Corero Network Security PLC (AIM:CNS, OTCQB:DDoSF) shares rose 9% to 9.5p after the cybersecurity specialist announced strong third-quarter trading and a major renewal and expansion deal with a leading US cloud computing customer.
The AIM-listed firm, which provides protection against distributed denial of service (DDoS) attacks, said order intake rose to $7.4 million in the three months to September, up from $6 million a year earlier. New contracts were secured across the US, UK, Europe, Brazil and Singapore, while two further customers signed up for its CORE (Corero Observability & Resiliency Ecosystem) platform.
The highlight came in early October with a $6.8 million renewal and expansion contract from a long-term US client. The three-year deal includes $3.1 million from renewed subscriptions and $3.7 million in new business covering additional data centres.
Corero also introduced several key product enhancements, including new tools to block high-volume application-layer attacks, detect abnormal login behaviour and extend web application security for service providers.
Chief executive Carl Herberger said the expanded contract “demonstrates Corero’s technical leadership” and shows the company’s strengthening position in the global cybersecurity market. Management reaffirmed full-year revenue guidance of $24–25.5 million and EBITDA between breakeven and a $1.5 million loss.