Slide 1: Investor Presentation – Q4 and FY 2024
Investor Presentation – Q4 and FY 2024 February 27, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding our 2025 financial guidance, our plans to make disciplined investments, continue our focus on operational excellence, and drive effic
Slide 3: Company Overview
Company Overview O OneSpan
Slide 4: OneSpan At-a-Glance
OneSpan At-a-Glance1 $630M $243M $168M 106% $83M 4,000+ 100+ >60% Market Cap Revenue ARR2 NRR3 Cash & Equiv. Customers Countries of the World’s (FY 2024) 100 Largest Banks are Customers 1 Approximate market capitalization as of 2/26/25. Other metrices as of 12/31/24. 2,3 See PROPRIETARY AND CONFIDEN
Slide 5: Trusted Security Partner to Global Blue-Chip Enterprises
Trusted Security Partner to Global Blue-Chip Enterprises Other Financial Banking Insurance Government Healthcare Other Services PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED 5
Slide 6: 2024 – Strong Focus on Operational Efficiency & Profitability
2024 – Strong Focus on Operational Efficiency & Profitability Revenue1 Adjusted EBITDA1 $73M $235M $243M $214M $219M $12M $6M $(5M) FY 2021 FY 2022 FY 2023 FY 2024 Security SW & Services Security Hardware Digital Agreements FY 2021 FY 2022 FY 2023 FY 2024 1 Security SW & Services revenue includes su
Slide 7: Security Solutions & Digital Agreements Business Units
Security Solutions & Digital Agreements Business Units Total Revenue: $243M1 Common BU Attributes Operational Excellence Profitable Revenue Growth Enterprise Class Solutions Security Digital Solutions Agreements Key Verticals – BFSI, Healthcare, Government $182M $61M 75% 25% Revenue by Geography1,2
Slide 8: Security Solutions
SECURITY SOLUTIONS Industry Leader in Securing Digital Banking Transactions • Trusted by the who’s who of global banks to secure high value digital transactions • (1%) Revenue growth1,2 • 14% Software & Services growth1 • 33% Subscription revenue growth1 MFA & Passwordless Digital Transaction Mobile
Slide 9: Digital Agreements
DIGITAL AGREEMENTS Key Enterprise-Class Solutions • Robust security, white-labelling and pricing model differentiate; transition to SaaS substantially complete • 20% Revenue growth1 • Transition to SaaS model substantially complete • 28% Subscription revenue growth1 E-Signatures Identity Verificatio
Slide 10: GTM Focused on Enterprise Sales and Growing Partner Network
GTM Focused on Enterprise Sales and Growing Partner Network CUSTOMER SEGMENTATION BASED ON EMPLOYEE COUNT OSPN SALES FOCUS PARTNER COVERAGE Tiers Efficient Resource Global System Resellers & Platform (Employee Count) Allocation with Sellers Integrators Distributors Partners Large Enterprise SAM 100,
Slide 11: Competitive Differentiation
Competitive Differentiation World-class security DNA in authentication, transaction signing and identity verification Deep expertise in end-user experience, cloud workflows, document verification and e-signatures Strong roots and experience in highly regulated global markets Broadest authentication
Slide 12: Financial Highlights & Outlook
Financial Highlights & Outlook
Slide 13: Full Year 2024 Financial Highlights
Full Year 2024 Financial Highlights $243M $139M $168M Revenue Subscription Revenue ARR1 (3% growth) (31% growth) (8% growth) $73M $83M 106% Adjusted EBITDA Cash and Equiv. NRR2 (30% margin) no long-term debt Recurring Quarterly Dividend Program Announced in Q4 2024 with first payment of $0.12 per sh
Slide 14: Revenue Growth – Security Solutions
Revenue Growth – Security Solutions Q4 20241 FY 20241 (20% growth excl. hardware) (14% growth excl. hardware) $184M $182M $48.4M $45.5M Q4 2023 Q4 2024 FY 2023 FY 2024 Subscription Maintenance Subscription Maintenance PS & Other Hardware PS & Other Hardware ▪ Subscription revenue increased 49% ▪ Sub
Slide 15: Revenue Growth – Digital Agreements
Revenue Growth – Digital Agreements Q4 20241 FY 20241 (8% growth) (20% growth) $61M $15.7M $14.5M $51M Q4 2023 Q4 2024 FY 2023 FY 2024 Subscription Maintenance Subscription Maintenance PS & Other PS & Other ▪ Subscription revenue increased 15% ▪ Subscription revenue increased 28% ▪ Maintenance rev.
