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July–September 2022 briefly

• Web gross sales totaled EUR 4.6 million (EUR 3.9 million)
• EBITDA was EUR 0.4 million (EUR 0.6 million)
• Working loss was EUR -0.4 million (EUR -0.3 million)
• Loss for the interval was EUR -0.4 million (EUR -0.3 million)
• Earnings per share was EUR -0.02 (EUR -0.02)

Working money movement was EUR -0.5 million (EUR 0.0 million). The fairness ratio was 47.2% (46.3%). Liquid belongings have been EUR 2.7 million (EUR 4.2 million).

EUR thousands and thousands 7–9/2022 7–9/2021 Change % 1–9/2022 1–9/2021 Change % 1–12/2021
internet gross sales 4.6 3.9 17.2 13.4 9.9 35.3 15.9
EBITDA 0.4 0.6 -28.3 1.5 -0.3 624.2 1.1
% of internet gross sales 8.6 14.0 -38.8 10.9 -2.8 487.3 7.0
Working revenue/loss -0.4 -0.3 -23.0 -0.9 -2.2 61.1 -1.5
% of internet gross sales -8.7 -8.3 -5.0 -6.3 -22.0 71.3 -9.6
Revenue/loss earlier than taxes -0.4 -0.4 3.7 -0.7 -2.5 72.7 -1.8
revenue/loss -0.4 -0.3 -33.4 -0.8 -2.7 71.1 -23
Return on fairness, % -7.0 -27.0 73.9 -22.6
Return on funding, % -4.9 -18.0 72.8 -14.2
liquid belongings 2.7 4.2 -35.3 8.2
Gearing (%) -3.8 -25.8 85.2 -39.8
Fairness ratio (%) 47.2 46.3 2.0 44.6
Earnings per share, EUR -0.02 -0.02 -13.5 -0.04 -0.10 61.3 -0.10
Shareholders’ fairness per share, EUR 0.28 0.30 -5.2 0.26 0.30 -13.1 0.31
Recurring income, ARR 17.6 14.5 21.0 15.4
Subscription income, ARR 9.two 6.3 46.3 7.3

SSH Communications Safety gives various efficiency measures that aren’t outlined by IFRS requirements. Different efficiency measures shouldn’t be thought-about substitutes for efficiency measures in accordance with IFRS. The choice efficiency measures are:

EBITDA = Working revenue/loss + depreciation and amortization
Annual Recurring Income: Subscription + upkeep income on the finish of the final month of the reported quarter multiplied by 12.
Subscription ARR (Annual Recurring Income): Subscription income within the final month of a reported quarter multiplied by 12. For an exhaustive checklist of other efficiency measures and formulation used, confer with SSH’s Annual Report.


Our present yr 2022 steering stays unchanged:

We proceed our enterprise transition from a license and assist mannequin to a recurring-revenue mannequin, which we foresee will present extra steady income in the long term whereas decreasing our short-term annual development fee in comparison with a perpetual license enterprise mannequin. On the finish of 2021, Annual Recurring Income was EUR 15.4 million (EUR 8.0 million), which positions us effectively for continued development. We anticipate internet gross sales to develop throughout 2022 in comparison with 2021. We estimate EBITDA and money movement from working actions to be optimistic for 2022.


Valued shareholders, clients, companions, and colleagues,

Our development continued throughout the third quarter. Web gross sales elevated by 17%, and EBITDA reached EUR 0.4 million. The marginally decrease EBITDA vs. the comparability interval is especially because of the {hardware} element in NQX deliveries recorded as value of products bought. We now have efficiently transitioned a lot of our clients into the subscription mannequin by way of the introduction of progressive editions and future-proof applied sciences to our portfolio. Consequently, over 90% of Q3 income is subscription-based.

Throughout the third quarter, we delivered a EUR 2.1 million order positioned in June, and we’re securing the capability to ship additional orders underneath the identical contract. On account of deliveries late within the quarter, the income recognition impact of the order was minor in Q3 with full affect from the beginning of This autumn, extending over a three-year preliminary contract interval.

Our working money movement was EUR -0.5 million for the quarter, primarily because of the timing of bigger money receipts by just a few days simply after quarter finish. Working money movement and liquid belongings are anticipated to enhance over the past quarter as the vast majority of our renewal funds, and the cost for the supply of the EUR 2.1 million order can be obtained throughout This autumn.

