Open Lending (NASDAQ: LPRO) posts Q1 2026 loss but expands $50M buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Open Lending Corporation reported softer first quarter 2026 results alongside a larger buyback. Revenue was $20.5 million, down from $24.4 million a year earlier, as certified loans fell to 21,064 from 27,638. Gross profit was $15.6 million versus $18.3 million, and the company posted a small net loss of $0.5 million compared with net income of $0.6 million.
Adjusted EBITDA was $2.0 million, down from $3.2 million, while management highlighted a shift toward higher-quality, credit union and bank loans, which represented 90.2% of certified loans. For 2026, the company guides to 100,000–110,000 total certified loans and full-year Adjusted EBITDA of $25–$29 million. The board also increased the share repurchase program from $25 million to $50 million and extended it to May 1, 2027, with $20.1 million remaining as of March 31, 2026.
Positive
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Negative
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Insights
Q1 2026 shows lower volumes and earnings but reaffirmed growth plans and an expanded buyback.
Open Lending generated revenue of $20.5 million in Q1 2026, below the prior year’s $24.4 million, as certified loans declined to 21,064 from 27,638. Net results swung to a small loss of $0.5 million, while Adjusted EBITDA fell to $2.0 million from $3.2 million.
Management emphasizes mix and quality over volume, with credit unions and banks accounting for 90.2% of certified loans. Average profit share revenue per loan increased to $363, although total profit share revenue was affected by a $0.7 million downward adjustment for historic vintages.
The company guides to 22,000–25,000 certified loans in Q2 2026 and 100,000–110,000 for full-year 2026, with expected Adjusted EBITDA of $25–$29 million. The board doubling the share repurchase authorization to $50 million, with $20.1 million available as of March 31, 2026, signals continued capital return alongside its transformation efforts.
8-K Event Classification
Item 2.02 — Results of Operations and Financial Condition
1 item
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Key Figures
Q1 2026 revenue: $20.5 million
Q1 2026 net income (loss): -$0.5 million
Q1 2026 Adjusted EBITDA: $2.0 million
+5 more
8 metrics
Q1 2026 revenue
$20.5 million
Total revenue for the quarter ended March 31, 2026 vs $24.4M in 2025
Q1 2026 net income (loss)
-$0.5 million
Net loss for the quarter ended March 31, 2026 vs $0.6M income in 2025
Q1 2026 Adjusted EBITDA
$2.0 million
Non-GAAP Adjusted EBITDA vs $3.2M in the prior-year quarter
Certified loans Q1 2026
21,064 loans
Total certified loans vs 27,638 in Q1 2025
CU/Bank share of certified loans
90.2%
Credit unions and banks’ share of certified loans in Q1 2026
Cash and cash equivalents
$173.3 million
Cash and cash equivalents as of March 31, 2026
Share repurchase authorization
$50.0 million
Maximum aggregate share repurchase program after April 30, 2026 increase
FY 2026 Adjusted EBITDA guidance
$25–$29 million
Company outlook for full-year 2026 Adjusted EBITDA
Key Terms
Adjusted EBITDA, profit share revenue, credit builder, Share Repurchase Program, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $2.0 million during the first quarter of 2026, compared to $3.2 million in the first quarter of 2025."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
credit builder financial
"Our credit builder exposure has also been reduced, with surcharges applied to accounts identified at the time of origination as having credit builder tradelines."
non-GAAP financial measures financial
"The non-GAAP financial measures included in this press release are financial information that has not been prepared in accordance with GAAP."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $20.5 million · Guidance included
Q1 2026
Revenue
$20.5 million
down from $24.4 million in Q1 2025
Net income (loss)
-$0.5 million
down from $0.6 million net income in Q1 2025
Adjusted EBITDA
$2.0 million
down from $3.2 million in Q1 2025
Certified loans
21,064
down from 27,638 in Q1 2025
Guidance
For Q2 2026, total certified loans are expected between 22,000 and 25,000. For full-year 2026, total certified loans are expected between 100,000 and 110,000 and Adjusted EBITDA between $25 million and $29 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM | ||
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 7, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
1501 S. MoPac Expressway
Suite 450
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: 512 -892-0400
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Open Lending Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. A copy of the press release and additional supplemental financial information are attached as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.
