Original text
Rate this translation
Your feedback will be used to help improve Google Translate
Home
Radware Ltd
Radware Reports Record Fourth Quarter and Full Year 2025 Financial Results
Business
Feb 11 2026
15 min read

Radware Reports Record Fourth Quarter and Full Year 2025 Financial Results

news images

Fourth Quarter 2025 Financial Results and Highlights

  • Record revenue of $80.2 million, an increase of 10% year-over-year

  • Cloud ARR of $95.2 million, an increase of 23% year-over-year

  • Total ARR of $251.0 million, an increase of 11% year-over-year

  • Record non-GAAP diluted EPS of $0.32 vs. $0.27 in Q4 2024; GAAP diluted EPS of $0.13 vs. $0.06 in Q4 2024

Full Year 2025 Financial Results and Highlights

  • Record revenue of $301.9 million, an increase of 10% year-over-year

  • Record non-GAAP diluted EPS of $1.15 vs. $0.87 in 2024; GAAP diluted EPS of $0.45 vs. $0.14 in 2024

TEL AVIV, Israel, Feb. 11, 2026 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2025.

“2025 was a year of strong execution and significant progress for Radware. We closed the year with record revenue and earnings, driven by continued expansion in our cloud security business, momentum in our go-to-market strategy, and robust demand for our advanced protection solutions,” said Roy Zisapel, president and CEO of Radware. “Our cloud ARR approached the $100 million milestone, and we advanced our cloud application platform with API security and agentic-AI protection, further strengthening our market position. As we enter 2026 with a healthy pipeline, an enhanced platform, and growing customer adoption of cloud-based security, we are well-positioned to sustain our growth.”

Financial Highlights for the Fourth Quarter 2025
Revenue for the fourth quarter and full year of 2025 totaled $80.2 million and $301.9 million, respectively:

  • Revenue in the Americas region was $31.6 million for the fourth quarter of 2025, a decrease of 4% from $32.8 million in the fourth quarter of 2024. Revenue in the Americas region for the full year of 2025 was $124.5 million, an increase of 6% from $117.7 million in the full year of 2024.

  • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $32.2 million for the fourth quarter of 2025, an increase of 38% from $23.3 million in the fourth quarter of 2024. Revenue in the EMEA region for the full year of 2025 was $111.3 million, an increase of 18% from $94.1 million in the full year of 2024.

  • Revenue in the Asia-Pacific (“APAC”) region was $16.4 million for the fourth quarter of 2025, a decrease of 3% from $16.9 million in the fourth quarter of 2024. Revenue in APAC region for the full year of 2025 was $66.1 million, an increase of 5% from $63.1 million in the full year of 2024.

GAAP net income for the fourth quarter of 2025 was $6.0 million, or $0.13 per diluted share, compared to GAAP net income of $2.5 million, or $0.06 per diluted share, for the fourth quarter of 2024. GAAP net income for the full year of 2025 was $20.3 million, or $0.45 per diluted share, compared to GAAP net income of $6.0 million, or $0.14 per diluted share, for the full year of 2024.

Non-GAAP net income for the fourth quarter of 2025 was $14.5 million, or $0.32 per diluted share, compared to non-GAAP net income of $11.9 million, or $0.27 per diluted share, for the fourth quarter of 2024. Non-GAAP net income for the full year of 2025 was $51.5 million, or $1.15 per diluted share, compared to non-GAAP net income of $37.7 million, or $0.87 per diluted share, for the full year of 2024.

As of December 31, 2025, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $460.6 million. Cash flow from operations was $17.3 million and $50.1 million in the fourth quarter and full year of 2025, respectively.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

Conference Call
Radware management will host a call today, February 11, 2026, at 8:30 a.m. ET to discuss its Fourth quarter and full year 2025 results and first quarter 2026 outlook. To participate in the call, please use the following link: Q4 2025 earnings call registration link.

A replay of the call will be available within approximately 24 hours of the live event on the Investors section of Radware’s website at: https://www.radware.com/ir/financial-reports/.

Use of Non-GAAP Financial Information and Key Performance Indicators
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

Annual recurring revenue ("ARR") is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by Fourth parties; laws, regulations, and industry standards affecting our business; compliance with open source and Fourth-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

About Radware
Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2026 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

CONTACTS
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com

Media Contact:
Gina Sorice, ginaso@radware.com

Radware Ltd.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

 

 

 

 

 

December 31,

 

December 31,

 

2025

 

2024

 

(Unaudited)

 

(Unaudited)

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

Cash and cash equivalents

105,078

 

 

98,714

 

Marketable securities

15,900

 

 

72,994

 

Short-term bank deposits

136,282

 

 

104,073

 

Trade receivables, net

35,023

 

 

16,823

 

Other receivables and prepaid expenses

11,004

 

