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Jun 30, 2021
OneSpan Q2 2021 Earnings Report
Reported a decline in total revenue but growth in recurring revenue and ARR.
Key Takeaways
OneSpan reported a 5% decrease in total revenue to $52.3 million for Q2 2021, while recurring revenue grew by 24% to $28.8 million and ARR also increased by 24% to $111.7 million. The company experienced a GAAP net loss of $6.7 million, and adjusted EBITDA was $(1.0) million. Full year 2021 earnings guidance was adjusted to reflect an updated second half 2021 outlook.
Total revenue declined 5% to $52.3 million.
Recurring revenue grew 24% to $28.8 million.
Annual Recurring Revenue (ARR) grew 24% to $111.7 million.
GAAP net loss of $6.7 million.
OneSpan
OneSpan
Forward Guidance
OneSpan expects total revenue, recurring revenue and ARR growth to decrease from prior guidance and Adjusted EBITDA to be negative.
Challenges Ahead
- Total revenue in the range of $205 million to $215 million as compared to our prior guidance of $215 million to $225 million.
- Recurring revenue in the range of $115 million to $120 million as compared to our prior guidance of $120 million to $125 million.
- ARR growth of 17% to 20% as compared to our prior guidance of 22% - 26%.
- Adjusted EBITDA in the range of negative $12 million to negative $15 million as compared to our prior guidance of approximately break-even.