267. Bull, Bear & Beyond – Corero Network Security: executive interview

In this interview, Carl Herberger, CEO of Corero Network Security, discusses the strong operating leverage evident in the company’s H1 results. Revenue grew 42% y-o-y, adjusted EBITDA reached $2.7m and gross margin was 93%, despite a higher proportion of capex-related sales. Annual recurring revenue grew 12%, while operating costs increased by only 5%. This produced a c $4m y-o-y increase in net revenue contribution. Management expects further operating leverage as the business continues to grow. The discussion then turns to Corero’s strategy to broaden its offering from distributed-denial-of-service (DDoS) protection to a wider cyber-resilience platform, addressing network availability, performance and service-level requirements. Recent tier-one telecom wins in the UK and US, together with growing exposure to NeoCloud and AI data-centre infrastructure, support this development. Herberger also outlines the four pillars of the company's go-to-market strategy: expanding reseller coverage, further developing OEM relationships, increasing managed-service sales and growing enterprise and cross-sell revenues through newer products, which in combination support the company's ambition of delivering sustained, operationally leveraged growth. Corero Network Security is a leading provider of real-time, adaptive distributed denial-of-service attack detection and mitigation solutions, protecting organisations against external and internal threats and ensuring an ability to continually operate web-based services. ************************************************************************************** About ‘Bull, Bear & Beyond’ Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/