LPRO

MKT CAP:$202M

Open Lending Corporation

Market Cap

$202M

Financial Services·Financial - Credit Services·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$1.73+$0.17 (+10.58%)

Apr 21, 2026

Company Details

Open Lending Corporation provides lending enablement and risk analytics solutions to credit unions, regional banks, and non-bank auto finance companies and captive finance companies of original equipment manufacturers in the United States. ...

CEO

Jessica Elizabeth Buss

IPO Date

Mar 26, 2018

Website

www.openlending.com

Key Metrics TTM

Revenue

$93M

+288.0% YoY

Net Income

-$4M

EPS (Diluted)

-$0.04

Free Cash Flow

-$4M

Revenue / Share

$0.79

Gross Margin

75.5%

Operating Margin

-5.4%

Net Margin

-4.5%

FCF Margin

-4.4%

P/S

2.2x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 12, 2026

$93M+288.0%EPS -$0.04

Q4 2025

Mar 12, 2026

$19M+134.0%EPS $0.01

Q3 2025

Nov 6, 2025

$24M+3.0%EPS -$0.06

Q2 2025

Aug 7, 2025

$25M-5.3%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$50M	$45M	$32M
Q2 22	$52M	$47M	$33M
Q3 22	$51M	$45M	$28M
Q4 22	$27M	$22M	$5M
Q1 23	$38M	$33M	$17M
Q2 23	$38M	$32M	$16M
Q3 23	$26M	$21M	$5M
Q4 23	$15M	$10M	-$8M
Q1 24	$31M	$25M	$7M
Q2 24	$27M	$21M	$4M
Q3 24	$23M	$17M	$2M
Q4 24	-$57M	-$63M	-$79M
Q1 25	$24M	$18M	$762.0K
Q2 25	$25M	$20M	$1M
Q3 25	$24M	$19M	-$8M
Q4 25	$19M	$13M	$757.0K

Valuation

Quarter	P/S	P/E
Q1 22	0.9x	1.3x
Q2 22	0.9x	1.9x
Q3 22	1.0x	2.0x
Q4 22	1.1x	3.0x
Q1 23	1.2x	3.6x
Q2 23	1.3x	4.6x
Q3 23	1.6x	8.9x
Q4 23	1.7x	9.1x
Q1 24	1.8x	13.8x
Q2 24	2.0x	32.8x
Q3 24	2.1x	44.0x
Q4 24	8.4x	—
Q1 25	11.4x	—
Q2 25	12.4x	—
Q3 25	11.9x	—
Q4 25	2.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$32M	$32M
Q2 22	$22M	$21M
Q3 22	$31M	$31M
Q4 22	$22M	$22M
Q1 23	$30M	$29M
Q2 23	$16M	$16M
Q3 23	$20M	$20M
Q4 23	$17M	$16M
Q1 24	$11M	$10M
Q2 24	-$1M	-$2M
Q3 24	$11M	$10M
Q4 24	-$3M	-$5M
Q1 25	-$4M	-$4M
Q2 25	$848.0K	$1M
Q3 25	-$6M	-$6M
Q4 25	$5M	$5M

