SSH Communications Security (SSH1V) CMD 2025 summary

Strategic direction and business developments

• Accelerated growth through operational excellence, expanded partner networks, and a major strategic partnership with Leonardo, now the largest investor, driving sales and market expansion.

• Expansion into defense, federal government, critical infrastructure, OT security, and manufacturing, with PrivX and NQX as core solutions.

• Renewed solution portfolio targets critical infrastructure, government, finance, healthcare, and manufacturing, emphasizing compliance and regulatory drivers (EU NIS2, CER, etc.).

• AI and post-quantum cryptography are embedded across products, with internal AI tools boosting productivity and new AI-driven features planned for 2026.

• Expansion of partner network and increased investment in sales and marketing to accelerate growth in 2026 and beyond.

Financial guidance and performance

• Q3 2025 revenue reached EUR 5.5 million (+4% YoY), with EBITDA at EUR 0.8 million; recurring revenue grew year-on-year despite some renewal delays.

• EUR 20 million investment from Leonardo closed, strengthening the balance sheet and funding R&D and global sales/marketing expansion.

• Focus on subscription-based sales continues, with expectations for positive EBITDA and cash flow in 2026 and improvements in 2027 and beyond.

• Change in R&D accounting has temporarily burdened EBITDA but will reduce amortizations and narrow the gap between EBITDA and EBIT over time.

• Pipeline added EUR 22 million in new opportunities this year, with deal sizes ranging from small channel deals to large enterprise contracts over EUR 1 million.

Product and technology innovation

• PrivX and NQX are positioned as growth engines, with PrivX recognized for innovation and market leadership in PAM and secure remote access.

• Portfolio includes quantum-safe encryption, Zero Trust access management, secure collaboration, and file transfer solutions, with strong analyst and customer endorsements.

• AI-driven features such as anomaly detection, customer support, and key audit reports are in use, with a proprietary cybersecurity language model and further AI-powered solutions in development.

• Compliance with emerging post-quantum cryptography standards and regulations is a key differentiator, with early adoption in critical sectors.

• Product roadmap includes further expansion of PrivX capabilities, integration with Leonardo and other partners, and continued focus on holistic, scalable security solutions.