OSPN - OneSpan ends the year on a high note

2024-03-07 10:39:13 ET

DENVER, Colo., Mar 07, 2024 ( 247marketnews.com )- OneSpan Inc. (NASDAQ: OSPN ) reported its financial results for the fourth quarter and full year ended December 31, 2023.

Fourth quarter revenue grew 11%, year-over-year, to $62.9 million, and full year revenue grew 7%, year-over-year, to $235.1 million, driven by 15% fourth quarter and 19% full year subscription revenue growth.

“We ended the year on a high note led by strong operational rigor and accelerated cost reduction actions over the second half of 2023, resulting in 3% GAAP operating margin and 18% adjusted EBITDA margin in the fourth quarter, a dramatic improvement from the prior year,” stated OneSpan interim CEO, Victor Limongelli. “We will continue to focus on driving efficient revenue growth, profitability and cash flow in 2024.”

OneSpan’s about section states that it “helps organizations accelerate digital transformations by enabling secure, compliant, and refreshingly easy customer agreements and transaction experiences. Organizations requiring high assurance security, including the integrity of end-users and the fidelity of transaction records behind every agreement, choose OneSpan to simplify and secure business processes with their partners and customers. Trusted by global blue-chip enterprises, including more than 60% of the world’s largest 100 banks, OneSpan processes millions of digital agreements and billions of transactions in 100+ countries annually.”

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