secwatch.observer — SEC 8-K summary
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Issuer:     OneSpan Inc. (OSPN)
CIK:        0001044777
Form:       8-K
Filed at:   2023-08-09T23:59:59+00:00
Accession:  0001628280-23-028554
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

OneSpan Q2 2023 revenue $55.7M (+6%), net loss wider at $17.8M; cuts FY guidance, approves restructuring
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- Q2 revenue $55.7M (+6% YoY); subscription rev $23.0M (+16%). Net loss $17.8M (-$0.44/diluted) vs $9.4M loss a year ago.
- Adjusted EBITDA -$3.8M vs -$1.5M a year ago. Full-year 2023 revenue guidance cut to $226M-232M (prev $232M-242M).
- Board approves $15M-20M restructuring charges for workforce reductions, targeting $30M annual savings by end 2025.
- Combined with prior plan, savings expected $50M-55M; targeting FY2024 adjusted EBITDA margin of 20%-23%.
- ARR grew 8% to $144.4M; Net Retention Rate 106%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1044777/000162828023028554/0001628280-23-028554-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1044777/000162828023028554/ospn-20230803.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-028554

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