Open Lending Corporation reported its second quarter ended June 30, 2025, financial results. Total revenue decreased by 5.0% to $25.3 million, primarily driven by a 15.0% decrease in profit share revenue. Net income for the quarter was $1.0 million, down from $2.9 million in Q2 2024, and earnings of 1 cent per share did not meet Wall Street expectations.
A positive $0.3 million change in estimate (CIE) for historic vintages was recorded, marking the first positive adjustment in several quarters. Program fees saw a modest 1.0% increase to $14.9 million, supported by a 10.0% increase in unit economics per certified loan, despite an 8.0% decrease in certified loan volume. Adjusted EBITDA was $4.1 million, compared to $6.8 million in the prior year.
During Q2 2025, the company repurchased 1,971,369 shares for $4.0 million at an average price of $2.00 per share, with $21 million remaining under the $25 million share repurchase program. For the third quarter of 2025, Open Lending projects total certified loans to be between 22,500 and 24,500.
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