SSH Q1 2022 tuloksesta ajatuksia:
Liikevaihto kasvoi vahvasti ~70 % yoy 
EBITDA ja liiketoiminnan rahavirta positiivisia
Subscription ARR kasvua 11 % edellisestä kvartaalista
(11 % kvartaali kasvu tekisi 50 % vuosi tasolla)
Jatkuvan liikevaihdon ARR kasvoi 6.5 % edellisestä kvartaalista
(Suurempi kuin edellisen vuoden liikevaihto)
Maksettiin 1.4 meur hybridilainan korko 
(Toivottavasti tästä lainasta päästään eroon järkevästi)
PrivX kasvu 225 %
NCSA-sertifikaattia ei saatu
90 uutta asiakasta
Investor call / Tulospuhelu
Sanasta sanaan ei ole kirjoitettu, mutta asiavirheitä ei toivottavasti ole.
Tunkelo:
“Pipeline is all time high”
“Sales is very busy in the moment and was in first Q”
“Lots of discussions ongoing about tectia quantum and nqx pqc edition”
“Year ago I thought that quantum safe is taking long time to come, but now we hear customers say: “I don’t know is quantum computers coming, but we must be ready for it””
Q&A (Teemun vastauksia ellei toisin mainittu) (Boldatut omia)
Q: How was the growth between existing customers and new customers
A: I would say half and half. New significant logos coming to PrivX and Deltagon
(Loistavaa, että kasvua tulee sekä uusien asiakkaiden, että vanhojen asiakkaiden kautta)
Q: License sales was very high in Q4. How you see it will develope in this year.
A: We wanted to keep license sales in certain level. Our plan was to get license sales roughly 20 % but it didn’t happen. Very often license sales come in the fourth quarter. We wanted higher license sales but wasn’t able to close the deals in the pipeline. (Hävittiinköhän diilejä vai siirtyikö vain? Noin 0.7 - 1 meur olisi tulllut lisää liikevaihtoa Q1 jos olisi ollut 20 % liikevaihdosta)
Q: NCSA-sertificate
A: (Niklas) Traficom is exceeding timelines, but with very high propability it will come in Q2 Majority of the pipeline is pending this sertificate of new version. This new version has capabilities for centralized management. That means large deployments are possible with new version
(Viivästys johtuu siis ulkoisista tekijöistä)
Q: Question about new customers
A: (Niklas) All 90 new customers are new logos. (Teemu) Often new customers brings revenue about 10,000 € - 20,000 €, but has potential for hundreads of thousands
Q: Is 90 customers per Q maximum level or what
A: (Niklas) No. There are no bottle necks. We are not even close situation like that. We have very scalable process
Q: How about Deltagon in 2021?
A: (Niklas) It continued it’s growth path. We did not achieve target what we set to it. Especially in apac there are lots of demand but we can do better. We have some new flagship customers who have been taken Deltagon to use. (Teemu) In Sweden we are getting very good customer names in goverment and private side. Interest in asia and usa is picking up. It has taken longer than we except because in big organisations who buy other our products are not same who buy communication service products. One reason demand is picking up is that engineering is working around world more and more and data has to be safe when send it to another person. (Niklas) One thing worth to mention is that Deltagon products has very small churn. We are bringing deltagon product to 2020-luvulle. User interface for example.
(Hyvä merkki, kun uskalletaan sanoa, että tavoitteisiin ei päästy, ja kerrotaan miten niihin päästään, se miten päästään taisi tästä jäädä)
Q: How is going with light house customer (20 meur sopimus) and how is the ramp up going?
A: Very close related to NCSA-sertification. Customer requires that sertification. Once we get sertification, we can deliver. It’s fair to say there has been big delay, but the train is still there, conductor is in place and the train it’s just waiting for the whistle blow.
(Lisää näkymiä liikevaihdon kasvulle)
Q: How is the competitors doing and how is it affecting to SSH
A: There are lots of small PAM vendors that are not seeing capability to grow so there will be consolidation in the market. And that is beneficial to those who don’t have to consolidate because when you do a big integration work. We are looking would there be a fit. Competition is telling we are in a right track (zero trust, passwordles pam, quantum safe) I think the market will consolidate which give to us more possibilities because many of our competitives has outdated products made originally for data centers. PrivX and NQX are made from scratch. PrivX is cloud native. We win extremely often if use case is related to cloud or cloud and data center combinations.
Onnistunut kvartaali, hyvät näkymät. Jatkan omistajana.
