Q3 2024 SSH Communications Security Oyj Earnings Call Transcript
Key Points
- SSH Communications Security Oyj (OHEL:SSH1V) achieved a 14th consecutive quarter with positive EBITDA.
- PrivX subscription sales grew significantly by 15.6% in Q3 and 25.7% year-to-date.
- The company secured NATO approval and Finnish authority approval for its NQX network encryption solution.
- SSH Communications Security Oyj is actively expanding its market presence with new partner agreements in various regions, including Central Europe and Asia.
- The company is at the forefront of implementing Quantum-Safe and post-quantum cryptography technologies, enhancing its competitive edge.
- Overall sales growth was moderate, with net sales increasing by only 1.5% in Q3.
- Cash flow from operations was negative EUR0.7 million, contrasting with a positive figure in the same quarter last year.
- There are delays in customer decision-making and project implementations, affecting revenue recognition.
- The cash position was notably low at the end of Q3, raising concerns about liquidity.
- Despite new partner agreements, the expected sales boost has not yet materialized, with some projects taking up to 18 months to convert into revenue.
Welcome to SSH Communications Security's investor call for Q3 of 2024. My name is Aino Virolainen. I am a member of the SSH finance team and responsible for our Investor Relations. The results will be presented by our Interim CEO, Rami Raulas; and our CFO, Michael Kommonen. After their presentations, we will have time for questions and answers.
If you have any questions during the call, you can ask by writing in the chat. The call is hosted with our own solution, SalaX Secure Messaging. The call will be recorded, and the recording as well as the presentation material will be available on our website. And now, I think it's time to start the presentations.
So, I would like to invite our CFO, Michael, to start with the financials, so please go ahead.
Thank you, Aino, and good morning also on my behalf, and welcome to our third quarter
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