Corero Network Security PLC (AIM:CNS, OTCQB:DDOSF) shares rose 7% to 12.3p after the DDoS protection specialist said annual recurring revenue and order intake grew strongly in 2025, with second-half trading recovering enough to beat previous market expectations.
Revenue for the year edged up to US$25.5 million from US$24.6 million, while ARR climbed 23% to US$23.9 million and order intake increased 20% to US$33.8 million.
Corero said the numbers reflected growing demand for subscription-based and DDoS Protection-as-a-Service offerings, even as the shift away from upfront appliance and licence sales weighed on reported profitability.
EBITDA fell to US$1.5 million from US$2.5 million and adjusted EBITDA slipped to US$2 million from US$3 million.
The group posted a pre-tax loss of US$0.7 million versus a US$0.6 million profit a year earlier, but ended 2025 with net cash of US$4.0 million and said the business generated positive cash flow in the second half.
Corero also pointed to commercial momentum, including a US$6.8 million renewal and expansion order with a leading US cloud computing provider, and said Q1 2026 has started strongly, significantly ahead of the prior-year period.