GlobeNewswire by notified





January–March 2022 in brief

  •  Net sales totaled EUR 4.4 million (EUR 2.6 million)
  •  EBITDA was EUR 0.5 million (EUR -0.9 million)
  •  Operating profit was EUR -0.2 million (EUR -1.4 million) 
  •  Cash flow from Operations was EUR 0.8 (EUR 0.0 million)
  •  Subscription revenue, ARR was EUR 8.1 million (EUR 1.2 million)
  •  Recurring revenue, ARR was EUR 16.4 million (EUR 8.9 million)

Liquid assets remained stable at EUR 7.6 million (EUR 7.5 million).

EUR million1–3/20221–3/2021Change %1–12/2021
Net sales4.42.664.315.9
   % of net sales12.3-33.9136.27.0
Operating profit/loss -0.2-1.484.1-1.5
   % of net sales-5.2-53.590.3-9.6
Profit/loss before taxes-0.2-1.587.2-1.8
Profit/loss -0.1-1.590.1-2.3
Return on equity, %-1.5-20.992.8-22.6
Return on investment, %-1.4-17.892.1-14.2
Liquid assets7.
Gearing (%)-38.7-109.464.6-39.8
Equity ratio (%)43.860.627.844.6
Earnings per share, EUR-0.01-0.0573.6-0.10
Shareholders' equity per share, EUR0.280.1587.60.31
Recurring revenue, ARR16.48.983.615.4
Subscription revenue, ARR8.11.2586.87.3

EUR million1–3/20221–3/2021Change %1–12/2021
Subscription sales2.00.2746.84.7
License sales0.30.5-42.73.1
Maintenance sales1.
Professional services & others0.10.0101.80.6

SSH Communications Security provides alternative performance measures, which are not defined by IFRS standards. Alternative performance measures should not be considered substitutes for performance measures in accordance with the IFRS. The alternative performance measures are: 

EBITDA = Operating profit/loss + depreciation and amortization. 
Subscription ARR (Annual Recurring Revenue): Subscription revenue in the last month of a reported quarter multiplied by 12. 
Annual Recurring Revenue: Subscription + maintenance revenue at the end of the last month of the reported quarter multiplied by 12.

BUSINESS OUTLOOK FOR 2022 (unchanged)

We continue our business transition from a license and support to a recurring-revenue model, which we foresee will provide more stable revenue in longer term, while reducing our short-term annual growth rate compared to a perpetual license business model. At the end of 2021, our Annual Recurring Revenue was EUR 15.4 million (EUR 8.0 million), which positions us well for continued growth. We expect net sales to grow during 2022 compared to 2021. We estimate EBITDA and cash flow from operating activities to be positive for 2022.


Valued shareholders, customers, partners, and colleagues,

The year started broadly on a positive note for SSH. We continued our growth, significantly improving profitability and cash flow from operations. 

Net sales amounted to EUR 4.4 million, increasing by EUR 1.8 million vs. Q1 2021. EBITDA was EUR 0.5 million, improving by EUR 1.4 million from the comparison period. Q1 was the fourth consecutive quarter with positive EBITDA. During the first quarter cash flow from operations totaled EUR 0.8 million improving EUR 0.7 million to the comparison period. 

Recurring revenue accounted for 90.6% of total revenues in Q1 and our Annual Recurring Revenue (ARR) was EUR 16.4 million out of which EUR 8.1 million was subscription-based revenue. During Q1 our subscription revenue surpassed our maintenance revenue. Our Annually Recurring Revenue surpassed our 2021 full year reported revenue. 

During the first quarter we acquired over 90 new customers showing increasing interest in defensive cybersecurity services.

PrivX Grew Significantly

PrivX revenue grew 225% in Q1 compared to the comparison period. Both PrivX OT and MSP Editions have been received well in the market and our land-and-expand approach has good traction. 

Our three spearhead solutions which help our customers to defend their critical data are Zero Trust (ZT), Operational Technology (OT) and Quantum Safe (QS).


War in Europe and incidents related to cyber-attacks affecting critical physical infrastructure have increased the interest in our solutions to protect critical operational data within factories, energy generation, airports and harbors. We believe that our achieved success with PrivX OT edition helps us to leverage our first-mover position in critical infrastructure protection, including health care, in protecting our customers´ critical data management at rest, in transit and in use. 

Zero Trust

Zero Trust means passwordless user access and real-time control for application-to-application communications. SSH has developed Zero Trust solutions for privileged access management since 2017 with our largest ever development investment in PrivX – a lean cloud native solution for Just-In-Time (JIT) and Just-Enough access (JEA) supported with Role Based Access Control (RBAC). PrivX technology is integrated into our existing products with our Zero Trust Editions to ensure our customers’ safe migration to the passwordless, PINless and dongle-less operation. We believe that in the future the aforementioned will increasingly be replaced by biometric identification methods which PrivX architecture supports already now.

Quantum Safe

Post Quantum Cryptography is a technology we have focused on for several years. Global interest in Post Quantum Cryptography has increased significantly lately.  Thanks to determined investments, we have one of the strongest development teams in Post Quantum Cryptography in Europe today. 

NQX and Encryption Business

A significant part of our pipeline is pending the Finnish NCSA certification of the newest software version and we expect to receive the certification during the first half of Q2. 

Most of our encryption solutions will be delivered as a subscription, and we expect that receiving the certification will have a positive impact on our subscription revenue. We expect our encryption business to be a significant medium to long term growth driver.

