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WKN: 909554 | ISIN: IL0010826688 | Ticker-Symbol: RAM
Stuttgart
22.04.24
08:08 Uhr
7,750 Euro
0,000
0,00 %
Branche
Netzwerktechnik
Aktienmarkt
Sonstige
1-Jahres-Chart
RADCOM LTD Chart 1 Jahr
5-Tage-Chart
RADCOM LTD 5-Tage-Chart
RealtimeGeldBriefZeit
8,3508,55018:35
PR Newswire
403 Leser
Artikel bewerten:
(2)

RADCOM Ltd.: RADCOM Reports Second Quarter 2023 Results

  • All-time quarterly revenue record of $12.4 million
  • 5-year high diluted EPS

TEL AVIV, Israel, Aug. 2, 2023 /PRNewswire/ -- RADCOM Ltd. (Nasdaq: RDCM) announced financial results for the second quarter ended June 30, 2023 .

Eyal Harari, RADCOM's Chief Executive Officer, commented, "This quarter, we achieved several all-time financial records and continued investing in our solutions to drive future growth. Revenues for the second quarter were $12.4 million, the 16th consecutive quarter of year-over-year growth.

"We significantly improved our bottom line, achieving net income for the second quarter and first six months of 2023 that hit a 5-year high (on both GAAP and non-GAAP basis). The improvements in our profitability KPIs continued our strong momentum and are driven by strong execution and revenue increase.

"Last month, we announced the launch of our 5G assurance solution on Google Cloud as we continue integrating our solution with leading public cloud providers. Launching on Google Cloud will extend our market availability to further potential customers and offer a leading 5G assurance solution to simplify 5G rollouts. Additionally, as previously announced, we completed the acquisition of Continual Ltd. during the quarter. We believe that adding Continual's core assets will enrich our solution and create new opportunities for RADCOM in top-tier customers.

Mr. Harari concluded, "We remain confident in our ability to cross the $50 million annual revenue threshold and scale up to a mid-size software company for the first time in the Company's history in 2023 and deliver a fourth consecutive year of growth. Therefore, we are reiterating the 2023 revenue guidance of $50 million to $53 million ."

Second quarter 2023 financial highlights:

  • Total revenue for the second quarter was $12.4 million, compared to $11.1 million in the second quarter of 2022.
  • GAAP net income for the second quarter was $0.8 million, or $0.05 per diluted share, compared to a GAAP net loss of $1.3 million, or a loss of $0.09 per diluted share for the second quarter of 2022.
  • Non-GAAP net income for the second quarter was $2.1 million, or $0.13 per diluted share, compared to a non-GAAP net income of $0.02 million or $0.001 per diluted share for the second quarter of 2022.
  • As of June 30, 2023, the Company had cash, cash equivalents, and short-term bank deposits of $78.3 million and no debt.

First six months of 2023 financial highlights:

  • Total revenue for the first six months was $24.4 million, compared to $21.8 million in the first six months of 2022.
  • GAAP net income for the first six months was $1.4 million, or $0.09 per diluted share, compared to a GAAP net loss of $1.8 million, or net loss of $0.13 per diluted share for the first six months of 2022.
  • Non-GAAP net income for the first six months was $3.9 million, or $0.25 per diluted share, compared to a non-GAAP net income of $0.6 million or $0.04 per diluted share for the first six months of 2022.

Earnings Conference Call
RADCOM's management will hold an interactive conference call today at 8:30 am Eastern Time ( 3:30 pm Israel Time) to discuss the results and answer participants' questions. To join the call, please call one of the following numbers approximately five minutes before the call is scheduled to begin:

From the US (toll-free): +1-866-652-8972

From other locations: +972-3-918-0644

For those unable to listen to the call, a replay of the conference call will be available a few hours later in the investor relations section on the Company's website at https://radcom.com/investor-relations/.

