Open Lending Corporation Financials
This page shows Open Lending Corporation (LPRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Open Lending Corporation has an operating margin of -5.4%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 10/100, suggesting thin profitability after operating expenses. This is up from -272.1% the prior year.
Open Lending Corporation's revenue surged 288.0% year-over-year to $93.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Open Lending Corporation carries a low D/E ratio of 1.03, meaning only $1.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.52, Open Lending Corporation holds $4.52 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 90/100.
While Open Lending Corporation generated -$3.2M in operating cash flow, capex of $56K consumed most of it, leaving -$3.3M in free cash flow. This results in a low score of 16/100, reflecting heavy capital investment rather than weak cash generation.
Open Lending Corporation generates a -5.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -172.9% the prior year.
Open Lending Corporation passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Open Lending Corporation generates $0.75 in operating cash flow (-$3.2M OCF vs -$4.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Open Lending Corporation earns $-0.5 in operating income for every $1 of interest expense (-$5.0M vs $9.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Open Lending Corporation generated $93.2M in revenue in fiscal year 2025. This represents an increase of 288.0% from the prior year.
Open Lending Corporation's EBITDA was -$2.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 95.9% from the prior year.
Open Lending Corporation reported -$4.2M in net income in fiscal year 2025. This represents an increase of 96.9% from the prior year.
Open Lending Corporation earned $-0.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 96.5% from the prior year.
Cash & Balance Sheet
Open Lending Corporation generated -$3.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 118.6% from the prior year.
Open Lending Corporation held $176.6M in cash against $77.3M in long-term debt as of fiscal year 2025.
Open Lending Corporation had 118M shares outstanding in fiscal year 2025. This represents a decrease of 1.4% from the prior year.
Margins & Returns
Open Lending Corporation's gross margin was 76.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 76.2 percentage points from the prior year.
Open Lending Corporation's operating margin was -5.4% in fiscal year 2025, reflecting core business profitability. This is up 266.8 percentage points from the prior year.
Open Lending Corporation's net profit margin was -4.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 557.4 percentage points from the prior year.
Open Lending Corporation's ROE was -5.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 167.3 percentage points from the prior year.
Capital Allocation
Open Lending Corporation invested $8.8M in research and development in fiscal year 2025. This represents an increase of 96.7% from the prior year.
Open Lending Corporation spent $4.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Open Lending Corporation invested $56K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 66.1% from the prior year.
LPRO Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $19.3M-20.0% | $24.2M-4.5% | $25.3M+3.8% | $24.4M | N/A | $23.5M-12.2% | $26.7M-13.1% | $30.7M |
| Cost of Revenue | $4.6M-12.7% | $5.3M-3.5% | $5.5M-9.5% | $6.1M | N/A | $6.1M+7.2% | $5.7M-0.6% | $5.8M |
| Gross Profit | $14.7M-22.0% | $18.9M-4.8% | $19.8M+8.1% | $18.3M | N/A | $17.3M-17.4% | $21.0M-15.9% | $25.0M |
