OneSpan Inc.

Listed Company

OSPNCIK 0001044777NasdaqAcceleratedServices-Computer Integrated Systems DesignDelawareFY ends Dec 31

Period

FY 2025

Revenue

$243.18M

Net Income

$72.90M

Total Assets

$397.70M

Equity

$271.84M

Shares Out

37.07M

Op. Cash Flow

$59.45M

Business

OneSpan Inc. delivers secure authentication and digital agreement solutions that protect devices, users, and transactions while automating agreement workflows. It offers multi-factor and passwordless authentication technologies, hardware Digipass authenticators, cloud and on-premises authentication platforms, e-signature (OneSpan Sign), online notary (OneSpan Notary), identity verification, and integration tools. The company reports two operating segments: Security Solutions (authentication software, SDKs, and hardware) and Digital Agreements (SaaS e-signature, notary, and identity services). Its solutions are sold worldwide via direct sales, distributors, resellers, systems integrators, and OEMs.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	243	243	235	219	—
Total cost of goods sold	64	69	77	70	72
Gross profit	179	175	158	149	143
Sales and marketing	47	45	70	61	63
Research and development	34	32	38	42	47
General and administrative	46	46	58	56	53
Restructuring and other related charges	2	4	17	13	0
Amortization of intangible assets	2	2	2	4	6
Total operating costs	131	130	187	176	169
Operating income (loss)	48	45	−29	−27	−26
Interest income, net	2	2	2	595,000	−1,000
Other expense, net	−1	−125,000	−532,000	15	−14,000
Income (loss) before income taxes	49	46	−27	−12	−26
(Benefit) provision for income taxes	−24	−11	2	3	4
Net income (loss)	73	57	−30	−14	−31
Basic (in dollars per share)	1.91	1.49	−0.74	−0.36	−0.77
Diluted (in dollars per share)	1.88	1.46	−0.74	−0.36	−0.77
Basic (in shares)	38	38	40	40	40
Diluted (in shares)	39	39	40	40	40

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	70	83	43	96	63
Accounts receivable, net of allowances of $1,227 in 2025 and $1,600 in 2024	56	56	64	65	57
Inventories, net	10	11	16	12	10
Prepaid expenses	7	7	7	6	8
Contract assets	18	9	5	5	5
Other current assets	10	9	11	11	9
Total current assets	172	175	146	198	187
Property and equipment, net	22	21	19	13	11
Operating lease right-of-use assets	7	8	6	8	9
Goodwill	104	92	94	91	96
Intangible assets, net of accumulated amortization	10	7	11	12	21
Deferred tax asset	55	21	2	2	4
Equity investment	12	0	—	—	—
Other assets	16	15	12	11	14
Total assets	398	339	289	335	342
Accounts payable	14	13	17	17	8
Deferred revenue	72	67	69	65	55
Accrued wages and payroll taxes	14	14	14	18	17
Short-term income taxes payable	3	4	3	2	1
Dividend payable	671,000	5	0	0	—
Other accrued expenses	12	6	11	8	8
Deferred compensation	42,000	200,000	382,000	373,000	877,000
Total current liabilities	115	110	115	111	89
Long-term deferred revenue	3	3	4	6	9
Long-term lease liabilities	6	7	7	—	—
Deferred tax liability	988,000	4	1	1	1
Other long-term liabilities	2	2	3	2	8
Total liabilities	126	126	130	132	122
Commitments and contingencies	—	—	—	—	—
Preferred stock: 500 shares authorized, none issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock: $0.001 par value per share, 75,000 shares authorized; 42,091 and 41,782 shares issued; 37,361 and 38,058 shares outstanding at December 31, 2025 and 2024	37,000	38,000	38,000	40,000	40,000
Additional paid-in capital	129	123	119	107	100
Treasury stock, at cost, 4,730 and 3,724 shares outstanding at December 31, 2025 and 2024	−61	−47	−47	−18	—
Retained earnings	210	151	99	129	143
Accumulated other comprehensive loss	−6	−14	−11	−15	−11
Total stockholders' equity	272	213	159	203	220
Total liabilities and stockholders' equity	398	339	289	335	342

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	73	57	−30	−14	−31
Depreciation and amortization of intangible assets	10	8	6	7	9
Loss on disposal of asset	55,000	0	0	0	0
Write-off of intangible assets	0	804,000	0	0	—
Write-off of property and equipment, net	709,000	1	3	4	0
Impairment of inventories, net	0	0	143,000	0	0
Deferred tax (benefit) expense	−30	−16	118,000	2	3
Share-based compensation	11	9	14	9	4
Provision for credit losses	309,000	208,000	286,000	184,000	—
Accounts receivable	4	7	1	−10	2
Inventories, net	2	4	−3	−2	2
Contract assets	−9	−6	−574,000	52,000	4
Accounts payable	−579,000	−4	−253,000	9	3
Income taxes payable	−2	2	−2	−1	−3
Accrued expenses	4	−4	−2	2	3
Deferred compensation	−158,000	−182,000	9,000	−504,000	−725,000
Deferred revenue	−1	−2	2	8	10
Other assets and liabilities	−3	−2	−641,000	−4	−6
Net cash provided by (used in) operating activities	59	56	−11	−6	−3
Maturities of short-term investments	0	0	2	49	51
Additions to property and equipment	−9	−9	−12	−5	−2
Equity investment	−12	0	0	—	—
Additions to intangible assets	−86,000	−60,000	−59,000	−29,000	−35,000
Cash paid for acquisition of business	−15	0	−2	0	0
Net cash used in investing activities	−36	−9	−12	47	−11
Contingent payment related to acquisition	0	−200,000	0	0	—
Payments of deferred finance costs	−2	0	0	—	—
Dividends paid	−18	0	0	—	—
Repurchase of common stock, net of excise tax	−13	−3,000	−29	−6	−7
Tax payments for restricted stock issuances	−5	−5	−3	−2	−3
Net cash used in financing activities	−38	−5	−32	−7	−10
Effect of exchange rate changes on cash	2	−1	997,000	−372,000	−895,000
Net (decrease) increase in cash	−13	40	−54	33	−25
Cash paid for income taxes, net of refunds	10	2	5	2	8

Filings

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