Press release
OneSpan Reports First Quarter 2023 Financial Results
First Quarter Financial Results Total revenue grew 10% year-over-year to $57.6 million Subscription revenue grew 29% year-over-year to $30.0 million Annual
About this update from Onespan Inc.
[{"type":"text","content":"\nFirst Quarter Financial Results\n\n\n\nTotal revenue grew 10% year-over-year to $57.6 million\n\n\n\n\nSubscription revenue grew 29% year-over-year to $30.0 million\n\n\n\n\nAnnual Recurring Revenue (ARR) grew 10% year-over-year to $141.3 million1\n\n\n\n\nNet Retention Rate (NRR) of 108%2\n\n\n\n CHICAGO--(BUSINESS WIRE)--\nOneSpan Inc. (Nasdaq: OSPN), the digital agreements security company, today reported financial results for the first quarter ended March 31, 2023.\n\n\n“I am pleased by the 10% revenue growth we reported in the first quarter of our three-year transformation plan,” stated OneSpan CEO, Matt Moynahan. “We are investing in sales and marketing and product development to drive ARR growth in the second half of the year and position the Company for long-term profitable growth.”\n\n\nKey Financial Results\n\n\nFirst Quarter 2023 Financial Highlights\n\n\n\nTotal revenue was $57.6 million, an increase of 10% compared to $52.4 million for the same quarter of 2022. Digital Agreements revenue was $11.6 million, a decrease of 13% year-over-year. Security Solutions revenue was $46.1 million, an increase of 18% year-over-year.\n\n\n\n\nARR increased 10% year-over-year to $141.3 million.\n\n\n\n\nGross profit was $39.3 million, or 68% gross margin, compared to $36.7 million, or 70% in the same period last year.\n\n\n\n\nOperating loss was $8.1 million, compared to operating loss of $9.2 million in the same period last year.\n\n\n\n\nNet loss was $8.4 million, or $(0.21) per diluted share compared to net income of $5.2 million, or $0.13 per diluted share in the same period last year. Non-GAAP net loss was $3.7 million, or $(0.09) per diluted share, compared to net loss of $0.3 million, or $0.01 per diluted share, in the same period last year.3\n\n\n\n\nAdjusted EBITDA was $(1.6) million compared to $0.2 million in the same period last year.\n\n\n\n\nCash, cash equivalents and short-term investments were $106.5 million at March 31, 2023 compared to $98.5 million at December 31, 2022 and $119.9 million at March 31, 2022.\n\n\n\nFinancial Outlook\n\n\nFor the Full Year 2023, OneSpan expects:\n\n\n\nRevenue to be in the range of $232 million to $242 million, representing a growth rate of 6% - 11%\n\n\n\n\nARR to be in the range of $157 million to $164 million, representing a growth rate of 13% - 18%\n\n\n\n\nAdjusted EBITDA to ...