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…
Earnings analysis · 10-Q
LPRO earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0
What stood out
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Revenue Decline
Total revenue decreased to $20.5 million, down 16% from $24.4 million in Q1 2025.
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Stable Gross Margin
Gross margin improved slightly to 76% from 75% in the prior year despite reduced revenue.
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Cash Flow Improvement
Net cash used in operating activities decreased to $(764,000) from $(3.8 million) in Q1 2025.
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Decrease in Interest Expense
Interest expense fell by 49% to $(1.3 million) from $(2.6 million) in the previous year.
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Increased Average Profit Share
Average profit share revenue per certified loan grew to $363, up from $278 in Q1 2025.
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Reduction in Selling Expenses
Selling and marketing expenses decreased significantly by 33% to $2.9 million.
What to watch
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Operating Loss
Operating loss increased to $(633,000) from a profit of $762,000 in Q1 2025.
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Decreased Certified Loans
Certified loans dropped to 21,064 from 27,638, a decline of 23% year-over-year.
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Reduced Revenue Projections
Profit share revenue faced negative adjustments, impacting revenue recognition due to loan default rates.
Management's outlook
Management anticipates certified loans of 22,000 to 25,000 for Q2 2026.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.