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Appointment follows 56% EBITDA decline and first-quarter loss
Cristian Arias, CFO of Neural DSP Technologies, will join SSH Communications Security as chief financial officer and a member of the executive management team by Oct. 1, 2026, following the withdrawal of the company's previous CFO appointee. He joins the Helsinki-listed cybersecurity company as it works to convert its Leonardo partnership into revenue, expand recurring software sales and return to stronger profitability.
Arias succeeds Michael Kommonen, who will remain CFO until the end of July, SSH announced yesterday. The appointment follows an unusual leadership sequence after Maria Alahuhta, who was appointed CFO in April, decided not to take up the role and joined another employer instead, prompting SSH to reopen the search.
Founded in 1995, SSH Communications Security develops cybersecurity software that helps organizations control access to critical systems and protect communications from emerging cyber threats.
Arias arrives as SSH looks to improve its financial performance after a weaker 2025 and a soft start to 2026. Last year, net sales declined 2% to EUR 21.6 million, and EBITDA fell 56% to EUR 1.5 million. The pressure continued into the first quarter, when net sales slipped another 2% to EUR 5.3 million and EBITDA moved to a EUR 0.6 million loss from a EUR 0.2 million profit a year earlier. One bright spot was operating cash flow, which improved to EUR 2.1 million from EUR 0.7 million. Management attributed the weaker profitability to increased investment in PrivX integrations and expanded sales and marketing, while maintaining its guidance for positive full-year EBITDA and operating cash flow.
CEO Rami Raulas said Arias' experience leading international finance organizations and supporting growth made him well-suited to the role. "His strategic mindset and broad operational experience make him an excellent addition to our Executive Management Team," Raulas said. Arias previously held senior finance positions at Nokia and Techint in Italy, where his responsibilities included finance, strategy, business development, and business transformation.
Arias said SSH's technology foundation and growth ambitions attracted him to the role. "I look forward to working together to strengthen the company's financial performance and accelerate its long-term growth," he said.
What SSH is trying to accomplish
SSH has outlined several priorities over the past year that will shape the finance function under Arias.
The company's immediate focus is on converting its strategic partnership with Leonardo into revenue. Leonardo, an Italian aerospace, defense, and security group, became SSH's largest shareholder following a EUR 20 million investment in 2025, and management expects the partnership to begin contributing to revenue in 2026 after integration work delayed the initial impact.
SSH is also expanding recurring software revenue. Subscription-based annual recurring revenue grew 13% in 2025 to EUR 13.8 million, while recurring revenue accounted for about 97% of total sales. PrivX, its privileged access management platform, recorded revenue growth of 20% in the first quarter as SSH expanded the product with support for non-human identities and agentic AI. The company also announced new customer agreements, adding close to EUR 1 million in annual recurring revenue.
SSH is increasing its focus on defense, critical infrastructure, manufacturing operational technology, and public-sector customers while positioning quantum-safe network security as a long-term growth area. Financially, management has maintained its guidance for positive full-year EBITDA and operating cash flow after reporting a first-quarter EBITDA loss, making profitability, recurring revenue growth and cash generation the company's main financial priorities for 2026.
Investor watchpoints
The finance leadership transition remains one area to monitor. Michael Kommonen will leave at the end of July, while Arias is scheduled to begin up to two months after that, leaving a possible handover period before the new CFO takes office.
Investors are also likely to watch whether the Leonardo partnership begins contributing to revenue during 2026 after integration work delayed the initial commercial impact. Progress in PrivX, recurring subscription revenue, and new annual recurring revenue will indicate whether SSH's software strategy continues to offset weaker license sales.
Profitability will remain in focus after first-quarter EBITDA turned negative. Management continues to guide for positive full-year EBITDA and operating cash flow, making margin development and cash generation important indicators through the remainder of 2026.
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