Corero Network Security Plc · LSE:CNS
Corero Network Security — FY2024 Earnings Presentation
24 slides from Corero Network Security's earnings presentation, April 2025
Slide 1: FY 2024 Presentation
FY 2024 PRESENTATION Carl Herberger, CEO Chris Goulden, CFO April 2025 AIM: CNS OTCQX: DDOSF
Slide 2: Safe Harbor Forward-Looking Statements
SAFE HARBOR FORWARD-LOOKING STATEMENTS This announcement may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisio
Slide 3: The Year in DDoS (and It's Only April)
THE YEAR IN DDOS (AND IT’S ONLY APRIL) LARGEST ATTACK ON RECORD Cloudflare detected a 5.6Tbps attack (equivalent to downloading 420 4K movies in one minute). DEEPSEEK AI Following the release of its reasoning model on January 20th, AI startup DeepSeek experienced multiple waves of DDoS attacks. GREE
Slide 4: Well Known DDoS Threat Actors
WELL KNOWN DDOS THREAT ACTORS KILLNET A pro-Russian hacktivist group that frequently targets NATO countries, governments, and critical infrastructure. ANONYMOUS SUDAN Widely believed to be a Russia-affiliated group conducting politically motivated DDoS attacks. LAZARUS GROUP A North Korean state-spo
Slide 5: Tools of the Trade: Botnets and Malware
TOOLS OF THE TRADE: BOTNETS AND MALWARE MIRAI The most famous IoT-based botnet, which first appeared in 2016. It infects routers, cameras, and DVRs, launching massive attacks. MOZI A peer-to-peer (P2P) botnet targeting IoT devices, with an emphasis on persistence and self-updating capabilities. MERI
Slide 6: About Corero Network Security
ABOUT CORERO NETWORK SECURITY INNOVATOR IN DDoS PROTECTION Advanced high-performing, hardware-agnostic protection against malicious network/server activity, ensuring continuity, availability and uptime STRONG RECURRING REVENUE 16% ARR growth YoY, 97% customer renewal rate (FY 2024) SOLID REVENUE GRO
Slide 7: FY 2024 in Numbers
FY 2024 IN NUMBERS $24.6m $2.5m $19.5m 91% REVENUE EBITDA ARR GROSS MARGIN +10% YoY +42% YoY +16% YOY +1% 97% 90 50+ CUSTOMER PEOPLE COUNTRY RENEWAL RATE WORLDWIDE FOOTPRINT 7 AIM: CNS OTCQX: DDOSF
Slide 8: What We Do
WHAT WE DO Corero ensures businesses stay online by stopping cyberattacks before they cause downtime, protecting revenue and customer trust. AIM: CNS OTCQX: DDOSF
Slide 9: Stopping Attacks, Protecting Service Availability
STOPPING ATTACKS, PROTECTING SERVICE AVAILABILITY REAL-TIME, ADAPTIVE PROTECTION Corero adapts to evolving threats and seamlessly integrates into hybrid and on-premises environments. AUTOMATED SECURITY, MINIMAL IT WORKLOAD More than half of Corero customers use managed services, freeing IT teams whi
Slide 10: SmartWall ONE: Always-On, Adaptive DDoS Defence
SMARTWALL ONE: ALWAYS-ON, ADAPTIVE DDOS DEFENCE HYBRID CLOUD ON-PREMISES • Supports hybrid-first strategies as cloud repatriation • Fastest DDoS protection with near-zero latency grows • Direct control over security posture & compliance • Optimises cloud costs & compliance • Maximises performance wh
Slide 11: SmartWall ONE: Continuous Innovation
SMARTWALL ONE: CONTINUOUS INNOVATION 4 KEY PRODUCT ENHANCEMENTS DURING FY 2024 FEBRUARY 2024 MARCH 2024 JUNE 2024 OCTOBER 2024 400G SmartWall ONE extension Corero DDoS Intelligence Service Enhanced SmartWall ONE Service Rolled out 400G appliance Portal Corero extended the capabilities of CDIS is an
Slide 12: Extending Beyond DDoS: CORE
EXTENDING BEYOND DDOS: CORE CORERO OBSERVABILITY & RESILIENCY ECOSYSTEM (‘CORE’) EXPANDING PORTFOLIO WITH CLOUD-NATIVE SECURITY CORE extends visibility and defence across modern hybrid environments. MAXIMISING EXISTING INFRASTRUCTURE FOR SMARTER SECURITY Integrates with SmartWall ONE and third-party
Slide 13: The Return to Data Centres: Data Repatriation
