Press release
OneSpan Reports Second Quarter 2023 Financial Results; Accelerates Plan to Drive Adjusted EBITDA Growth
Second Quarter Financial Results Second quarter revenue grew 6% year-over-year to $55.7 million Second quarter subscription revenue grew 16% year-over-year
About this update from Onespan Inc.
[{"type":"text","content":"\nSecond Quarter Financial Results\n\n\n\nSecond quarter revenue grew 6% year-over-year to $55.7 million\n\n\n\n\nSecond quarter subscription revenue grew 16% year-over-year to $23.0 million\n\n\n\n\nAnnual Recurring Revenue (ARR) grew 8% year-over-year to $144.4 million1\n\n\n\n\nNet Retention Rate (NRR) of 106%2\n\n\n\n CHICAGO--(BUSINESS WIRE)--\nOneSpan Inc. (Nasdaq: OSPN), the digital agreements security company, today reported financial results for the second quarter ended June 30, 2023.\n\n\n“We continued to make good progress during the quarter on transforming OneSpan into an enterprise-class company with increased operational rigor across the organization. Our visibility into the execution of our transformation has increased meaningfully over the first two quarters of the plan, and it is apparent that maturing our sales productivity and marketing demand generation engine will take longer than we originally expected, exacerbated in part by current market conditions,” stated OneSpan CEO, Matt Moynahan. “We believe our five-pillar solution strategy, designed to secure an entire digital transaction lifecycle is sound, as it continues to resonate with customers and serves as a foundational element of our transformation strategy. With this backdrop, we are making adjustments to our operating model that are intended to accelerate adjusted EBITDA growth, enable us to return capital to shareholders, and drive value creation by growing profitably over the long term.”\n\n\nKey Financial Results\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\nTotal revenue was $55.7 million, an increase of 6% compared to $52.8 million for the same quarter of 2022. Digital Agreements revenue was $11.9 million, an increase of 13% year-over-year. Security Solutions revenue was $43.9 million, an increase of 4% year-over-year.\n\n\n\n\nARR increased 8% year-over-year to $144.4 million.\n\n\n\n\nGross profit was $34.3 million, or 62% gross margin, compared to $35.5 million, or 67% in the same period last year.\n\n\n\n\nOperating loss was $17.8 million, compared to operating loss of $8.2 million in the same period last year.\n\n\n\n\nNet loss was $17.8 million, or $(0.44) per diluted share compared to net loss of $9.4 million, or $(0.23) per diluted share in the same period last year. Non-GAAP net loss was $7.4 million, or $(0.18) per diluted share, ...