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Cyber security company Corero Network Security said it expected to report its maiden pre-tax profit as 'strong' customer demand and ongoing margin improvement bolstered results.
Corero anticipated reporting a maiden pre-tax profit in an estimated range of $1.2 to $1.6 million, that compared with a loss of $4.0 million a year earlier.
The company also reiterated its guidance for revenues to be broadly in-line with market expectations at about $20.9 million, up 24%, and earnings before interest taxes, depreciation, and amortisation, or EBITDA, to be materially ahead of market expectations in an estimated range of $3.8 to $4.2 million, up from a loss of $1.4 million.
Annualised recurring revenues increased to $12.8 million as at 1 January 2022 from $9.8 million a year ago, driven by 'strong traction for Corero's subscription-based and DDoS protection as-a-service products, which underpins higher levels of earnings predictability for the company going forward,' it added.
The company added 44 new customers in 2021, up from 42 new customers last year.