Open Lending Corp

openlending.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed May 8, 2026. Its latest SEC filing is a 15-12G from Aug 10, 2026.

The sections below describe the company as of the FY2025 annual report.

What Did They Do?

Provides loan-pricing software and connects credit unions, banks and auto finance companies with insurance for near-prime and non-prime auto loans; also offers loan-decision software for prime borrowers.

How Did They Make Money?

Automotive lenders pay program fees per loan, either in one payment the month after certification or in equal payments over 12 months. Insurers pay profit share over the life of loans and monthly claims-administration fees while the loans remain outstanding.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Program fees Sold outright	58% FY2022: 45%	Sold outright
Profit share Recurring	32% FY2022: 50%	Recurring
Claims administration and other service fees Recurring	10% FY2022: 5.0%	Recurring

Who Were Their Customers?

Credit unions, banks, finance companies and automaker finance arms are the customers; LPP integrates with their loan systems, and their loans reach consumers directly, through auto dealers, or through lender-run refinancing programs.

Did Revenues Turn Into Profits?

No. It lost $4.2M in FY2025.

Operating income, FY2025

−5% of revenue

▼ −92% (Loss) vs FY2024 (−$65.4M, −272%)

Net income, FY2025

−5% of revenue

▼ −97% (Loss) vs FY2024 (−$135M, −562%)

Free cash flow, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($17.4M, 73%)

How Were They Changing?

Since the FY2025 annual report

Latest quarter: Q1 FY2026, the three months to Mar 31, 2026

Revenue: ▼ −16%; vs $24.4M in Q1 FY2025
Net income: ▼ Now a loss; vs $617K in Q1 FY2025

Program fees share of revenue vs 62.4% in Q1 FY2025

Jul 30, 2026 Open Lending became a wholly owned subsidiary after the merger The company said its shares would no longer be listed on Nasdaq.
Jun 16, 2026 Open Lending agreed to be acquired by ANV ANV planned an all-cash tender offer followed by a merger.
May 7, 2026 Company issued full-year earnings and certified-loan guidance The outlook put full-year adjusted EBITDA at $25 to $29 million and certified loans at 100,000 to 110,000.

Shrank. Revenue fell 57% in 4 years, from $215.7M in FY2021 to $93.2M in FY2025, about 19% a year.

Adds a prime-borrower platform The older report describes LPP for near-prime and non-prime borrowers with default insurance; the latest also describes ApexOne Auto for prime borrowers, without default insurance.

Revenue over time

Program fees Profit share Claims administration and other service fees

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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