Press release
OneSpan Reports Results for Third Quarter 2021 and First Nine Months of 2021; Increases Guidance Midpoints for Full Year 2021
Third Quarter 2021 Financial Results Total revenue grew 2% year-over-year to $52.3 million Recurring revenue grew 38% year-over-year to $30.5 million1 Annual
About this update from Onespan Inc.
[{"type":"text","content":"\nThird Quarter 2021 Financial Results\n\n\nTotal revenue grew 2% year-over-year to $52.3 million\n\n\nRecurring revenue grew 38% year-over-year to $30.5 million1\n\n\nAnnual Recurring Revenue (ARR) grew 24% year-over-year to $119.0 million2\n\n\nDollar-based net expansion (DBNE) of 115%3\n\n\nGAAP net loss of $1.0 million\n\n\nAdjusted EBITDA of $1.7 million4\n\n\nGAAP loss per diluted share of $0.02; Non-GAAP income per diluted share of $0.034 \n\n\n CHICAGO--(BUSINESS WIRE)--\nOneSpan Inc. (NASDAQ: OSPN), the global leader in digital banking security and e-signatures, today reported financial results for the third quarter and nine months ended September 30, 2021.\n\n“During the quarter we continued to deliver against strong demand for our core offerings with robust growth in e-signature subscription and mobile security term license revenue while we worked to mitigate hardware-related supply chain challenges,” stated OneSpan Interim CEO, Steven Worth. “Our execution in the third quarter is reflected in our increased guidance for full year 2021. We are confident in our ability to deliver a solid fourth quarter while we make progress on our action plan. We have already identified preliminary strategic actions to accelerate our recurring revenue growth. In addition, we are taking action on initial cost reduction opportunities and will provide a range of expected savings before year-end.”\n\nThird Quarter 2021 Financial Highlights\n\n\nRevenue for the third quarter of 2021 was $52.3 million, an increase of 2% from $51.4 million for the third quarter of 2020. Revenue for the first nine months of 2021 was $155.3 million, a decrease of 5% from $162.8 million for the first nine months of 2020.\n\n\nGross profit for the third quarter of 2021 was $37.4 million and $108.7 million for the first nine months of 2021. Gross profit for the third quarter of 2020 was $36.0 million and $113.0 million for the first nine months of 2020. Gross margin for the third quarter of 2021 was 72% and for the first nine months of 2021 was 70%. Gross margin for the third quarter of 2020 was 70% and for the first nine months of 2020 was 69%.\n\n\nGAAP operating loss for the third quarter of 2021 was $2.0 million, and for the first nine months of 2021 was $20.2 million. GAAP operating loss for the third quarter of 2020 was $2.4 million, and for the first nine m...