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Corero Network Security plc

Corero develops software that filters attack traffic so internet providers, data centres and businesses can keep their services online.

NYA1 · Stuttgart · EUR

Overview

Summary

A website or network can become unavailable when attackers overwhelm it with traffic. Corero’s SmartWall ONE detects these attacks and filters malicious traffic while allowing legitimate users through. This is known as protection against distributed denial-of-service attacks, or DDoS.

Corero’s listed parent is based in London, with operations in Edinburgh and Marlborough in the United States. It sells security software, appliances, subscriptions and managed protection. Its newer CORE products extend its work into monitoring and managing service availability.

Latest results

Jan–Jun 2026 · Reported in USD

Revenue

USD 15.5 million+42.3%

Operating profit

USD 1.4 millionTurned positive

Margin 9.3%

Cash held

USD 2.1 million-32.5%

At Jun 30, 2026

Financial debt

USD 388,000-25.8%

At Jun 30, 2026

Latest financial publication

Oct 14, 2026 · Issuer publication

Third-quarter commercial update

Investment Thesis

Keeping online services available as security subscriptions grow

European Tech Equities analysis · Oct 30, 2026

The investment case

Corero’s opportunity comes from protecting internet services that customers cannot afford to lose. A growing subscription base can make revenue more predictable, while additional security tools give existing customers more to buy. The investment case depends on that growth producing cash as well as accounting profit.

Sources[1][2]

Evidence of adoption

Orders reached $11.1 million in the third quarter, up 50%, taking nine-month orders to $25.4 million. Contracts included a five-year UK managed-services agreement and a three-year US wireless-carrier order. These commitments support future work, but their full value is not revenue earned in the quarter.

Sources[3]

Demand drivers

Internet providers and data centres need to keep legitimate traffic moving during an attack. Corero can supply protection directly or through networking and service partners. Larger customers may start at a few locations before expanding, so winning a customer does not guarantee an immediate rollout across every site.

Sources[2][3]

Profit and cash generation

H1 2026 revenue rose to $15.52 million and net profit was $1.42 million, compared with a loss a year earlier. Cash fell to $2.10 million. Operating cash inflow of $0.11 million was below $2.27 million spent on development and equipment, hence converting growth into cash remains important.

Sources[4]

Valuation assumptions

The company’s equity value was £78.11 million in the 28 October snapshot, while it reports its accounts in US dollars. Its FY2025 loss makes a trailing price-to-earnings ratio unhelpful. Future valuation depends on sustained subscription growth, customer retention and better cash generation; rising order intake alone does not settle those questions.

Sources[5][1][4]

What would weaken the case

Larger security suppliers offer competing products, and protection must adapt as attacks change.
Contract value may be recognised over several years. Customer payment timing and capitalised development spending can leave cash generation behind reported profit.
A relatively small business can be affected by the timing of large orders, customer renewals and movements between sterling and the US dollar.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	10.91	15.52
Gross profit	9.87	14.49
Gross margin	90.5%	93.4%
EBITDA	-1.40	2.66
EBITDA margin	-12.9%	17.2%
Operating profit (EBIT)	-2.39	1.44
Operating margin	-21.9%	9.3%
Net income	-2.41	1.42
Earnings per share (USD)	-0.005	0.003

Cash flow

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-0.77	0.11
Capital expenditure	1.70	2.27
Free cash flow	-2.46	-2.16

Balance sheet

At period endUSD million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	4.03	2.10
Total debt	0.46	0.39
Net debt / (net cash)	-3.58	-1.72
Total assets	32.90	33.38
Total liabilities	14.35	13.36
Total equity	18.55	20.02

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · H1 2026 interim report, condensed consolidated statements PDF pp.8,10,11. USD millions; EPS cents divided by100. Debt sums lease rows; capex sums cash development expenditure and PPE. EBITDA is unadjusted issuer APM. Annual FY2025 typo comparatives ignored in favour of audited annual accounts.

