Net sales growth 5.4%, ARR of
October–December 2023:
· Net sales totaled
· EBITDA was
· Operating loss (EBIT) was EUR –0.4 million (0.4 million)
· Loss for the period was
· Earnings per share was
January–December 2023:
· Net sales totaled
· EBITDA was
· Operating loss (EBIT) was
· Loss for the period was
· Earnings per share was
Operating cash flow was
EUR million | 10–12/2023 | 10–12/2022 | Change % | 1–12/2023 | 1–12/2022 | Change % |
Net sales | 5.5 | 5.8 | -5.7 | 20.3 | 19.3 | 5.4 |
EBITDA | 0.5 | 1.2 | -56.2 | 1.8 | 2.7 | -32.7 |
% of net sales | 9.6 | 20.7 | -53.6 | 8.9 | 13.9 | -35.7 |
Operating profit/loss | -0.4 | 0.4 | -192.2 | -1.6 | -0.4 | -311.7 |
% of net sales | -6.8 | 7.0 | -197.7 | -8.1 | -2.3 | -252.3 |
Profit/loss before taxes | -0.5 | 0.0 | -2.4 | -0.7 | -345.2 | |
Profit/loss | -0.5 | 0.2 | -368.4 | -2.3 | -0.6 | -385.9 |
Return on equity, % | -22.8 | -5.2 | -338.5 | |||
Return on investment, % | -19.1 | -4.7 | -306.4 | |||
Liquid assets | 2.2 | 5.7 | -61.4 | |||
Short-term liquid investments | 1.5 | |||||
Gearing (%) | 3.0 | -27.9 | 110.8 | |||
Equity ratio (%) | 49.2 | 46.1 | 6.7 | |||
Earnings per share, EUR | -0.02 | 0.00 | -0.10 | -0.05 | -82.6 | |
Shareholders' equity per share, EUR | 0.25 | 0.29 | -11.0 | 0.25 | 0.29 | -9.1 |
Recurring revenue, ARR | 19.3 | 18.4 | 4.9 | |||
Subscription revenue, ARR | 11.5 | 9.9 | 16.2 | |||
Invoicing | 5.9 | 11.2 | -47.2 | 18.3 | 24.2 | -24.4 |
Deferred revenue | 12.6 | 14.1 | -10.6 | |||
Current | 10.2 | 10.6 | -4.5 | |||
Non-current | 2.4 | 3.5 | -30.6 |
EBITDA = Operating profit/loss + depreciation and amortization.
Recurring Revenue, ARR: Subscription + maintenance revenue at the end of the last month of the reported period multiplied by 12.
Subscription ARR: Subscription revenue in the last month of a reported period multiplied by 12.
Invoicing: Invoices sent during the reported period without VAT.
Deferred Revenue: Non-recognized revenue from invoiced maintenance and subscription sales.
The complete financial statements release is attached to this release (pdf) and is also available on our website.
CEO review
Dear Customers, Shareholders, Partners, and Colleagues,
SSH succeeded in several initiatives during 2023, withstanding lower license sales in Q4 affecting our financial results. Net sales grew by 5% to
We create industrial-grade software for major global corporations and sell these primarily as subscription software. The deferred revenue was
Our cash position is satisfactory. Operating cash flow was
During the fourth quarter, we won major new customers, including a new Fortune 500 listed company in the
We launched the Secure Messaging solution during the fourth quarter. This solution enables secure interactions through messages, files, videos, and calls, complementing our Secure Collaboration product family. The solution allows for secure, auditable business communications.
Microsoft has repositioned Azure AD from directory services to centralized identity management as Microsoft Entra. We are focusing on adding our PAM capabilities to complement Microsoft Entra for users who have privileged access to critical and sensitive data and systems.
During 2023 we completed our transition towards a recurring revenue business model. We continue to influence the Identity and Access Management (IAM) market by delivering innovative and future-proof technologies.
Business Outlook for 2024
We expect net sales to grow during 2024 compared to 2023. We estimate EBITDA and cash flow from operating activities to be positive for 2024. At the end of 2023, our Annual Recurring Revenue was
The complete financial statements release is attached to this release (pdf) and is also available on our website.
Financial reporting of
During 2024,
- FY 2023 Financial Statements Bulletin:
February 22, 2024 - FY 2023 Annual Report: released during Week 11
- Business Review, January–March (Q1):
April 24, 2024 - Half-year report, January–June (Q2):
July 18, 2024 - Business Review, January–September (Q3):
October 24, 2024
SSH Communications Security Corporation's Annual General Meeting is planned for
Board of Directors
Teemu Tunkelo
CEO
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