REG - Corero Network Sec. - Final Results
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RNS Number : 7804X Corero Network Security PLC 24 March 2026
24 March 2026
Corero Network Security plc
("Corero" the "Company", or the "Group")
Audited results for the year-ended 31 December 2025
- Strong sales traction and EBITDA growth delivered in H2 2025,
ahead of previous market expectations
Corero (https://www.corero.com/) (AIM: CNS)
(https://www.londonstockexchange.com/stock/CNS/corero-network-security-plc/company-page)
(OTCQX: DDOSF) (https://www.otcmarkets.com/stock/DDOSF/overview) , the
distributed denial of service ("DDoS") protection specialists and champions of
service availability, announces its audited results for the year ended 31
December 2025 ("FY 2025").
Financial Highlights
· Revenues of $25.5 million (FY 2024: $24.6 million)
· EBITDA(1) of $1.5 million (FY 2024: $2.5 million)
· Adjusted EBITDA(2) of $2.0 million (FY 2024: $3.0 million)
· Annual Recurring Revenues(3) ("ARR") increased by 23% to $23.9
million (FY 2024: $19.5 million)
o Strong demand for both Corero's subscription-based and DDoS Protection
as-a-Service ("DDPaaS") products
· Order intake(4) ("Orders") increased by 20% to $33.8 million (FY
2024: $28.2 million)
· Continued high customer retention at 98% (FY 2024: 97%)
· Strong new business pipeline for FY 2026
· Loss before taxation of $0.7 million (FY 2024: $0.6 million profit)
· Gross margins of 90% (FY: 2024: 91%)
· Net cash at the year-end of $4.0 million (FY 2024: $5.3 million)
o Positive cash generation in H2 2025
· (Loss)/earnings per share and diluted (loss)/earnings per share of
(0.1) cents (FY 2024: 0.1 cents)
Operational Highlights
· Strong H2 2025 sales traction supported by new customer wins and
contract expansion momentum
o $6.8 million customer renewal and significant expansion order with a
leading US cloud computing provider in October 2025
· Channel partners, including TechEnabler and Juniper, continue to
underpin new business momentum and geographic expansion
· Corero's next generation 400GB platform and CORE platform solution
continue to generate sales growth with new and existing customers
Current Trading & Outlook
· Q1 2026 has started strongly, significantly exceeding Q1 2025 which
was a challenging quarter
· Management remains positive in the Group's ability to deliver
sustained ARR growth, alongside continued migration to a subscription-based
sale model which further improves revenue predictability, noting that contract
structures will be customer led
· Global cybersecurity threats continue to drive further demand for
Corero's market leading products
· The Board remains confident in the prospects of the Group to deliver
ongoing progress, notwithstanding ongoing global economic uncertainty
Carl Herberger, CEO of Corero, said:
"I am pleased with the performance of the business, especially in the second
half where we delivered particularly strong sales growth. Our ongoing
transition to a subscription-based sales model gathered pace in the year, and
further investment in R&D and new product development has underpinned our
sales growth with both new and existing customers.
The DDoS market has remained buoyant, fuelled by ongoing cyber threats and
increasing regulatory obligations. High-profile attacks on companies,
especially across Europe, have reinforced the value of comprehensive DDoS
solutions, further driving demand for our products and services from partners
and customers.
Corero remains well placed for future growth, with our sales and marketing
efforts generating strong sales growth in the current financial year."
(1) EBITDA is defined as earnings before interest, tax, depreciation, and
amortisation.
(2) Adjusted EBITDA is defined as earnings before interest, tax, depreciation
and amortisation and adjusted for share based payment charges and one-off
restructuring costs in the period.
(3) ARR is defined as the normalised annualised recurring revenues and
includes recurring revenues from contract values of annual support, software
subscriptions including terms greater than one year, and from DDPaaS
contracts.
(4) Order intake is defined as orders received from customers in the period.
Investor Presentation
Management will be conducting an investor presentation covering its year-end
results. The online presentation will be hosted by Carl Herberger, Chief
Executive Officer, and Chris Goulden, Chief Financial Officer.
This event will take place at 12.00 p.m. BST on March 24th, 2026. The webinar
is free and open to all existing and potential shareholders, and questions can
be submitted during the presentation to be addressed at the end.
