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SSH Communications Security (SSH1V) investor relations material
SSH Communications Security Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 net sales declined 21.1% year-over-year to €5.4M, with full year net sales down 2.4% to €21.6M, mainly due to lower license sales and USD headwinds.
Subscription ARR grew 12.5% in Q4, with PrivX sales up 17.7% and strong analyst recognition, including a Gartner Magic Quadrant honorable mention.
Strategic partnership and €20M investment agreement with Leonardo S.p.A. closed, making it the largest shareholder and opening new opportunities in critical infrastructure and defense.
Organizational restructuring centralized product management, marketing, and engineering, with new leadership and increased hiring focused on R&D and regional expansion.
Increased visibility and validation from industry analysts, with multiple recognitions and certifications for PrivX.
Financial highlights
Q4 net sales: €5.4M (down 21.1%); full year: €21.6M (down 2.4%).
Q4 EBITDA: €0.1M (down from €1.7M); Q4 EBIT: -€0.7M; full year EBITDA: €1.5M.
Deferred revenues increased to €14.6M at year-end, driven by multi-year deals and renewals.
Cash flow from operations was €1.9M in Q4 and €1.1M for the year.
Liquid assets at year-end: €21.0M (up from €2.9M).
Outlook and guidance
Net sales are expected to grow in 2026 compared to 2025.
EBITDA and operating cash flow are projected to remain positive in 2026.
The Leonardo partnership is anticipated to be the largest growth driver in 2026, with most revenue impact expected in the latter part of the year.
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