LPRO earnings analysis
What we found in LPRO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
For Q1 2026, Open Lending reported total revenue of $20.5 million, a 16% decrease year-over-year, while EPS was a net loss of $0.00 compared to a profit of $0.01 in Q1 2025. The company faced challenges with lower certified loans, totaling 21,064 down from 27,638 in Q1 2025. Operating loss expanded to $0.6 million from operating income of $0.8 million in the prior year, indicating ongoing operational difficulties but a notable improvement in cash flow from operations.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue decreased to $20.5 million, down 16% from $24.4 million in Q1 2025.
- Stable Gross Margin
- Gross margin improved slightly to 76% from 75% in the prior year despite reduced revenue.
- Cash Flow Improvement
- Net cash used in operating activities decreased to $(764,000) from $(3.8 million) in Q1 2025.
- Decrease in Interest Expense
- Interest expense fell by 49% to $(1.3 million) from $(2.6 million) in the previous year.
- Increased Average Profit Share
- Average profit share revenue per certified loan grew to $363, up from $278 in Q1 2025.
- Reduction in Selling Expenses
- Selling and marketing expenses decreased significantly by 33% to $2.9 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating Loss
- Operating loss increased to $(633,000) from a profit of $762,000 in Q1 2025.
- Decreased Certified Loans
- Certified loans dropped to 21,064 from 27,638, a decline of 23% year-over-year.
- Reduced Revenue Projections
- Profit share revenue faced negative adjustments, impacting revenue recognition due to loan default rates.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0
- Gross margin
- 76%
- Operating margin
- -3%
What they said about what is next.
Management anticipates certified loans of 22,000 to 25,000 for Q2 2026.
The filing reads worse than the one before it.
What came before.
- 10-K · March 12, 2026
- Open Lending positions itself as a differentiated lending-enablement and risk-analytics platform (LPP) with 25 years of proprietary data (over two million unique risk profiles) and has facilitated over one million loans…
- 10-Q · November 6, 2025
- Open Lending reported Q3 2025 revenue of $24.17M (up $0.69M vs Q3 2024 but down ~$0.83M vs Q2 2025) while swinging to an operating loss of $7.70M and GAAP diluted loss per share of $(0.06). Contract asset balances and…
- 10-Q · August 7, 2025
- Open Lending reported Q2 2025 revenue of $25,310,000 (down from $26,727,000 in Q2 2024 but above consensus), with gross margin remaining high at 78.2% and GAAP diluted EPS of $0.01 (vs $0.02 a year ago). Operating…
- 10-Q · May 8, 2024
- Open Lending reported Q1 revenue of $30,745,000 and GAAP diluted EPS of $0.04. Gross margin remained high at 81.3% and operating margin was 23.8%, but revenue, profit-share and operating income declined materially…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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