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WKN: 909554 | ISIN: IL0010826688 | Ticker-Symbol: RAM
Frankfurt
15.04.24
08:19 Uhr
8,800 Euro
+0,300
+3,53 %
Branche
Netzwerktechnik
Aktienmarkt
Sonstige
1-Jahres-Chart
RADCOM LTD Chart 1 Jahr
5-Tage-Chart
RADCOM LTD 5-Tage-Chart
RealtimeGeldBriefZeit
8,4509,35013:45
PR Newswire
308 Leser
Artikel bewerten:
(2)

RADCOM Ltd.: RADCOM Delivers Strong Fourth Quarter and Record Full Year 2023 Results with Revenue Growth and Accelerated Profitability

Fourth quarter revenue of $14.0 million, 14% year-over-year growth, and full-year revenue of $51.6 million, 12% year-over-year growth.

Record fourth quarter of $3.8 million non-GAAP net income and $10.2 million

non-GAAP full year net income

TEL AVIV, Israel, Jan. 31, 2024 /PRNewswire/ -- RADCOM Ltd. (NASDAQ: RDCM) announced financial results for the full year, and the fourth quarter ended December 31, 2023 .

Fourth Quarter 2023 Financial Highlights:

  • Total revenues for the fourth quarter were $14.0 million , compared to $12.3 million in the fourth quarter of 2022, 14% year-over-year growth.
  • GAAP net income for the fourth quarter was $2.6 million , or $0.17 per diluted share, compared to a GAAP net loss of $0.03 million, or $0.00 per diluted share, for the fourth quarter of 2022.
  • Non-GAAP net income for the period was $3.8 million , or $0.25 per diluted share, compared to a non-GAAP net income of $1.3 million, or $0.09 per diluted share, for the fourth quarter of 2022.
  • As of December 31, 2023, the Company had cash and cash equivalents, short-term bank deposits of $82.2 million , and no debt, ending the year with its highest cash levels.

Full Year 2023 Financial Highlights:

  • Total revenues for the full year were $51.6 million , compared to $46.1 million for 2022.
  • GAAP net income for the full year was $3.7 million , or $0.24 per diluted share, compared to a GAAP net loss of $2.3 million, or $0.16 per diluted share, for 2022.
  • Non-GAAP net income for the full year amounted to $10.2 million , or $0.67 per diluted share, compared to a non-GAAP net income of $2.9 million, or $0.19 per diluted share for the full year 2022.

Management Comments:

Eyal Harari, RADCOM's Chief Executive Officer, commented on the results: "2023 was an exceptional, record year for RADCOM, continuing the last four years of growth momentum. We achieved a fourth consecutive year of growth with record revenue of $51.6 million, representing 12% growth year-over-year.

"We crossed the $50 million annual revenue threshold and scaled up to a mid-size software company for the first time. At the same time, we continued our path to sustained profitability, achieving a record net income for 2023 of $10.2 million on a non-GAAP basis, while our positive cash flow also reached a milestone totaling $82.2 million, with no debt.

"Recently, we proudly announced our position as one of the first assurance vendors to harness the power of GenAI for real-time and efficient management of 5G networks. Our market-leading solutions thoughtfully align with operators' needs, providing a unique technology to address critical network challenges. This underscores the significance of our industry-leading solutions in the rapidly expanding 5G market. We are confident that our offerings will drive sustained growth.

Mr. Harari concluded, "Our record results and positive momentum demonstrate the value of our advanced technology and the strength of our business model. Looking at 2024, thanks to our strong execution and current visibility, we are confident in delivering a fifth consecutive year of revenue growth and increasing our profitability. Our full-year 2024 revenue guidance is $56 - $60 million ."

Earnings Conference Call

RADCOM's management will hold an interactive conference call today at 8:00 am Eastern Time ( 3:00 pm Israel Standard 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 or +1-888-281-1167

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

For those unable to listen, a conference call replay 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 in accordance with ASC Topic 718, financial income (expenses), 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 2024 revenue guidance and expectations regarding its growth, including sustainable, profitable growth, momentum, and the potential of GenAI, it uses 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, loss of market share and pressure on prices resulting from competition and the effects of the war in Israel . 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
December 31,


Twelve months ended
December 31,


2023


2022


2023


2022

Revenues

$ 14,010


$ 12,289


$ 51,600


$ 46,051

Cost of revenues

3,435


3,391


13,773


12,714

Gross profit

10,575


8,898


37,827


33,337

Research and development, gross

4,327


5,290


19,575


21,483

Less - royalty-bearing participation

190


160


736


762

Research and development, net

4,137


5,130


18,839


20,721

Sales and marketing

3,720


3,281


14,592


12,270

General and administrative

1,297


1,225


5,058


4,460

Total operating expenses

9,154


9,636


38,489


37,451

Operating income (loss)

1,421


(738)


(662)


(4,114)

Financial income, net

1,248


751


4,557


2,016

Income (loss) before taxes on income

2,669


13


3,895


(2,098)

Taxes on income

(77)


(39)


(182)


(159)









Net income (loss)

$ 2,592


$ (26)


$ 3,713


$ (2,257)









Basic net income

(loss) per ordinary share

$ 0.17


$ (0.00)


$ 0.25


$ (0.16)

Diluted net income (loss) per

ordinary share

$ 0.17


$ (0.00)


$ 0.24


$ (0.16)

Weighted average number of ordinary shares used in
computing basic net income (loss) per ordinary share

15,291,917


14,717,096


15,098,642


14,525,449

Weighted average number of ordinary shares used in
computing diluted net income (loss) per ordinary share

15,446,177


14,717,096


15,297,947


14,525,449

RADCOM LTD.

