SSH1VNasdaq HelsinkiSoftware - InfrastructureIFRS · EUR

SSH Communications Security Oyj

SSH Communications Security is a Finnish company specializing in cybersecurity solutions, particularly focusing on secure communications and access management. The company is known for its pioneering work in developing the Secure Shell (SSH) protocol, which has become a standard for secure remote access. SSH Communications Security provides advanced solutions for managing and securing digital communications across networks, catering to industries such as defense, critical infrastructure, and public sectors. Its strategic partnerships, such as with Leonardo S.p.A., enhance its market reach and solution integration capabilities.

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Revenue21.6m EUR
−2.4 %y/y
Operating profit (EBIT)-2.2m EUR
−732.1 %y/y
EBIT margin-10.1%
−8.9 ppy/y
Net income-2.3m EUR
−182.5 %y/y
Free cash flow0.7m EUR
−43.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-50510152025m EUR2021: 16 m EUR2021: EBIT -1.5 m EUR20212022: 19 m EUR2022: EBIT -0.44 m EUR20222023: 20 m EUR2023: EBIT -1.6 m EUR20232024: 22 m EUR2024: EBIT -0.26 m EUR20242025: 22 m EUR2025: EBIT -2.2 m EUR2025TTM 2026: 22 m EURTTM 2026: EBIT -2.5 m EURTTM22-2.5
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Access Management40 %

Includes PrivX and related solutions for secure access management

Secure Communications30 %

Tectia SSH Client/Server and NQX encryption solutions

Key Management20 %

Universal SSH Key Manager for managing SSH keys

Zero Trust Solutions10 %

Solutions integrated with partner portfolios for enhanced security

Customers

SSH Communications Security serves a diverse range of customer segments, primarily focusing on large enterprises and government entities that require robust cybersecurity solutions. Key customers include those in the defense, critical infrastructure, and public sectors, where secure communications and access management are critical. The company's solutions are particularly appealing to organizations looking to implement Zero Trust architectures and enhance their cybersecurity posture. Through strategic partnerships, SSH extends its reach to new markets and customer bases, leveraging partner networks to drive growth.

Large Enterprises

Purchase access management and secure communication solutions for cybersecurity needs

Government Entities

Utilize robust cybersecurity solutions for secure communications

Defense Sector

Integrate Zero Trust architectures for enhanced security

Critical Infrastructure

Require secure communications solutions to protect operations

Strategy

SSH Communications Security's strategic priorities focus on expanding its partner network and integrating its solutions into broader cybersecurity portfolios. The company aims to leverage strategic partnerships, such as with Leonardo S.p.A., to enhance its market reach and solution offerings. It is committed to investing in research and development to maintain its technological edge in cybersecurity solutions. The company also seeks to increase its presence in the defense market and critical infrastructure sectors, capitalizing on growing demand for secure communications and Zero Trust architectures.

Expand partner networkMedium term

To enhance market reach and solution integration

Invest in R&DLong term

To maintain technological edge in cybersecurity

Increase defense market presenceShort term

To capitalize on growing demand for secure communications

Geography

SSH Communications Security operates globally, with significant market presence in Europe, the Middle East, and Africa (EMEA), as well as North and South America (AMER). The company has been expanding its footprint in the Asia-Pacific (APAC) region, where it has seen substantial growth. Key markets include countries with strong defense and public sector demand for cybersecurity solutions. The company's strategic partnerships, such as with Leonardo S.p.A., further enhance its geographic reach and market penetration.

Risks

SSH Communications Security faces several key risks, including cybersecurity threats such as ransomware, which could impact its operations and reputation. Delays in product development and execution of new sales could affect revenue growth. The company also faces strategic risks related to the execution of its partnership strategy and the retention of key personnel. Additionally, fluctuations in the US dollar exchange rate pose financial risks, as a significant portion of revenue is billed in dollars. Macroeconomic uncertainties, such as inflation and geopolitical tensions, could also impact operational costs and customer demand.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity threats1Product development delays2US dollar exchange rate fluctuations3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity threatsImpact: CriticalLikelihood: Medium

    Potential impact on operations and reputation

  2. Product development delaysImpact: HighLikelihood: Medium

    Could affect revenue growth and market position

  3. US dollar exchange rate fluctuationsImpact: MediumLikelihood: Medium

    Significant portion of revenue billed in dollars

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Accounting

Judgemental items
Revenue recognition timing

Critical for reflecting financial performance accurately

Impact: high

R&D expense accounting

Significant portion of expenses affecting profitability

Impact: medium

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Last updated: 24/09/2026