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Side-by-side financial comparison of Lulu's Fashion Lounge Holdings, Inc. (LVLU) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
Lulu's Fashion Lounge Holdings, Inc. is the larger business by last-quarter revenue ($66.1M vs $65.9M, roughly 1.0× OneSpan Inc.). OneSpan Inc. runs the higher net margin — 17.5% vs -48.2%, a 65.7% gap on every dollar of revenue. On growth, OneSpan Inc. posted the faster year-over-year revenue change (4.1% vs -11.8%). Over the past eight quarters, OneSpan Inc.'s revenue compounded faster (4.0% CAGR vs -14.7%).
Lulu's Fashion Lounge Holdings, Inc. is a direct-to-consumer women's fashion retailer offering affordable, trendy apparel, footwear, and accessories. It primarily serves Gen Z and millennial consumers across North America, operating mainly via its e-commerce platform, with limited pop-up physical locations to boost customer engagement.
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
LVLU vs OSPN — Head-to-Head
Income Statement — Q4 FY2024 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $66.1M | $65.9M |
| Net Profit | $-31.9M | $11.6M |
| Gross Margin | 37.9% | 73.6% |
| Operating Margin | -52.8% | 22.5% |
| Net Margin | -48.2% | 17.5% |
| Revenue YoY | -11.8% | 4.1% |
| Net Profit YoY | -340.9% | — |
| EPS (diluted) | $-13.46 | $0.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $65.9M | ||
| Q4 25 | — | $62.9M | ||
| Q3 25 | — | $57.1M | ||
| Q2 25 | — | $59.8M | ||
| Q1 25 | — | $63.4M | ||
| Q4 24 | $66.1M | $61.2M | ||
| Q3 24 | $80.5M | $56.2M | ||
| Q2 24 | $92.0M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | — | $43.5M | ||
| Q3 25 | — | $6.5M | ||
| Q2 25 | — | $8.3M | ||
| Q1 25 | — | $14.5M | ||
| Q4 24 | $-31.9M | $28.8M | ||
| Q3 24 | $-6.9M | $8.3M | ||
| Q2 24 | $-10.8M | $6.6M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 74.3% | ||
| Q4 24 | 37.9% | 74.0% | ||
| Q3 24 | 38.1% | 73.9% | ||
| Q2 24 | 45.5% | 66.2% |
| Q1 26 | — | 22.5% | ||
| Q4 25 | — | 19.9% | ||
| Q3 25 | — | 14.4% | ||
| Q2 25 | — | 17.6% | ||
| Q1 25 | — | 27.1% | ||
| Q4 24 | -52.8% | 19.3% | ||
| Q3 24 | -8.5% | 20.0% | ||
| Q2 24 | -4.9% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | — | 69.2% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | — | 13.9% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | -48.2% | 47.1% | ||
| Q3 24 | -8.5% | 14.7% | ||
| Q2 24 | -11.7% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | — | $1.13 | ||
| Q3 25 | — | $0.17 | ||
| Q2 25 | — | $0.21 | ||
| Q1 25 | — | $0.37 | ||
| Q4 24 | $-13.46 | $0.73 | ||
| Q3 24 | $-2.47 | $0.21 | ||
| Q2 24 | $-3.92 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.5M | $49.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.4M | $272.0M |
| Total Assets | $108.2M | $383.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | — | $70.5M | ||
| Q3 25 | — | $85.6M | ||
| Q2 25 | — | $92.9M | ||
| Q1 25 | — | $105.2M | ||
| Q4 24 | $4.5M | $83.2M | ||
| Q3 24 | $6.3M | $77.5M | ||
| Q2 24 | $1.8M | $63.8M |
| Q1 26 | — | $272.0M | ||
| Q4 25 | — | $271.8M | ||
| Q3 25 | — | $238.3M | ||
| Q2 25 | — | $242.5M | ||
| Q1 25 | — | $231.1M | ||
| Q4 24 | $13.4M | $212.5M | ||
| Q3 24 | $43.8M | $194.6M | ||
| Q2 24 | $48.7M | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | — | $397.7M | ||
| Q3 25 | — | $343.5M | ||
| Q2 25 | — | $357.1M | ||
| Q1 25 | — | $333.8M | ||
| Q4 24 | $108.2M | $338.7M | ||
| Q3 24 | $153.5M | $289.3M | ||
| Q2 24 | $145.3M | $286.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.5M | $28.2M |
| Free Cash FlowOCF − Capex | $-2.6M | — |
| FCF MarginFCF / Revenue | -3.9% | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | — | $12.6M | ||
| Q3 25 | — | $11.3M | ||
| Q2 25 | — | $6.2M | ||
| Q1 25 | — | $29.4M | ||
| Q4 24 | $-2.5M | $12.4M | ||
| Q3 24 | $-5.5M | $14.0M | ||
| Q2 24 | $3.7M | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $9.6M | ||
| Q3 25 | — | $8.8M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $27.7M | ||
| Q4 24 | $-2.6M | $10.5M | ||
| Q3 24 | $-5.9M | $12.0M | ||
| Q2 24 | $3.4M | $26.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.3% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | — | 43.8% | ||
| Q4 24 | -3.9% | 17.1% | ||
| Q3 24 | -7.3% | 21.4% | ||
| Q2 24 | 3.7% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 0.0% | 3.2% | ||
| Q3 24 | 0.5% | 3.5% | ||
| Q2 24 | 0.4% | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | — | 0.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LVLU
| Single Reportable Segment | $63.0M | 95% |
| Other | $2.4M | 4% |
| Stored Value Cards | $750.0K | 1% |
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
