Redeye comments on SSH's Q1 2026 report, which was broadly in line on revenue but softer than expected on profitability. Subscription ARR grew 5.3% year-on-year to EUR 14.2 million and PrivX delivered its highest growth rate in four quarters at 19.7%, while EBITDA came in at EUR -0.6 million against our estimate of EUR +0.4 million, reflecting a deliberate step-up in operating expenditure. The Leonardo partnership continued to mature, with PrivX and NQX now embedded in Leonardo's Zero Trust Solution Suite and a pipeline of approximately 40 live opportunities, while SSH retained its full-year 2026 guidance. We trim our EBITDA estimates on higher OPEX, leave our sales trajectory unchanged, and revise our Base Case to EUR 2.80 per share.
LÄS MER
