Figures again below forecasts. The materialization of the Leonardo collaboration is not yet visible in the figures.
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Roni interviewed SSH CEO Rami Raulas regarding the Q4 results 
Topics:
00:00 Introduction
00:11 SSH’s year 2025
02:02 Negative profit warning
02:54 North America
04:07 Leonardo cooperation
08:16 Growth potential with Leonardo
09:06 Partnerships in Asia
10:31 Balance sheet situation
11:21 Hybrid loan
11:56 AI
15:25 Dependence on US companies
18:35 Guidance
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I listened to the interview. I don’t know if it’s just me, but the answers to the questions seemed very “vague” to me. Is it worth letting your funds sit idle here when you could still exit at a profit? I didn’t get an answer from the interview.
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Roni has written a new company report on SSH after the Q4 results were released
SSH’s Q4 was even slightly softer than our forecasts following the profit warning, although the weakness was mainly explained by a one-off license deal. The growth guidance was soft in terms of information value and contained very little concrete detail on the growth outlook brought by the Leonardo partnership. The potential brought by the partnership is significant, but without evidence, we believe the risk-reward ratio of the stock—which prices in strong scalable growth—remains weak at the current valuation. We reiterate our EUR 2.0 target price and sell recommendation.
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