Open Lending Q2 revenue $26.7M, net income $2.9M; certified loans 28,963, down 16% YoY

Open Lending Corp

2024-Q2 EPS reported $0.07 revenue$57,472,000

Total revenue $26.7M, down 30% from $38.2M in Q2 2023; gross profit $21.0M vs $32.0M.
Net income $2.9M vs $11.4M in prior year; adjusted EBITDA $9.9M vs $20.7M.
Certified loans facilitated 28,963, down 16% from 34,354 in Q2 2023.
Profit share estimate reduced by $6.7M on historic vintages vs $1.2M reduction last year.
CEO cites challenging automotive lending environment but sees early signs of improvement.

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