| R&D Expenses | $1.9M-5.1% | $2.0M-18.5% | $2.5M+10.9% | $2.3M | N/A | $992K-12.2% | $1.1M-23.6% | $1.5M |
| SG&A Expenses | $9.2M-56.5% | $21.1M+76.0% | $12.0M+9.8% | $10.9M | N/A | $9.6M-18.3% | $11.7M-2.0% | $12.0M |
| Operating Income | $757K+109.8% | -$7.7M-754.8% | $1.2M+54.3% | $762K | N/A | $1.9M-53.2% | $4.0M-45.5% | $7.3M |
| Interest Expense | $2.2M-8.6% | $2.4M+0.5% | $2.4M-6.6% | $2.6M | N/A | $3.0M+8.3% | $2.7M-1.2% | $2.8M |
| Income Tax | -$1.3M-7731.3% | -$16K-120.0% | $80K+42.9% | $56K | N/A | $688K-52.2% | $1.4M-41.0% | $2.4M |
| Net Income | $1.7M+122.2% | -$7.6M-832.0% | $1.0M+67.6% | $617K | N/A | $1.4M-50.5% | $2.9M-43.0% | $5.1M |
| EPS (Diluted) | N/A | $-0.06-700.0% | $0.010.0% | $0.01 | N/A | $0.01-50.0% | $0.02-50.0% | $0.04 |
LPRO Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $236.7M-17.7% | $287.7M-3.0% | $296.7M-2.5% | $304.2M+2.7% | $296.4M-25.1% | $395.7M+3.4% | $382.8M+0.6% | $380.6M |
| Current Assets | $222.7M-18.3% | $272.6M+2.0% | $267.1M-3.8% | $277.8M+0.7% | $275.7M-6.4% | $294.7M+0.5% | $293.2M+0.9% | $290.5M |
| Cash & Equivalents | $176.6M-20.5% | $222.1M-3.7% | $230.7M-2.4% | $236.2M-2.9% | $243.2M-2.8% | $250.2M+0.9% | $248.0M+0.4% | $247.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.7M-17.3% | $4.4M+0.3% | $4.4M-20.6% | $5.5M+9.8% | $5.1M+10.7% | $4.6M+2.9% | $4.4M-22.8% | $5.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $161.7M-24.7% | $214.8M-1.3% | $217.7M-3.0% | $224.4M+2.8% | $218.3M+24.6% | $175.2M+5.6% | $166.0M-1.8% | $169.1M |
| Current Liabilities | $49.3M+1.0% | $48.8M+3.4% | $47.1M+5.5% | $44.7M-5.4% | $47.3M+51.1% | $31.3M+42.1% | $22.0M-0.4% | $22.1M |
| Long-Term Debt | $77.3M-39.1% | $126.9M-1.4% | $128.6M-1.4% | $130.4M-1.4% | $132.2M-1.3% | $134.0M-1.3% | $135.8M-2.0% | $138.5M |
| Total Equity | $75.0M+2.9% | $72.8M-7.8% | $78.9M-1.1% | $79.8M+2.2% | $78.1M-64.6% | $220.5M+1.7% | $216.8M+2.5% | $211.5M |
| Retained Earnings | -$333.0M+0.5% | -$334.7M-2.3% | -$327.1M+0.3% | -$328.1M+0.2% | -$328.8M-78.4% | -$184.3M+0.8% | -$185.8M+1.5% | -$188.7M |
LPRO Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.5M+196.4% | -$5.7M-766.7% | $848K+122.1% | -$3.8M-13.6% | -$3.4M-129.7% | $11.4M+908.6% | -$1.4M-112.8% | $11.0M |
| Capital Expenditures | $0 | $0-100.0% | $11K-75.6% | $45K+1025.0% | $4K-96.4% | $110K+115.7% | $51K | $0 |
| Free Cash Flow | $5.5M+196.4% | -$5.7M-775.5% | $837K+121.6% | -$3.9M-14.8% | -$3.4M-130.0% | $11.3M+872.8% | -$1.5M-113.2% | $11.0M |
| Investing Cash Flow | -$119K-54.5% | -$77K+66.2% | -$228K+62.4% | -$606K+47.7% | -$1.2M-14.7% | -$1.0M+7.0% | -$1.1M-69.2% | -$642K |
| Financing Cash Flow | -$50.8M-2608.7% | -$1.9M+69.4% | -$6.1M-132.8% | -$2.6M-5.9% | -$2.5M-31.9% | -$1.9M-1525.0% | -$116K+94.1% | -$2.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $934K | $0 | N/A | N/A | $0 | $0 | $0 | $0 |
LPRO Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.0%-2.0pp | 78.0%-0.2pp | 78.2%+3.2pp | 75.1% | N/A | 73.9%-4.7pp | 78.6%-2.7pp | 81.3% |
| Operating Margin | 3.9%+35.8pp | -31.9%-36.5pp | 4.7%+1.5pp | 3.1% | N/A | 8.0%-7.0pp | 14.9%-8.9pp | 23.8% |
| Net Margin | 8.7%+40.0pp | -31.3%-35.4pp | 4.1%+1.6pp | 2.5% | N/A | 6.1%-4.7pp | 10.9%-5.7pp | 16.6% |
| Return on Equity | 2.2%+12.6pp | -10.4%-11.7pp | 1.3%+0.5pp | 0.8% | N/A | 0.7%-0.7pp | 1.3%-1.1pp | 2.4% |
| Return on Assets | 0.7%+3.3pp | -2.6%-3.0pp | 0.4%+0.1pp | 0.2% | N/A | 0.4%-0.4pp | 0.8%-0.6pp | 1.3% |
| Current Ratio | 4.52-1.1 | 5.59-0.1 | 5.67-0.5 | 6.21+0.4 | 5.84-3.6 | 9.42-3.9 | 13.32+0.2 | 13.14 |
| Debt-to-Equity | 1.03-0.7 | 1.74+0.1 | 1.630.0 | 1.63-0.1 | 1.69+1.1 | 0.61-0.0 | 0.63-0.0 | 0.65 |
| FCF Margin | 28.2%+51.6pp | -23.4%-26.7pp | 3.3%+19.2pp | -15.9% | N/A | 48.0%+53.4pp | -5.5%-41.3pp | 35.8% |