The information furnished under this Item 2.02 and in the accompanying Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Earnings Release, dated May 7, 2026 | ||||
| 99.2 | Earnings Supplement Q1 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OPEN LENDING CORPORATION | ||||||||
| By: | /s/ Massimo Monaco | |||||||
| Name: | Massimo Monaco | |||||||
| Title: | Chief Financial Officer | |||||||
Date: May 7, 2026
2
Exhibit 99.1
Open Lending Reports First Quarter 2026 Financial Results
AUSTIN, Texas, May 7, 2026 – Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), a leading provider of lending enablement and risk analytics solutions for financial institutions, today reported financial results for its first quarter ended March 31, 2026.
“We delivered solid execution in the first quarter, which represents another positive step in our transformation and reinforces the deliberate actions we have taken to build a fundamentally healthier and more profitable business,” said Jessica Buss, Chief Executive Officer of Open Lending. “We exceeded the high end of our certified loan guidance for the first quarter while improving the quality and mix of our certified loans.
“In addition, we continue to make solid progress on our key strategic initiatives, including Project Red Rocks and ApexOne Auto. With healthy application volumes combined with what we believe is the highest-quality portfolio we have seen in years, we believe we are well positioned to deliver sustainable, profitable growth for our shareholders in 2026 and beyond.”
Three Months Ended March 31, 2026 Highlights
•The Company facilitated 21,064 certified loans during the first quarter of 2026, compared to 27,638 certified loans in the first quarter of 2025.
•Total revenue was $20.5 million during the first quarter of 2026, compared to $24.4 million in the first quarter of 2025. The first quarter of 2026 was impacted by a $0.7 million reduction in estimated profit share revenues related to business in historic vintages as compared to a $0.9 million reduction in the first quarter of 2025.
•Gross profit was $15.6 million during the first quarter of 2026, compared to $18.3 million in the first quarter of 2025.
•Net loss was $0.5 million during the first quarter of 2026, compared to net income of $0.6 million in the first quarter of 2025.
•Adjusted EBITDA was $2.0 million during the first quarter of 2026, compared to $3.2 million in the first quarter of 2025.
Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure is provided in the financial table included at the end of this press release. An explanation of this measure and how it is calculated is also included under the heading “Non-GAAP Financial Measures.”
Business Highlights
•Credit unions and banks represented 19,000, or 90.2%, of certified loans in the first quarter of 2026, compared to 24,215, or 87.6%, in the first quarter of 2025.
•Average profit share revenue per certified loan was $363 in the first quarter of 2026, compared to $278 in the first quarter of 2025.
•Average program fee revenue per certified loan was $538 in the first quarter of 2026, compared to $550 in the first quarter of 2025.
Financial Outlook
The Company is currently providing the following financial outlook for the second quarter and full year 2026:
•Total certified loans expected to be between 22,000 and 25,000 for the second quarter of 2026.
•Total certified loans expected to be between 100,000 and 110,000 for the full year 2026.
•Adjusted EBITDA expected to be between $25 to $29 million for the full year 2026.
The guidance provided includes forward-looking statements within the meaning of U.S. securities laws. See “Forward-Looking Statements” below.
Open Lending will host a conference call to discuss the first quarter financial results on May 7, 2026 at 5:00 pm ET. The conference call will be webcast live from the Company's investor relations website at https://investors.openlending.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (800) 343-5172, or for international callers (203) 518-9856. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
Share Repurchase Program Extension
On April 30, 2026, the Board of Directors increased the maximum aggregate amount of our previously authorized share repurchase program allowing the Company to repurchase shares of the Company’s outstanding common stock (the “Share Repurchase Program”) from $25.0 million to $50.0 million and extended the expiration date of the Share Repurchase Program from May 1, 2026 to May 1, 2027. Repurchases may be made at management’s discretion from time to time on the open market. The Share Repurchase Program may be suspended, amended, or discontinued at any time. As of March 31, 2026, we had $20.1 million available under the Share Repurchase Program.
