Corero Network Security plc (LSE:CNS) said on 14 October 2026 that third-quarter order intake jumped 50% to $11.1 million, extending a run of growth that the board has said should lead to results ahead of market expectations for 2026. A further announcement on 4 November described Investment in regional Leadership and partnerships.

What the company does

Corero supplies automated protection against distributed denial-of-service attacks, which flood networks with traffic to disrupt services. Its customers include telecoms operators, internet service providers, hosting firms and enterprises, and it sells through channel partners as well as directly. Revenue combines product sales with recurring subscription and support income.

Third-quarter update

Order intake in the third quarter of 2026 was $11.1 million, against $7.4 million a year earlier, and year-to-date orders rose 28% to $25.4 million. LSE:CNS attributed the growth mainly to channel expansion across several regions. Contract wins included a $3.4 million, five-year managed services agreement with a UK telecommunications provider, a $1.4 million three-year contract with a major US wireless carrier, and a $0.5 million contract with a US provider of cloud capacity for artificial intelligence, which extends its presence in AI data centres.

Interim results

On 9 September 2026 LSE:CNS published unaudited results for the first half of 2026. Revenue was $15.5 million, up 42% year on year. Annualised Recurring Revenue was $24.1 million, up 12%, with customer retention of 96%. EBITDA was $2.6 million, compared with a loss of $1.4 million in the prior-year period. Order intake in the half rose 14% to $14.3 million.

The board said that, given positive second-half trading and an improving pipeline, it expected to beat market expectations for both revenue and EBITDA for the full year. Corero has not been reported as paying a dividend. A customer wins announcement on 2 September 2026 had flagged early momentum.

Corporate activity

A director shareholding notice was issued on 26 October 2026, Options were exercised on 5 November with an updated total voting rights figure, and a holding notification was published on 6 November. On 4 November LSE:CNS announced investment in regional leadership and partnerships, in line with its channel-led growth approach.

Sector and index context

Cyber security is a durable growth area, and attacks on telecoms networks and data centres have been increasing as services become more critical. Corero is one of the better-known security companies in the FTSE AIM All Share Index, competing with larger global vendors that have greater resources but also pitching its automatic detection and mitigation to service providers.

The mix of the contract wins is worth noting: a five-year managed services deal and a three-year carrier contract point to multi-year commitments, which feed recurring revenue over time, while the cloud provider win suggests Demand from newer infrastructure builders. Nine-month orders of $25.4 million already compare with $14.3 million for the first half, showing how heavily the third quarter contributed.

Key risks

Order intake can be lumpy, and large telecom contracts take time to convert into revenue. Annualised recurring revenue grew more slowly than total revenue, which shows how much first-half growth was driven by product sales. Competition from large vendors, foreign exchange exposure from dollar-denominated sales and dependence on a small number of large customers all matter. Guidance of beating expectations will need to be delivered in the full-year numbers.

What to watch next

The full-year trading update, likely early in 2027, will test the board's confidence. Investors will also follow new contract announcements, the effect of the regional leadership hires and partnerships on channel sales, and progress in AI-driven data centre demand.