Capital Allocation: $100M 5-year syndicated revolving credit facility entered; no borrowings except small letter of credit (CFO)
Official Guidance
Full-Year 2025 Revenue: Maintained at $245M–$251M (CFO)
Full-Year 2025 ARR: Increased to $186M–$192M from prior $180M–$186M (CFO)
Full-Year 2025 Adjusted EBITDA: Maintained at $72M–$76M (CFO)
Subscription Revenue: Expect double-digit growth for full-year 2025 (CFO)
H2 2025 Hardware Revenue: Similar to H1, with majority in Q4 (CFO)
ARR Exit (Dec 2025): Expected to grow at mid-single-digit percentage from June 30 level (CEO)
Nok Nok EBITDA Impact: Slightly accretive to adjusted EBITDA in Q4 2025 (CFO)
Mgmt Quotes
"Our transformation of OneSpan is on track... by the beginning of next year... well positioned to accelerate top line growth in 2026 as we continue to drive to a Rule of 40 performance." (CEO)
"We were solidly profitable in the quarter with adjusted EBITDA of $18 million or 29.5% of revenue... for the first half, record adjusted EBITDA of $41 million." (CEO)
"The addition of Nok Nok's FIDO2 software... enables the company to provide customers worldwide with the industry's most innovative, comprehensive and future-ready authentication portfolio." (CEO)
"We are maintaining our revenue guidance in the range of $245 million to $251 million... increasing our ARR guidance to be in the range of $186 million to $192 million." (CFO)
"We are very pleased with our second quarter and first half performance and expect a return to positive revenue growth in the second half of the year." (CFO)
Prepared Metrics
Metric
Value
Speaker/Context
ARR
$178M, +8% YoY
CFO
Subscription Revenue Growth
+22% YoY (Security +39%, DA +5%)
CFO
Total Revenue
$59.8M, -2% YoY
CFO
Gross Margin
73% (vs. 66% YoY)
CFO
Adjusted EBITDA
$17.6M, 29.5% margin
CFO
GAAP Operating Income
$10.5M (vs. $7.6M YoY)
CFO
Non-GAAP EPS
$0.34 (vs. $0.31 YoY)
CFO
GAAP Net Income per Share
$0.21 (vs. $0.17 YoY)
CFO
Operating Cash Flow
$6.2M in Q2
CFO
Cash and Equivalents
$92.9M
CFO
NRR
101%
CFO
FY2025 Revenue Guidance
$245M–$251M
CFO
FY2025 ARR Guidance
$186M–$192M
CFO
FY2025 Adj. EBITDA Guidance
$72M–$76M
CFO
Q&A Batch (1-4 of 4)
Q1 — Catharine Anne Trebnick
Topic: Nok Nok acquisition rationale and cross-sell opportunity
Key points:
Acquisition is a tuck-in to complement security software; technology plugs into existing FIDO hardware (launched last year).
Purpose is not for revenue but for technology and cross-sell to existing customer base (over 1,000 banks globally).
Cross-sell expected more in 2026 than 2025; acquired team is experienced and holds a FIDO alliance board seat.
Mgmt stance: Bullish – sees long-term value in offering complete authentication solutions for banks.
Q2 — Anja Marie Theresa Soderstrom
Topic: ARR guidance increase and pipeline
Key points:
Nok Nok added ~$8 million to ARR; guidance increased by $6 million on both low and high end.
The remaining $2 million gap due to: (1) a bank selling Middle East operations (accelerated in H1), (2) a 7-figure customer moving slower than anticipated (internal delays, conservatively removed from ARR).
H1 bookings were strong; H2 (Q3 and Q4) are typically much bigger quarters; hardware business expected to be tougher in H2.
Mgmt stance: Neutral – acknowledges ARR headwinds from contractions but optimistic about H2 pipeline and new Nok Nok offering.
Q3 — Trevor John Rambo
Topic: Macro impact (tariffs, DOGE cuts) and go-to-market evolution
Key points:
Tariff impact is minimal (a few hundred thousand dollars); federal government revenue is only 2% of total, so DOGE cuts had small impact.
Europe has been weaker; Americas (North and South) performed better; EMEA typically strong.
Go-to-market: split North American sales team last July into dedicated security and digital agreements teams; investing more in North American security sales; adding resources from Nok Nok acquisition; focusing on new logo acquisition for DA business.
Mgmt stance: Neutral – macro impacts minor, but Europe weakness noted; bullish on go-to-market changes paying off.
Q4 — Rudy Grayson Kessinger
Topic: Customer contraction quantification and Nok Nok cross-sell sizing
Key points:
Year-over-year contraction from two large customers was ~$3 million.
For the customer selling assets, further contraction risk exists but may be more muted in H2; no quantification available.
Nok Nok’s FIDO2 capability: all customers could use FIDO over 5–10 years; strategy is to offer both hardware (recently introduced) and software to avoid losing customers to competitors; adoption speed varies by market.
Mgmt stance: Cautious on contraction risk (uncertainty on further asset sales); bullish on long-term FIDO opportunity for entire installed base.