Corero Network Security PLC reported its final results for the year ended 31 December 2025, highlighting strong sales traction and EBITDA growth in H2 2025, ahead of market expectations. Key financial highlights include revenues of $25.5 million (up from $24.6 million in FY 2024), EBITDA of $1.5 million, and adjusted EBITDA of $2.0 million. Annual Recurring Revenues (ARR) increased by 23% to $23.9 million, driven by strong demand for subscription-based and DDoS Protection as-a-Service (DDPaaS) products. Order intake grew by 20% to $33.8 million, with a 98% customer retention rate. Despite a loss before taxation of $0.7 million, the company demonstrated positive cash generation in H2 2025 and ended the year with net cash of $4.0 million. Operationally, Corero secured significant customer renewals and expansions, including a $6.8 million deal with a leading US cloud computing provider. The company also expanded its global footprint, particularly in Latin America and the Middle East, through strategic partnerships and new customer wins. Management remains confident in delivering sustained ARR growth and transitioning to a subscription-based model, despite global economic uncertainties. The DDoS market remains buoyant, driven by increasing cyber threats and regulatory demands, positioning Corero for future growth.
| Financial Metric | 2025 ($'000) | 2024 ($'000) | Year-on-Year Change |
|---|---|---|---|
| Revenue | 25,499 | 24,559 | +3.8% |
| EBITDA | 1,494 | 2,500 | -40.2% |
| Adjusted EBITDA | 2,000 | 3,000 | -33.3% |
| Annual Recurring Revenues (ARR) | 23,900 | 19,500 | +22.6% |
| Order Intake | 33,800 | 28,200 | +19.9% |
| Net Cash | 4,034 | 5,321 | -24.2% |
| Gross Margins | 90% | 91% | -1.1% |
| Loss Before Taxation | (653) | 555 | N/A (Loss vs Profit) |