Corero Network Security Achieves 16% ARR Growth, Driving Momentum into 2025

Rhea-AI Summary

Corero Network Security (DDOSF) reported strong financial results for FY 2024, highlighting its successful transition to a SaaS-based revenue model. The company achieved a 16% growth in Annualized Recurring Revenue (ARR) reaching $19.5 million, while order intake increased 13% to $28.2 million.

Key financial metrics include a 10% revenue increase to $24.6 million and projected EBITDA growth to $2.1-$2.5 million. The company demonstrated strong operational performance with a 70% increase in new customer acquisition and a 97% customer retention rate. Corero ended 2024 with $5.3 million in cash, no debt, and $4.8 million in new customer orders from Q4 expected to be collected in early Q1 2025.

The company also launched its new CORE platform in Q4, strengthening its position in DDoS protection services.

Positive

• 16% growth in ARR to $19.5M
• 13% increase in order intake to $28.2M
• 10% revenue growth to $24.6M
• EBITDA growth to $2.1-$2.5M from $1.8M
• 70% increase in new customer acquisition
• 97% customer retention rate
• Strong cash position of $5.3M with no debt
• $4.8M in Q4 orders to be collected in Q1 2025

Negative

• None.

Record $19.5M ARR and strong order growth cement Corero's leadership in SaaS-driven DDoS protection

MARLBOROUGH, Mass., Jan. 7, 2025 /PRNewswire/ -- Corero Network Security  (AIM: CNS) (OTCQX: DDOSF), the DDoS protection specialists, today announced a strong trading update for the year ended December 31, 2024. The Company continued to execute its growth strategy, delivering impressive financial results and advancing its transition to a SaaS-based revenue model, positioning it for sustained growth in 2025 and beyond.

Key financial and operational highlights for FY 2024 include:

• Annualized Recurring Revenue (ARR) grew 16% to $19.5 million, driven by strong demand for subscription-based DDoS Protection as-a-Service (DDPaaS)
• Order intake increased 13% to $28.2 million, reflecting growing customer adoption
• Revenue rose 10% to $24.6 million, up from $22.3 million in 2023
• EBITDA expected to grow to $2.1–$2.5 million, compared to $1.8 million in FY 2023
• Over 70% increase in new customer acquisition
• 97% customer retention rate, with a robust pipeline heading into 2025

Corero also ended FY 2024 in a strong financial position, with $5.3 million in cash and no debt. An additional $4.8 million in new customer orders invoiced in Q4 2024 is expected to be collected in early Q1 2025, providing further confidence for the year ahead.

"2024 has been a transformative year for Corero. We've delivered record-breaking ARR and robust order growth, while enhancing our go-to-market strategy and advancing our technology capabilities. Our transition to a SaaS-based model has not only strengthened our financial foundation but is also driving consistent and impressive results," said Carl Herberger, CEO of Corero.

In Q4, we launched our new CORE platform, underscoring Corero's commitment to innovation and reinforcing our leadership in DDoS protection. With an exceptional customer retention rate and the healthiest pipeline we've seen to date, I'm confident we'll deliver continued growth in 2025 and beyond."

About Corero Network Security
Corero Network Security is a leading provider of DDoS protection solutions, specializing in automatic detection and protection solutions with network visibility, analytics, and reporting tools. Corero's technology protects against external and internal DDoS threats in complex edge and subscriber environments, ensuring internet service availability. With operational centers 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).

 

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SOURCE Corero Network Security

FAQ

What was Corero Network Security's (DDOSF) ARR growth in 2024?

Corero Network Security achieved a 16% growth in Annualized Recurring Revenue (ARR), reaching $19.5 million in 2024.

How much revenue did DDOSF generate in fiscal year 2024?

Corero Network Security generated revenue of $24.6 million in FY 2024, representing a 10% increase from $22.3 million in 2023.

What was DDOSF's customer retention rate in 2024?

Corero Network Security maintained a 97% customer retention rate in 2024.

How much cash did DDOSF have at the end of 2024?

Corero Network Security ended FY 2024 with $5.3 million in cash and no debt.

What was DDOSF's projected EBITDA for 2024?

Corero Network Security's EBITDA was expected to grow to $2.1-$2.5 million in 2024, compared to $1.8 million in FY 2023.

What new product did DDOSF launch in Q4 2024?

Corero Network Security launched its new CORE platform in Q4 2024, reinforcing its leadership in DDoS protection.