Reconciliation of GAAP to Non-GAAP Financial Information
Unaudited


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




T h r e e months ended

December 31,


Twelve m on t h s ended

December 31,


2023


2022


2023


2022

GAAP gross profit

$ 10,575


$ 8,898


$ 37,827


$ 33,337

S tock-based compensation

71


100


441


392

Amortization of intangible assets

57


-


151


-

N on - G AA P gross profit

$ 10,703


$ 8,998


$ 38,419


$ 33,729

G AA P research and development, net

$ 4,137


$ 5,130


$ 18,839


$ 20,721

S tock-based compensation

424


602


2,690


2,497

N on - G AA P research and development, net

$ 3,713


$ 4,528


$ 16,149


$ 18,224

G AA P sales and marketing

$ 3,720


$ 3,281


$ 14,592


$ 12,270

S tock-based compensation

370


361


1,820


1,387

Amortization of intangible assets

29


-


77


-

N on - G AA P sales and marketing

$ 3,321


$ 2,920


$ 12,695


$ 10,883

G AA P general and administrative

$ 1,297


$ 1,225


$ 5,058


$ 4,460

S tock-based compensation

319


283


1,169


895

Acquisition related expenses

-


-


56


-

N on - G AA P general and administrative

$ 978


$ 942


$ 3,833


$ 3,565

G AA P total operating expenses

$ 9,154


$ 9,636


$ 38,489


$ 37,451

S tock-based compensation

1,113


1,246


5,678


4,779

Amortization of intangible assets

29


-


77


-

Acquisition related expenses

-


-


56


-

N on - G AA P total operating expenses

$ 8,012


$ 8,390


$ 32,678


$ 32,672

G AA P operating income (loss)

$ 1,421


$ (738)


$ (662)


$ (4,114)

S tock-based compensation

1,184


1,346


6,119


5,171

Amortization of intangible assets

86


-


228


-

Acquisition related expenses

-


-


56


-

N on - G AA P operating income

$ 2,691


$ 608


$ 5,741


$ 1,057





T h r e e months ended

December 31,


Twelve m on t h s ended

December 31,


2023


2022


2023


2022

G AA P income (loss) before taxes on income

$ 2,669


$ 13


$ 3,895


$ (2,098)

S tock-based compensation

1,184


1,346


6,119


5,171

Amortization of intangible assets

86


-


228


-

Acquisition related expenses

-


-


56


-

Financial (income) expenses

(15)


-


60


-

N on - G AA P income before taxes on income

$ 3,924


$ 1,359


$ 10,358


$ 3,073

G AA P net income (loss)

$ 2,592


$ (26)


$ 3,713


$ (2,257)

S tock-based compensation

1,184


1,346


6,119


5,171

Amortization of intangible assets

86


-


228


-

Acquisition related expenses

-


-


56


-

Financial (income) expenses

(15)


-


60


-

N o n-GAAP net income

$ 3,847


$ 1,320


$ 10,176


$ 2,914

G AA P net income (loss) per diluted share

$ 0.17


$ (0.00)


$ 0.24


$ (0.16)

S tock-based compensation

0.08


0.09


0.43


0.35

Amortization of intangible assets

(*)


-


(*)


-

Acquisition related expenses

(*)


-


(*)


-

N o n-GAAP net income per diluted share

$ 0.25


$ 0.09


$ 0.67


$ 0.19



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

15,446,177


15,329,035


15,297,947


14,997,667









(*) Less than $ 0.01

RADCOM Ltd.

Consolidated Balance Sheets
Unaudited

(thousands of U.S. dollars)


As of


As of


December 31,

2023


December 31,

2022

Current Assets




Cash and cash equivalents

$ 10,892


$ 9,527

Short-term bank deposits

71,273


64,130

Trade receivables, net

13,412


11,074

Inventories

246


795

Other accounts receivable and prepaid expenses

1,592


1,928

Total Current Assets

97,415


87,454





Non-Current Assets




Long-term bank deposits

-


4,002

Severance pay fund

3,142


3,524

Other long-term receivables

1,573


2,557

Property and equipment, net

798


1,010

Operating lease right-of-use assets

1,651


2,457

Goodwill and intangible assets, net

2,950


-

Total Non-Current Assets

10,114


13,550





Total Assets

$ 107,529


$ 101,004





Liabilities and Shareholders' Equity








Current Liabilities




Trade payables

$ 2,640


$ 2,708

Deferred revenues and advances from customers

1,469


7,037

Employee and payroll accruals

5,400


5,198

Operating lease liabilities

1,062


1,024

Other liabilities and accrued expenses

9,540


6,829

Total Current Liabilities

20,111


22,796





Non-Current Liabilities




Accrued severance pay

3,728


3,973

Operating lease liabilities

561


1,452

Other liabilities and accrued expenses

638


-

Total Non-Current Liabilities

4,927


5,425





Total Liabilities

$ 25,038


$ 28,221





Shareholders' Equity




Share capital

$ 736


$ 706

Additional paid-in capital

154,697


148,610

Accumulated other comprehensive loss

(3,030)


(2,908)

Accumulated deficit

(69,912)


(73,625)





Total Shareholders' Equity

82,491


72,783

Total Liabilities and Shareholders' Equity

$ 107,529


$ 101,004

SOURCE RADCOM Ltd.

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