Corero Network Security PLC (AIM:CNS, OTCQB:DDoSF) says it has made a solid start to 2025, buoyed by new customer wins, a growing order book, and an expanded partnership with Juniper Networks.
The company, which specialises in defending organisations from distributed denial of service (DDoS) attacks, said it remains confident in its medium-term outlook.
In full-year results for 2024, Corero posted a 10% rise in revenue to $24.6 million, with annual recurring revenues up 16% to $19.5 million.
Earnings before interest, tax, depreciation and amortisation jumped 42% to $2.5 million, at the top end of its guidance range. It swung to a pre-tax profit of $600,000 from a small loss in 2023.
The company added more customers in 2024 than in any previous year, including a $1.8 million deal with US-based cloud services provider TierPoint, where Corero displaced a rival supplier. Customer retention remained strong at 97%.
Corero said it had stepped up its global sales efforts and increased marketing spending by over 40% to help drive new business and expand within existing accounts.
It also launched new features for its flagship SmartWall platform and introduced a new observability and resiliency ecosystem aimed at broadening its role in safeguarding network infrastructure.
Chief executive Carl Herberger said the company is focused on expanding its reach through a growing portfolio of alliance and channel partnerships. Corero ended the year with $5.3 million in net cash and is continuing to invest in go-to-market initiatives.
Gross margins remained high at 91%, and the company said its diversified sales pipeline leaves it well-positioned to build on recent momentum in 2025.
CEO Herberger said: "I'm excited about Corero's prospects for 2025 and the impact of deepening our channel and alliance partner relationships in addition to extending our reach globally.
"The global demand for our products is strong and Corero remains well placed to capitalise on this sizeable and growing market opportunity."