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Frequently Asked Questions
What is Open Lending Corporation's annual revenue?
Open Lending Corporation (LPRO) reported $93.2M in total revenue for fiscal year 2025. This represents a 288.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Open Lending Corporation's revenue growing?
Open Lending Corporation (LPRO) revenue grew by 288% year-over-year, from $24.0M to $93.2M in fiscal year 2025.
Is Open Lending Corporation profitable?
No, Open Lending Corporation (LPRO) reported a net income of -$4.2M in fiscal year 2025, with a net profit margin of -4.5%.
What is Open Lending Corporation's EBITDA?
Open Lending Corporation (LPRO) had EBITDA of -$2.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Open Lending Corporation have?
As of fiscal year 2025, Open Lending Corporation (LPRO) had $176.6M in cash and equivalents against $77.3M in long-term debt.
What is Open Lending Corporation's gross margin?
Open Lending Corporation (LPRO) had a gross margin of 76.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Open Lending Corporation's operating margin?
Open Lending Corporation (LPRO) had an operating margin of -5.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Open Lending Corporation's net profit margin?
Open Lending Corporation (LPRO) had a net profit margin of -4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Open Lending Corporation's return on equity (ROE)?
Open Lending Corporation (LPRO) has a return on equity of -5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Open Lending Corporation's free cash flow?
Open Lending Corporation (LPRO) generated -$3.3M in free cash flow during fiscal year 2025. This represents a -118.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Open Lending Corporation's operating cash flow?
Open Lending Corporation (LPRO) generated -$3.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Open Lending Corporation's total assets?
Open Lending Corporation (LPRO) had $236.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Open Lending Corporation's capital expenditures?
Open Lending Corporation (LPRO) invested $56K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Open Lending Corporation spend on research and development?
Open Lending Corporation (LPRO) invested $8.8M in research and development during fiscal year 2025.
What is Open Lending Corporation's current ratio?
Open Lending Corporation (LPRO) had a current ratio of 4.52 as of fiscal year 2025, which is generally considered healthy.
What is Open Lending Corporation's debt-to-equity ratio?
Open Lending Corporation (LPRO) had a debt-to-equity ratio of 1.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Open Lending Corporation's return on assets (ROA)?
Open Lending Corporation (LPRO) had a return on assets of -1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Open Lending Corporation's cash runway?
Based on fiscal year 2025 data, Open Lending Corporation (LPRO) had $176.6M in cash against an annual operating cash burn of $3.2M. This gives an estimated cash runway of approximately 664 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Open Lending Corporation's Piotroski F-Score?
Open Lending Corporation (LPRO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Open Lending Corporation's earnings high quality?
Open Lending Corporation (LPRO) has an earnings quality ratio of 0.75x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Open Lending Corporation cover its interest payments?
Open Lending Corporation (LPRO) has an interest coverage ratio of -0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Open Lending Corporation?
Open Lending Corporation (LPRO) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.