Going Forward

We see three megatrends emerging in the cybersecurity landscape – Zero Trust (ZT), Operational Technology (OT) and Quantum Safe (QS). During the past year we have focused on improving our customer intimacy and our portfolio from point products to value-adding solutions. Our proven-in-use products and future proof technologies in cryptography and privileged access management have created a solid platform for future growth building on our several lighthouse customers acquired over the last year. 


Board of Directors

Teemu Tunkelo

For further information, please contact:

Teemu Tunkelo, CEO, tel. + 358 40 549 9605
Niklas Nordström, CFO, tel. +358 50 541 0543


Nasdaq Helsinki Ltd.
Major media

To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Mandalay Resources Corporation Announces the Results of Its Annual General Meeting of Shareholders25.5.2022 23:32:49 CEST | Press release

TORONTO, May 25, 2022 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce the results of its Annual General Meeting of Shareholders (the “Meeting”) held today virtually. All the resolutions presented at the Meeting were approved by the shareholders, with the votes cast by proxy representing 67.63% of the total shares outstanding as of the record date. Election of Directors The number of directors was fixed at seven members and each of the seven nominees listed in the Company’s Management Information Circular dated April 14, 2022, were re-elected to the Company’s Board of Directors. Abraham Jonker remains the lead independent director and Bradford Mills continues as Chair. Results of the votes cast by proxy are set out below. ResolutionVotes Cast by Proxy For% ForVotes Cast by Proxy Withheld% WithheldBradford A. Mills61,552,12099.95329,1930.047Abraham Jonker61,551,31399.95130,0000.049Amy Freedman61,547,53899.94

Galapagos to showcase commitment to rheumatoid arthritis care at the upcoming European League Against Rheumatism congress25.5.2022 22:01:00 CEST | Press release

Celebrating EULAR’s 75thanniversary with focus on a new era of rheumatoid arthritis care Mechelen, Belgium;25 May 2022, 22.01CET;Galapagos NV (Euronext & Nasdaq: GLPG) will present 11 abstracts at the European League Against Rheumatism (EULAR) congress 2022, 01-04 June, taking place in Copenhagen, Denmark. The broad range of abstracts include trial data analyses supporting the efficacy and safety profile of filgotinib andreal-world clinical data around alignment of prescribing between physicians and rheumatoid arthritis (RA) patients. Galapagos is also hosting a hybrid symposium: “Evolving patient care in RA: Can JAK inhibitors meet patient and physician expectations for RA treatment?”, which will include a discussion focused on aligning physician and patient treatment goals, looking at what is meant by ‘comprehensive care’ and how to ensure that people living with RA are part of treatment and care goal setting. A meet-the-expert session, “Patient-centred care in RA: cutting through th

trivago N.V. Announces Annual General Meeting of Shareholders25.5.2022 21:39:06 CEST | Press release

trivago N.V. (NASDAQ: TRVG) announced today that its annual general meeting of shareholders will be held on June 30, 2022 at the offices of NautaDutilh N.V., Beethovenstraat 400, 1082 PR Amsterdam, the Netherlands. The meeting will start at 3:00 p.m. CEST. The convening notice and explanatory notes for the general meeting are available free of charge in the Investor Relations section of trivago N.V.'s corporate website at About trivago N.V. trivago is a leading global hotel search platform focused on reshaping the way travelers search for and compare hotels and alternative accommodations. Incorporated in 2005 in Düsseldorf, Germany, the platform allows travelers to make informed decisions by personalizing their hotel search and providing them access to a deep supply of hotel information and prices. trivago enables its advertisers to grow their businesses by providing access to a broad audience of travelers via its websites and apps. As of March 31, 2022, trivago has est

Correction: Changes in Nokia Corporation's own shares25.5.2022 19:20:00 CEST | Press release

Nokia Corporation Stock Exchange Release 25 May 2022 at 20:20 EEST Correction: Changes in Nokia Corporation's own shares Espoo, Finland – This is a correction to "Changes in Nokia Corporation's own shares" stock exchange release that was published today at 19:30 EEST. A total of 183 965 Nokia shares (NOKIA) held by the company were today transferred without consideration to participants of Nokia's equity-based incentive plans in accordance with the rules of the plans. The transfer is based on the resolution of the Board of Directors to issue shares held by the company to settle its commitments to participants of the plans as announced on 3 February 2022. The number of own shares held by Nokia Corporation following the transfer is 61 262 561. This version is otherwise identical but now includes an updated total number of Nokia shares transferred (incorrect number was 188 636). About Nokia At Nokia, we create technology that helps the world act together. As a trusted partner for critical

Ultimovacs’ Clinical Data in Journal for ImmunoTherapy of Cancer Show Long-term Dynamic T Cell Responses with UV1 and Checkpoint Inhibitor Synergy25.5.2022 18:45:00 CEST | Press release

Data from three trials of UV1 show dynamic T cell responses, lasting up to 7.5 years UV1-specific immune responses associated with longer clinical survivalSynergy between UV1 vaccination and checkpoint inhibition Oslo, 25 May2022: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical stage leader in immune stimulatory vaccines for cancer, announced the publication of long-term follow-up data on UV1 in the Journal for ImmunoTherapy of Cancer (JITC). The data show that dynamic UV1 specific immune responses last up to 7.5 years, are associated with longer survival and are enhanced when UV1 is used in combinations with checkpoint inhibitors. “It is important to be able to share this validating data with our research and clinical colleagues through JITC. The data demonstrate highly durable UV1-induced immune responses that are associated with substantially longer overall survival and boosted by checkpoint inhibitors. This is strong support for Ultimovacs’ broad Phase II program combining UV1