OneSpan Inc. (NASDAQ: OSPN) reported Q1 EPS of $0.083, $0.113 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $56.5 million versus the consensus estimate of $50.35 million.

First Quarter 2020 Financial Highlights

• Revenue for the first quarter of 2020 was $56.5 million, an increase of 19% from $47.6 million for the first quarter of 2019.
• Gross Profit for the first quarter of 2020 was $40.4 million, compared to $31.6 million for the first quarter of 2019. Gross margin for the first quarter of 2020 was 72%, compared to 66% in the first quarter of 2019.
• GAAP operating income for the first quarter of 2020 was $0.9 million, compared to GAAP operating loss of $5.5 million for the first quarter of 2019.
• Adjusted EBITDA for the first quarter of 2020 was $5.3 million, compared to $(2.2) million for the first quarter of 2019.
• GAAP net income for the first quarter of 2020 was $0.1 million, or $0.00 per diluted share, compared to GAAP net loss of $5.7 million, or $0.14 per diluted share for the first quarter of 2019.
• Non-GAAP net income for the first quarter of 2020 was $3.4 million, or $0.08 per diluted share, compared to Non-GAAP net loss of $2.9 million or $0.07 per diluted share for the first quarter of 2019.
• Cash, cash equivalents and short-term investments at March 31, 2020 totaled $105.3 million compared to $109.8 million and $95.3 million at December 31, 2019 and March 31, 2019, respectively.

“OneSpan’s solutions enabling secure remote transactions have never been more important than during this global COVID-19 pandemic,” stated OneSpan CEO, Scott Clements. “Our growth momentum in software continued throughout the quarter with an increase in late March as financial institutions around the world saw spikes in both remote banking transactions and hacking attacks. Our leading market position, fraud prevention and process digitization technologies, financial strength and ability to deliver have us well positioned in this environment and as the world recovers.”

GUIDANCE:

OneSpan Inc. sees FY2020 revenue of $255-265 million, versus the consensus of $257 million.

For the Full Year 2020, OneSpan currently expects:

• Revenue in the range of $255 million to $265 million.
• Adjusted EBITDA in the range of $24 million to $28 million.

For earnings history and earnings-related data on OneSpan Inc. (OSPN) click here.