Onespan Inc. · NASDAQ:OSPN
Onespan — Q3 2026 Earnings Presentation
27 slides from Onespan's earnings presentation, Oct 29, 2026
Slide 1: Investor Presentation – Q3 2026
Investor Presentation – Q3 2026 October 29, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding our 2026 financial guidance; our planned availability dates for the DigipassONE Authenticate Free Trial and the general availability
Slide 3: Company Overview
Company Overview O OneSpan
Slide 4: OneSpan At a Glance
OneSpan At a Glance1 Revenue Subscription ARR2 AEBITDA2 FCF2 Cash & Eq. $253M $196M $196M $77M $45M $51M (5% y/y growth) (78% of revenue; 11% y/y growth) (9% y/y growth) (30% revenue) (18% revenue) Shareholder Returns³ FY 2025 9 Mo 2026 Since 1/1/25 Dividends $18.5M $14.7M $33.1M Repurchases $13.1M
Slide 5: Diversified Revenue
Diversified Revenue Two Business Divisions Geographic Mix1 Cybersecurity Americas 41% 71% EMEA 40% Digital Agreements 29% APAC 19% Revenue Split, TTM Q3'26 Revenue by Geography, TTM Q3'26 1 In the America’s region, Digital Agreements revenue is larger than Cybersecurity’s. In the EMEA & APAC regions
Slide 6: Strong Profitability & Cash Flow: Disciplined Investment Approach
Strong Profitability & Cash Flow: – Disciplined Investment Approach Adjusted EBITDA1,2 Operating Cash Flow1 Free Cash Flow1,2 $73M $78M $56M $59M 32% 30% $57M $45M $46M $50M 30% 24% 23% $35M 21% 23% 19% 18% $13M 5% $(11M) $(23M) -5% -10% FY 2023 FY 2024 FY 2025 9Mo 2026 FY 2023 FY 2024 FY 2025 9Mo 2
Slide 7: Cybersecurity Division
Cybersecurity Division Industry Leader in Securing Digital Banking Transactions • Trusted by the who’s who of global banks to protect identities, safeguard mobile apps, and secure high value digital transactions from sophisticated attacks • Investing for growth (organic and targeted M&A); Digipass O
Slide 8: Digital Agreements Division
Digital Agreements Division Enterprise-Class Solutions with Strong Presence in BFSI Industries • Robust security, white-labeling and pricing model differentiate OneSpan Sign from peers • Focus on new logos, customer expansion and profitable growth • Revenue1: $73 million, 15% growth eSignatures Iden
Slide 9: Trusted Technology Partner to Global Blue-Chip Enterprises
Trusted Technology Partner to Global Blue-Chip Enterprises – Including more than 60% of the World’s 100 Largest Banks Other Financial Healthcare, Telecom & Banking Insurance Government Services Other PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED 9
Slide 10: GTM Focused on Enterprise Sales and Growing Partner Network
GTM Focused on Enterprise Sales and Growing Partner Network CUSTOMER SEGMENTATION BASED ON EMPLOYEE COUNT OSPN SALES FOCUS1 PARTNER COVERAGE Tiers Efficient Resource Global System Resellers & Platform (Employee Count) Allocation with Sellers Integrators Distributors Partners Large Enterprise SAM 100
Slide 11: Transforming to Drive Profitable, Long-Term Growth
Transforming to Drive Profitable, Long-Term Growth 2026-2027+: Committed to driving efficient revenue growth while maintaining strong profitability and cash generation, and returning capital to shareholders • Continue to innovate and expand product portfolio – acquired Build38 (Q1’26), launched Digi
Slide 12: Financial Highlights & Outlook
Financial Highlights & Outlook
Slide 13: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights1 $64M $51M $19M $0.35 Revenue Subscription Revenue Adjusted EBITDA2 Non-GAAP EPS2 (12% growth) (16% growth) (30% margin) $196M 105% $51M $0.13 ARR2 NRR2 Cash and Equiv. Dividend3 (9% growth) 1 Includes the acquisition of Build38, which closed in Q1 2026. 2 See Appendix f
Slide 14: Q3 2026 YoY Revenue Growth
Q3 2026 YoY Revenue Growth Total Company1 Cybersecurity Division1 Digital Agreements Division1 $63.9M $57.1M $51.5M $44.9M $40.3M $44.4M $19.0M $32.5M $16.7M $27.7M $9.7M $10.5M $9.7 $10.5M $2.9M $1.9M $2.9M $1.9M Q3 2025 Q3 20262 Q3 2025 Q3 20262 Q3 2025 Q3 2026 Total Revenue Hardware Perp. maint.