The registration link can be found here:
https://www.investormeetcompany.com/corero-network-security-plc/register-investor
(https://www.investormeetcompany.com/corero-network-security-plc/register-investor)
Enquiries
Corero Network Security plc Tel: +44(0)20 7390 0230
Carl Herberger, Chief Executive Officer
Chris Goulden, Chief Financial Officer
Canaccord Genuity Limited (Nominated Adviser and Joint Broker) Tel: +44(0)20 7523 8000
Simon Bridges / Andrew Potts / Harry Rees
Zeus Capital (Joint Broker) Tel: +44(0)20 3829 5000
Ben Robertson / Alexandra Campbell-Harris
Vigo Consulting (U.K Financial PR & Investor Relations) Tel: +44(0)20 7390 0230
Jeremy Garcia / Anna Sutton
corero@vigoconsulting.com (mailto:corero@vigoconsulting.com)
Harbor Access (U.S Investor Relations) Tel: +1 475 477 9401
Jonathan Paterson
About Corero Network Security
Corero Network Security is a leading provider of DDoS protection solutions,
delivering real-time, automated detection and mitigation with deep network
visibility and analytics. Corero safeguards critical infrastructure across
diverse deployment models-from inline to edge to hybrid cloud-and is currently
developing CORE, an observability and resiliency ecosystem to unify defensive
actions across the modern threat landscape. With operational centres in
Marlborough, Massachusetts, USA, and Edinburgh, UK, Corero is headquartered in
London and listed on the London Stock Exchange's AIM market (ticker: CNS) and
the US OTCQX Market (OTCQX: DDOSF).
For more information, visit www.corero.com (http://www.corero.com/) , and
follow us on LinkedIn (https://www.linkedin.com/company/corero/) and X
(https://twitter.com/Corero) .
CEO Review
Introduction
The Group delivered a solid financial performance across 2025, noting the
challenges in the first half of the year, with revenues of $25.5 million (FY
2024: $24.6 million) and Adjusted EBITDA of $2.0 million (FY 2024: $3.0
million). This modest revenue growth, due to lower than expected growth in H1,
reflects a period of change for the business as customers accelerated their
adoption of DDoS Protection-as-a-Service ("DDPaaS") and subscription
solutions. This resulted in a reduction in upfront appliance and licence
sales, which the business has absorbed across FY 2025, and a corresponding
acceleration of ARR.
Pleasingly, our sales teams saw a marked increase in activity across H2,
reversing the H1 trend, resulting in a better-than-expected performance across
a number of financial KPIs. In addition, this shift towards a more
subscription-based recurring revenue model generates more revenue
predictability and visibility for the business going forward.
ARR, a key financial metric for Corero, continues to benefit from this trend,
increasing by 23% to $23.9 million (FY 2024: $19.5 million). Order intake also
strengthened, supported by strong momentum across H2 2025, increasing by 20%
to $33.8 million (FY 2024: $28.2 million). Sales of new products released in
2025 was also encouraging, with over 40 units of Corero's next generation
400GB platform enhancement and five new customer wins for the CORE platform
solution.
In October 2025, Corero secured a renewal and significant expansion order with
a key customer: a leading US cloud computing provider with a total contract
value of $6.8 million. Providing DDoS protection solutions to the customer's
current and planned data centre portfolio, the contract consists of a $3.1
million renewal (of all existing contracts) and $3.7 million expansion, which
will be delivered and recognised on a subscription basis over the three-year
contract term.
Corero reported net cash at the year end of $4.0 million (FY 2024: $5.3
million), with the business delivering positive cash generation in H2 2025.
The Group secured a £1.5 million overdraft facility in 2025 to support
short-term financing needs. This facility has not been used to date and the
Group has no outstanding debt.
Corero remains at the forefront of DDoS protection and innovation, delivering
best-in-class solutions that strengthen the digital resilience of our global
blue chip client base. Our commitment to product innovation has contributed to
Corero's strong customer retention and solidified our competitive
differentiation. Market-leading product development across 2025 has also
allowed us to grow our market footprint. We also expanded our geographic
footprint in 2025 and we have gained particular customer traction in Latin
America and the Middle East, where rapid digitalisation is driving demand for
Corero's product offering.
As the landscape for cybersecurity protection continues to be more acute in
the face of increasingly sophisticated attacks and legislative changes, the
demand for comprehensive DDoS solutions remains robust. The Group is therefore
well-placed to capitalise on providing market-leading DDoS solutions through
both organic and partner-driven new business activities.
