Open Lending Corp

Listed Company

LPROCIK 0001806201NasdaqNon-AcceleratedSmaller ReportingPersonal Credit InstitutionsFY ends Dec 31

Period

FY 2025

Revenue

$93.22M

Net Income

$-4.24M

Total Assets

$236.68M

Equity

$74.96M

Shares Out

117.68M

Op. Cash Flow

$-3.19M

Business

Open Lending Corp provides lending enablement and risk analytics to automotive lenders, primarily credit unions, regional banks, finance companies and OEM captive finance companies. It offers the Lenders Protection Platform (LPP), a cloud-based underwriting and risk-based pricing system that links lenders to insurance partners, real-time loan decisioning, default insurance underwriting, claims administration and advanced portfolio analytics. Its operations include a platform business, insurance partnerships and a claims administration subsidiary. It serves U.S. automotive lending channels including direct lender originations, dealer-mediated indirect loans and targeted refinance programs.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	93	24	117	180	216
Cost of services	22	24	22	20	19
Gross profit	72	169,000	95	160	197
General and administrative	53	44	43	36	30
Selling and marketing	15	17	17	18	12
Research and development	9	4	6	8	4
Total operating expenses	77	66	66	62	47
Operating income (loss)	−5	−65	29	98	150
Interest expense	−10	−11	−11	−6	—
Interest income	9	12	10	2	213,000
Other income (expense), net	−18,000	0	109,000	−238,000	−119,000
Income (loss) before income taxes	−5	−65	29	94	191
Income tax expense (benefit)	−1	70	7	27	45
Net income (loss)	−4	−135	22	67	146
Basic (in dollars per share)	−0.04	−1.13	0.18	0.53	1.16
Diluted (in dollars per share)	−0.04	−1.13	0.18	0.53	1.16
Basic (in shares)	119	119	121	126	126
Diluted (in shares)	119	119	121	126	126

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	177	243	240	204	116
Restricted cash	12	11	7	4	3
Accounts receivable, net	4	5	5	6	7
Current contract assets, net	22	10	29	54	71
Income tax receivable	3	4	7	10	1
Other current assets	5	3	3	2	5
Total current assets	223	276	290	281	203
Property and equipment, net	458,000	729,000	826,000	3	3
Capitalized software development costs, net	4	5	3	—	—
Operating lease right-of-use assets, net	3	4	4	5	5
Contract assets	3	5	600,000	21	42
Other assets	4	6	6	6	262,000
Total assets	237	296	374	380	319
Accounts payable	446,000	953,000	375,000	288,000	1
Accrued expenses	9	5	8	6	4
Current portion of debt	8	8	5	4	3
Third-party claims administration liability	12	11	6	4	3
Current portion of excess profit share receipts	19	19	0	—	—
Other current liabilities	2	3	932,000	626,000	621,000
Total current liabilities	49	47	21	15	12
Long-term debt, net of deferred financing costs	77	132	139	144	—
Operating lease liabilities	2	3	3	4	5
Excess profit share receipts	28	28	0	—	—
Other liabilities	5	7	5	4	0
Total liabilities	162	218	168	167	160
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value; 10,000,000 shares authorized and none issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 117,660,648 shares outstanding as of December 31, 2025 and 128,198,185 shares issued and 119,350,001 shares outstanding as of December 31, 2024	1	1	1	1	1
Additional paid-in capital	498	503	502	500	497
Accumulated deficit	−333	−329	−194	−216	−282
Treasury stock at cost, 10,537,537 shares at December 31, 2025 and 8,848,184 shares at December 31, 2024	−91	−97	−104	−72	—
Total stockholders equity	75	78	206	213	159
Total liabilities and stockholders equity	237	296	374	380	319

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation	7	9	9	5	4
Depreciation and amortization	2	2	1	915,000	525,000
Amortization of deferred financing cost	413,000	427,000	428,000	424,000	597,000
Non-cash operating lease cost	814,000	705,000	620,000	579,000	544,000
Deferred income taxes	0	70	−5	375,000	20
Loss on extinguishment of debt	203,000	0	0	—	—
Other	−177,000	127,000	15,000	0	—
Accounts receivable, net	1	−439,000	1	804,000	−2
Contract assets, net	−10	14	46	38	−24
Excess profit share receipts	−1	48	0	0	—
Other current and non-current assets	−2	−429,000	−507,000	−3	−1
Accounts payable	−507,000	578,000	86,000	−996,000	−2
Accrued expenses	4	−2	1	2	693,000
Income tax receivable, net	1	4	3	−8	−450,000
Operating lease liabilities	−773,000	−624,000	−561,000	−495,000	−364,000
Third-party claims administration liability	909,000	4	2	1	459,000
Other current and non-current liabilities	−2	4	1	4	−935,000
Net cash provided by (used in) operating activities	−3	18	83	107	95
Purchase of property and equipment	−56,000	−165,000	−123,000	−238,000	−111,000
Capitalized software development costs	−974,000	−4	−2	−386,000	−2
Net cash used in investing activities	−1	−4	−2	−624,000	−2
Payments on term loans	−56	−5	−4	—	—
Shares repurchased	−5	0	−37	−18	−20
Payment of excise tax on shares repurchased	0	−314,000	0	0	—
Shares withheld for taxes related to restricted stock units	−1	−1	−1	−209,000	0
Net cash used in financing activities	−61	−6	−42	−18	−78
Net change in cash and cash equivalents and restricted cash	−66	7	38	89	15
Interest paid	9	13	10	4	5
Income tax paid (refunded), net	−2	−4	9	36	25
Right-of-use assets obtained in exchange for lease obligations	0	594,000	0	0	0
Share-based compensation for capitalized software development	70,000	285,000	88,000	0	—
Accrued excise tax associated with share repurchases	22,000	0	314,000	0	0

Filings

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