H1 2026 · H1 2026 interim report, condensed consolidated statements PDF pp.8,10,11. USD millions; EPS cents divided by100. Debt sums lease rows; capex sums cash development expenditure and PPE. EBITDA is unadjusted issuer APM. Annual FY2025 typo comparatives ignored in favour of audited annual accounts.

FY 2025 · Consolidated audited FY2025 results PDF pp.6–8, cross-checked with annual report. USD millions; EPS cents divided by100. Debt is current plus non-current leases; no drawn bank borrowing. Capex is cash capitalised development plus PPE. EBITDA is the issuer unadjusted alternative performance measure, not adjusted EBITDA.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

Consolidated figures in USD millions; basic earnings per share in USD. London shares trade in pence, which does not change the accounts’ currency. Debt includes leases. Cash investment includes capitalised software development. EBITDA is the company’s unadjusted measure.

Annual

RevenueOperating profitNet profit

Revenue

FY 202424.6

FY 202525.5

Operating profit

FY 20240.492

FY 2025-0.664

Net profit

FY 20240.498

FY 2025-0.711

Income statement

For the periodUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	24.56	25.50
Gross profit	22.43	22.98
Gross margin	91.3%	90.1%
EBITDA	2.50	1.49
EBITDA margin	10.2%	5.9%
Operating profit (EBIT)	0.49	-0.66
Operating margin	2.0%	-2.6%
Net income	0.50	-0.71
Earnings per share (USD)	0.001	-0.001

Cash flow

For the periodUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	3.29	2.99
Capital expenditure	3.98	4.38
Free cash flow	-0.69	-1.39

Balance sheet

At period endUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	5.32	4.03
Total debt	0.15	0.46
Net debt / (net cash)	-5.17	-3.58
Total assets	33.50	32.90
Total liabilities	14.83	14.35
Total equity	18.66	18.55

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · Consolidated audited FY2025 results PDF pp.6–8, cross-checked with annual report. USD millions; EPS cents divided by100. Debt is current plus non-current leases; no drawn bank borrowing. Capex is cash capitalised development plus PPE. EBITDA is the issuer unadjusted alternative performance measure, not adjusted EBITDA.

Half-year

RevenueOperating profitNet profit

Revenue

H1 202510.9

H1 202615.5

Operating profit

H1 2025-2.4

H1 20261.4

Net profit

H1 2025-2.4

H1 20261.4

Income statement

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	10.91	15.52
Gross profit	9.87	14.49
Gross margin	90.5%	93.4%
EBITDA	-1.40	2.66
EBITDA margin	-12.9%	17.2%
Operating profit (EBIT)	-2.39	1.44
Operating margin	-21.9%	9.3%
Net income	-2.41	1.42
Earnings per share (USD)	-0.005	0.003

Cash flow

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-0.77	0.11
Capital expenditure	1.70	2.27
Free cash flow	-2.46	-2.16

Balance sheet

At period endUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	3.12	2.10
Total debt	0.52	0.39
Net debt / (net cash)	-2.59	-1.72
Total assets	29.96	33.38
Total liabilities	13.32	13.36
Total equity	16.64	20.02

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Updated Oct 30, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Third-quarter commercial update

Investment Thesis

The investment case

Evidence of adoption

Demand drivers

Profit and cash generation

Valuation assumptions

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Performance

Research & updates

Corero Network Security Accelerates International Growth with Strategic Investment in Regional Leadership and Partnerships

Third-quarter commercial update

Corero Network Security Strengthens Star Rating in MarketsandMarketsTM 2026 DDoS Protection and Mitigation Market Report

Corero Network Security Named Best in Channel-First Cybersecurity Distribution at CybersecAsia Readers’ Choice Awards 2026

Half-year results 2026

Company publications

Corero H1 2026 results, 9 September 2026

Corero FY2025 results, 24 March 2026

Interviews

Interviews are coming soon

Sources

Sources & data dates

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