Open Lending Corporation · NASDAQ:LPRO
Open Lending — Q4 2025 Earnings Presentation
9 slides from Open Lending's earnings presentation, Mar 12, 2026
Slide 1: Earnings Supplement Q4 and Full Year 2025
Earnings Supplement Q4 and Full Year 2025
Slide 2: Fourth Quarter and Full Year 2025 Financial Highlights
Fourth Quarter and Full Year 2025 Financial Highlights Quarterly Results Q4 2025 Q4 2024 Total Certs 19,308 26,065 Revenue $19.3 million $(56.9) million Adj. EBITDA1 $2.8 million $(75.9) million Annual Results 2025 2024 Total Certs 97,348 110,652 Revenue $93.2 million $24.0 million Adj. EBITDA1 $15.
Slide 3: Loan Origination Performance by Quarter & Channel
Loan Origination Performance by Quarter & Channel Total Cert Volume Cert Mix by Channel CU/Bank OEM CU/Bank OEM 28,189 28,963 27,435 27,638 26,065 26,522 12.4% 11.1% 10.2% 10.6% 14.6% 25.2% 23.9% 20.5% 3,423 23,880 6,925 2,931 7,111 5,627 3,805 2,431 19,308 2,054 85.4% 87.6% 88.9% 89.8% 89.4% 24,215
Slide 4: Loan Origination Mix by Segment & Vehicle Category
Loan Origination Mix by Segment & Vehicle Category Cert Mix by Segment Cert Mix by New/Used OEM Indirect Direct Refinance New Used 3.6% 3.1% 3.2% 3.7% 4.3% 5.9% 5.8% 5.1% 15.9% 18.0% 19.5% 19.4% 18.2% 18.8% 19.8% 20.8% 89.0% 87.3% 87.1% 88.1% 88.4% 86.9% 87.5% 86.6% 55.3% 55.0% 56.8% 62.3% 65.1% 64.
Slide 5: Loan Origination Mix by Credit Profile
Loan Origination Mix by Credit Profile Cert Mix by Credit Depth Credit Builder % SuperThin Thin Normal Thick CreditBuilder NonCreditBuilder 45% 40% 35% 30% 25% 83.8% 83.9% 83.5% 89.3% 94.0% 94.1% 93.7% 93.6% 20% 15% 10% 5% 16.2% 16.1% 16.5% 10.7% 6.0% 5.9% 6.3% 6.4% 0% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
Slide 6: Facilitated Loan Volume & Average Loan Size Trends
Facilitated Loan Volume & Average Loan Size Trends Facilitated Loan Origination Volume Average Loan Size ($) ($M) 29,535 29,384 29,603 28,286 28,156 28,089 28,327 819.3 27,948 787.9 772.5 782.9 783.3 732.1 701.7 571.6 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Th
Slide 7: Key Performance Indicators
Key Performance Indicators Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Certs Credit Union & Bank 17,254 22,260 86,509 87,184 OEM 2,054 3,805 10,839 23,468 Total Certs 19,308 26,065 97,348 110,652 Unit Economics Avg. Profit Share Revenue per Cert(1) $ 322 $ 314 $ 298 $
Slide 8: Financial Results
Financial Results Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue Program fees $ 10,853 $ 13,734 $ 54,340 $ 57,040 Profit share(1) 6,193 (73,160) 29,362 (43,123) Claims administration and other service fees 2,299 2,502 9,515 10,107 Total revenue 19,345 (56,924) 93
Slide 9: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Adjusted EBITDA ($ in 000's) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income (loss) $ 1,682 $ (144,436) $ (4,236) $ (135,010) Non-GAAP adjustments: Interest (income) expense, net(1) 125 37 345 (773) Income t