SSH Communications Security (SSH1V) Q4 2025 earnings summary

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.