London, July 7, 2026, 15:04 BST
- Corero said it’s partnering with Commercis in the Middle East. The company didn’t specify contract value or when it expects any revenue.
- Delayed quotes had a 9p to 10p spread, with 80,373 shares trading hands. That’s about £7,600 turnover at the mid price.
- FY2025 ARR came in at $23.9 million, about 94% of revenue. Shares traded near the 52-week low.
Corero Network Security plc (LON:CNS) traded in London Tuesday with a 9p-10p spread after it said it formed a channel partnership in the Middle East. The price move was hard to read, as trading was thin and the company didn’t disclose any contract value. The London Stock Exchange operated as normal from 0800 to 1630 BST.
Corero said Commercis will bring its DDoS protection platform to telecom, internet, banking, government, energy, critical infrastructure and enterprise customers in the Middle East. The announcement named the partner and listed the sectors, but didn’t mention deal size, margins, when the rollout starts or what kind of revenue to expect.
Neworuz Mawlood, VP of Sales & Special Projects at Commercis, said customers want tools to “preserve business continuity.” Corero’s global VP of channels and alliances, Michelle Ragusa-McBain, said Corero is “excited to welcome Commercis.” PR Newswire
| Market marker | Latest available figure | Investor read |
|---|---|---|
| Bid/offer | 9.00p / 10.00p | 1p wide, which is a big spread for a penny share |
| Day range | 9.00p-10.00p | Full spread traded, so the move looks bigger than it is |
| Volume | 80,373 shares | £7,600 traded at 9.5p |
| Average volume | 107,940 shares | Today’s volume was light |
| 52-week range | 8.50p-15.50p | Still trading near the bottom end |
| Market cap | about £51.1 million | Still faces the usual small-cap risk |
Corero traded between 9p and 10p for the day, according to Google Finance, with 80,373 shares moving. Average volume was at 107,940 shares. Shares outstanding sit at 512.17 million, putting the market cap close to £51.1 million. AJ Bell listed the same sell/buy quote at 9p-10p and volume at 80,373, based on delayed data.
That’s relevant since Corero’s stock can swing on order flow, not just the news. With a 9.5p midpoint, the value of shares traded was close to £7,600, which is about 0.015% of the company’s reported market cap. The FTSE AIM All-Share sat at 774.33 as of 1338 BST, down from the last close at 778.74.
Investors will want to know if partnerships actually lead to signed, priced contracts. Corero’s March numbers pointed to more recurring revenue, but the business is still small and single deals can still move the needle.
| FY2025 metric | Figure | Change / ratio |
|---|---|---|
| Revenue | $25.5 million | was $24.6 million last year |
| ARR | $23.9 million | rose 23%; about 94% of total |
| Order intake | $33.8 million | up 20%; about 133% of revenue |
| EBITDA | $1.5 million | dropped from $2.5 million |
| Customer retention | 98% | was 97% a year ago |
| Net cash | $4.0 million | down from $5.3 million |
Corero posted FY2025 revenue of $25.5 million and ARR at $23.9 million. Order intake came to $33.8 million. EBITDA was $1.5 million. The company said customer retention hit 98% and year-end net cash stood at $4.0 million.
The revenue mix breaks from the usual cyber-security order playbook and helps explain why the stock can look like a small software transition story. Software license and appliance sales dropped to $8.3 million in 2025, down from $10.1 million. Subscription revenue, which includes as-a-service, rose to $8.3 million from $5.9 million. Maintenance and support brought in $8.9 million. Revenue recognized over time hit $17.2 million, making up about 68% of total revenue.
CEO Carl Herberger said in March the “subscription-based sales model gathered pace,” adding that second-half sales growth came in strong. The company added that Q1 2026 had gotten off to a good start, and management stayed upbeat about maintaining ARR growth. Investegate
Corero’s most recent announced contract with pricing details was on June 18. It landed a $1.1 million deal over three years with TierPoint for Web Application Security, covering tech linked to its CORE platform. Herberger said WAAP and CORE drive “non-DDoS revenue opportunities.” Investegate
TierPoint sent its notice as a non-regulatory Reach release, which RNS says is meant for media releases, not disclosures needed by AIM.
