SSH Communications Security Oyj said its normalized net income for the first quarter was a loss of €1.6 million, compared with a loss of €250,000 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to negative 62.5% from negative 3.7% in the year-earlier period.
Total revenue decreased 61.8% on an annual basis to €2.6 million from €6.8 million, and total operating expenses fell 30.0% on an annual basis to €4.9 million from €7.0 million.
Reported net income came to a loss of €2.6 million, or a loss of 8 cents per share, compared to a loss of €400,000, or a loss of 1 cents per share, in the year-earlier period.