THE RETURN TO DATA CENTRES: DATA REPATRIATION AI AND CLOUD COSTS DRIVING A RETURN TO THE DATA CENTRE AI resource usage and hyperscaler egress charges are driving more organisations to repatriate data to data centres. HYBRID CLOUD IS THE NEW NORMAL Even for companies that intend to be cloud-only, hyb
Slide 14: Growth Strategy Positioned for Leadership
GROWTH STRATEGY EXPANDING GLOBAL FOOTPRINT POSITIONED FOR LEADERSHIP •New sales hubs in LATAM, Middle East and APAC •Continue to enhance global channel partner strategy INVESTING IN SALES & MARKETING INITIATIVES •Expanded direct Sales team, both in number and territory •43% increase in Marketing spe
Slide 15: 2024 Key Highlights: Significant Deal Flow
2024 KEY HIGHLIGHTS SIGNIFICANT DEAL FLOW • $1.8m partnership with TierPoint • $2m significant contract renewal and expansion with leading US SaaS provider • $1m contract extension with DigitalOcean • $1m contract with a top-10 US fiber provider • Significant new channel partnerships with stc Bahrai
Slide 16: Key Customer Win: TierPoint
KEY CUSTOMER WIN TIERPOINT “Our time to mitigation for DDoS attacks went from 6 minutes with previous solutions to 18 seconds with Corero. This ensures that our customers experience uninterrupted services, even during attacks. Paul Mazzucco, Chief Information Security Officer at TierPoint AIM: CNS O
Slide 17: Key Customer Win: Southern Communications Group
KEY CUSTOMER WIN SOUTHERN COMMUNICATIONS GROUP “Everything we do as a technical team has to fit into three criteria: • Simplify, • Standardise, and • Automate And that’s what Corero does. Matt Wring, Chief Technical Officer, SCG Connected AIM: CNS OTCQX: DDOSF
Slide 18: FY 2024 Financial Highlights
FY 2024 FINANCIAL REVENUE ARR1 GROSS MARGIN HIGHLIGHTS $24.6m $19.5m 91% 2020 $16.9m 2020 $9.8m 2020 77.3% 2021 $20.9m 2021 $12.8m 2021 85.1% 2022 $20.1m 2022 $14.4m 2022 87.2% 2023 $22.3m 2023 $16.9m 2023 90.0% 2024 $24.6m 2024 $19.5m 2024 91% PROFIT/ (LOSS) BEFORE TAX NET CASH EBITDA3 $5.3m $2.5m
Slide 19: FY 2024 Revenue Segments
FY 2024 ARR $m REVENUE SEGMENTS 25 SALES BY GEOGRAPHY 19.5 Americas: 71% 20 Rest of World: 29% 16.9 15 14.4 2024 REVENUE BY CATEGORY 12.8 9.8 10 7.2 35% Software license and appliances 41% 5 DDoS Protection as-a-Service Maintenance and support 0 24% 2019 2020 2021 2022 2023 2024 19 AIM: CNS OTCQX: D
Slide 20: Capital Structure 2024
CAPITAL STRUCTURE 2024 SHAREHOLDER DISTRIBUTION CASH $5.3M Insiders 38% Market Cap £87m ($112m) Retail 12% Shares Outstanding 512m Other Large Shareholders* 50% Warrants None Options 48m RSUs None Fully Diluted 561m Convertible Notes None * including: Sabvest Capital Holdings 11.2% 52 wk H/L 29.00p
Slide 21: Outlook 2025
OUTLOOK 2025 STRONG START TO FY 2025 Key customer wins and alliance partner existing contract expansion GROWTH MARKET DDoS attacks continue to evolve, and significant attacks frequently make global news stories ROBUST FINANCIAL FOUNDATIONS Solid financial footing to accelerate go-to-market strategy,
Slide 22: Seasoned Management Team
SEASONED MANAGEMENT TEAM CARL HERBERGER CHRIS GOULDEN ASHLEY STEPHENSON CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHIEF TECHNOLOGY OFFICER CHIEF PRODUCT OFFICER 22 AIM: CNS OTCQX: DDOSF
Slide 23: Thank You
THANK YOU carl.herberger@corero.com chris.goulden@corero.com AIM: CNS OTCQX: DDOSF
Slide 24: Financial Definitions
FINANCIAL DEFINITIONS 1 ARR is defined as the normalised annualised recurring revenues and includes recurring revenues from contract values of annual support, software subscriptions including terms greater than one year, and from DDoS Protection-as-a-Service (‘DDPaaS’) contracts 2 Order Intake is de
Corero Network Security — FY2024 Earnings Presentation on 6ix