Nagra has published its first financial report since announcing its organizational overhaul earlier this year. With the anti-piracy specialist’s flagship Digital TV division now folded inside the Core Digital Security segment, tracking the Kudelski Group company’s TV trends has now become more difficult, but not impossible. The bad news is that sales from CAMs, set tops, and smart cards generated just $4.4 million in H1 2025, compared to $10.3 million in H1 2024—a 57% year on year crash. However, Nagra’s pivot to streaming protection and security virtualization is gradually reducing reliance on hardware, which is partly why the Swiss firm is wearing new corporate camouflage. This kind of accounting roadblock has never stopped Faultline in the past. Though for now,…