Summary

• At a SEK 42 share price, Yubico has SEK 856m in net cash and inventories that carry a sales value north of SEK 3bn at a 77% gross margin.
• Large enterprise rollouts have fallen sharply as organisations hesitate in a volatile geopolitical environment, leading Yubico to initiate a cost savings programme and management reshuffle.
• Anthropic recently launched Mythos, a frontier AI model for offensive cybersecurity, creating a world where AI finds software vulnerabilities faster than humans can patch them.
• OpenAI announced a partnership with Yubico to offer co-branded YubiKeys to ChatGPT users and already uses YubiKeys internally for its high-value accounts.
• The bear case is that free software passkeys from Apple, Google, and Microsoft are sufficient for most organisations, potentially narrowing Yubico's addressable market rather than expanding it.

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