Radcom Reports Q2
TEL AVIV -- RADCOM Ltd. (RDCM) today reported its financial results for the second quarter ended June 30, 2019.
"We are pleased with our new strategic customer, Rakuten Mobile, and the multi-year agreement signed with this innovative operator in Japan. This agreement already impacted our revenues in the second quarter, and we are delighted with the progress already made on this pioneering project," commented Mr. Yaron Ravkaie, RADCOM's CEO. "Rakuten chose RADCOM because of our deep NFV expertise, our on-going work, and partnership with AT&T and our advanced, cutting-edge virtual technology. This strong vote of confidence in our technology further cements our position as the leading, most advanced NFV assurance vendor for operators transitioning to NFV and planning their 5G rollouts."
Second Quarter 2019 Financial Highlights:
Revenues: Total revenues for the second quarter were $8.5 million, down 20% compared to $10.6 million in the second quarter of 2018. Net Income (loss): GAAP net loss for the period was $(0.9) million, or $(0.07) per diluted share, compared to GAAP net income of $0.8 million, or $0.05 per diluted share for the second quarter of 2018. Non-GAAP Net Income (loss): Non-GAAP net loss for the period was $(0.4) million, or $(0.03) per diluted share, compared to non-GAAP net income of $1.4 million, or $0.10 per diluted share for the second quarter of 2018.
Balance sheet: As of June 30, 2019, the Company had cash and cash equivalents and short-term bank deposits of $58.6 million and no debt.