Q1 Revenues up 23% Year-Over-Year to $8.0 million
Cash and Cash Equivalents of $40.7 million and No Debt as of March 31, 2017
TEL-AVIV, Israel – May 4, 2017-- RADCOM Ltd. (NASDAQ: RDCM) today reported its financial results for the first quarter ended March 31, 2017.
“We were pleased with our strong first quarter execution highlighted by our relationship with AT&T and with other top tier carriers globally,” commented Mr. Yaron Ravkaie, RADCOM’s CEO. “During the quarter, our hybrid approach of enabling a path to NFV and future proofing purchasing decisions continued to resonate with carriers. Given our visibility for the remainder of the year, we are reiterating our 2017 revenue guidance of $36-$39 million.”
First Quarter 2017 Financial Highlights
Revenues: Total revenues for the fourth quarter were $8.0 million, up 23% compared to $6.5 million in the first quarter of 2016.
Net Income/(Loss): GAAP net loss for the period was $(0.3) million, or a loss of $(0.03) per diluted share, compared to net income of $0.9 million, or $0.10 per diluted share for the first quarter of 2016.
Non-GAAP Net Income: Non-GAAP net income for the period was $0.3 million, or $0.02 per diluted share, compared to net income of $1.3 million, or $0.14 per diluted share for the first quarter of 2016.
GAAP and non-GAAP results for both the first quarter of 2017 and 2016, included no benefits related to grants from the Israel Innovation Authority (formerly Office of the Chief Scientist).
- Balance sheet: As of March 31, 2017, the Company had cash and cash equivalents of $40.7 million and no debt.
Earnings Conference Call
RADCOM's management will hold an interactive conference call today at 8:00 AM Eastern Time (15:00 Israel Time) to discuss the results and to 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): + 1-888-668-9141
From other locations: +972-3-918-0609
For those unable to listen to the call at the time, a replay will be available from May 5th on RADCOM's website.