Open Lending Corporation recently released its financial results for the fourth quarter and full-year 2024. The company reported a significant decline in quarterly revenue, which was negative $56.9 million. This downturn was attributed in part to an $81.3 million reduction in estimated profit share revenues related to business in historic vintages. The reduction was primarily due to heightened delinquencies and corresponding defaults associated with loans originated between 2021 and 2024. The company identified three contributing factors to this decrease in estimated profit share: a deterioration of its 2021 and 2022 vintages, resulting in loans worth significantly less than their outstanding loan balances; the underperformance of two cohorts of borrowers in the 2023 and 2024 vintages; and continued elevated delinquencies and ultimate defaults. In light of these financial difficulties, Open Lending also announced leadership changes, appointing a new Chief Executive Officer and a new Chief Operating Officer. Following these announcements, the company's share price fell significantly by 57%, closing at $1.17 per share on April 1, 2025.