About Open Lending
Open Lending (Nasdaq: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For 25 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to the Company's new loan measures, lender profitability, volatility, market trends, consumer behavior and demand for automotive loans, as well as future financial or operating performance under the heading "Financial Outlook" above. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “on track,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of the Company’s management and are not guarantees of actual results. Actual results may differ materially from those expressed or implied by these forward-looking statements due to a number of risks and uncertainties, including general economic, market, political and business conditions; applicable taxes, inflation, tariffs, supply chain disruptions including global hostilities and responses thereto, interest rates and the regulatory environment; the outcome of judicial proceedings to which Open Lending may become a party; and other risks discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Subsequent events and developments may cause the Company's assessments to change, but, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures
The non-GAAP financial measures included in this press release are financial information that has not been prepared in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA margin are used by the Company to evaluate its operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, the Company believes these measures provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors. In addition, the Company believes these measures provide useful analysis for period-to-period comparisons of its business, as they remove the effect of certain non-cash items and certain non-recurring variable charges.
Beginning in the quarter ended June 30, 2025, the Company updated the presentation of Adjusted EBITDA to exclude interest income as the Company believes the exclusion of interest income better aligns its presentation with comparable companies. In addition, beginning in the quarter ended September 30, 2025, the Company updated the presentation of Adjusted EBITDA to exclude certain other non-recurring expenses that do not contribute directly to
management’s evaluation of its operating results. Prior periods presented have been conformed to the current period presentation.
Adjusted EBITDA is defined as GAAP net income (loss) excluding interest expense (income), income tax expense (benefit), depreciation expense of property and equipment, amortization expense of capitalized software development costs, share-based compensation expense, loss on extinguishment of debt and certain other non-recurring expenses that do not contribute directly to management’s evaluation of its operating results. Adjusted EBITDA margin is defined as Adjusted EBITDA expressed as a percentage of total revenue.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure provided in the financial statement tables included below in this press release.
Investor Relations Contact:
InvestorRelations@openlending.com
OPEN LENDING CORPORATION
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 173,308 | $ | 176,614 | ||||||||||
| Restricted cash | 11,643 | 11,604 | ||||||||||||
| Accounts receivable, net | 4,754 | 3,653 | ||||||||||||
| Current contract assets, net | 21,561 | 22,186 | ||||||||||||
| Income tax receivable | 1,003 | 3,214 | ||||||||||||
| Other current assets | 5,859 | 5,416 | ||||||||||||
| Total current assets | 218,128 | 222,687 | ||||||||||||
| Property and equipment, net | 399 | 458 | ||||||||||||
| Capitalized software development costs, net | 3,816 | 4,046 | ||||||||||||
| Operating lease right-of-use assets, net | 2,850 | 3,063 | ||||||||||||
| Contract assets | 2,381 | 2,893 | ||||||||||||
| Other assets | 3,513 | 3,532 | ||||||||||||
| Total assets | $ | 231,087 | $ | 236,679 | ||||||||||
| Liabilities and stockholders’ equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Accounts payable | $ | 543 | $ | 446 | ||||||||||