Strategic Priorities
Corero is focused on increasing its DDoS defence market share globally and
remains committed to four key strategic pillars:
· Expand global footprint and partnership ecosystem - leveraging
alliance and channel partnerships to grow presence across key regions,
including Latin America, the Middle East and APAC
· Investing in sales and marketing initiatives - increasing targeted
marketing activity and spend, and hiring experienced personnel in new
geographies
· Securing client renewals and realising upsell opportunities -
maintaining or improving on the excellent 98% customer retention rate,
delivering price increases for renewals and extensions as standard, and
continuing to diversify the product mix
· Accelerating market competitiveness - actively targeting competitor
displacements in key geographies, and launching new product innovations and
add-on features aimed at attracting new customers and maintaining product
superiority
To this end, we continue to step up our commitment to building stronger
partnership channels, which management believe has the potential to unlock
significant new customer opportunities. Central to this is an ongoing focus on
product development to maintain product superiority. Ongoing channel
investment remains closely aligned to this as the business seeks to maintain
the sales momentum building in new geographic markets.
Operational Review
As part of the Group's reinvigorated go-to-market strategy and following
targeted sales investment, Corero is focused on generating new business
opportunities globally and leveraging alliance and channel partnerships to
secure new routes to market and revenue streams. The business had notable
success growing its footprint in Latin America in 2025, having secured a
number of new customer wins.
New Alliance and channel partnerships secured across FY 2025 include:
· Channel partner TechEnabler secured a new contract to implement
Corero's SmartWall ONE solution for a leading telecommunications provider in
Brazil, replacing the incumbent provider
· Strategic expansion of partnership with HPE to sell Corero's full
portfolio of DDoS protection solutions to HPE's customers, opening up new
opportunities with tier-one telecommunication providers and enterprises
· Secured Certified Partner status with World Wide Technology (WWT), a
leading global technology integrator with deep expertise in cybersecurity
Customer deals secured during FY 2025 include:
· Customer renewal and significant expansion order with a leading US
cloud computing provider, delivering DDoS protection solutions to its current
and planned data centre portfolio - contract value of $6.8 million
· Significant $1.5 million expansion of TierPoint relationship,
deploying Corero's next-generation CORE solution
· 3-year, $1.2 million partnership with Forte Telecom - one of the
largest telecommunications providers in Rio de Janeiro, Brazil
· 5-year, $1.2 million expansion of its partnership with Lightedge,
extending Corero's protection across its data centres and replacing an
existing provider
· $0.8 million contract renewal and extension with partner TechEnabler,
a leading technology service provider in Brazil
· $0.3 million deal with Cooper Health incorporating Corero's new CORE
Zero Trust Admission Control capabilities across its almost 14,000 employees
across three hospitals
· 3-year agreement with a leading European banking and insurance
customer through our Alliance Partner, Akamai, to deliver a DDPaaS contract
worth $0.6 million in total contract value to Corero
· Corero's first Tier 1 Telco customer signed in APAC, through our
Alliance Partner, HPE
Sales and Marketing Investment
During 2025, Corero maintained its investment in both sales and marketing,
alongside supporting proactive activities to further strengthen its channel
partner relationships. This blended approach supports our strategic intent to
broaden the Group's sales footprint globally, alongside generating incremental
cross and upsell opportunities across our existing customer base.
Marketing resources were primarily targeted for lead generation programmes
including regional tradeshows, content syndication campaigns, webinars, and
sponsored social media content. Increased investment played a pivotal role in
growing Corero's market reach and generating new customer traction throughout
the year, particularly in regions such as Latin America and the Middle East
where we are already generating significant sales traction.
Successful launches of new products in 2025, including Corero's next
generation 400GB platform and the CORE platform solution, will also enable
Corero to capitalise on new market opportunities with an expanded product
portfolio.
DDoS Addressable Market and Market Drivers
Compared to other forms of cybercrime, DDoS attacks are relatively low-risk
yet high-impact, and malicious actors are increasingly aware of the
significant damage they can inflict on companies through DDoS strikes, both
from a financial and reputational standpoint. With organisations facing an
average of 11 attacks per day (up 37% since 2018), these are no longer
episodic events, but an operational reality. As attacks become more complex,
aided by increased access to AI and machine-learning, organisations are
continuing to seek comprehensive availability protection.
