SSH Communications Security (SSH1V) Q3 2025 earnings summary

Executive summary

• Net sales grew 4.0% year-over-year to EUR 5.5 million in Q3 2025, with growth impacted by currency fluctuations and subscription ARR up 7.7%.

• EBITDA was EUR 0.8 million, down from EUR 1.0 million last year, maintaining profitability.

• PrivX sales rose 14.4% in Q3, with strong demand and new customer wins in energy, finance, telecom, and public sector.

• Strategic partnership and EUR 20 million investment from Leonardo closed post-Q3, expected to drive future growth.

• Profit for the period was EUR 0.0 million, up from a loss of EUR -0.1 million in Q3 2024.

Financial highlights

• Net sales reached EUR 5.5 million in Q3 2025, up from EUR 5.2 million in Q3 2024.

• EBITDA was EUR 0.8 million, compared to EUR 1.0 million in the same quarter last year.

• EBIT was EUR 0.0 million, nearly flat year-over-year.

• Cash flow from operations improved to EUR -0.2 million from EUR -0.7 million year-over-year.

• Deferred revenues at EUR 9.7 million, impacted by timing of major contract renewals.

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 the end of 2024 was EUR 20.5 million, up from EUR 19.3 million in 2023.