Open Lending Corporation · NASDAQ:LPRO
Open Lending — Q3 2025 Earnings Presentation
9 slides from Open Lending's earnings presentation, Nov 6, 2025
Slide 1: Earnings Supplement Q3 2025
Earnings Supplement Q3 2025
Slide 2: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Q3 2025 Q3 2024 Total Certs 23,880 27,435 Revenue $24.2 million $23.5 million Adj. EBITDA1 $5.6 million $4.5 million (1) See reconciliation of GAAP to non-GAAP financial measures on page 9. 2
Slide 3: Loan Origination Performance by Quarter & Channel
Loan Origination Performance by Quarter & Channel Total Cert Volume Cert Mix by Channel CU/Bank OEM CU/Bank OEM 28,189 28,963 27,435 27,638 26,263 26,065 26,522 14.6% 12.4% 11.1% 10.2% 3,423 23,880 21.8% 25.2% 23.9% 20.5% 7,111 6,925 5,627 2,931 5,722 3,805 2,431 85.4% 87.6% 88.9% 89.8% 24,215 23,59
Slide 4: Loan Origination Mix by Segment & Vehicle Category
Loan Origination Mix by Segment & Vehicle Category Cert Mix by Segment Cert Mix by New/Used OEM Indirect Direct Refinance New Used 5.0% 3.6% 3.0% 3.2% 3.7% 4.3% 5.9% 5.8% 17.2% 15.9% 18.0% 19.5% 19.3% 18.2% 18.8% 19.8% 86.1% 89.0% 87.3% 87.1% 88.1% 88.4% 86.9% 87.5% 55.3% 55.1% 56.0% 56.8% 62.4% 65.
Slide 5: Loan Mix by Credit Profile
Loan Mix by Credit Profile Cert Mix by Credit Depth Credit Builder % SuperThin Thin Normal Thick CreditBuilder NonCreditBuilder 50% 45% 40% 35% 30% 83.5% 87.0% 83.8% 83.9% 89.3% 93.7% 25% 94.0% 94.1% 20% 15% 10% 5% 16.5% 13.0% 16.2% 16.1% 10.7% 6.0% 5.9% 6.3% 0% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q
Slide 6: Facilitated Loan Volume & Average Loan Size Trends
Facilitated Loan Volume & Average Loan Size Trends Facilitated Loan Origination Volume Average Loan Size ($) ($M) 29,535 29,384 29,096 28,286 28,156 28,089 28,327 27,948 819.3 787.8 782.9 783.3 772.5 764.1 732.1 701.7 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Av
Slide 7: Key Performance Indicators
Key Performance Indicators Three Months Ended September 30, 2025 2024 Certs Credit Union & Bank 21,449 21,808 OEM 2,431 5,627 Total Certs 23,880 27,435 Unit Economics Avg. Profit Share Revenue per Cert(1) $ 310 $ 502 Avg. Program Fee Revenue per Cert $ 558 $ 516 Originations Facilitated Loan Origina
Slide 8: Financial Results
Financial Results ($ in '000s) Three Months Ended September 30, 2025 2024 Revenue Program fees $ 13,344 $ 14,161 Profit share(1) 8,470 6,822 Claims administration and other service fees 2,355 2,493 Total revenue 24,169 23,476 Cost of services 5,318 6,127 Gross profit 18,851 17,349 Operating expenses
Slide 9: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Adjusted EBITDA Three Months Ended September 30, ($ in 000's) 2025 2024 Net income (loss) $ (7,569) $ 1,437 Non-GAAP adjustments: Interest (income) expense, net(1) 69 (259) Income tax expense (benefit) (16) 688 Depreciation and amortization expen