SSH Communications Security (SSH1V) Q2 2026 earnings summary

Executive summary

• Net sales grew 6.8% year-over-year in Q2 2026 to EUR 5.7 million, driven by strong subscription and PrivX sales, which increased 25.1% in the quarter.

• EBITDA was EUR 0.2 million in Q2, returning positive but down from the previous year, with operating loss at EUR -0.5 million.

• Strategic focus on expanding the partner network, especially with Leonardo and Nokia, and increasing market awareness for PrivX.

• Leadership transitions: new CFO joining in October, CEO Rami Raulas retiring, and search for a successor underway.

• Liquidity remains strong after hybrid loan repurchase, with cash and equivalents at EUR 9.5 million.

Financial highlights

• Subscription ARR grew 14.3% year-over-year; overall subscription sales up 14.4%.

• Deferred revenues improved to EUR 14 million year-over-year; sequentially flat from Q1.

• EBIT was negative EUR 0.5 million; cash flow from operations was EUR 1 million, a clear improvement from the previous year.

• Most new sales are subscription-based, with legacy maintenance revenue slightly declining.

• Equity ratio improved to 69.1% (from 55.2%).

Outlook and guidance

• Continued focus on accelerating growth, especially in PrivX and transitioning legacy products to subscription.

• Leonardo partnership seen as the largest long-term growth opportunity, with a comprehensive partner network built for other regions.

• Net sales expected to grow in 2026 compared to 2025, with positive EBITDA and operating cash flow projected for the full year.

• No significant seasonality expected in Q3; Q4 typically the most active sales quarter.

• Migration to secure messaging underway for SalaX customers.