Slide 16: Revenue Growth – Total Company
Revenue Growth – Total Company Q4 2024 FY 2024 (16% growth excl. hardware) (16% growth excl. hardware) $235M $243M $62.9M $61.2M Q4 2023 Q4 2024 FY 2023 FY'24 Subscription Maintenance Subscription Maintenance PS & Other Hardware PS & Other Hardware ▪ Subscription revenue increased 32% ▪ Subscription
Slide 17: FY 2024 ARR Growth
FY 2024 ARR Growth1,2 Security Solutions Digital Agreements Total Company (6% growth) (12% growth) (8% growth) $168M $155M $107M $101M $61M $54M FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 1 ARR is approximate. The sum of Security Solutions and Digital Agreements ARR may differ from total compan
Slide 18: 2025 Guidance Metrics
2025 Guidance Metrics Metric FY24 Actual FY25 Guidance Revenue $243.2M $245M - $251M Adjusted EBITDA1 $72.5M $72M - $76M ARR2 $167.7M $180M - $186M 1 Adjusted EBITDA is a non-GAAP financial measure. The Company is not providing a reconciliation of Adjusted EBITDA guidance to GAAP net income, the mos
Slide 19: Revenue and ARR: FY25 Guidance and Prior Year Results
Revenue and ARR: FY25 Guidance and Prior Year Results Revenue1,2 ARR2,3 FY 2025 FY 2025 Guidance Guidance $245M - $251M $180M - $186M $235M $243M $219M $168M $155M $139M FY 2022 FY 2023 FY 2024 FY 2025E FY 2022 FY 2023 FY 2024 FY2025E Security SW & Services Security Hardware Digital Agreements Secur
Slide 20: Adjusted EBITDA: Sharp Increase Driven by Cost Reductions
Adjusted EBITDA: Sharp Increase Driven by Cost Reductions Adjusted EBITDA Cumulative Annualized Cost Savings1,2 December 31, 2022: $10.0 million FY 2025 Guidance December 31, 2023: $58.5 million $73M $72M - $76M December 31, 2024: $77.0 million* * Annualized cost savings initiatives were substantial
Slide 21: Appendix
Appendix O OneSpan
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of Net Income to Adjusted EBITDA5 (in thousands, unaudited) Three months ended Years Ended December 31, December 31, 2023 2024 2023 2024 Net income (loss) $ 441 $ 28,788 $ (29,799) $ 57,082 Interest income, net (415) (561) (2,090) (1,807) Provision for income t
Slide 23: Definitions
Definitions 1 – ARR, or Annual Recurring Revenue, is calculated as the approximate annualized value of our customer recurring contracts as of the measurement date. These include subscription, term-based license, and maintenance and support contracts and exclude one-time fees. To the extent that we a
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report financial results in accordance with GAAP. We also evaluate our performance using certain Non-GAAP financial metrics, including Adjusted EBITDA and Adjusted EBITDA margin. Our management believes that these measures, when taken together with the corresponding GA
Slide 25: Copyright and Trademarks
Copyright and Trademarks Copyright© 2025 OneSpan North America Inc., all rights reserved. OneSpan , the “O” logo, “BE BOLD. BE SECURE.” , DIGIPASS® and “The Digital Agreements Company” are registered or unregistered trademarks of OneSpan North America Inc. or its affiliates in the U.S. and other cou
Slide 26: OneSpan
O OneSpan The Digital Agreements Company