Senetas sees encryption growth accelerate as Thales pipeline builds

• FY2026 revenue rose 4.7% to $20.2 million, or 9.3% in constant currency
• Product sales jumped 22%, while operating cash flow improved by $8 million to $4.4 million
• Thales inventory build, foreign exchange and maintenance timing compressed earnings and gross margin
• FY2027 revenue is expected to grow broadly in line with FY2026, with $1.0 million to $1.5 million more R&D spending