The rapid growth of the global DDoS mitigation market shows no sign of
abating. Latest research indicates that the market will be valued at $15.94
billion by 2030 (2025: $7.21 billion), growing at a CAGR of 17.23% over the
next five years. Corero operates within a significant segment of this overall
market and estimates that the total addressable market for its principal
SmartWall ONE solution exceeds $2.0 billion.
Against the evolving threat landscape, legislative changes are enforcing
stricter adherence to cybersecurity obligations. In response to growing cyber
threats, the EU's Digital Operational Resilience Act (DORA) has reinforced the
importance of robust network and DDoS protection. Within the UK, the Cyber
Security and Resilience Bill requires organisations to demonstrate that they
can withstand cyber disruption, subjecting higher-risk organisations to
stricter compliance measures. US regulation continues to emphasise the
expectation for preventative cybersecurity controls.
Companies across industry sectors are therefore taking an increasingly
proactive approach to their DDoS defence capabilities to mitigate the rapidly
evolving DDoS landscape. Hacktivism associated with Russia's invasion of
Ukraine has exacerbated the DDoS attack threat level in Europe. Attacks are
also widespread in other key regions where Corero is actively growing its
influence - including the Middle East and Latin America as a result of digital
expansion and increasing connectivity across these regions.
Demand for resilient and adaptable DDoS defence solutions also remains high in
North America, where Corero has its highest customer and sales footprint.
Hacktivism following geopolitical events also continues to represent a
significant threat, with DDoS attacks in the US surging 800% following the US
military action targeting Iran's nuclear facilities*.
Corero remains well-placed to leverage current market demand and the
ever-increasing need for service availability.
*https://www.techradar.com/pro/security/mr-hamza-mysterious-team-bangladesh-and-keynous-led-a-massive-surge-in-ddos-on-us-businesses-following-an-attack-on-iran?utm
(https://www.techradar.com/pro/security/mr-hamza-mysterious-team-bangladesh-and-keynous-led-a-massive-surge-in-ddos-on-us-businesses-following-an-attack-on-iran?utm)
.
Outlook
Corero exited 2025 with strong sales momentum having generated good sales
growth in the second half of the year. Our sales pipeline remains strong,
supported by a combination of our sales and marketing efforts alongside our
growing partner network.
Global demand for DDoS protection continues to grow, and the Group remains
focused on elevating its status as an effective and affordable solutions
provider capable of combatting the most hostile of DDoS attacks.
Corero remains well-placed to capitalise on the global growth in cybersecurity
threats. Following a strong second half in 2025, supported by a robust
pipeline, sustained growth in the DDoS threat landscape and market demand, the
Board remains confident in the prospects of the Group to deliver ongoing
progress, notwithstanding ongoing global economic uncertainty.
Carl Herberger
Chief Executive Officer
23 March 2026
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
Year ended Year ended
31 December 31 December
2025 2024
Continuing operations $'000 $'000
Revenue 25,499 24,559
Cost of sales (2,517) (2,134)
Gross profit 22,982 22,425
Operating expenses (23,646) (21,933)
Consisting of:
Operating expenses before depreciation and amortisation (21,489) (19,925)
Depreciation and amortisation (2,157) (2,008)
Operating (loss)/profit (664) 492
Finance income 47 99
Finance costs (36) (36)
(Loss)/profit before taxation (653) 555
Taxation charge (58) (56)
(Loss)/profit after taxation (711) 498
(Loss)/profit after taxation attributable to equity owners of the parent (711) 498
Basic and diluted (loss)/earnings per share Cents Cents
Basic earnings per share (0.1) 0.1
Diluted earnings per share (0.1) 0.1
EBITDA 1,494 2,500
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Year ended Year ended
31 December 31 December
2025 2024
$'000 $'000
(Loss)/Profit for the year (711) 498
Other comprehensive income (expense)/income:
Items reclassified subsequently to profit or loss upon derecognition:
Foreign exchange differences 260 (49)
Total comprehensive (expense)/income for the year attributable to the equity (451) 449
owners of the parent
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
