OneSpan: Good H1'24, H2'24 Will Be Likely Muted, And The Stock Is Still Fairly Valued
OSPNOneSpan (OSPN) Seeking Alpha·2024-08-28 12:15

Costs controlled: The most interesting factor behind OneSpan's recent performance has been the impressive cost cuts the company has materialized. OpEx was 35% lower in 1H24, and gross margins were 500 basis points higher. The workforce has been reduced by close to half. In this respect, 2Q24 maintained a quarterly OpEx trend of around $30/31 million, which is very salutary. Although OpEx may raise in 2H24 (potentially for bonuses and higher D&A), the company is in line to post $75 million in annualized savi ...