Business
RADCOM Reports Fourth Quarter and Full Year 2022 Results
Record full year revenues of $46.1 million, 14% year-over-year growthInflection point with net income of $2.9M on a non-GAAP basis (net loss of $2.3M on a
About this update from Radcom Ltd.
[{"type":"text","content":"Record full year revenues of $46.1 million, 14% year-over-year growthInflection point with net income of $2.9M on a non-GAAP basis (net loss of $2.3M on a GAAP basis)Positive cash flow of $7 million in 2022, ending the year with a record level of cashTEL AVIV, Israel, Feb. 8, 2023 /PRNewswire/ -- RADCOM Ltd. (Nasdaq: RDCM) announced financial results for the fourth quarter and full year ended December 31, 2022.\nManagement Comments:\nEyal Harari, RADCOM's Chief Executive Officer, commented, \"The fourth quarter was a solid finish for a record year as we expanded our install base with multiple top-tier mobile operators. In 2022, we grew by 14%, a third consecutive year of revenue growth for the Company.\n\"This year, we reached an inflection point for the Company, delivering a profitable year on a non-GAAP basis while generating a positive cash flow and ending the year with a record level of cash.\n\"Our new multi-year contracts secured during 2022 on top of our current agreements provide good visibility and a strong backlog for 2023 and beyond. We also had an encouraging start to 2023 as we secured another North American contract for our solutions.\n\"As the business grows, we carefully manage our expenses and believe we can maintain scalable, profitable growth. Combining this with our solid pipeline, best-in-class assurance solutions, and overall market opportunity, we believe all the foundations are in place for a strong 2023 that will bring a fourth consecutive year of growth.\nMr. Harari concluded, \"We believe the positive momentum generated in 2022 will continue this year, despite possible macroeconomic headwinds. Based on our current visibility, we are providing full-year 2023 revenue guidance of $50 - $53 million.\"\nFourth Quarter 2022 Financial Highlights:\nTotal revenues for the fourth quarter were $12.3 million, compared to $11.2 million in the fourth quarter of 2021GAAP net loss for the fourth quarter was $0.03 million, or $0.00 per diluted share, compared to a GAAP net loss of $1.4 million, or $0.10 per diluted share, for the fourth quarter of 2021Non-GAAP net income for the period was $1.3 million, or an income of $0.09 per diluted share, compared to a non-GAAP net loss of $0.2 million, or a loss of $0.02 per diluted share, for the fourth quarter of 2021As of December 31, 2022, the Company had cash and cash equiva...