RADCOM Ltd. (NASDAQ: RDCM) announced financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Financial Highlights:
- Total revenues for the first quarter were $14.1 million, compared to $12.0 million in the first quarter of 2023, 17.5% year-over-year growth.
- GAAP net income for the first quarter was $0.8 million, or $0.05 per diluted share, compared to $0.6 million, or $0.04 per diluted share, for the first quarter of 2023.
- Non-GAAP net income for the period was $2.8 million, or $0.18 per diluted share, compared to $1.8 million, or $0.12 per diluted share, for the first quarter of 2023.
- As of March 31, 2024, the Company had cash, cash equivalents, and short-term bank deposits of $85.3 million and no debt, ending the quarter with its highest–ever cash levels.
Management Comments:
Hilik Itman, RADCOM’s Interim Chief Executive Officer, commented on the results: “We continued our positive momentum from 2023 into 2024 with a revenue increase of 17.5%, a nineteenth consecutive quarter of year-over-year growth. Thanks to our strong execution and careful expense management, we continued delivering profitable growth and generated positive cash flow, reaching a new milestone totaling $85.3 million.”
Mr. Itman continued, “We have renewed our multi-year contract with Rakuten Mobile, extending our collaboration and strengthening our partnership with this innovative operator in Japan as announced last month. This contract extension includes advanced artificial intelligence (AI)- powered analytics, enabling Rakuten Mobile to drive efficient, automated network operations for its nationwide rollout.”
He added, “Also, a U.S. telecom operator has extended its contract to use RADCOM ACE. As part of this contract extension, RADCOM ACE will be hosted and accessed on Amazon Web Services as Software-as-a-Service.”
Mr. Itman concluded, “Based on our current visibility, sales engagements, and overall market opportunity, we remain well-positioned to deliver on our customer commitments, drive the business forward to deliver a fifth consecutive year of revenue growth, and increase our profitability.
This gives us the confidence to raise the lower end of our 2024 revenue guidance to $57 – $60 million (from $56 to $60 million).”
Earnings Conference Call
RADCOM’s management will hold an interactive conference call on the same day at 8:00 AM Eastern Time (3:00 PM Israel Daylight Time) to discuss the results and answer participants’ questions. To join the interactive 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
A live webcast of the presentation will be available at https://veidan.activetrail.biz/radcomq1-2024. The webcast will be archived for 90 days following the live presentation.
For those unable to listen to the call, a replay will be available a few hours later in the investor relations section on the Company’s website at https://radcom.com/investor-relations/.
