I am delighted to share with you our company’s remarkable progress and achievements over the past year. 2023 was a milestone year for Corero, as we demonstrated strong financial performance, expanded our market presence, and solidified our position as a leading provider of cutting-edge DDoS protection solutions.
Financial Performance and Growth
In 2023, Corero achieved an impressive 11% year-on-year increase in revenue, reaching $28.8 million. Our annual recurring revenue (ARR) stood at $21.8 million, with a gross margin of 90%, showcasing the strength and stability of our business model. We maintained a high customer renewal rate of 97%, which is a testament to the value we provide to our clients and the trust they place in our solutions.
Market Opportunity and Competitive Edge
The market for DDoS attack solutions continues to grow, with an addressable opportunity of $4.6 billion. As cyber threats evolve in complexity, Corero remains at the forefront of innovation, offering next-generation, market-leading, and disruptive technologies that set us apart from our competitors. Our unique capabilities, strong customer service, and ongoing investment in R&D enable us to maintain our competitive edge and meet the evolving needs of our customers.
Strategic Partnerships and Growth Strategy
In 2023, we secured a significant partnership with Akamai, one of the world’s largest IT service providers. This relationship has been incredibly productive, with Akamai using our technology exclusively for infrastructure protection and reselling. As we move forward, we aim to expand our footprint through strategic partnerships, upselling to existing customers, and growing our product portfolio. Our goal is to become a fresh, competitive challenger brand in the marketplace, disrupting the industry with our innovative solutions.
Product Differentiation and Innovation
We pride ourselves on offering a range of cloud-based, hybrid, and on-premises technologies in both software and hardware formats. Our unique selling proposition is our ability to transform existing IT infrastructure into effective scrubbing solutions without requiring hardware changes. This approach saves our customers up to half the price and provides greater flexibility compared to traditional solutions. As we continue to invest in R&D, we remain committed to addressing the evolving availability threats in the IT managed service and cloud service provider space.
Looking Ahead
As we look to the future, Corero is well-positioned for sustained growth and profitability. With our strong financial performance, growing market presence, and differentiated product offering, we are confident in our ability to deliver value to our shareholders, partners, and customers. We will continue to focus on strategic partnerships, customer success, and innovation to drive our business forward.
I would like to thank our dedicated team, valued customers, and supportive shareholders for their ongoing trust and commitment to Corero Network Security. Together, we will continue to shape the future of DDoS attack solutions and make the digital world a safer place.