 

14,242

 

Inventories

13,220

 

 

14,030

 

 

316,507

 

 

320,876

 

 

 

 

 

Long-term investments

 

 

 

Marketable securities

71,398

 

 

29,523

 

Long-term bank deposits

131,922

 

 

114,354

 

Other assets

2,830

 

 

2,171

 

 

206,150

 

 

146,048

 

 

 

 

 

 

 

 

 

Property and equipment, net

16,452

 

 

15,632

 

Intangible assets, net

7,782

 

 

11,750

 

Other long-term assets

40,641

 

 

37,906

 

Operating lease right-of-use assets

15,625

 

 

18,456

 

Goodwill

68,008

 

 

68,008

 

Total assets

671,165

 

 

618,676

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

Trade payables

7,234

 

 

5,581

 

Deferred revenues

112,054

 

 

106,303

 

Operating lease liabilities

5,051

 

 

4,750

 

Other payables and accrued expenses

69,357

 

 

51,836

 

 

193,696

 

 

168,470

 

 

 

 

 

Long-term liabilities

 

 

 

Deferred revenues

65,764

 

 

64,708

 

Operating lease liabilities

11,970

 

 

13,519

 

Other long-term liabilities

9,051

 

 

14,904

 

 

86,785

 

 

93,131

 

 

 

 

 

Equity

 

 

 

Radware Ltd. equity

 

 

 

Share capital

770

 

 

754

 

Additional paid-in capital

578,652

 

 

555,154

 

Accumulated other comprehensive income

1,393

 

 

1,103

 

Treasury stock, at cost

(377,561

)

 

(366,588

)

Retained earnings

146,107

 

 

125,850

 

Total Radware Ltd. shareholder's equity

349,361

 

 

316,273

 

 

 

 

 

Non–controlling interest

41,323

 

 

40,802

 

 

 

 

 

Total equity

390,684

 

 

357,075

 

 

 

 

 

Total liabilities and equity

671,165

 

 

618,676

 

 

 

 

 


Radware Ltd.

 

 

 

Condensed Consolidated Statements of Income

 

 

 

(U.S Dollars in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the twelve months ended

 

 

December 31,

 

December 31,

 

 

2025

 

2024

 

2025

 

2024

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

Revenues

 

80,245

 

73,031

 

301,850

 

274,880

 

Cost of revenues

 

15,471

 

13,992

 

58,339

 

53,252

 

Gross profit

 

64,774

 

59,039

 

243,511

 

221,628

 

 

 

 

 

 

 

 

 

 

Operating expenses, net:

 

 

 

 

 

 

 

 

Research and development, net

 

21,132

 

18,472

 

78,981

 

74,723

 

Selling and marketing

 

33,391

 

32,505

 

127,586

 

122,450

 

General and administrative

 

6,308

 

7,071

 

25,536

 

28,342

 

Total operating expenses, net

 

60,831

 

58,048

 

232,103

 

225,515

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

3,943

 

991

 

11,408

 

(3,887

)

Financial income, net

 

4,562

 

3,570

 

17,899

 

16,552

 

Income before taxes on income

 

8,505

 

4,561

 

29,307

 

12,665

 

Taxes on income

 

2,464

 

2,109

 

9,050

 

6,627

 

Net income

 

6,041

 

2,452

 

20,257

 

6,038

 

 

 

 

 

 

 

 

 

 

Basic net income per share attributed to Radware Ltd.'s shareholders

 

0.14

 

0.06

 

0.47

 

0.14

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute basic net income per share

 

43,275,172

 

42,238,469

 

42,879,056

 

41,982,851

 

 

 

 

 

 

 

 

 

 

Diluted net income per share attributed to Radware Ltd.'s shareholders

 

0.13

 

0.06

 

0.45

 

0.14

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute diluted net income per share

 

45,129,136

 

43,725,803

 

44,698,538

 

43,362,906

 


 

Radware Ltd.

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial Information

 

 

 

 

(U.S Dollars in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the twelve months ended

 

 

December 31,

 

December 31,

 

 

2025

 

2024

 

2025

 

2024

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

GAAP gross profit

64,774

 

 

59,039

 

 

243,511

 

 

221,628

 

 

Share-based compensation

180

 

 

126

 

 

574

 

 

366

 

 

Amortization of intangible assets

992

 

 

992

 

 

3,968

 

 

3,968

 

Non-GAAP gross profit

65,946

 

 

60,157

 

 

248,053

 

 

225,962

 

 

 

 

 

 

 

 

 

 

GAAP research and development, net

21,132

 

 

18,472

 

 

78,981

 

 

74,723

 

 

Share-based compensation

1,825

 

 

1,434

 

 

5,674

 

 

6,113

 

Non-GAAP research and development, net

19,307

 

