secwatch.observer — SEC 8-K summary
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Issuer:     Open Lending Corp (LPRO)
CIK:        0001806201
Form:       8-K
Filed at:   2025-05-07T23:59:59+00:00
Accession:  0001806201-25-000055
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02
LLM model:  deepseek-v4-flash:cloud@v2

Open Lending Q1 revenue falls 20.5% to $24.4M; net income drops to $0.6M
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- Certified loans 27,638 (-2% YoY); revenue $24.4M vs $30.7M, driven by $7.4M drop in profit share revenue from new originations.
- Gross profit $18.3M (vs $25.0M); net income $0.6M (vs $5.1M); adjusted EBITDA $5.7M (vs $12.5M).
- Board authorized $25M share repurchase program; CEO announces new loan measures and refined pricing to reduce profit share volatility.
- Unit economics per certified loan declined; historic vintage adjustments had a $0.9M reduction vs $1.1M in Q1 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1806201/000180620125000055/0001806201-25-000055-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1806201/000180620125000055/lpro-20250507.htm
  HTML page:      https://secwatch.observer/filing/0001806201-25-000055

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer