Business
OneSpan Reports First Quarter 2026 Financial Results
Revenue increased 4% year-over-year to $65.9 million Subscription revenue increased 8% year-over-year to $52.7 million Operating income decreased 14%
About this update from Onespan Inc.
Revenue increased 4% year-over-year to $65.9 million Subscription revenue increased 8% year-over-year to $52.7 million Operating income decreased 14% year-over-year to $14.8 million Adjusted EBITDA decreased 9% year-over-year to $21.0 million1 Annual Recurring Revenue (ARR) increased 14% year-over-year to $192.1 million2 Net Retention Rate (NRR) of 105%3 BOSTON--(BUSINESS WIRE)-- OneSpan Inc. (NASDAQ: OSPN) today reported financial results for the first quarter ended March 31, 2026. “We delivered a strong first quarter with solid profitability and subscription revenue growth,” stated OneSpan CEO, Victor Limongelli. “We also closed the acquisition of Build38, which strengthens our cybersecurity product portfolio by enabling customers to build threat protection into their mobile applications, and by providing the telemetry necessary for visibility into the threat and operating environment. As we invest organically and through targeted M&A, we remain focused on driving efficient revenue growth, maintaining strong profitability and cash generation, and returning capital to shareholders.” First Quarter 2026 Financial Highlights Total revenue was $65.9 million, an increase of 4% compared to $63.4 million for the same quarter of 2025. Cybersecurity revenue was $48.5 million, an increase of 2% year-over-year. Digital Agreements revenue was $17.4 million, an increase of 11% year-over-year. ARR increased 14% year-over-year to $192.1 million. Gross profit was $48.5 million, or 74% gross margin, compared to $47.1 million, or 74% gross margin, in the same period last year. Operating income was $14.8 million, compared to operating income of $17.2 million in the same period last year. Net income was $11.6 million, or $0.30 per diluted share, compared to net income of $14.5 million, or $0.37 per diluted share, in the same period last year. Non-GAAP net income was $14.8 million, or $0.39 per diluted share, compared to non-GAAP net income of $17.7 million, or $0.45 per diluted share in the same period last year.1 Adjusted EBITDA was $21.0 million, compared to $23.0 million in the same period last year. Cash and cash equivalents were $49.8 million at March 31, 2026 compared to $70.5 million at December 31, 2025. OneSpan repurchased approximately 510,000 shares of its common stock for $5.4 million. Recent Business Highlights OneSpan completed its acquisition of Build38, a pr...