| Accrued expenses | 5,960 | 8,699 | ||||||||||||
| Current portion of debt | 7,500 | 7,500 | ||||||||||||
| Third-party claims administration liability | 11,677 | 11,706 | ||||||||||||
| Current portion of excess profit share receipts | 20,506 | 18,672 | ||||||||||||
| Other current liabilities | 2,951 | 2,235 | ||||||||||||
| Total current liabilities | 49,137 | 49,258 | ||||||||||||
| Long-term debt, net of deferred financing costs | 75,444 | 77,266 | ||||||||||||
| Operating lease liabilities | 2,133 | 2,382 | ||||||||||||
| Excess profit share receipts | 24,767 | 27,574 | ||||||||||||
| Other liabilities | 4,291 | 5,239 | ||||||||||||
| Total liabilities | 155,772 | 161,719 | ||||||||||||
| Stockholders’ equity | ||||||||||||||
| Preferred stock, $0.01 par value; 10,000,000 shares authorized and none issued and outstanding | — | — | ||||||||||||
Common stock, $0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 118,217,082 shares outstanding as of March 31, 2026 and 128,198,185 shares issued and 117,660,648 shares outstanding as of December 31, 2025 | 1,282 | 1,282 | ||||||||||||
| Additional paid-in capital | 491,954 | 497,663 | ||||||||||||
| Accumulated deficit | (333,455) | (332,995) | ||||||||||||
Treasury stock at cost, 9,981,103 shares at March 31, 2026 and 10,537,537 shares at December 31, 2025 | (84,466) | (90,990) | ||||||||||||
| Total stockholders’ equity | 75,315 | 74,960 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 231,087 | $ | 236,679 | ||||||||||
OPEN LENDING CORPORATION
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | |||||||||||
| Program fees | $ | 11,374 | $ | 15,210 | |||||||
| Profit share | 6,950 | 6,730 | |||||||||
| Claims administration and other service fees | 2,167 | 2,453 | |||||||||
| Total revenue | 20,491 | 24,393 | |||||||||
| Cost of services | 4,854 | 6,084 | |||||||||
| Gross profit | 15,637 | 18,309 | |||||||||
| Operating expenses | |||||||||||
| General and administrative | 11,585 | 10,898 | |||||||||
| Selling and marketing | 2,918 | 4,382 | |||||||||
| Research and development | 1,767 | 2,267 | |||||||||
| Total operating expenses | 16,270 | 17,547 | |||||||||
| Operating income (loss) | (633) | 762 | |||||||||
| Interest expense | (1,329) | (2,589) | |||||||||
| Interest income | 1,492 | 2,500 | |||||||||
| Income (loss) before income taxes | (470) | 673 | |||||||||
| Income tax expense (benefit) | (10) | 56 | |||||||||
| Net income (loss) | $ | (460) | $ | 617 | |||||||
| Net income (loss) per common share | |||||||||||
| Basic | $ | — | $ | 0.01 | |||||||
| Diluted | $ | — | $ | 0.01 | |||||||
| Weighted average common shares outstanding | |||||||||||
| Basic | 117,778 | 119,451 | |||||||||
| Diluted | 117,778 | 119,629 | |||||||||
OPEN LENDING CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
Net income (loss) | $ | (460) | $ | 617 | |||||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||
| Share-based compensation | 1,131 | 1,846 | |||||||||
| Depreciation and amortization | 656 | 544 | |||||||||
| Amortization of deferred financing cost | 70 | 103 | |||||||||
| Non-cash operating lease cost | 213 | 198 | |||||||||
| Other | 34 | 144 | |||||||||
| Changes in operating assets & liabilities: | |||||||||||
| Accounts receivable, net | (1,104) | (495) | |||||||||
| Contract assets, net | 1,131 | (14,778) | |||||||||
| Excess profit share receipts | (972) | 9,000 | |||||||||
| Other current and non-current assets | (465) | 70 | |||||||||
| Accounts payable | 97 | (600) | |||||||||
| Accrued expenses | (2,785) | 2,454 | |||||||||
| Income tax receivable, net | 2,203 | 39 | |||||||||
| Operating lease liabilities | (218) | (185) | |||||||||
| Third-party claims administration liability | (29) | (137) | |||||||||
| Other current and non-current liabilities | (266) | (2,658) | |||||||||
| Net cash used in operating activities | (764) | (3,838) | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchase of property and equipment | — | (45) | |||||||||
| Capitalized software development costs | (289) | (561) | |||||||||
| Net cash used in investing activities | (289) | (606) | |||||||||
