SSH (Q1 Initial take): Strong PrivX growth offset by softer profitability - Redeye

Redeye comments on SSH’s Q1 2026 report which was broadly in line on revenue but below our expectations on profitability. Net sales of EUR5.3m (EUR5.4m) declined 1.6% y/y, 2.8% short of our EUR5.6m estimate, while subscription ARR grew 5.3% y/y to EUR14.2m. PrivX revenue advanced 19.7% y/y, the strongest pace in five quarters, but EBITDA of EUR-0.6m fell well short of our EUR0.4m estimate as management front-loaded investments.

Länk till analysen i sin helhet: https://www.redeye.se/research/1161936/ssh-q1-initial-take-strong-privx-growth-offset-by-softer-profitability?utm_source=finwire&utm_medium=RSS