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OneSpan (OSPN) investor relations material
OneSpan Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue grew 1% year-over-year to $57.1M, with subscription revenue up 12% and ARR up 10% to $180.2M; software now represents over 80% of the business, driving double-digit growth.
Adjusted EBITDA for Q3 2025 was $18M (31% margin), with non-GAAP EPS at $0.33 and operating cash flow of $11M; net income was $6.5M.
Completed the acquisition of Nok Nok Labs (FIDO2 software) and a strategic investment in ThreatFabric, both funded by cash flow.
Returned over $20M to shareholders in the first nine months via dividends and buybacks, including a $0.12/share dividend for Q3 and Q4.
Over 60% of the world’s 100 largest banks are customers, with a global presence in 100+ countries.
Financial highlights
Q3 2025 revenue: $57.1M (up 1% YoY); subscription revenue up 12%; ARR reached $180.2M (up 10% YoY); NRR was 103%.
Adjusted EBITDA was $18M (31% margin), up from $17M last year; gross margin held steady at 74%.
GAAP operating income was $8.2M, down 27% year-over-year; GAAP EPS was $0.17; non-GAAP EPS was $0.33.
Cash and equivalents at quarter-end were $85.6M–$86M, with no long-term debt.
Cash from operations was $47M for the first nine months.
Outlook and guidance
FY 2025 revenue guidance lowered to $239M–$241M (from $245M–$251M), reflecting hardware headwinds and lower net expansion activity.
Software/services revenue expected at $190M–$192M; hardware revenue at $49M–$50M (–16%).
ARR guidance revised to $183M–$187M (was $186M–$192M); adjusted EBITDA guidance maintained at $72M–$76M.
Expect further acceleration in software subscription growth in 2026, with new products contributing more meaningfully.
Management expects continued focus on profitable, efficient growth, especially in subscription revenue.
Explain FY25 revenue and ARR guidance reduction
How do segment trends align with 2026 growth?
Explain operating income vs. Adjusted EBITDA divergence
Expected 2026 software subscription growth
Expected S3 contribution to 2026 bookings?
How will FIDO2 keys offset hardware decline?
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Frequently asked questions
OneSpan Inc provides cybersecurity and identity verification solutions, including digital agreements, authentication, and anti-fraud platforms. The company serves financial institutions, enterprises, and government organizations with secure digital transaction technology. The company is headquartered in Chicago, Illinois, and its shares are listed on the NASDAQ.
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