AUSTIN, Texas, May 7, 2025 – Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today reported financial results for its first quarter ended March 31, 2025.

“I believe in Open Lending’s business model, our value proposition to our customers, and the team’s ability to execute on our plan going forward,” said Jessica Buss, Chief Executive Officer of Open Lending. “We are honored to continue serving over 400 lender customers and their communities and have taken actions in an effort to further enhance our customers' experience. We believe that we have seen promising early results as we implement new ways to demonstrate how we enhance lender profitability.

“We have introduced new loan measures and refined pricing in an effort to help reduce volatility in the expected profit share revenue of our future certified loans as compared to our historic vintages. Additionally, our board of directors has authorized a $25 million share repurchase program. We have a clear plan, a dedicated team, a consistent base of customers and partners, and a strong balance sheet, and we believe that we are well-positioned to generate value for all Open Lending stakeholders.”

•The Company facilitated 27,638 certified loans during the first quarter of 2025, compared to 28,189 certified loans in the first quarter of 2024.

•Total revenue was $24.4 million during the first quarter of 2025, compared to $30.7 million in the first quarter of 2024.

◦The decrease in total revenue during the period includes a $7.4 million decrease in estimated profit share revenue associated with new originations, primarily driven by lower unit economics per certified loan.

◦In addition, the first quarter of 2025 was impacted by a $0.9 million reduction in estimated profit share revenues related to business in historic vintages as compared to a $1.1 million reduction in the first quarter of 2024.

•Gross profit was $18.3 million during the first quarter of 2025, compared to $25.0 million in the first quarter of 2024.

•Net income was $0.6 million during the first quarter of 2025, compared to $5.1 million in the first quarter of 2024.

•Adjusted EBITDA was $5.7 million during the first quarter of 2025, compared to $12.5 million in the first quarter of 2024.

Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure is provided in the financial table included at the end of this press release. An explanation of this measure and how it is calculated is also included under the heading “Non-GAAP Financial Measures.”

For the second quarter of 2025, the Company currently expects total certified loans to be between 25,500 and 27,500.

The guidance provided includes forward-looking statements within the meaning of U.S. securities laws. See “Forward-Looking Statements” below.

Open Lending will host a conference call to discuss the first quarter 2025 financial results on May 7, 2025 at 5:00 pm ET. The conference call will be webcast live from the Company's investor relations website at https://investors.openlending.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (800) 445-7795, or for international callers (785) 424-1699. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.

On May 1, 2025, the Board of Directors authorized share repurchases under a share repurchase program (the "Share Repurchase Program") allowing the Company to repurchase up to $25.0 million of the Company's outstanding common stock until May 1, 2026. Repurchases may be made at management's discretion from time to time in the open market. The Share Repurchase Program may be suspended, amended, or discontinued at any time.

Open Lending (Nasdaq: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to the Company's new loan measures, lender profitability, volatility, the Share Repurchase Program, market trends, consumer behavior and demand for automotive loans, as well as future financial performance under the heading "Second Quarter 2025 Outlook" above. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the Company’s control. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, market, political and business conditions; applicable taxes, inflation, tariffs, supply chain disruptions including global hostilities and responses thereto, interest rates and the regulatory environment; the outcome of judicial proceedings to which Open Lending may become a party; and other risks discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Subsequent events and developments may cause the Company's assessments to change, but, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

The non-GAAP financial measures included in this press release are financial information that has not been prepared in accordance with GAAP. The Company uses Adjusted EBITDA and Adjusted EBITDA margin internally in analyzing our financial results and believes these measures are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. The Company believes that the use of non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

The Company believes these measures provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors. In addition, these measures provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash items and certain non-recurring variable charges. Adjusted EBITDA is defined as GAAP net income (loss) excluding interest expense, income tax expense, depreciation and amortization expense, and share-based compensation expense. Adjusted EBITDA margin is defined as Adjusted EBITDA expressed as a percentage of total revenue.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure provided in the financial statement tables included below in this press release.

InvestorRelations@openlending.com