Business
/C O R R E C T I O N -- RADCOM Ltd./
In the news release, RADCOM Reports Third Quarter 2022 Results, issued Nov. 10, 2022 by RADCOM Ltd. over PR Newswire, Accumulated other comprehensive loss as
About this update from Radcom Ltd.
[{"type":"text","content":"In the news release, RADCOM Reports Third Quarter 2022 Results, issued Nov. 10, 2022 by RADCOM Ltd. over PR Newswire, Accumulated other comprehensive loss as of September 30, 2022 in the Consolidated Balance Sheets table should read \"(2,887)\" rather than as incorrectly transmitted by PR Newswire. The complete, corrected release follows:\n\nRADCOM Reports Third Quarter 2022 Results\n\n\nRecord quarterly revenue of $12 million, up 17% year-over-yearFour-year high, non-GAAP net income of $1 millionTEL AVIV, Israel, Nov. 10, 2022 /PRNewswire/ -- RADCOM Ltd. (NASDAQ: RDCM) announced financial results for the third quarter and nine-month period ended September 30, 2022.\nManagement Comments:\nEyal Harari, RADCOM's Chief Executive Officer, commented, \"This quarter saw multiple key revenue achievements and relevant business developments that point to long-term growth. We achieved record quarterly revenues of $12 million, up 17% year-over-year and delivering a thirteenth consecutive quarter of year-over-year revenue growth.\"\n\"Our net income reached a four-year high of $1 million, driven by our strong execution and continuous growth. In the first nine months of 2022, we executed well and delivered a strong financial performance, increasing revenue by 16% year-over-year and significantly improving our bottom line.\"\n\"We renewed our agreement with Rakuten Mobile during the quarter, strengthening our partnership with this innovative operator in Japan. In addition, with new contract wins for new and existing customers and our ongoing sales engagements, we have good visibility into 2023 and beyond. Our record results and positive momentum demonstrate the value of our advanced technology and the strength of our business model.\nMr. Harari concluded, \"We are optimistic about delivering a third consecutive growth year in 2022 and continuing this trajectory into 2023. Based on our current visibility, we reiterate our full-year 2022 revenue guidance of $45-48 million.\"\nFinancial Highlights:\nTotal revenues for the third quarter were $12 million, compared to $10.2 million in the third quarter of 2021.GAAP net loss for the third quarter was $0.4 million, or $0.03 per diluted share, compared to a GAAP net loss of $1.1 million, or $0.08 per diluted share, for the third quarter of 2021.Non-GAAP net income for the third quarter was $1 million,...