Total revenue for the fiscal year ended December 31, 2025, was $243.180 million, remaining flat compared to $243.179 million in 2024. Net income increased to $72.904 million in 2025, up from $57.082 million in 2024. Operating income rose to $48.446 million in 2025 from $44.805 million in 2024. Gross profit increased to $179.354 million (74% gross margin) in 2025, compared to $174.576 million (72% gross margin) in 2024. Adjusted EBITDA grew to $77.649 million in 2025 from $73.373 million in 2024. Annual Recurring Revenue (ARR) increased by 11% to $186.9 million at December 31, 2025, from $167.7 million in 2024. Net Retention Rate (NRR) was 104% at December 31, 2025, a decrease from 106% in 2024. The company is undergoing a strategic shift from physical Digipass tokens to higher-margin software solutions, with Digipass revenue declining from 78% of total revenue in 2015 to 20% in 2025. OneSpan acquired Nok Nok Labs, Inc., a provider of passwordless software authentication solutions, in June 2025 for $19.2 million (cash consideration of $14.7 million). A definitive agreement was entered into in December 2025 to acquire Build38 GmbH, a leader in mobile application protection solutions, for $38.8 million, with closing expected by March 2026. A strategic investment of $11.7 million was made in ThreatFabric Holding B.V., a mobile threat intelligence and fraud detection provider, in October 2025. The company returned approximately $31.6 million to shareholders in 2025 through quarterly dividends and share repurchases. A quarterly cash dividend of $0.13 per share was declared on February 26, 2026, representing an 8.3% increase. The restructuring plan, which included the elimination of approximately 345 positions, was substantially completed and terminated as of December 31, 2025. Cash and cash equivalents decreased to $70.499 million at December 31, 2025, from $83.160 million at December 31, 2024. A $100.0 million revolving credit facility was established in June 2025, with no borrowings outstanding as of December 31, 2025.