Corero Network Security PLC on Thursday said it is confident in its near-term future despite a widened loss in the first half, and has started its search process for a new chief executive officer.
The cybersecurity provider reported a $1.2 million pretax loss for the first six months of 2023, following a $325,000 loss the year before.
Revenue meanwhile increased 19% to $10.5 million from $8.8 million. Annualised recurring revenue increased 13% to $15.3 million to $13.6 million.
Operating expenses increased 34% to $10.6 million from $7.9 million.
Corero also said it has no outstanding debt following the $1.2 million early repayment of a bank term loan facility. Net cash at June 30 was $6.2 million, up from $5.8 million at the same time one year prior.
Executive Chair Jens Montanana said: ‘I am extremely pleased with the momentum that we have built during the first half of 2023, securing a number of key customer wins across the period. The increase in revenue, order intake and ARR all demonstrate the fundamental strength of both Corero’s business model and ongoing demand for our market-leading products.’
Corero reported a ‘solid start’ to the second half of 2023, with multiple new customer wins and a still-developing ‘robust’ new business pipeline.
Montanana further noted Corero’s strategic partnership with Akamai Technologies Inc, announced on Wednesday, which ‘further expands our routes to market and is expected to deliver incremental revenue growth in the medium term.’
Also on Wednesday, Corero said the search process for its new CEO has commenced, following the resignation of former head Lionel Chmilewsky in February and departure from the company in May.
Interim Chief Operating Officer Andrew Miller, meanwhile, will step down from the role with immediate effect. He will however remain at Corero as a non-executive director. Also with immediate effect, Chief Financial Officer Phil Richards - who was hired in October last year - was appointed to the board.
Corero shares were down 3.2% at 7.11 pence in London on Thursday.
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