For all investor inquiries, please contact:

Investor Relations:
Miri Segal
MS-IR LLC
917-607-8654
[email protected]

Company Contact: Hadar Rahav
CFO
+972-77-7745062
[email protected]

About RADCOM
RADCOM (Nasdaq: RDCM) is the leading expert in 5G ready cloud-native, network intelligence solutions for telecom operators transitioning to 5G. RADCOM Network Intelligence consists of RADCOM Network Visibility, RADCOM Service Assurance, and RADCOM Network Insights. The RADCOM Network Intelligence suite offers intelligent, container-based, on-demand solutions to deliver network analysis from the RAN to the core for 5G assurance. Utilizing automated and dynamic solutions with smart minimal data collection and on-demand troubleshooting, and cutting-edge techniques based on machine learning, these solutions work in harmony to provide operators with an understanding of the entire customer experience and allow them to troubleshoot network performance from a high to granular level while reducing storage costs and cloud resource utilization. For more information on how to RADCOMize your network today, please visit www.radcom.com, the content of which does not form a part of this press release.

Non-GAAP Information
Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader's overall understanding of the Company's financial performance. By excluding non-cash stock-based compensation that has been expensed, acquisition-related expenses, and amortization of intangible assets related to acquisitions, the Company's non-GAAP results provide information to both management and investors that is useful in assessing the Company's core operating performance and in evaluating and comparing the Company's results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.

Risks Regarding Forward-Looking Statements
Certain statements made herein that use words such as "estimate," "project," "intend," "expect," "'believe," may," "might," " potential," "anticipate," "plan" or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, when the Company discusses its full-year 2023 revenue guidance, the potential to scale up to a mid-size software company, extend RADCOM's market availability to further potential customers, and offer a leading 5G assurance solution to simplify 5G rollouts, the expectation that adding Continual's core assets will create new opportunities for RADCOM, its momentum and potential growth, it is using forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance, or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in demand for the Company's products, inability to timely develop and introduce new technologies, products, and applications, and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company's business, reference is made to the Company's reports filed from time to time with the U.S. Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason.


RADCOM Ltd.

Consolidated Statements of Operations

Unaudited


(thousands of U.S. dollars, except share and per share data)



Three months ended


Six months ended

June 30,

June 30,


2023


2022


2023


2022

Revenues

$ 12,372


$ 11,127


$ 24,395


$ 21,751

Cost of revenues

3,480


3,178


6,828


6,015

Gross profit

8,892


7,949


17,567


15,736

Research and development, gross

4,952


5,349


9,721


10,908

Less - royalty-bearing participation

180


197


442


415

Research and development, net

4,772


5,152


9,279


10,493

Sales and marketing

3,351


2,879


6,664


5,784

General and administrative

1,215


1,007


2,444


2,028

Total operating expenses

9,338


9,038


18,387


18,305

Operating loss

(446)


(1,089)


(820)


(2,569)

Financial income (loss), net

1,260


(130)


2,286


817

Income (loss) before taxes on income

814


(1,219)


1,466


(1,752)

Taxes on income

(33)


(31)


(64)


(90)









Net income (loss)

$ 781


$ (1,250)


$ 1,402


$ (1,842)









Basic and diluted net income (loss)
per ordinary share

$ 0.05


$ (0.09)


$ 0.09


$ (0.13)


15,063,112


14,462,749


14,977,743


14,408,524

Weighted average number of

ordinary shares used in computing
basic net income (loss) per ordinary
share

Weighted average number of

15,658,748


14,462,749


15,614,553


14,408,524

ordinary shares used in computing
diluted net income (loss) per
ordinary share

RADCOM LTD.
Reconciliation of GAAP to Non-GAAP Financial Information
Unaudited

(thousands of U.S. dollars, except share and per share data)






Three months ended

June 30,


Six months ended

June 30,


2023


2022


2023


2022

GAAP gross profit

$ 8,892


$ 7,949


$ 17,567


$ 15,736

S tock-based compensation

74


99


163


191

Amortization of intangible assets

43


-


43


-

N on - G AA P gross profit

$ 9,009


$ 8,048


$ 17,773


$ 15,927

G AA P research and development, net

$ 4,772


$ 5,152


$ 9,279


$ 10,493

S tock-based compensation

536


643


1,081


1,254

N on - G AA P research and development, net

$ 4,236


$ 4,509


$ 8,198


$ 9,239

G AA P sales and marketing

$ 3,351


$ 2,879


$ 6,664


$ 5,784

S tock-based compensation

328


357


636


664

Amortization of intangible assets

21


-


21


-

N on - G AA P sales and marketing

$ 3,002


$ 2,522


$ 6,007


$ 5,120

G AA P general and administrative

$ 1,215


$ 1,007


$ 2,444


$ 2,028

S tock-based compensation

249


166


514


362

Acquisition related expenses

37


-


37


-

N on - G AA P general and administrative

$ 929


$ 841


$ 1,893


$ 1,666

G AA P total operating expenses

$ 9,338


$ 9,038


$ 18,387


$ 18,305

S tock-based compensation

1,113


1,166


2,231


2,280

Amortization of intangible assets

21


-


21


-

Acquisition related expenses

37


-


37


-

N on - G AA P total operating expenses

$ 8,167


$ 7,872


$ 16,098


$ 16,025

G AA P operating loss

$ (446)


