Business
RADCOM Reports First Quarter 2020 Results
- First quarter revenues of $8.3 million - Cash, cash equivalents and short-term bank deposits of $63.3 million and no debt - Reaffirming 2020 revenue
About this update from Radcom Ltd.
[{"type":"text","content":"- First quarter revenues of $8.3 million\n - Cash, cash equivalents and short-term bank deposits of $63.3 million and no debt\n - Reaffirming 2020 revenue guidance range of $35-$38 million\n\n\nTEL AVIV, Israel, May 12, 2020 /PRNewswire/ -- RADCOM Ltd. (Nasdaq: RDCM) today reported its financial results for the first quarter ended March 31, 2020.\nCommenting on the results, Eyal Harari, RADCOM's CEO said: \"We are pleased with our progress this quarter as we continued to enhance our virtualized technology and deliver on our customer commitments without interruption, despite the spread of COVID-19. This progress included playing an important role in Rakuten Mobile's commercial launch of its greenfield, fully virtualized network in Japan last month.\n\"Our first-quarter revenues were in line with our expectations with little impact from the COVID-19 global pandemic. Our expenses in this quarter were impacted by one-time hardware component expenses related to one of our projects as well as delayed grants. Though there is uncertainty due to COVID-19 and its global economic impacts that could affect sales cycles, we are well-positioned with a strong balance sheet, multi-year contracts with industry-leading customers, and a belief that the telecom market will remain resilient. Based on current industry conditions and our visibility, we are reaffirming our 2020 revenue guidance range of $35 million to $38 million.\n\"We are proud of the major role we played in Rakuten Mobile's commercial launch of the world's first fully virtualized mobile network. The use of our technology in this groundbreaking project further cements our position as the leading, most advanced cloud-native assurance vendor for operators building new virtualized platforms for the launch of 5G. RADCOM's innovative offerings helped Rakuten Mobile launch this new virtualized network and ensured the delivery of superior customer experience. We believe our continued work with them is a testament to our market leadership and advanced solutions and that our experience and expertise will be valuable as more and more operators transition to 5G.\n\"We continue to believe in 5G and the underlying virtualized solutions needed for this technology transition. During the quarter, we focused on 5G in research and development to enhance our 5G offering while also deploying the initial...