Open Lending Corporation

First-quarter 2026 certified loans were 21,064, above the high end of guidance but down from 27,638 in Q1 2025. Total revenue was $20.5 million, compared with $24.4 million in the prior-year period. Adjusted EBITDA was $2 million versus $3.2 million a year ago; net loss was $0.5 million versus net income of $0.6 million, and diluted net loss per share was $0 versus diluted net income of $0.01 in Q1 2025. Operating expenses were $16.3 million, down 7% from $17.5 million. For Q2, the company guided to 22,000 to 24,000 certified loans. For full-year 2026, it reaffirmed 100,000 to 110,000 certified loans and adjusted EBITDA of $25 million to $29 million.

Jessica framed the quarter as evidence that the company’s reset is working: management is intentionally sacrificing volume in lower-quality segments to build a more durable and profitable portfolio. She emphasized that applications were up 18% year over year, but approvals were reduced by design as the credit box tightened and the mix shifted toward core credit unions and OEM 3. Her tone was confident but cautious, repeatedly stressing that quality comes before quantity and that most of the volume benefit should show up in the second half of the year.

Massimo Monaco focused on the financial payoff from the underwriting and pricing changes. He cited new-origination profit share revenue of $7.7 million, or $363 per certified loan, versus $278 a year ago and $322 in Q4 2025, and said the 2026 vintage was booked at an implied 70% loss ratio versus 72.5% for 2025. He also highlighted disciplined spending: operating expenses were $16.3 million, down 7% year over year, while cash at quarter-end was $173.3 million unrestricted, with $82.9 million of debt outstanding. He said the board extended the share repurchase program to May 2027 and increased it to $50 million, with about $45.1 million remaining.

There was no analyst Q&A because no questions were asked. The prepared remarks did address likely investor concerns: softer year-over-year volume, the negative $0.7 million change in estimate tied to older vintages, and the timing of cash usage from the annual incentive payment, which drove operating cash flow to negative $0.8 million. Management answered those concerns by pointing to improving portfolio quality, stronger unit economics, and expected acceleration in Q3 and Q4.