| Cash flows from financing activities | |||||||||||
| Payments on term loans | (1,875) | (1,875) | |||||||||
| Shares withheld for taxes related to restricted stock units | (339) | (758) | |||||||||
| Net cash used in financing activities | (2,214) | (2,633) | |||||||||
| Net change in cash and cash equivalents and restricted cash | (3,267) | (7,077) | |||||||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 188,218 | 253,924 | |||||||||
| Cash and cash equivalents and restricted cash at the end of the period | $ | 184,951 | $ | 246,847 | |||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest paid | $ | 1,263 | $ | 2,489 | |||||||
| Income tax paid (refunded), net | (2,213) | 16 | |||||||||
OPEN LENDING CORPORATION
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In thousands, except margin data)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
Net income (loss) | $ | (460) | $ | 617 | |||||||
| Non-GAAP adjustments: | |||||||||||
| Interest (income) expense, net | (163) | 89 | |||||||||
| Income tax expense (benefit) | (10) | 56 | |||||||||
| Depreciation and amortization expense | 656 | 544 | |||||||||
| Share-based compensation | 1,131 | 1,846 | |||||||||
| Other non-recurring expense | 822 | — | |||||||||
| Total adjustments | 2,436 | 2,535 | |||||||||
| Adjusted EBITDA | $ | 1,976 | $ | 3,152 | |||||||
Net income (loss) margin | (2) | % | 3 | % | |||||||
| Adjusted EBITDA margin | 10 | % | 13 | % | |||||||
Earnings Supplement Q1 2026
2 Q1 2026 Financial Highlights Q1 2026 (1) See reconciliation of GAAP to non-GAAP financial measures on page 9. Q1 2025 Revenue $20.5 million $24.4 million Adj. EBITDA1 $2.0 million $3.2 million Total Certs 21,064 27,638
3 Loan Origination Performance by Quarter & Channel Total certified loan volumes reflect typical seasonal patterns along with our strategic implementation of enhanced underwriting standards aimed at building a higher quality loan portfolio. In addition, the decrease in certified loans in 4Q25 and 1Q26 was partially driven by a temporary headwind in conversion rates as we tested pricing adjustments in response to emerging credit trends. Select changes were rolled back in phases and completed by mid-January 2026 and we do not expect this issue to create any ongoing disruption. Our CU/Bank channel loans typically have higher program fees compared to our OEM loans, which leads to more favorable economics. 22,038 21,808 22,260 24,215 23,591 21,449 17,254 19,000 6,925 5,627 3,805 3,423 2,931 2,431 2,054 2,064 28,963 27,435 26,065 27,638 26,522 23,880 19,308 21,064 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Total Cert Volume CU/Bank OEM 76.1% 79.5% 85.4% 87.6% 88.9% 89.8% 89.4% 90.2% 23.9% 20.5% 14.6% 12.4% 11.1% 10.2% 10.6% 9.8% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Cert Mix by Channel CU/Bank OEM
4 Loan Origination Mix by Segment & Vehicle Category Loan origination mix in 1Q26 reflects a continued shift toward credit union partnerships. Our portfolio remains predominantly focused on used vehicles, which we believe serves the core needs of our target consumer base. 23.9% 20.5% 14.6% 12.4% 11.1% 10.2% 10.6% 9.8% 55.0% 56.8% 62.3% 65.1% 64.2% 64.2% 63.5% 66.5% 18.0% 19.5% 19.4% 18.2% 18.8% 19.8% 20.8% 19.5% 3.1% 3.2% 3.7% 4.3% 5.9% 5.8% 5.1% 4.2% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Cert Mix by Segment OEM Indirect Direct Refinance 12.7% 12.9% 11.9% 11.6% 13.1% 12.5% 13.4% 12.5% 87.3% 87.1% 88.1% 88.4% 86.9% 87.5% 86.6% 87.5% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Cert Mix by New/Used New Used
5 We believe our credit portfolio at 1Q26 demonstrates disciplined underwriting with a healthy mix across credit depth segments. Our credit builder exposure has also been reduced, with surcharges applied to accounts identified at the time of origination as having credit builder tradelines starting in 4Q24. We are continuing to identify credit builder products in the market; reported figures have been revised to reflect our latest view of this segment. Loan Origination Mix by Credit Profile 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Cert Mix by Credit Depth SuperThin Thin Normal Thick 16.1% 16.5% 10.7% 6.0% 5.9% 6.3% 6.4% 7.0% 83.9% 83.5% 89.3% 94.0% 94.1% 93.7% 93.6% 93.0% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Credit Builder % CreditBuilder NonCreditBuilder
