executive Officer

Mr. Howard has served as Atlanticus' Chief Executive Officer since March 2021 and as President since April 2014. He became a director in 2014. Mr. Howard joined Atlanticus Services Corporation, a subsidiary, in 2001, serving as Executive Managing Director of that subsidiary since 2010 and Director of Corporate Development since 2001.

William R. McCamey Chief Financial Officer

Mr. McCamey became Chief Financial Officer in January 2014 and previously served as Treasurer from 2004 to 2015. He has over 27 years of experience in capital markets and finance. Prior to joining Atlanticus, Mr. McCamey co-founded a capital markets advisory firm and spent over a decade in various corporate and investment banking roles at Wachovia Bank.

David G. Hanna Executive Chairman of the Board of Directors

Mr. Hanna has served as Executive Chairman since March 2021. He founded Atlanticus (originally CompuCredit Corporation) in 1996 and previously served as its Chief Executive Officer since its founding until March 2021. Mr. Hanna has over 30 years of experience in consumer credit and has been a director of Atlanticus Holdings Corporation since its initial public offering in 1999. He co-founded Account Portfolios, serving as its President since 1989. He also served as President of the Government Division of Nationwide Credit from 1988 to 1992, where he managed division operations, planning, strategy, and sales. Additionally, he served as President of Hanna Capital, LLC since 2006 and President of HBR Capital, Ltd. since 1992.

Mitchell Saunders Chief Accounting Officer

Mitchell Saunders serves as the Chief Accounting Officer of Atlanticus.

Linda Brooks Chief Technology Officer

Linda Brooks serves as the Chief Technology Officer of Atlanticus. She is also identified as SVP, Software Development.

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The key risks to Atlanticus Holdings (ATLC) business are:

1. Credit Risk and Economic Downturns: Atlanticus primarily serves subprime borrowers, who inherently carry significant credit risk. An economic downturn, coupled with rising interest rates and inflation, could lead to higher rates of loan delinquencies and increased losses within their receivables portfolio, directly impacting net income and overall financial performance.
2. Regulatory Risk: The company operates in a highly regulated financial services industry, particularly concerning credit card and banking products. Changes in regulations or increased compliance standards could negatively affect Atlanticus' ability to grow its business and may lead to greater scrutiny due to its focus on higher-risk customers.
3. Dependence on Borrowed Funds and Interest Rate Risk: Atlanticus heavily relies on borrowed funds through financing facilities to acquire receivables. A significant increase in market interest rates would decrease the value of its senior notes and raise interest expenses, potentially hindering the company's ability to fund new receivables and achieve future growth.

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Atlanticus (symbol: ATLC) operates primarily in two main business segments: Credit as a Service (CaaS) and Auto Finance. The company focuses on providing financial solutions to underserved markets, including consumers with limited or subprime credit histories.

Addressable Markets for Main Products or Services:

• Point-of-Sale (POS) Financing (a component of their Credit as a Service segment):
  • U.S. Market Size: The annual size of the POS finance market in the U.S. is estimated at $391 billion. Outstanding balances originated through POS installment lending solutions in the U.S. were projected to reach $162 billion by 2021.
  • Global Market Size: The global POS finance market is estimated at $6 trillion.
• Unsecured Personal Loans (a component of their Credit as a Service segment):
  • U.S. Market Size: Total unsecured personal loan balances in the U.S. reached $245 billion in Q1 2024. More recently, these balances hit a record of $269 billion in Q3 2025.
• Auto Finance (specifically catering to customers with challenges securing traditional loans and the "buy-here, pay-here" used car business):
  • Market Size: null

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Here are 3-5 expected drivers of future revenue growth for Atlanticus (ATLC) over the next 2-3 years:

1. Growth in Managed Receivables and Customer Accounts: Atlanticus has consistently demonstrated growth in both its managed receivables and the number of accounts it serves. In Q3 2024, total operating revenue grew 19.0% over the prior year, with 3.7 million accounts served. Managed receivables increased by 14.6% to $2.7 billion. Similarly, in Q4 2024, managed receivables grew 13.0% to $2.7 billion, with total accounts served increasing 4.1% to 3.7 million. This trend is expected to continue, driven by ongoing customer purchases and the addition of new accounts.
2. Strategic Acquisitions and Portfolio Expansion: The company is actively pursuing strategic growth through acquisitions. A significant driver is the acquisition of Mercury Financial LLC, announced on September 11, 2025, which is expected to add $3.2 billion of credit card receivables to Atlanticus' general purpose credit card segment and expand its product offerings and capabilities. Additionally, on October 22, 2025, PROG Holdings announced the sale of its Vive Credit Card Receivables Portfolio to Atlanticus, further expanding Atlanticus's credit card portfolio.
3. Expansion of Private Label and General Purpose Credit Card Programs: Atlanticus is experiencing growth in both its private label credit and general purpose credit card products offered through its bank partners. The company's Q4 2024 report highlighted growth in private label credit receivables by $292.4 million and general purpose credit card receivables by $21.7 million in the twelve months ended December 31, 2024. This indicates continued expansion within these core product segments.
4. Leveraging Financial Technology and Analytics to Enhance Partnerships: As a financial technology company, Atlanticus's proprietary technology and analytics enable its bank, retail, and healthcare partners to offer more inclusive financial services. This technological edge supports the acquisition of new accounts and the deepening of relationships with existing partners, thereby driving revenue growth. The company serves millions of everyday Americans through this model.
5. Favorable Analyst Forecasts for Revenue and Earnings Growth: Analysts are projecting strong future growth for Atlanticus. Wall Street analysts forecast Atlanticus Holdings' annual revenue growth rate of 145.95% to beat the US Credit Services industry's average forecast and the US market's average forecast for 2025-2027. Additionally, Atlanticus's earnings are expected to grow 24.72% next year, from $4.49 to $5.60 per share. Overall, Atlanticus Holdings is forecast to grow earnings and revenue by 32.9% and 50.4% per annum respectively.

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Share Repurchases

• Atlanticus repurchased and retired 41,381 shares of its common stock at an aggregate cost of $1.92 million during the second quarter ended June 30, 2025.
• The company consistently evaluates capital utilization to enhance shareholder value, suggesting ongoing consideration of share repurchases.

Share Issuance

• Atlanticus priced a $400 million offering of 9.750% Senior Notes due 2030, with the issuance expected on August 20, 2025.
• The proceeds from the $400 million Senior Notes offering are designated for repaying outstanding recourse warehouse facilities, funding future acquisitions, potentially repaying its 6.125% Senior Notes due 2026, and covering offering-related expenses.
• In November 2021, Atlanticus issued $135 million in 6.125% Senior Notes due 2026.

Outbound Investments

• Atlanticus announced the acquisition of Mercury Financial LLC on September 11, 2025, which is expected to add $3.2 billion of credit card receivables to its general purpose credit card segment and expand its product offerings.
• On October 22, 2025, Atlanticus purchased the Vive Credit Card Receivables Portfolio from PROG Holdings, Inc.
• A portion of the proceeds from the $400 million Senior Notes offering in 2025 is allocated to fund future acquisitions of portfolios and associated businesses.

Capital Expenditures

• The company anticipates increased expenditures related to the growth of its private label credit and general purpose credit card operations.
• Atlanticus expects continued increases in salaries and benefits in 2025 compared to 2024 as it adds resources across its business.
• Investing outflows reached $520.4 million in Q2 2025, largely driven by heavy loan originations.