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10-Q - OneSpan Inc. (0001044777) (Filer)

Wed, Oct 30, 9:07 PM (6 days ago)

OneSpan Inc. (OSPN) reported its Q3 2024 results, showcasing a significant improvement in financial health compared to the previous year. Total revenue was $56.2 million, a 4% decrease from Q3 2023, but a 6% increase to $182 million for the nine-month period. The Digital Agreements segment saw an 18% revenue increase in Q3, attributed to cloud subscriptions, while Security Solutions revenue fell by 11% due to lower hardware sales. The gross profit margin improved to 74% in Q3 2024, up from 69% in Q3 2023, driven by a favorable product mix. Operating expenses decreased significantly, by 33% in Q3 and 34% for the nine months, largely due to headcount reductions and restructuring efforts. Notably, OneSpan achieved a net income of $8.3 million in Q3 2024, reversing a loss from the previous year. The company is focused on strategic transformation and cost reduction to enhance profitability, with ongoing restructuring initiatives expected to further optimize operations. Cash flow from operating activities was robust, generating $43.2 million in the first nine months, supporting liquidity with cash reserves of $77.5 million as of September 30, 2024.