Capital Expenditures

Quarter	CapEx
Q1 22	$186.0K
Q2 22	$178.0K
Q3 22	$273.0K
Q4 22	$13.0K
Q1 23	$335.0K
Q2 23	$508.0K
Q3 23	$745.0K
Q4 23	$590.0K
Q1 24	$642.0K
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$606.0K
Q2 25	$550.0K
Q3 25	$77.0K
Q4 25	$778.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+13.8%	+22.4%
Q2 22	-14.9%	+18.4%
Q3 22	-14.0%	+26.0%
Q4 22	-48.1%	+34.4%
Q1 23	-23.4%	+19.3%
Q2 23	-26.7%	+16.6%
Q3 23	-48.7%	-6.1%
Q4 23	-44.3%	+5.3%
Q1 24	-19.9%	+10.1%
Q2 24	-29.9%	+1.4%
Q3 24	-9.7%	+0.7%
Q4 24	-481.0%	-6.8%
Q1 25	-20.7%	+0.9%
Q2 25	-5.3%	+6.1%
Q3 25	+3.0%	+47.5%
Q4 25	+134.0%	-14.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	2.6%
Q2 22	$988.0K	1.9%
Q3 22	$1M	2.6%
Q4 22	$2M	7.0%
Q1 23	$2M	4.8%
Q2 23	$2M	6.1%
Q3 23	$3M	10.2%
Q4 23	$3M	17.8%
Q1 24	$2M	6.0%
Q2 24	$2M	8.9%
Q3 24	$2M	9.3%
Q4 24	$2M	—
Q1 25	$2M	7.6%
Q2 25	$2M	9.2%
Q3 25	$1M	6.0%
Q4 25	$1M	7.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$2M	$7M	$4M
Q2 22	$2M	$8M	$4M
Q3 22	$2M	$9M	$6M
Q4 22	$2M	$11M	$4M
Q1 23	$1M	$10M	$4M
Q2 23	$1M	$11M	$4M
Q3 23	$2M	$10M	$5M
Q4 23	$2M	$12M	$4M
Q1 24	$1M	$12M	$4M
Q2 24	$1M	$12M	$4M
Q3 24	$992.0K	$10M	$5M
Q4 24	$861.0K	$11M	$4M
Q1 25	$2M	$11M	$4M
Q2 25	$3M	$17M	$4M
Q3 25	$2M	$21M	$3M
Q4 25	$2M	$14M	$3M

Revenue Segments

Quarter	Administrative Service	Profit Share	Program Fee
Q1 22	$2M	$28M	$20M
Q2 22	$2M	$29M	$21M
Q3 22	$2M	$27M	$22M
Q4 22	$2M	$6M	$18M
Q1 23	$2M	$19M	$17M
Q2 23	$2M	$18M	$18M
Q3 23	$3M	$8M	$15M
Q1 24	$3M	$14M	$14M
Q2 24	$3M	$9M	$15M
Q3 24	$2M	$7M	$14M
Q1 25	$2M	$7M	$15M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$147M	$0	$147M
Q2 22	$168M	$0	$168M
Q3 22	$202M	$0	$202M
Q4 22	$204M	$0	$204M
Q1 23	$211M	$0	$211M
Q2 23	$224M	$0	$224M
Q3 23	$233M	$0	$233M
Q4 23	$240M	$0	$240M
Q1 24	$247M	$0	$247M
Q2 24	$248M	$0	$248M
Q3 24	$250M	$0	$250M
Q4 24	$243M	$0	$243M
Q1 25	$236M	$0	$236M
Q2 25	$231M	$0	$231M
Q3 25	$222M	$0	$222M
Q4 25	$177M	$0	$177M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	126M	-0.0%	-0.5%
Q2 22	126M	+0.0%	-0.0%
Q3 22	126M	+0.0%	-0.0%
Q4 22	126M	-0.4%	-0.4%
Q1 23	123M	-1.9%	-2.2%
Q2 23	122M	-1.5%	-3.7%
Q3 23	121M	-0.2%	-3.9%
Q4 23	119M	-1.6%	-5.1%
Q1 24	119M	+0.0%	-3.2%
Q2 24	119M	-0.1%	-1.8%
Q3 24	119M	+0.1%	-1.5%
Q4 24	119M	-0.1%	-0.0%
Q1 25	120M	+0.2%	+0.2%
Q2 25	120M	+0.0%	+0.3%
Q3 25	118M	-1.2%	-1.1%
Q4 25	119M	+0.4%	-0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$379.3K	132
Q2 22	$394.3K	132
Q3 22	$383.8K	132
Q4 22	$149.0K	180
Q1 23	$213.1K	180
Q2 23	$212.0K	180
Q3 23	$144.5K	180
Q4 23	$71.1K	210
Q1 24	$146.4K	210
Q2 24	$127.3K	210
Q3 24	$111.8K	210
Q4 24	-$277.7K	205
Q1 25	$119.0K	205
Q2 25	$123.5K	205
Q3 25	$117.9K	205
Q4 25	$118.0K	164

Revenue / Employee