PrivX achieved vital analyst recognition for the third time

In August, the main European market analyst agency, KuppingerCole, named SSH Communications Safety an General Chief within the Management Compass Report 2022. SSH was chosen as an general chief on the Privileged Entry Administration (PAM) market and as a pacesetter within the Innovation, Product, Market, and Market Champion classes. SSH’s fastest-growing product, PrivX, carried out alongside world cybersecurity giants, outperforming them, particularly in technological growth.

NQX began to generate significant revenues

The Finnish Nationwide Cyber ​​Safety Heart (NCSA-FI) safety certification for encryption answer NQX was granted in June, leading to a number of new buyer orders. SSH began deliveries of NQX, the worth of which exceeds EUR 2 million in Q3 over three years. The element availability is sweet for NQX, however the world provide and logistic chain challenges leading to lengthy lead instances might affect future supply instances.

SSH Deltagon Suite establishes new worldwide companions

SSH Deltagon Suite continued its development throughout Q3, pushed by our companions within the Nordics. We’re working with chosen worldwide companions to ascertain and develop the Suite internationally, particularly within the regulated enterprise market section and the place SSH already has a robust buyer footprint. A brand new person interface and an improved person expertise for the Suite are in growth, and we’re excited to launch a brand new model throughout This autumn.

Common SSH Key Supervisor (UKM) upgraded with new options

New UKM product launch launched discovery and reporting associated to Quantum preparedness for Tectia Safe Shell merchandise. It additionally provides new choices for locating non-public SSH keys in customized places and superior alerts administration to concentrate on what issues, keep away from alert fatigue, and enhance knowledge administration. Additional, SSHerlock – our discovery and audit device – is now used for self-risk evaluation by our clients and prospects. We anticipate SSHerlock to open extra alternatives for brand new buyer acquisitions and extra gross sales.

going ahead

Companies, governments, and federal organizations have realized the significance of the Zero Belief strategy to cybersecurity. As well as, ever-increasing assaults on society’s vital infrastructure and the weaponization of operational know-how create a rising want for options like SSH’s Privx OT version. Along with quantum computer-resistant encryption, SSH’s merchandise are confirmed in use and future-proof.

Performance throughout all 5 product strains has been improved, and funding in product growth, channel gross sales, and advertising continues. We now have strengthened cooperation with our world companions and elevated assets for gross sales by way of companion channels. We are able to reply to buyer wants for complete options to make sure enterprise continuity and safety from vulnerabilities.

monetary efficiency

Web gross sales for the third quarter have been EUR 4.6 million (EUR 3.9 million), a rise of 17% in comparison with Q3 2021.

EBITDA for Q3 2022 was EUR 0.4 million (EUR 0.6 million).

The working loss was EUR -0.4 million (EUR -0.3 million), and the web loss for the quarter was EUR -0.4 million
(EUR -0.3 million).

Working money movement for the quarter was EUR -0.5 million (EUR 0.0 million).

Gross sales Efficiency

Gross sales within the EMEA area elevated 29% in comparison with Q3 2021. The APAC area’s gross sales grew by 25% in comparison with Q3 2021, and the AMER area’s gross sales have been flat.

Subscription income grew 35% in comparison with Q3 2021. PrivX subscription income grew 144% in comparison with Q3 2021.

Throughout the quarter, recurring income (subscriptions and upkeep) accounted for 93% of whole income, giving SSH a stable base from which to construct additional development.


The contents of this report are supplied by SSH Communications Safety and its third-party content material suppliers on your private info solely and don’t represent a proposal or invitation to buy any securities, nor does this report present any type of recommendation (funding, tax, authorized) amounting to an funding recommendation nor make any suggestions relating to explicit investments or merchandise. SSH Communications Safety doesn’t present funding recommendation or suggestions to purchase or promote its shares or the shares of others. In case you are involved in investing in SSH Communications Safety, please contact your monetary adviser for additional particulars and knowledge. The previous efficiency of SSH Communications Safety shares just isn’t indicative of future outcomes. EXCEPT AS PROVIDED BY APPLICABLE COMPULSORY LAW, SSH COMMUNICATIONS SECURITY EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED. AS TO THE AVAILABILITY, ACCURACY, OR RELIABILITY OF ANY OF THE CONTENT PROVIDED OR AS TO THE FITNESS OF THE INFORMATION FOR ANY PURPOSE.

SSH Communications Safety will launch its monetary reporting calendar for 2023 throughout This autumn.

Helsinki, October 27, 2022


Board of Administrators

Teemu Tunkel

For additional info, please contact:
Teemu Tunkelo, CEO tel. +41 79 227 8362
Niklas Nordström, CFO tel. +358 50 541 0543

Nasdaq Helsinki Ltd.
main common


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