Slide 15: Q3 2026 ARR Growth
Q3 2026 ARR Growth Total Company1 Cybersecurity1 Digital Agreements (9% growth) (10% growth) (6% growth) $195.5M $180.2M $127.2M $115.5M $68.4M $64.7M Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 1 Includes the acquisition of Build38, which closed in Q1 2026. Total Company and Cybersecurity organ
Slide 16: 2026 Guidance Metrics
2026 Guidance Metrics FY 2026 Guidance Change FY 2026 Metric Prior Guidance (at Midpoint) Current Guidance Total Revenue $248M – $252M + $6.0M $254M – $258M Software & Services $202M – $204M + $6.0M $208M – $210M Revenue* Hardware Revenue $46M – $48M N/A $46M – $48M Adjusted EBITDA2 $67M – $71M + $5
Slide 17: FY 2026 Guidance Metrics and Prior Year Results
FY 2026 Guidance Metrics and Prior Year Results1 Revenue2 Adjusted EBITDA3 ARR3 $254M – $197M – $258M $201M $235M $243M $243M $72M – $187M $78M $76M $168M $73M $155M $13M FY23 FY24 FY25 FY26E FY23 FY24 FY25 FY26E FY23 FY24 FY25 FY26E Software & Services Hardware 1 Includes the acquisitions of Nok No
Slide 18: Appendix
Appendix O OneSpan
Slide 19: Revised Presentation of Revenue by Business Division
Revised Presentation of Revenue by Business Division1 (in millions, unaudited) Three months ended, March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 Cybersecurity Revenue Subscription $ 30.6 $ 19.5 $ 2
Slide 20: Definitions
Definitions ARR, or Annual Recurring Revenue, is calculated as the approximate annualized value of our customer recurring contracts as of the measurement date. These include subscription, term- based license, and maintenance and support contracts and exclude one-time fees. To the extent that we are
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report financial results in accordance with GAAP. We also evaluate our performance using certain non-GAAP financial metrics, namely Adjusted EBITDA, Non-GAAP Net Income, Non- GAAP Net Income Per Diluted Share, and Free Cash Flow. Our management believes that these meas
Slide 22: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued Non-GAAP Net Income and Non-GAAP Net Income Per Share are defined as net income or net income per diluted share, as applicable, before the consideration of long-term incentive compensation expenses, the amortization of intangible assets, restructuring costs, an
Slide 23: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA5 (in thousands, unaudited) Three months ended Nine months ended September 30, September 30, 2025 2026 2025 2026 Net income $ 6,514 $ 7,798 $ 29,361 $ 26,144 Interest expense (income), net (388) 80 (1,812) 253 Provision for income taxes 1,893 1,657 7,48
Slide 24: Reconciliation of Net Income to Non-GAAP Net Income
Reconciliation of Net Income to Non-GAAP Net Income (in thousands, except per share data; unaudited) Three months ended Nine months ended September 30, September 30, 2025 2026 2025 2026 Net income $ 6,514 $ 7,798 $ 29,361 $ 26,144 Benefit from income taxes 1,893 1,657 7,480 6,358 Income loss before
Slide 25: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (in thousands, unaudited) Three months ended Nine months ended September 30, September 30, 2025 2026 2025 2026 Net cash provide by operating activities $ 11,302 $ 16,492 $ 46,885 $ 44,561 1 Purchases of property and equipment (2,535) (3,229) (6,018) (9,526) Free Cash Fl
Slide 26: Copyright and Trademarks
Copyright and Trademarks Copyright© 2026 OneSpan North America Inc., all rights reserved. OneSpan®, the “O” logo, Digipass®, DigipassONETM and related names, logos, products and service names are registered trademarks or trademarks of OneSpan Inc. or its subsidiaries in the U.S. and other countries.
Slide 27: OneSpan
OneSpan