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LPRO

Open Lending Corporation

LPRO

Open Lending Corporation • NASDAQ
$1.91 ▼ -0.52% (-0.01)
Market Cap $225.74 M
52w High $6.75
52w Low $0.70
Dividend Yield 0%
P/E -1.52
Volume 254.66K
Outstanding Shares 118.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $24.169M ▼ $26.552M ▲ $-7.569M ▼ -31.317% ▼ $-0.06 ▼ $-4.53M ▼
Q2-2025 $25.31M ▲ $18.625M ▲ $1.034M ▲ 4.085% ▲ $0.009 ▲ $1.766M ▼
Q1-2025 $24.393M ▲ $17.547M ▲ $617K ▲ 2.529% ▼ $0.005 ▲ $3.806M ▲
Q4-2024 $-56.924M ▼ $15.368M ▼ $-144.436M ▼ 253.735% ▲ $-1.21 ▼ $-75.352M ▼
Q3-2024 $23.476M $15.483M $1.437M 6.121% $0.012 $5.581M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $222.134M ▼ $287.651M ▼ $214.826M ▼ $72.825M ▼
Q2-2025 $230.659M ▼ $296.661M ▼ $217.714M ▼ $78.947M ▼
Q1-2025 $236.226M ▼ $304.223M ▲ $224.394M ▲ $79.829M ▲
Q4-2024 $243.164M ▼ $296.368M ▼ $218.281M ▲ $78.087M ▼
Q3-2024 $250.233M $395.707M $175.244M $220.463M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.569M ▼ $-5.654M ▼ $-77K ▲ $-1.877M ▲ $-7.608M ▼ $-5.731M ▼
Q2-2025 $1.034M ▲ $848K ▲ $-228K ▲ $-6.13M ▼ $-5.51M ▲ $1.398M ▲
Q1-2025 $617K ▲ $-3.838M ▼ $-606K ▲ $-2.633M ▼ $-7.077M ▼ $-4.444M ▲
Q4-2024 $-144.436M ▼ $-3.378M ▼ $-1.158M ▼ $-2.487M ▼ $-7.023M ▼ $-4.536M ▼
Q3-2024 $1.437M $11.377M $-1.01M $-1.885M $8.482M $10.367M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Profit Share
Profit Share
 $0 ▲$10.00M ▲$50.00M ▲$10.00M ▼
Program Fee
Program Fee
 $30.00M ▲$20.00M ▼$30.00M ▲$10.00M ▼
Administrative Service
Administrative Service
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue grew nicely through 2022, then pulled back sharply in 2023 and especially 2024, showing how sensitive the business is to auto lending volumes and macro conditions. Profitability was very strong in 2021 and solid in 2022, but slipped in 2023 and moved clearly into the red in 2024, with losses at both operating and net income levels. This pattern suggests a high‑margin, capital‑light model that can be very profitable in good environments but can see profits evaporate quickly when volumes slow. Earnings per share have been volatile over the last five years, swinging between strong profits and meaningful losses, which points to higher‑than‑average earnings cyclicality and uncertainty.

Balance Sheet

Balance Sheet The company carries a relatively light asset base with a large portion held in cash, which fits its capital‑light, software‑driven model. Debt levels have been fairly steady over time, while equity built up as the business scaled and then was reduced again as recent losses accumulated. Even with that hit to equity, the balance sheet still looks more cash‑rich than many lenders or finance platforms, which provides a cushion against downturns. Overall, financial leverage does not appear excessive, but the shrinking equity base in 2024 is a clear item to watch.

Cash Flow

Cash Flow Despite the accounting losses in 2024, the business continued to generate positive cash from operations, although at a lower level than in the prior few years. Free cash flow has historically been strong because capital spending needs are minimal, reflecting a software and data platform rather than a heavy physical footprint. The ability to stay free‑cash‑flow positive even as reported earnings weaken is a key strength, but the downward trend in cash generation in 2024 shows that cash flows are not immune to weaker loan volumes. Consistently modest investment needs give management flexibility, but sustaining cash inflows will depend on stabilizing and growing transaction activity.

Competitive Edge

Competitive Edge Open Lending occupies a focused niche in auto finance, helping lenders serve near‑prime and non‑prime borrowers with more confidence. Its edge comes from long‑built, proprietary loan performance data, AI‑driven risk analytics, and tightly integrated software that plugs into lenders’ existing systems. The bundled model—combining decisioning technology with default insurance via exclusive carrier partnerships—creates a differentiated, hard‑to‑replicate offering and raises switching costs for clients. Network effects from more data and more integrated lenders further deepen the moat, but the company remains closely tied to the health of the auto lending market and to a relatively specialized product area.

Innovation and R&D

Innovation and R&D The firm’s core product, Lenders Protection, is built on AI‑powered risk models that use decades of specialized data, which is a significant innovation versus traditional credit scoring. The new ApexOne Auto platform extends that capability across the full credit spectrum and emphasizes explainable AI, faster decisions, and deeper automation, all of which can enhance lender adoption if execution is strong. Open Lending also continually refreshes its models with new data sources from major bureaus and data providers, indicating an ongoing commitment to data science and product improvement rather than heavy physical investment. Future innovation risk centers on whether these platforms continue to outperform competing fintech and legacy systems and whether the company can extend its model into new partnerships, asset classes, or geographies without diluting focus.

Summary

Open Lending is a niche fintech platform with a capital‑light, high‑margin business model that has shown it can be very profitable when auto lending conditions are favorable. Recent years, however, highlight meaningful cyclicality: revenue has pulled back, profits have turned into losses, and book equity has been dented, even as cash flow remains positive and the cash position stays solid. The company’s competitive strengths—proprietary data, AI‑based risk analytics, insurance partnerships, and deep lender integrations—form a real moat but also tie its fortunes closely to auto credit cycles and a narrow product focus. Going forward, the key questions are whether adoption of ApexOne Auto and new partnerships can reignite sustainable growth, and whether the firm can smooth out its earnings swings while preserving its strong cash economics and balance sheet resilience.

NEWS

November 25, 2025 · 5:18 PM UTC

Open Lending Appoints Abhijit Chaudhary to Board of Directors

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November 6, 2025 · 4:05 PM UTC

Open Lending Reports Third Quarter 2025 Financial Results

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November 6, 2025 · 9:00 AM UTC

Open Lending Launches ApexOne Auto to Expand Auto Lending Decisioning to Full Spectrum of Borrowers

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October 27, 2025 · 4:05 PM UTC

Open Lending to Announce Third Quarter 2025 Results on November 6, 2025

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September 25, 2025 · 4:05 PM UTC

Open Lending Appoints Todd Hart to Board of Directors

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