UK's Corero 2025 revenue rises on shift to subscription model

Corero Network Security

24/03/2026 07:16

Overview

UK DDoS protection specialist's 2025 revenue grew, reflecting shift to subscription sales

Adjusted EBITDA fell yr/yr as upfront appliance and licence sales declined

Annual recurring revenue rose 23% yr/yr, driven by strong demand for subscription products

Outlook

Company says Q1 2026 has started strongly, exceeding Q1 2025

Corero expects sustained ARR growth as it continues migration to a subscription-based model

Company sees strong sales pipeline and ongoing demand for DDoS protection amid rising cyber threats

Result Drivers

SUBSCRIPTION SHIFT - Co said transition to subscription-based sales reduced upfront revenue but increased recurring revenue and predictability

H2 SALES MOMENTUM - Strong sales traction in H2 2025 driven by new customer wins and contract expansions

PRODUCT INNOVATION & GEOGRAPHIC EXPANSION - Sales growth supported by new product launches and expansion in Latin America and the Middle East

Company press release: ID:nRSX7804Xa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Adjusted EBITDA
$2 mln
FY Adjusted Operating Expenses
-$21.49 mln
FY EBIT
-$664,000
FY Gross Profit
$22.98 mln
FY Operating Expenses
-$23.65 mln
FY Orders
$33.80 mln
FY Pretax Profit
-$653,000


Analyst Coverage

The one available analyst rating on the shares is "buy"

The average consensus recommendation for the it services & consulting peer group is "buy"

Wall Street's median 12-month price target for Corero Network Security PLC is GBp19.00, about 65.2% above its March 23 closing price of GBp11.50

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)