 

17,038

 

 

73,307

 

 

68,610

 

 

 

 

 

 

 

 

 

 

GAAP selling and marketing

33,391

 

 

32,505

 

 

127,586

 

 

122,450

 

 

Share-based compensation

3,678

 

 

3,173

 

 

12,084

 

 

10,881

 

Non-GAAP selling and marketing

29,713

 

 

29,332

 

 

115,502

 

 

111,569

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

6,308

 

 

7,071

 

 

25,536

 

 

28,342

 

 

Share-based compensation

1,414

 

 

2,187

 

 

5,703

 

 

8,667

 

 

Acquisition costs

(153

)

 

130

 

 

237

 

 

701

 

Non-GAAP general and administrative

5,047

 

 

4,754

 

 

19,596

 

 

18,974

 

 

 

 

 

 

 

 

 

 

GAAP total operating expenses, net

60,831

 

 

58,048

 

 

232,103

 

 

225,515

 

 

Share-based compensation

6,917

 

 

6,794

 

 

23,461

 

 

25,661

 

 

Acquisition costs

(153

)

 

130

 

 

237

 

 

701

 

Non-GAAP total operating expenses, net

54,067

 

 

51,124

 

 

208,405

 

 

199,153

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

3,943

 

 

991

 

 

11,408

 

 

(3,887

)

 

Share-based compensation

7,097

 

 

6,920

 

 

24,035

 

 

26,027

 

 

Amortization of intangible assets

992

 

 

992

 

 

3,968

 

 

3,968

 

 

Acquisition costs

(153

)

 

130

 

 

237

 

 

701

 

Non-GAAP operating income

11,879

 

 

9,033

 

 

39,648

 

 

26,809

 

 

 

 

 

 

 

 

 

 

GAAP financial income, net

4,562

 

 

3,570

 

 

17,899

 

 

16,552

 

 

Exchange rate differences, net on balance sheet items included in financial income, net

535

 

 

1,463

 

 

3,233

 

 

1,232

 

Non-GAAP financial income, net

5,097

 

 

5,033

 

 

21,132

 

 

17,784

 

 

 

 

 

 

 

 

 

 

GAAP income before taxes on income

8,505

 

 

4,561

 

 

29,307

 

 

12,665

 

 

Share-based compensation

7,097

 

 

6,920

 

 

24,035

 

 

26,027

 

 

Amortization of intangible assets

992

 

 

992

 

 

3,968

 

 

3,968

 

 

Acquisition costs

(153

)

 

130

 

 

237

 

 

701

 

 

Exchange rate differences, net on balance sheet items included in financial income, net

535

 

 

1,463

 

 

3,233

 

 

1,232

 

Non-GAAP income before taxes on income

16,976

 

 

14,066

 

 

60,780

 

 

44,593

 

 

 

 

 

 

 

 

 

 

GAAP taxes on income

2,464

 

 

2,109

 

 

9,050

 

 

6,627

 

 

Tax related adjustments

61

 

 

61

 

 

246

 

 

246

 

Non-GAAP taxes on income

2,525

 

 

2,170

 

 

9,296

 

 

6,873

 

 

 

 

 

 

 

 

 

 

GAAP net income

6,041

 

 

2,452

 

 

20,257

 

 

6,038

 

 

Share-based compensation

7,097

 

 

6,920

 

 

24,035

 

 

26,027

 

 

Amortization of intangible assets

992

 

 

992

 

 

3,968

 

 

3,968

 

 

Acquisition costs

(153

)

 

130

 

 

237

 

 

701

 

 

Exchange rate differences, net on balance sheet items included in financial income, net

535

 

 

1,463

 

 

3,233

 

 

1,232

 

 

Tax related adjustments

(61

)

 

(61

)

 

(246

)

 

(246

)

Non-GAAP net income

14,451

 

 

11,896

 

 

51,484

 

 

37,720

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income per share

0.13

 

 

0.06

 

 

0.45

 

 

0.14

 

 

Share-based compensation

0.16

 

 

0.16

 

 

0.54

 

 

0.60

 

 

Amortization of intangible assets

0.02

 

 

0.02

 

 

0.09

 

 

0.09

 

 

Acquisition costs

(0.00

)

 

0.00

 

 

0.01

 

 

0.02

 

 

Exchange rate differences, net on balance sheet items included in financial income, net

0.01

 

 

0.03

 

 

0.07

 

 

0.03

 

 

Tax related adjustments

(0.00

)

 

(0.00

)

 

(0.01

)

 

(0.01

)

Non-GAAP diluted net earnings per share

0.32

 

 

0.27

 

 

1.15

 

 

0.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute non-GAAP diluted net earnings per share

45,129,136

 

 

43,725,803

 

 

44,698,538

 

 

43,362,906

 


Radware Ltd.