6 Facilitated Loan Volume & Average Loan Size Trends The decreases in facilitated loan origination volume in 4Q25 and 1Q26 were driven by the reduction in loans certified due to a temporary headwind in conversion rates as we tested pricing adjustments in response to emerging credit trends. Average loan size has increased in 1Q26 as compared to 1Q25. We believe this increase reflects our focus on higher- value lending opportunities and improved customer mix that supports enhanced unit economics for our fees. 28,286 28,156 28,089 28,327 29,535 29,384 29,603 29,357 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Average Loan Size ($) 819.3 772.5 732.1 782.9 783.3 701.7 571.6 618.4 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Facilitated Loan Origination Volume ($M)
7 Key Performance Indicators (1) Represents average profit share revenue per certified loan originated in the period excluding the impact of profit share change in estimate recognized in the period associated with historical vintages.
8 Financial Results (1) Profit share revenue for the first quarter of 2026 was impacted by a $0.7 million reduction in estimated profit share revenue related to business in historic vintages as compared to a $0.9 million reduction in the first quarter of 2025.
9 Reconciliation of GAAP to Non-GAAP Financial Measures Adjusted EBITDA ($ in 000's) (1) Beginning in the quarter ended June 30, 2025, we updated the presentation of Adjusted EBITDA to exclude interest income, as we believe the exclusion of interest income better aligns our presentation with comparable companies. Prior periods presented have been conformed to the current period presentation. (2) Beginning in the quarter ended September 30, 2025, we updated the presentation of Adjusted EBITDA to exclude certain other non-recurring expenses that do not contribute directly to management’s evaluation of its operating results. For the three months ended March 31, 2026, the adjustment for other non-recurring expenses includes certain non-recurring legal expenses.
FAQ
How did Open Lending (LPRO) perform financially in Q1 2026?
Open Lending reported Q1 2026 revenue of $20.5 million and a net loss of $0.5 million. Gross profit was $15.6 million and Adjusted EBITDA reached $2.0 million, reflecting lower loan volumes and higher operating expenses compared with the same quarter in 2025.
How many certified loans did Open Lending (LPRO) facilitate in Q1 2026?
Open Lending facilitated 21,064 certified loans in Q1 2026, down from 27,638 a year earlier. Credit unions and banks contributed 19,000 loans, or 90.2% of the total, highlighting a continued shift toward financial institution channels and a focus on higher-quality lending relationships.
What guidance did Open Lending (LPRO) give for 2026 certified loans and Adjusted EBITDA?
For 2026, Open Lending expects 100,000–110,000 certified loans for the full year and 22,000–25,000 in Q2 2026. Management also projects full-year Adjusted EBITDA of $25–$29 million, reflecting its focus on mix, underwriting discipline, and improved portfolio quality.
How strong is Open Lending’s (LPRO) balance sheet after Q1 2026?
At March 31, 2026, Open Lending held $173.3 million in cash and cash equivalents and $11.6 million in restricted cash. Total assets were $231.1 million against total liabilities of $155.8 million, resulting in stockholders’ equity of approximately $75.3 million.
What is Open Lending’s (LPRO) non-GAAP Adjusted EBITDA and how is it calculated?
Q1 2026 Adjusted EBITDA was $2.0 million, versus $3.2 million in Q1 2025. It starts from GAAP net income (loss) and excludes interest, income taxes, depreciation, amortization, share-based compensation, loss on extinguishment of debt, and certain other non-recurring expenses specified by management.