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Thursday 14 September 2017

Corero DDoS revenue sees 51% growth

Corero SmartWall DdoS revenue sees 51% H1 growth

AIM-listed cyber security supplier Corero saw its overall H117 revenue flat at US$4.8m but sales of the company's flagship SmartWall Threat Defense System grew 51% yoy to US$4.4m.

That just about offset a US$1.5m decline in deferred revenue from legacy, discontinued intruder prevention system (IPS) products (worth US$400k in H1) which will finally run dry in H217.

As of FY18 Corero revenue will depend entirely on SmartWall and its associated SmartWatch managed Distributed Denial of Service (DDoS) proposition, which by our estimates should start to make the company's yoy growth look very strong indeed.

Corero continues to win new customers for SmartWall, 13 during the period end 30th June. Seven of those opted for 'as a service' recurring revenue deals with a minimum one year term and the remainder perpetual licenses that pay up front for the hardware and software then on a yearly basis for ongoing support.

They included a US$1m contract with an enterprise cloud service provider, a US$500k renewal with a US hosting company and a US$400k deal with a US federal government department. The latest contract, announced today, involves an initial US$200k order from a “leading digital enterprise” expected to grow into a global deployment and US$1.5m over the next few quarters.

The focus on managed DDoS services is a prime example of how more savvy suppliers are changing their traditional on-premise approach to cyber security and helping customers outsource responsibility for ongoing protection to third parties, both transitions that inevitably take time (and often money).

Corero's EBITDA loss widened to US$3.4m from US$2.5m a year earlier, impacted by a US$600k rise in operating expenses attributed to currency fluctuations and an intercompany loan of US$300k to its US subsdiary. Management are confident that those losses will be brought under control over the next few quarters however, and say Corero is still on track to be EBITDA positive by Q417.

Posted by Martin Courtney at '09:50' - Tagged: resullts   cybersecurity   Corero   DDoS  

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