 

 

 

Condensed Consolidated Statements of Cash Flow

 

 

 

(U.S. Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the twelve months ended

 

 

December 31,

 

December 31,

 

 

2025

 

2024

 

2025

 

2024

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Cash flow from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

6,041

 

 

2,452

 

 

20,257

 

 

6,038

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

2,854

 

 

2,918

 

 

11,684

 

 

11,836

 

Share-based compensation

 

7,097

 

 

6,920

 

 

24,035

 

 

26,027

 

Amortization of premium, accretion of discounts and accrued interest on marketable securities, net

 

105

 

 

(190

)

 

1

 

 

(417

)

Increase (decrease) in accrued interest on bank deposits

 

(2,028

)

 

(1,279

)

 

(7,736

)

 

3,366

 

Increase (decrease) in accrued severance pay, net

 

145

 

 

(151

)

 

193

 

 

(45

)

Decrease (increase) in trade receivables, net

 

(5,031

)

 

3,140

 

 

(18,200

)

 

3,444

 

Increase in other receivables and prepaid expenses and other long-term assets

 

(845

)

 

(1,252

)

 

(4,496

)

 

(97

)

Decrease (increase) in inventories

 

106

 

 

(487

)

 

810

 

 

1,514

 

Increase (decrease) in trade payables

 

1,605

 

 

(970

)

 

1,653

 

 

1,283

 

Increase (decrease) in deferred revenues

 

2,450

 

 

(4,829

)

 

6,807

 

 

5,500

 

Increase in other payables and accrued expenses

 

4,470

 

 

6,222

 

 

13,500

 

 

13,274

 

Operating lease liabilities, net

 

362

 

 

255

 

 

1,583

 

 

(114

)

Net cash provided by operating activities

 

17,331

 

 

12,749

 

 

50,091

 

 

71,609

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

(2,881

)

 

(1,059

)

 

(8,536

)

 

(5,279

)

Proceeds from (investment in) other long-term assets, net

 

(20

)

 

41

 

 

58

 

 

81

 

Proceeds from (investment in) bank deposits, net

 

10,323

 

 

(46,682

)

 

(42,041

)

 

(48,115

)

Investment in, redemption of and purchase of marketable securities, net

 

3,536

 

 

23,249

 

 

15,449

 

 

18,793

 

Proceeds from (investment in) other deposits

 

-

 

 

(5,000

)

 

5,000

 

 

(5,000

)

Net cash provided by (used in) investing activities

 

10,958

 

 

(29,451

)

 

(30,070

)

 

(39,520

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from exercise of share options

 

(2

)

 

-

 

 

-

 

 

3

 

Repurchase of shares

 

(10,490

)

 

-

 

 

(10,490

)

 

(839

)

Payment of contingent consideration related to acquisition

 

-

 

 

-

 

 

(3,167

)

 

(3,077

)

Net cash used in financing activities

 

(10,492

)

 

-

 

 

(13,657

)

 

(3,913

)

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

17,797

 

 

(16,702

)

 

6,364

 

 

28,176

 

Cash and cash equivalents at the beginning of the period

 

87,281

 

 

115,416

 

 

98,714

 

 

70,538

 

Cash and cash equivalents at the end of the period

 

105,078

 

 

98,714

 

 

105,078

 

 

98,714

 

 

 

 

 

 

 

 

 

 


 

Radware Ltd.

 

 

 

 

RECONCILIATION OF GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)

 

 

 

 

(U.S Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the twelve months ended

 

 

December 31,

 

December 31,

 

 

2025

 

2024

 

2025

 

2024

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

GAAP net income

6,041

 

 

2,452

 

 

20,257

 

 

6,038

 

 

Exclude: Financial income, net

(4,562

)

 

(3,570

)

 

(17,899

)

 

(16,552

)

 

Exclude: Depreciation and amortization expense

2,854

 

 

2,918

 

 

11,684

 

 

11,836

 

 

Exclude: Taxes on income

2,464

 

 

2,109

 

 

9,050

 

 

6,627

 

EBITDA

6,797

 

 

3,909

 

 

23,092

 

 

7,949

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

7,097

 

 

6,920

 

 

24,035

 

 

26,027

 

 

Acquisition costs

(153

)

 

130

 

 

237

 

 

701

 

Adjusted EBITDA

13,741

 

 

10,959

 

 

47,364

 

 

34,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the twelve months ended

 

 

December 31,

 

December 31,

 

 

2025

 

2024

 

2025

 

2024

 

Amortization of intangible assets

992

 

 

992

 

 

3,968

 

 

3,968

 

 

Depreciation

1,862

 

 

1,926

 

 

7,716

 

 

7,868

 

 

 

2,854

 

 

2,918

 

 

11,684

 

 

11,836