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- 订阅收入同比增长8%至5270万美元，占总营收80%（CFO）
- 总营收增长4.1%至6590万美元，软件与服务收入增长5.8%，硬件收入下降4.3%（CFO）
- 调整后EBITDA为2100万美元，调整后EBITDA利润率31.9%（CFO）
- 经常性年收入（ARR）同比增长14.1%至1.921亿美元，自2024年3月31日以来增长24%（CEO/CFO）
- 数字协议业务营收增长11.2%至1740万美元，订阅收入增长11%；ARR增长9.9%至6750万美元（CEO/CFO）
- 网络安全业务营收增长1.7%至4850万美元，订阅收入增长6.6%；ARR增长6.5%至1.246亿美元（CFO）
- 综合毛利率约74%，网络安全毛利率74%，数字协议毛利率提升至72.5%（CFO）
- 经营活动现金流2820万美元；期末现金及现金等价物4980万美元，无长期债务（CFO）
- 数字协议运营利润率30.4%，网络安全运营利润率43%（CFO）
- 毛利率保留率达90%，数字协议业务达94%（CEO）
- 收购Build 38于2月27日完成，贡献约一个月业绩；Nok Nok Labs被收购后ARR增长约20%（CEO）
- 季度股息增至每股0.13美元，本季度回购约51万股，花费540万美元（CEO/CFO）
Official Guidance
- 2026全年总营收：2.44亿至2.49亿美元（CFO）
- 2026全年软件与服务收入：2.01亿至2.04亿美元（CFO）
- 2026全年硬件收入：4300万至4500万美元（CFO）
- 2026全年ARR：1.94亿至1.98亿美元（此前指引为1.92亿至1.96亿美元）（CFO）
- 2026全年调整后EBITDA：6600万至6800万美元（CFO）
- Q2网络安全ARR逆风：约300万美元，来自两份预计不续约的合同（CEO/CFO）
Mgmt Quotes
- Victor T. Limongelli (CEO): "我们开局良好，实现强劲盈利和稳健营收增长。订阅收入同比增长8%，调整后EBITDA利润率达32%。"
- Victor T. Limongelli (CEO): "我们很高兴宣布，公司整体毛利率保留率达90%，数字协议业务达94%。"
- Jorge Martell (CFO): "Q1调整后EBITDA为2100万美元，利润率31.9%，得益于营收增长和其他因素。"
- Jorge Martell (CFO): "我们维持2026全年营收和调整后EBITDA指引，并上调ARR指引至1.94亿至1.98亿美元。"
- Victor T. Limongelli (CEO): "网络安全和数字协议业务均不以席位许可为主要收入模式，前者按终端用户数定价，后者97%按交易量或文档量定价。"
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| 订阅收入 | 5270万美元，同比+8.2% | CFO，占总营收80% |
| 总营收 | 6590万美元，同比+4.1% | CFO |
| 经常性年收入（ARR） | 1.921亿美元，同比+14.1% | CEO/CFO |
| 调整后EBITDA | 2100万美元，利润率31.9% | CFO |
| 数字协议营收 | 1740万美元，同比+11.2% | CFO |
| 网络安全营收 | 4850万美元，同比+1.7% | CFO |
| 综合毛利率 | 约74% | CFO |
| 经营活动现金流 | 2820万美元 | CFO |
| 期末现金及现金等价物 | 4980万美元 | CFO |
| GAAP每股净收益 | 0.30美元 | CFO |
| 非GAAP每股净收益 | 0.39美元 | CFO |
Q&A Batch (1-5 of 6)
Q1 — Erik Suppiger
- Topic: Timeline for rule of 40 and top-line acceleration
- Key points:
- Rule of 40 metric improved from 12 in 2023 to 36 in the most recent quarter (32 last year).
- Hardware revenue now only 16% of total, declining year-over-year; consumer banking token also declining.
- Investing in go-to-market and product functionality to drive subscription growth and ARR.
- Mgmt stance: Neutral — progress acknowledged but no exact date given for reaching rule of 40.
Q2 — Rudy Grayson Kessinger
- Topic: Organic ARR growth and EMEA/Middle East impact
- Key points:
- Nok Nok ARR at end of Q1: $9.7 million (up from $8.1 million at acquisition ~9 months ago, ~20% growth).
- Build 38 ARR at acquisition: $2.8 million; combined acquired ARR ~$10.9 million.
- Organic ARR growth estimated at 7%–8%.
- Middle East is ~4% of revenue; EMEA mix slightly smaller due to strategic focus on North America.
- Mgmt stance: Neutral — optimistic on EMEA overall but cautiously watching Middle East.
Q3 — Gray Powell
- Topic: Nok Nok upsell opportunity and Build 38 purpose
- Key points:
- GRR: 94% for digital agreements, 88% for cybersecurity (highest in a while).
- Nok Nok strongest in North America and Japan; expected to grow globally.
- Build 38 provides SDK-based protection with telemetry (vs. previous wrapping approach), broadening cybersecurity offering.
- Mgmt stance: Bullish — passwordless trend seen as long-term growth driver; Build 38 enhances competitive position.
Q4 — Anja Soderstrom
- Topic: Non-renewing contracts and confidence in ARR guidance
- Key points:
- One non-renewing account is ~$2 million; decision made a year ago to move to passwordless (before Nok Nok acquisition).
- ARR growth expected to reaccelerate in latter part of the year (September–December) due to seasonality and pipeline.
- GRR improvement attributed to better technology (Nok Nok) and stronger customer engagement.
- Mgmt stance: Bullish — confident in raising ARR guidance despite short-term hit.
Q5 — Erik Suppiger
- Topic: Cross-sell between Nok Nok software and hardware tokens
- Key points:
- Few customers currently buying both; Nok Nok was pure software (no token business).
- Cross-sell seen as an opportunity to blunt consumer banking token decline, not a material contributor yet.
- Nok Nok offers device-bound keys (not synced to cloud), appealing to banks; hardware is open protocol, no vendor lock-in.
- Mgmt stance: Neutral — opportunity exists but early stage; no quantification of cross-sell impact.
Q&A Batch (6-6 of 6)
Q6 — Catharine Anne Trebnick
- Topic: 订阅收入占比规划与硬件业务未来趋势
- Key points:
- 当前订阅收入约占总收入的80%，管理层未设定长期占比目标，但重点在于持续增长ARR。
- 消费级银行硬件令牌预计继续下滑，但不会归零；欧洲和亚洲部分消费者仍使用令牌进行网页银行认证。
- 硬件业务中FIDO2安全部分可能对冲下滑，若能增长可使硬件业务稳定；2026年硬件指引未变，2027/2028年无法预测。
- 企业银行仍依赖硬件令牌进行高价值交易签名，预计存在稳定客户基础。
- Mgmt stance: 中性偏谨慎——承认硬件处于长期下滑趋势，但强调不会归零，并通过FIDO2寻求稳定；同时明确将资源集中于订阅增长。