Corero Network Security is entering the second half of 2026 with a broader product portfolio, higher order activity and evidence that recent commercial investments are beginning to translate into stronger financial results.
Revenue for the first half rose 42% year on year to $15.5 million, supported by the strong order intake recorded at the end of 2025. Order intake increased a further 14% to $14.3 million, while annualised recurring revenue reached $24.1 million, up 12% from $21.6 million a year earlier.
The increase in revenue was achieved without a comparable rise in costs. Gross margin was 93.4%, helped by a higher contribution from one-off licence sales, while operating expenses increased by 5%. Adjusted EBITDA was $2.7 million, compared with a $1.3 million loss in the first half of 2025.
This operating leverage is becoming increasingly relevant as Corero expands beyond its established DDoS protection business. Recent investments include the Corero Observability & Resiliency Ecosystem, known as CORE, a next-generation 400G platform, Zero Trust Admission Control and Web Application and API Protection.
Demand for the newer products is already appearing in the sales pipeline. Around half of new business leads now include some requirement for these additional solutions. This gives Corero more opportunities to increase contract sizes while also widening the range of customers and use cases it can address.
The company secured a $1.1 million Web Application Security contract with a major data centre provider during the first half. Activity has continued since the period ended, including two contracts with Tier 1 telecommunications companies worth a combined $4.8 million. These agreements also involved newer solutions within the CORE platform.
Corero Network Security plc (LON:CNS) is a global provider of automated business continuity and network security solutions.
