The revenue decline and earnings miss reinforce the bearish narrative around declining loan volumes. Monitor Q2 2026 certified loan guidance (22,000-25,000) as a key catalyst — a miss on that range would confirm the trend is worsening. The buyback expansion provides a floor but does not offset deteriorating fundamentals.
Price Chart
Executive Summary
Open Lending reported Q1 2026 revenue of $20.5M (down 16% YoY) and a GAAP net loss of $0.5M vs. net income of $0.6M a year ago, missing the $0.01 EPS consensus. Certified loan volume fell 24% YoY to 21,064, though the company exceeded its own guidance of 20,000-21,000. Full-year 2026 guidance for certified loans (100,000-110,000) and Adjusted EBITDA ($25M-$29M) was reaffirmed, and the share repurchase authorization was doubled to $50M and extended through May 2027. The top-line decline and earnings miss are bearish, partially offset by the buyback expansion and guidance reaffirmation.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $20.5M, down 16% from $24.4M in Q1 2025
- GAAP net loss of $0.5M vs. net income of $0.6M in Q1 2025
- GAAP EPS of $0.00 (basic and diluted) vs. $0.01 consensus estimate — a miss
- Certified loans fell 24% YoY to 21,064, but exceeded the company's guidance of 20,000-21,000
- Adjusted EBITDA declined to $2.0M from $3.2M in Q1 2025
- Full-year 2026 guidance reaffirmed: 100,000-110,000 certified loans, $25M-$29M Adjusted EBITDA
- Share repurchase authorization increased from $25M to $50M and extended to May 2027
- Average profit share revenue per certified loan improved to $363 from $278 YoY
- Operating cash flow was negative $0.8M in Q1 2026 vs. negative $3.8M in Q1 2025
Financial Impact
Revenue declined $3.9M YoY (16%), net income swung from +$0.6M to -$0.5M, and EPS missed consensus by $0.01
Risk Factors
- Continued decline in certified loan volumes due to tighter underwriting and pricing adjustments
- Further deterioration in profit share revenue from historic vintages
- Inability to grow ApexOne Auto platform to offset core business declines
- High debt load ($82.9M total debt) with limited operating cash flow generation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001806201-26-000036 |
| Document: lpro-20260507.htm | 0001806201-26-000036 |
| Document: lpro1q26earningssuppleme.htm | 0001806201-26-000036 |
| Document: 0001806201-26-000036-index-headers.html | 0001806201-26-000036 |
| Document: 0001806201-26-000036-index.html | 0001806201-26-000036 |
| Document: 0001806201-26-000036.txt | 0001806201-26-000036 |
| 8-K Data (Synthetic) | 0001806201-26-000036 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 15-12G | $3.14 | awaiting T+20 | — | — |
Jul 31, 2026 12w ago | 8-K | $3.14 | awaiting T+20 | — | — |
Jun 16, 2026 19w ago | 8-K | $3.11 $3.14 | ▲ +0.96% | ▲ +0.76% | — |
Jun 9, 2026 19w ago | 8-K | $2.12 $3.13 | ▲ +47.64% | ▲ +44.02% | — |
May 7, 2026 24w ago | 8-K | $1.90 $2.11 | ▼ −11.05% | ▼ −11.03% | — |
Apr 23, 2026 26w ago | Press Release | $1.67 $1.80 | ▲ +7.78% | ▲ +3.15% | — |
Apr 20, 2026 27w ago | DEFA14A | $1.71 $1.77 | ▲ +3.51% | ▼ −1.41% | — |
Mar 12, 2026 32w ago | Press Release | $1.45 $1.54 | ▲ +6.21% | ▲ +2.62% | — |
US Market Status
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