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Open Lending (LPRO) investor relations material
Open Lending Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Facilitated 26,522 certified loans in Q2 2025, down from 28,963 year-over-year, reflecting a strategic shift toward higher-quality originations and a decrease in loan volume.
Total revenue for Q2 2025 was $25.3M, down from $26.7M in Q2 2024, with net income at $1.0M, down from $2.9M year-over-year.
Adjusted EBITDA was $4.1M (margin 16%), down from $6.8M (margin 25%) in Q2 2024.
Early extension of AmTrust partnership through 2033, reinforcing business stability and insurance capacity.
Share repurchase program authorized up to $25M; $4M spent in Q2 2025 to repurchase nearly 2M shares at $2.00 per share.
Financial highlights
Q2 2025 revenue: $25.3M (down 5% year-over-year); net income: $1.0M (down 64%); gross profit: $19.8M (down from $21.0M); adjusted EBITDA: $4.1M (margin 16%).
Operating expenses increased to $18.6M, driven by one-time severance charges.
Average loan size increased to $29,535, reflecting a focus on higher-value lending.
Gross margin was 78% in Q2 2025, down from 79% year-over-year.
Basic and diluted EPS for Q2 2025 were $0.01, compared to $0.02 in Q2 2024.
Outlook and guidance
Q3 2025 certified loans expected between 22,500 and 24,500, indicating a further decrease in loan volume.
2025 is viewed as a transition year, with growth expected to resume in 2026 after foundational improvements and improved underwriting.
Targeting profitability based on program and TPA fees alone by 2026.
Management expects operating expenses to decrease as a percentage of revenue in the near term.
Existing cash resources and revolving credit facility expected to provide sufficient liquidity for near-term needs.
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