SSH Communications Security (SSH1V) Q2 2025 earnings summary

Executive summary

• Net sales grew 5.7% in Q2 2025 to EUR 5.4 million and 6.8% in H1 2025 to EUR 10.8 million year-over-year, with subscription ARR up 10.9% and PrivX sales up 15.1%.

• EBITDA for Q2 was EUR 0.4 million, broadly in line with the prior year, while H1 EBITDA was EUR 0.6 million.

• Strategic partnership and EUR 20 million investment agreement with Leonardo S.p.A. announced, making Leonardo the largest shareholder pending approval.

• New wins in finance, manufacturing, and OT security markets, with enhanced solution launches across all product areas.

• Invoicing growth reached 35%, indicating strong pipeline activity and new opportunities.

Financial highlights

• Q2 net sales: EUR 5.4 million (up 5.7%); H1 net sales: EUR 10.8 million (up 6.8% year-over-year).

• Q2 EBITDA: EUR 0.4 million; H1 EBITDA: EUR 0.6 million.

• Q2 operating loss: EUR -0.4 million; H1 operating loss: EUR -1.5 million.

• Deferred revenues stable at EUR 10.9 million.

• Currency headwinds impacted results, especially due to USD weakness.

Outlook and guidance

• Net sales expected to grow in 2025 compared to 2024.

• EBITDA and cash flow from operating activities projected to be positive for 2025.

• Annual Recurring Revenue at end of 2024 was EUR 20.5 million, up from EUR 19.3 million in 2023.