Redeye comments on SSH's Q3 2026 report, which was stronger than expectations, led by an accelerating PrivX and a subscription ARR that grew 23.6% y/y to EUR15.7m. The high growth in subscription and PrivX is now trickling down to total ARR, which grew 14.1% to EUR22.2m despite a shrinking maintenance ARR base. EBITDA of EUR0.3m was ahead of our roughly breakeven estimate, and net sales of EUR5.7m were slightly above our expectation. We are also encouraged by the first letter from new CEO Lars Bell, who puts strong emphasis on predictability and consistency in delivering growth. We have made only minor changes to our estimates and maintain our Fair Value at EUR2.6, while our view of the growth prospects is considerably strengthened by the report.
LÄS MER
