The dramatic improvement in profitability and cash flow, combined with a clear growth strategy via ApexOne Auto and strong 2026 guidance, suggests Open Lending has stabilized after prior volatility. Traders should monitor execution on loan volume targets and Adjusted EBITDA margins through 2026, as well as cash flow trends given recent debt repayment.
Price Chart
Executive Summary
Open Lending (LPRO) reported a strong turnaround in Q4 and full-year 2025, with revenue surging to $19.3M (from a negative $56.9M YoY) and net income turning positive at $1.7M versus a $144.4M loss. Full-year revenue grew to $93.2M from $24.0M, driven by stabilization in profit share estimates and improved underwriting. The company launched ApexOne Auto, expanded into prime auto lending, and repaid $48M in debt. It also issued 2026 guidance forecasting 100K–110K certified loans and $25M–$29M Adjusted EBITDA, signaling confidence in sustained recovery.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $19.3M vs. $(56.9)M in Q4 2024 (driven by $81.3M reduction in profit share liability reversal in prior year)
- Full-year 2025 revenue: $93.2M vs. $24.0M in 2024
- Q4 2025 net income: $1.7M vs. $144.4M net loss in Q4 2024
- Full-year 2025 net loss: $4.2M vs. $135.0M in 2024
- Adjusted EBITDA: $2.8M in Q4 2025 vs. $(75.9)M in Q4 2024; $15.6M full-year 2025 vs. $(55.0)M in 2024
- Launched ApexOne Auto platform in November 2025, expanding into prime auto lending
- Voluntary debt repayment of $48.0M in December 2025
- 2026 guidance: 100K–110K certified loans and $25M–$29M Adjusted EBITDA
Financial Impact
Revenue increased by $69.2M YoY; net loss improved by $130.8M; Adjusted EBITDA improved by $70.6M YoY. 2026 Adjusted EBITDA guidance implies 61–87% growth over 2025.
Risk Factors
- Prior-year results were heavily distorted by large profit share reversals and tax valuation allowance, making comparisons volatile
- Adjusted EBITDA includes a $11.0M one-time payment under a reseller agreement, which may not recur
- Forward-looking guidance is non-GAAP and lacks reconciliation to GAAP net income, increasing uncertainty
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3255095 |
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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