Q2 2024 SSH Communications Security Oyj Earnings Call Transcript
Key Points
- Net sales grew by 4% in Q2 2024, reaching EUR5.1 million.
- EBITDA improved significantly from EUR0.1 million to EUR0.5 million compared to the previous year.
- Subscription ARR grew by 8.2%, with PrivX subscription sales increasing by 21.2%.
- The company launched SalaX solutions for secure communication and achieved its first customer wins.
- SSH Communications Security Oyj strengthened its partner network, leading to new deals in various sectors, including banking and manufacturing.
- Overall sales growth was relatively modest, and EBIT remained negative at EUR0.5 million.
- Cash flow from operations was negative at EUR0.8 million, reflecting seasonal weakness.
- There were delays in anticipated deals, affecting immediate revenue recognition.
- The company experienced a sequential decline in ARR from Q1 to Q2 2024 due to delayed renewals and a customer loss in the secure collaboration suite.
- Organizational restructuring led to a reduction of seven employees, with the full impact of cost savings expected in future quarters.
Welcome to SSH Communications Securities investor call for Q2 of 2024. I'm Aino Virolainen. I'm a finance member here at SSH and I'm responsible for our Investor Relations. Presenting the results is our Interim CEO, Rami Raulas; and our CFO, Michael Kommonen. After the presentation, we will have a Q&A session. (Operator Instructions) This call is hosted with our own solution, SSH Secure Messaging. The call will be recorded, and the recording along with the presentation slides will be available on our website. And now it's time to start the presentation. So I would like to give the floor to our CFO, Michael. So please go ahead.
Thank you very much, Aino, and good morning also on my behalf. So let's jump into the numbers of the second quarter of 2024. In the second quarter of this year, our net sales grew by 4% and EBITDA was EUR0.5 million. This was an
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