{"success":true,"data":{"pressRelease":{"id":"24973","rtpr_id":"nGNXbBhVty","ticker":"RDWR","exchange":"NASDAQ","all_tickers":["RDWR"],"title":"Radware Reports First Quarter 2026 Financial Results","author":"Globe Newswire","published_at":"2026-05-07T10:00:04.518Z","article_body":"First Quarter 2026 Financial Results and Highlights\n* Revenue of $79.8 million, an increase of 11% year-over-year\n* Cloud ARR of $98 million, an increase of 23% year-over-year\n* Non-GAAP diluted EPS from continuing operations of $0.30; GAAP diluted EPS\nfrom continuing operations of $0.14\n* Cash flow provided by continuing operations of $19.9 million dollars\nTEL AVIV, Israel, May 07, 2026 (GLOBE NEWSWIRE) --  Radware\n(https://www.globenewswire.com/Tracker?data=2ePaeOUGNIfA44vqA9QUkgIN6nmTTZr9JFKeVp2cb31edI1qoO0wSpXIIUYbY4pu03_ZeV9o_Bg52EkETnTWgw==)®\n(NASDAQ: RDWR), a global leader in application security and delivery solutions\nfor multi-cloud environments, today announced its consolidated financial\nresults for the first quarter ended March 31, 2026.\n\n“We delivered a strong start to 2026, marked by solid execution across the\nbusiness and sustained double-digit revenue growth,” said Roy Zisapel,\npresident and CEO of Radware. “Growth in the quarter was led by our cloud\nsecurity business supported by strong momentum in our new API Protection,\nwhile our on-prem DDoS protection portfolio, led by DefensePro X, performed\nexceptionally well. We also saw outstanding execution in North America,\nreflecting the strength of our go-to-market strategy. These results\ndemonstrate the progress we are making in executing our strategy as we scale\nour platform and capitalize on the growing opportunities in cloud and API\nsecurity.”\n\nFinancial Highlights for the First Quarter 2026\n\nRevenue for the first quarter of 2026 totaled $79.8 million:\n* Revenue in the Americas region was $38.4 million for the first quarter of\n2026, an increase of 40% from $27.4 million in the first quarter of 2025.\n* Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.1\nmillion for the first quarter of 2026, a decrease of 11% from $28.3 million in\nthe first quarter of 2025.\n* Revenue in the Asia-Pacific (“APAC”) region was $16.3 million for the\nfirst quarter of 2026, the same as in the first quarter of 2025.\nGAAP net income from continuing operations for the first quarter of 2026 was\n$6.1 million, or $0.14 per diluted share, compared to GAAP net income from\ncontinuing operations of $6.6 million, or $0.15 per diluted share, for the\nfirst quarter of 2025.\n\nNon-GAAP net income from continuing operations for the first quarter of 2026\nwas $13.4 million, or $0.30 per diluted share, compared to non-GAAP net income\nfrom continuing operations of $13.6 million, or $0.31 per diluted share, for\nthe first quarter of 2025.\n\nThe appreciation of the Israeli shekel against the U.S. dollar had an adverse\nimpact on expenses during the first quarter. Excluding the effect of foreign\nexchange movements compared to last year, non-GAAP net income and non-GAAP\ndiluted EPS would have been $15.6 million and $0.35 respectively, compared to\nnon-GAAP net income of $13.6 million, or $0.31 per diluted share, for the\nfirst quarter of 2025.\n\nAs of March 31, 2026, the Company had cash, cash equivalents, short-term and\nlong-term bank deposits, and marketable securities of $433.8 million. Cash\nflow provided by continuing operations was $19.9 million in the first quarter\nof 2026.\n\nNon-GAAP results are calculated excluding, as applicable, the impact of\nstock-based compensation expenses, amortization of intangible assets,\nlitigation costs, acquisition costs, restructuring costs, exchange rate\ndifferences, net on balance sheet items included in financial income, net, and\ntax-related adjustments. A reconciliation of each of the Company’s non-GAAP\nmeasures to the most directly comparable GAAP measure is included at the end\nof this press release.\n\nAs announced last quarter, the results of our subsidiary, SkyHawk, have been\nclassified as discontinued operations effective the first quarter of 2026 and\nare presented accordingly. As a result, all financial results discussed today\nrelate solely to continuing operations. In connection with this change, the\npreviously reported Hawks segment will no longer be presented separately.\nComparative prior-year figures have been adjusted to align with this\npresentation and ensure consistency.\n\nConference Call\nRadware management will host a call today, May 7, 2026, at 8:30 a.m. ET to\ndiscuss its first quarter 2026 results and second quarter 2026 outlook. To\nparticipate in the call, please use the following the following link: Q1 2026\nearnings call registration link\n(https://www.globenewswire.com/Tracker?data=eYvg91QGCs9N7Ab4gqPkmDSkoAkEE9YOBk4YmfulxYoMGn3Y-qC8x-2uVWyt2qp_-EE7Pes8UCHFEPZlhiGTUGwwf71MCV9bq5Ev9cEv6rNNUfAynfYL_-Yae2KzlZLaNkruvfE5cRigjgLhlowGfTvIbhImJrJ7et1BKEXP9af9r4Vop4ZwX3cNpJ7KpYPzYkCUnch9GfIz-MZF36BEsA==).\n\nA replay of the call will be available within approximately 24 hours of the\nlive event on the Investors section of Radware’s website at:\nhttps://www.radware.com/ir/financial-reports/.