OneSpan Inc. reports developments tied to its cybersecurity and digital agreement businesses, including financial results, subscription revenue trends, product integrations and portfolio expansion. Its solutions cover high-assurance authentication, identity verification, fraud prevention, mobile app protection, secure e-signatures and smart digital forms for digital transactions and agreement workflows.
Company updates also include passwordless authentication capabilities such as FIDO2 security keys, passkeys, mobile biometrics and adaptive authentication, along with OneSpan Sign integrations and completed acquisitions such as Build38, which added mobile application protection and cloud-driven threat intelligence to the cybersecurity portfolio.
On September 17, 2020, OneSpan (NASDAQ: OSPN) announced a strategic partnership with ForgeRock to enhance digital identity management and fraud prevention in banking. This collaboration integrates OneSpan's multi-factor authentication and risk analytics into ForgeRock's Identity Platform, allowing banks to streamline identity and access management. The combined solution aims to enhance security and user experience in light of rising fraud due to Covid-19. Both companies emphasize the importance of this integration for financial institutions to manage risks effectively.
OneSpan (NASDAQ: OSPN) announced the retirement of T. Kendall Hunt from its Board of Directors, effective September 12, 2020. Hunt, who founded the company in 1997 and served in various leadership roles, played a vital role in its growth. The board has added four new directors with expertise in cloud technology, finance, and financial services to strengthen its capabilities. OneSpan's security solutions help reduce digital transaction fraud and facilitate regulatory compliance for over 10,000 customers, including more than half of the top 100 global banks.
On September 1, 2020, OneSpan (NASDAQ: OSPN) announced participation in several upcoming investor conferences. The events include the D.A. Davidson 19th Annual Software & Internet Virtual Conference on September 9, the Colliers 2020 Institutional Investor Conference on September 10, and the Jefferies Software Virtual Conference on September 15. The Sidoti Fall 2020 Investor Conference is scheduled for September 24. Live webcasts and replays will be available on the OneSpan investor relations website, highlighting the company's commitment to securing remote banking transactions.
On August 4, 2020, OneSpan announced a delay in its Q2 2020 earnings release originally scheduled for the same day. The company identified immaterial errors from prior periods concerning software license contracts, leading to estimated revenue overstatements of $2M to $2.5M from Q1 2018 to Q1 2020, less than 0.5% of total revenue. OneSpan plans to report its Q2 results on August 11, 2020, after market close. The company will assess the impact on its internal control over financial reporting.
OneSpan Inc. (NASDAQ: OSPN) will release its second quarter 2020 financial results on August 4, 2020, after market close. The company will host a conference call at 4:30 p.m. ET to discuss these results, with a live webcast available on the OneSpan Investor Relations website. Investors are encouraged to dial in at least 15 minutes early due to potential long hold times during the COVID-19 pandemic. OneSpan is a leader in securing remote banking transactions, providing solutions to over 10,000 customers, including significant global banks.
OneSpan Inc. (NASDAQ: OSPN) reported a revenue increase of 19% to $56.5 million for Q1 2020, driven by a 90% growth in software revenue, amounting to $24.4 million. Recurring revenue rose 62% to $26 million. The company achieved an adjusted EBITDA of $5.3 million, contrasting with a net income of $0.1 million, or $0.00 per share. Cash and investments totaled $105.3 million. For 2020, OneSpan anticipates revenue between $255 million and $265 million.