$ (1,089)


$ (820)


$ (2,569)

S tock-based compensation

1,187


1,265


2,394


2,472

Amortization of intangible assets

64


-


64


-

Acquisition related expenses

37


-


37


-

N on - G AA P operating income (loss)

$ 842


$ 176


$ 1,675


$ (97)

RADCOM LTD.

Reconciliation of GAAP to Non-GAAP Financial Information

Unaudited

(thousands of U.S. dollars, except share and per share data)






Three months ended

June 30,


Six months ended

June 30,


2023


2022


2023


2022

G AA P income (loss) before taxes on income

$ 814


$ (1,219)


$ 1,466


$ (1,752)

S tock-based compensation

1,187


1,265


2,394


2,472

Amortization of intangible assets

64


-


64


-

Acquisition related expenses

66


-


66


-

N on - G AA P income before taxes on income

$ 2,131


$ 46


$ 3,990


$ 720

G AA P net income (loss)

$ 781


$ (1,250)


1,402


$ (1,842)

S tock-based compensation

1,187


1,265


2,394


2,472

Amortization of intangible assets

64


-


64


-

Acquisition related expenses

66


-


66


-

N o n-GAAP net income

$ 2,098


$ 15


$ 3,926


$ 630

G AA P net income (loss) per diluted share

$ 0.05


$ (0.09)


0.09


$ (0.13)

S tock-based compensation

0.08


0.09


0.16


0.17

Amortization of intangible assets

(*)


-


(*)


-

Acquisition related expenses

(*)


-


(*)


-

N o n-GAAP net income per diluted share

$ 0.13


(*)


$ 0.25


$ 0.04

W ei g h ted average number of shares used to compute diluted net
income per share

15,658,748


14,878,438


15,614,553


14,843,215


(*) Less than $ 0.01

RADCOM Ltd.

Consolidated Balance Sheets

Unaudited

(thousands of U.S. dollars)


As of


As of


June 30,

2023


December 31,

2022

Current Assets




Cash and cash equivalents

$ 35,409


$ 9,527

Short-term bank deposits

42,901


64,130

Trade receivables, net

10,111


11,074

Inventories

396


795

Other accounts receivable and prepaid expenses

1,409


1,928

Total Current Assets

90,226


87,454





Non-Current Assets




Long-term bank deposits

-


4,002

Severance pay fund

3,278


3,524

Other long-term receivables

1,995


2,557

Property and equipment, net

884


1,010

Operating lease right-of-use assets

1,946


2,457

Goodwill and intangible assets, net

3,146


-

Total Non-Current Assets

11,249


13,550





Total Assets

$ 101,475


$ 101,004





Liabilities and Shareholders' Equity








Current Liabilities




Trade payables

$ 1,433


$ 2,708

Deferred revenues and advances from customers

4,359


7,037

Employee and payroll accruals

4,663


5,198

Operating lease liabilities

949


1,024

Other liabilities and accrued expenses

8,391


6,829

Total Current Liabilities

19,795


22,796





Non-Current Liabilities




Accrued severance pay

3,859


3,973

Operating lease liabilities

917


1,452

Other liabilities and accrued expenses

675


-

Total Non-Current Liabilities

5,451


5,425





Total Liabilities

$ 25,246


$ 28,221





Shareholders' Equity




Share capital

$ 724


$ 706

Additional paid-in capital

150,985


148,610

Accumulated other comprehensive loss

(3,259)


(2,908)

Accumulated deficit

(72,221)


(73,625)





Total Shareholders' Equity

76,229


72,783

Total Liabilities and Shareholders' Equity

$ 101,475


$ 101,004

SOURCE RADCOM Ltd.

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