RADCOM Ltd. announced strong financial results for the third quarter ended September 30, 2024, on November 13, 2024. The company reported record quarterly revenues of $15.8 million, marking a 20% year-over-year increase from $13.195 million in Q3 2023.
Profitability also saw significant improvement, with GAAP net income reaching $2.251 million, or $0.14 per diluted share, compared to a net loss of $0.281 million, or -$0.02 per diluted share, in Q3 2023. Non-GAAP operating income increased to $2.64 million from $1.375 million in the prior year period.
The company's cash and short-term deposits reached a record $90.2 million, and it remains debt-free. Based on this performance, RADCOM raised its full-year 2024 revenue guidance to a range of $59 million to $62 million, up from the previous range of $58 million to $61 million.
In a separate but concurrent announcement, RADCOM appointed Mr. Benny Eppstein as its new Chief Executive Officer, effective December 1, 2024. Mr. Eppstein, a telecom industry veteran with over 20 years of sales experience, will focus on accelerating global sales and enhancing customer value. Hilik Itman will return to his role as Chief Operating Officer.
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