Finland's SSH Q4 net sales fall more than expected on lack of major license sales

SSH Communications Security Oyj

17/02/2026 07:09

Overview

Finland's cybersecurity firm Q4 net sales fell 21% yr/yr, missing analyst expectations

Company's Q4 EBITDA positive but decreased significantly yr/yr

Company's PrivX subscription sales grew 19.1% yr/yr

Outlook

SSH expects net sales to grow during 2026 compared to 2025

Company estimates EBITDA and cash flow from operations to be positive for 2026

Result Drivers

LICENSE SALES DECLINE - Q4 revenue drop attributed to lack of significant license sales compared to Q4 2024

STRATEGIC PARTNERSHIPS - Co highlighted new partnerships, including with Leonardo, as growth drivers

SUBSCRIPTION SALES GROWTH - PrivX subscription sales increased 19.1% yr/yr, indicating a shift towards recurring revenue

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Sales
Miss
EUR 5.40 mln
EUR 6 mln (2 Analysts)
Q4 EPS
-EUR 0.01
Q4 EBITDA
EUR 100,000
Q4 Operating Profit
-EUR 700,000


Analyst Coverage

The one available analyst rating on the shares is "strong sell"

The average consensus recommendation for the software peer group is "buy."

Wall Street's median 12-month price target for SSH Communications Security Oyj is €2.00, about 22.8% below its February 16 closing price of €2.59

Press Release: ID:nMFN6rwXgN

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)