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.
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