Open Lending (LPRO) Q4 2025 earnings summary

Executive summary

• Achieved strong revenue and adjusted EBITDA in 2025, with disciplined underwriting, risk-based pricing, and operational execution; strengthened leadership team and filled all senior executive positions.

• Launched ApexOne Auto platform, expanding from a single product to a full-spectrum credit decisioning and dynamic pricing platform, targeting prime borrowers.

• Loan origination volumes and certified loans declined in Q4 2025 due to temporary conversion rate headwinds from pricing tests, which have since been rolled back.

Financial highlights

• Facilitated 97,348 certified loans and generated $93.2 million in total revenue for 2025; Q4 revenue was $19.3 million.

• Adjusted EBITDA was $15.6 million for the year and $2.8 million for Q4; margin was 17% for 2025 and 15% for Q4.

• Net income for Q4 was $1.7 million, compared to a net loss of $144.4 million in Q4 2024; full year 2025 net loss was $4.2 million, improved from $135.0 million loss in 2024.

• Diluted net income per share was $0.01 in Q4 2025 and $(0.04) for full year 2025.

• Operating expenses decreased 9.3% year-over-year to $13.9 million in Q4.

Outlook and guidance

• 2026 guidance: 100,000–110,000 certified loans and Adjusted EBITDA of $25–$29 million; Q1 2026 guidance: 20,000–22,000 certified loans.

• Growth expected to accelerate quarter-over-quarter, with stronger performance in the latter half of 2026.

• Conversion rate headwinds from pricing adjustments in Q4 2025 are not expected to cause ongoing disruption, as changes have been reversed and trends have stabilized.

• Refinance volumes are recovering as interest rates decline, supporting future growth.