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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