Thu, Aug 1, 9:17 PM (88 days ago)
OneSpan Inc. reported financial results for the quarter ended June 30, 2024. Key highlights include: 1. **Revenue**: Total revenue increased by 9% YoY to $60.9 million. Digital Agreements revenue rose by 30% to $15.5 million, driven by existing customer expansions and new logos. Security Solutions revenue increased by 4% to $45.5 million, primarily due to higher demand for authentication solutions. 2. **Cost of Goods Sold**: Decreased by 4% YoY to $20.6 million, primarily due to lower hardware costs and third-party license costs. 3. **Gross Profit**: Increased by 18% YoY to $40.3 million, with a gross margin of 66%, up from 62% in the prior year. 4. **Operating Expenses**: Declined by 37% YoY to $32.7 million, driven by reductions in sales and marketing, research and development, and general and administrative expenses. 5. **Net Income**: Reported net income of $6.6 million, compared to a net loss of $17.8 million in the prior year. 6. **Adjusted EBITDA**: Improved to $16.1 million from $(3.8) million in the prior year, reflecting higher revenue and gross profit alongside lower operating expenses. The company continues to focus on improving profitability margins and expects to incur additional restructuring charges related to cost reduction actions.