As at As at
31 December 31 December
2025 2024
$'000 $'000
Assets
Non-current assets
Goodwill 8,991 8,991
Intangible assets 8,293 6,422
Property, plant and equipment - owned assets 1,230 944
Right of use assets 430 139
18,944 16,496
Current assets
Inventories 225 389
Trade and other receivables 9,699 11,290
Cash and cash equivalents 4,034 5,321
13,958 17,000
Total assets 32,902 33,496
Liabilities
Current liabilities
Trade and other payables (4,403) (4,340)
Lease liabilities (117) (102)
Contract liabilities (7,872) (6,861)
(12,392) (11,303)
Net current assets 1,566 5,697
Non-current liabilities
Lease liabilities (341) (48)
Contract liabilities (1,617) (3,481)
(1,958) (3,529)
Net assets 18,552 18,664
Capital and reserves attributable to the equity owners of the parent
Share capital 7,133 7,133
Share premium account 83,290 83,290
Capital redemption reserve 7,051 7,051
Share options reserve 2,830 2,491
Foreign exchange translation reserve (1,754) (2,014)
Accumulated profit and loss reserve (79,998) (79,287)
Total shareholders' equity 18,552 18,664
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Year ended Year ended
31 December 31 December
2025 2024
Operating activities $'000 $'000
(Loss)/Profit before taxation for the year (653) 555
Adjustments for movements:
Amortisation of capitalised development expenditure 1,658 1,588
Depreciation 586 467
Depreciation - leased assets 163 170
Finance income (47) (99)
Finance expense - 8
Finance lease interest costs 36 28
Share based payments expense 339 484
Cash generated from operating activities before movement in working capital 2,082 3,201
Movement in working capital:
(Increase)/decrease in inventories 164 (293)
(Increase)/decrease in trade and other receivables 1,591 (2,863)
(Decrease)/increase in trade and other payables (790) 3,297
Net movement in working capital 965 141
Cash generated from operating activities 3,047 3,342
Taxation paid (58) (56)
Net cash generated from operating activities 2,989 3,286
Cash flows from investing activities
Investment in development expenditure (3,529) (3,190)
Purchase of property, plant and equipment (854) (789)
Finance income 47 99
Net cash used in investing activities (4,336) (3,879)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital - 994
Lease liability payments (182) (193)
Finance expense (36) (36)
Net cash (used in)/generated from financing activities (218) 765
(Decrease)/increase in cash and cash equivalents (1,565) 171
Effects of exchange rates on cash and cash equivalents 278 (10)
Cash and cash equivalents at 1 January 5,321 5,160
Cash and cash equivalents at 31 December 4,034 5,321
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Total
Foreign attributable
Share Capital Share exchange Accumulated to equity
Share premium redemption options translation profit and owners of
capital account reserve reserve reserve loss reserve the parent
$'000 $'000 $'000 $'000 $'000 $'000 $'000
1 January 2024 6,999 82,430 7,051 2,007 (1,965) (79,785) 16,737
Profit for the year - - - - - 498 498
Other comprehensive income - - - - (49) - (49)
Total comprehensive income for the year - - - - (49) 498 449
Contributions by and distributions to owners
Issue of share capital - exercise of options 134 860 - - - - 994
Share based payments - - - 484 - - 484
Total contributions by and distributions to owners 134 860 - 484 - - 1,478
31 December 2024 and 1 January 2025 7,133 83,290 7,051 2,491 (2,014) (79,287) 18,664
(Loss)/Profit for the year - - - - - (711) (711)
Other comprehensive income - - - - 260 - 260
Total comprehensive income for the year - - - - 260 (711) (451)
Contributions by and distributions to owners
Share based payments - - - 339 - - 339
Total contributions by and distributions to owners - - - 339 - - 339
31 December 2025 7,133 83,290 7,051 2,830 (1,754) (79,998) 18,552
The share capital comprises the nominal values of all shares issued.
The share premium account comprises the amounts subscribed for share capital
in excess of the nominal value, net of issuance costs.
The capital redemption reserve comprises the amount transferred from deferred
shares on redemption of the deferred shares.
The share options reserve represents the cost to the Group of share options.
The foreign exchange translation reserve arises on retranslating the net
assets of UK operations into US dollars.
The retained earnings are all other net gains and losses and transactions with
owners not recognised elsewhere.
