Shares in AIM-listed cybersecurity specialist Corero Network Security (CNS) soared 30% after the firm raised its outlook. For the year to December 2025, revenue is now seen at the top of the range of estimates at $25.5 million. Meanwhile, EBITDA is seen above the mid-point of the range of estimates at $1.3 million.
| Share price: 13p +30% | P/E: n/a |
| Market Cap: £66.6m | Yield: n/a |
SOLID PERFORMANCE
Corero has been consistently improving its platform in response to evolving attack patterns observed throughout 2025.
The company posted a solid performance across a range of KPIs or key performance indicators. ARR or annual recurring revenue was $23.9 million, an increase of 23% on 2024’s $19.5 million.
The firm said it enjoyed strong demand for its subscription-based DDoS service and its protection-as-a-service products. Order intake increased by 20% to $33.8 million or the equivalent of 18 months of future revenue.
Net cash as of December was $4 million thanks to positive cash generation in the second half of last year. Chief executive Carl Herberger described 2025 as ‘a transitional year’ thanks to a shift to recurring subscription-based sales.
Interesting timing from Corero given it only recently confirmed expectations for 2025 on 5 November. That suggests trading in the final part of last year was better than the company had forecast.
We note there were several new contracts and renewals signed in the second half in the UK, US and Asia. One of the contracts was a $6.8 million expansion of service with ‘a leading US cloud computing provider’.
The move to net cash means hopefully the company becomes self-financing in 2026 which would be a major step forward. Today’s price move looks impressive, but bear in mind at the start of 2025 Corero shares traded close to 20p.
Read the press release here: https://www.corero.com/about/investor-relations/
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