TEL-AVIV, Israel – November 1, 2016-- RADCOM Ltd. (NASDAQ: RDCM) today reported its financial results for the third quarter ended September 30, 2016.
“We were pleased with our strong third quarter results which were driven by our expanding relationship with AT&T, as well as ongoing momentum with other Tier 1 carriers globally,” commented Mr. Yaron Ravkaie, RADCOM’s CEO. “During the quarter, we continued to see accelerated engagements with leading top-tier carriers about their respective NFV strategies given the recent public endorsement from AT&T. In light of all these engagements and in our efforts to remain the go-to NFV vendor for customer experience, we are making investments to support our growth by scaling up our workforce with a particular focus on engineering.”
Mr. Yaron Ravkaie concluded, “We are reiterating our 2016 revenue guidance range to $28-$29.5 million, up 50%-58% compared with 2015. Given the Company’s best-of-breed MaveriQ suite, our message of future proofing NFV migration is resonating with carriers globally. As a result, we believe that RADCOM is well positioned to maintain its momentum for the remainder of the year and beyond.”
Third Quarter 2016 Financial Highlights
- Revenues: Total revenues for the third quarter were $7.7 million, up 62% compared to $4.8 million in the third quarter of 2015.
- Net Income: GAAP net income for the period was approximately breakeven, compared to $561,000, or $0.06 per diluted share for the third quarter of 2015.
- Non-GAAP Net Income: Non-GAAP net income totaled $1.0 million, or $0.09 per diluted share, compared to $835,000, or $0.09 per diluted share for the third quarter of 2015.
Both GAAP and non-GAAP results for the third quarter of 2016 included a $385,000, or $0.03 per diluted share, benefit related to grants from the Israel Innovation Authority (formerly Office of the Chief Scientist) compared to $867,000, or $0.09 per diluted share, in the third quarter of 2015.
- Balance sheet: As of September 30, 2016, the Company had cash and cash equivalents of $43.2 million and no debt.