1. General Information
This results announcement is presented in US Dollars ("$") rounded to the
nearest $'000 unless otherwise stated which represents the presentation
currency of the Group. The average $-GBP ('GBP') exchange rates used for the
conversion of the Consolidated Monthly Income Statements for the year ended 31
December 2025 was between 1.23 and 1.36 (2024: between 1.25 and 1.32). The
closing $-GBP exchange rate used for the conversion of the Group's assets and
liabilities at 31 December 2025 was 1.35 (2024: 1.25).
This results announcement has been prepared in accordance with UK adopted
international accounting standards in conformity with the requirements of the
Companies Act 2006. The "requirements of the Companies Act 2006" here means
accounts being prepared in accordance with "international accounting
standards" as defined in section 474(1) of that Act, as it applied immediately
before Implementation Period (IP) completion day (end of transition period),
including where the Company also makes use of standards which have been
adopted for use within the United Kingdom in accordance with regulation 1(5)
of the International Accounting Standards and European Public Limited
Liability Company (Amendment etc.) (EU Exit) Regulations 2019. The
consolidated financial statements have been prepared under the historical cost
convention.
The financial statements have been prepared on a going concern basis.
The Directors have prepared detailed income statement, balance sheet and cash
flow projections for a period of at least 12 months from the date of approval
of these financial statements (the 'going concern assessment period'). In
making this assessment, the Directors have reviewed the Group's financial
position, liquidity and cash flow forecasts, including the most recent
Board-approved budgets and forecasts. These forecasts reflect management's
expectations of future trading performance and include assumptions relating to
revenue growth, operating margins, operating costs and the Group's transition
to a subscription-based revenue model.
The Directors have taken into account the current macroeconomic and
geopolitical environment, including ongoing geopolitical tensions such as the
conflict in Ukraine, instability in parts of the Middle East, and broader
global trade and market volatility. The Directors note that the demand for
cybersecurity solutions remains resilient, given the critical nature of
network security and the increasing prevalence of cyber threats.
The Directors have also considered downside scenarios, including
lower-than-forecast revenue growth and delays in customer procurement,
together with mitigating actions available to management. These mitigating
actions include the ability to manage discretionary expenditure and adjust the
timing of investment, as demonstrated in prior periods.
In addition, the Group has access to a £1.5 million overdraft facility, which
provides additional headroom to support working capital requirements during
the going concern assessment period.
On this basis, the directors have therefore concluded that it is appropriate
to prepare the financial statements on a going concern basis.
The financial information set out above does not constitute the Company's
Annual Report and Accounts for the year ended 31 December 2025. The Annual
Report and Accounts for 2024 have been delivered to the Registrar of Companies
and those for 2025 will be delivered shortly. The auditor's report for the
Company's 2025 Annual Report and Accounts was unqualified and did not contain
an emphasis of matter paragraph nor any statement under Section 498 of the
Companies Act 2006.
Whilst the financial information included in this results announcement has
been prepared in accordance with UK adopted international accounting standards
in conformity with the requirements of the Companies Act 2006, this
announcement does not itself contain sufficient information to comply with UK
adopted international accounting standards.
The Annual Report and Accounts for the year ended 31 December 2025 are
available on the Company's
website https://www.corero.com/about/investor-relations
(https://www.corero.com/about/investor-relations) .
The information in this results announcement was approved by the Board on 23
March 2025.
2. Segment reporting and revenue
The Group is managed according to one business unit, Corero Network Security,
which makes up the Group's reportable operating segment. This business unit
forms the basis on which the Group reports its operating segment information
to the Board, which management consider to be the Chief Operating Decision
maker for the purposes of IFRS 8 Operating Segments.
The Group's revenues from external customers for the country of the Group's
domiciles and each individually material country (those comprising 10% or more
of Group revenues) are as follows:
2025 2024
$'000 $'000
United States 17,758 17,488
United Kingdom 3,473 1,756
Others 4,268 5,315
Total 25,499 24,559
Revenues from external customers are identified on the basis of invoicing
systems and adjusted to take into account the difference between invoiced
amounts and deferred revenue adjustments as required by IFRS.
The revenue is analysed as follows for each revenue category:
2025 2024
$'000 $'000
Software license and appliance revenue 8,266 10,066
Subscription revenue (including as-a-Service revenue) 8,341 5,912
Maintenance and support services revenue 8,892 8,581
Total 25,499 24,559
The revenue is analysed by timing of delivery of goods or services as:
2025 2024
$'000 $'000
Point in time delivery 8,266 10,066
Over time 17,233 14,493
Total 25,499 24,559
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