\n\nUse of Non-GAAP Financial Information and Key Performance Indicators\nIn addition to reporting financial results in accordance with generally\naccepted accounting principles (GAAP), Radware uses non-GAAP measures of gross\nprofit, research and development expense, selling and marketing expense,\ngeneral and administrative expense, total operating expenses, operating\nincome, financial income, net, income before taxes on income, taxes on income,\nnet income and diluted earnings per share, which are adjustments from results\nbased on GAAP to exclude, as applicable, stock-based compensation expenses,\namortization of intangible assets, litigation costs, acquisition costs,\nrestructuring costs, exchange rate differences, net on balance sheet items\nincluded in financial income, net, and tax-related adjustments. Management\nbelieves that exclusion of these charges allows for meaningful comparisons of\noperating results across past, present, and future periods. Radware’s\nmanagement believes the non-GAAP financial measures provided in this release\nare useful to investors for the purpose of understanding and assessing\nRadware’s ongoing operations. The presentation of these non-GAAP financial\nmeasures is not intended to be considered in isolation or as a substitute for\nresults prepared in accordance with GAAP. A reconciliation of each non-GAAP\nfinancial measure to the most directly comparable GAAP financial measure is\nincluded with the financial information contained in this press release.\nManagement uses both GAAP and non-GAAP financial measures in evaluating and\noperating the business and, as such, has determined that it is important to\nprovide this information to investors.\n\nAnnual recurring revenue (\"ARR\") is a key performance indicator defined as the\nannualized value of booked orders for term-based cloud services, subscription\nlicenses, and maintenance contracts that are in effect at the end of a\nreporting period. ARR should be viewed independently of revenue and deferred\nrevenue and is not intended to be combined with or to replace either of those\nitems. ARR is not a forecast of future revenue, which can be impacted by\ncontract start and end dates and renewal rates and does not include revenue\nreported as perpetual license or professional services revenue in our\nconsolidated statement of operations. We consider ARR a key performance\nindicator of the value of the recurring components of our business.\n\nSafe Harbor Statement \nThis press release contains “forward-looking statements” within the\nmeaning of the Private Securities Litigation Reform Act of 1995 and other U.S.\nsecurities laws. Any forward-looking statements made herein that are not\nstatements of historical fact, including statements about Radware’s plans,\nobjectives, expectations, beliefs, projections, future financial performance,\nbusiness strategies, market opportunities, and developments in our industry,\nare forward-looking statements. In some cases, forward-looking statements can\nbe identified by words such as “believe,” “expect,” “anticipate,”\n“intend,” “estimate,” “plan,” “project,” “forecast,”\n“target,” and similar expressions, as well as future or conditional verbs\nsuch as “will,” “should,” “would,” “may,” and “could.”\n\nBecause such statements deal with future events, they are subject to various\nrisks and uncertainties that could cause actual results to differ materially\nfrom those expressed or implied in such forward-looking statements. Factors\nthat could cause or contribute to such differences include, but are not\nlimited to: the impact of global market and economic conditions; our\ndependence on independent distributors; disruptions in our supply chain,\nincluding shortages of components or manufacturing capacity; our reliance on a\nlimited number of vendors; our ability to attract, train and retain qualified\npersonnel; intense competition in the cybersecurity and application delivery\nmarkets; our ability to develop new solutions and enhance existing solutions;\nrisks related to defects, vulnerabilities or failures in our products or\nservices, including cybersecurity incidents affecting our systems or those of\nour customers; risks associated with the use of artificial intelligence\ntechnologies, including evolving regulatory frameworks, litigation exposure\nand reputational considerations; risks related to our information technology\nsystems, including failures, disruptions or security breaches; outages,\ninterruptions, or delays in hosting or cloud-based services; risks related to\nthe interoperability of our products; risks associated with our global\noperations; and geopolitical risks, including instability in the Middle East\nand Israel.\n\nThese factors are not exhaustive. For a more detailed description of the risks\nand uncertainties affecting Radware, please refer to Radware’s Annual Report\non Form 20-F and other reports filed with or furnished to the Securities and\nExchange Commission (SEC) from time to time.\n\nForward-looking statements speak only as of the date on which they are made,\nand, except as required by applicable law, Radware undertakes no obligation to\nupdate or revise any forward-looking statements to reflect events or\ncircumstances after the date of such statements. Radware’s public filings\nare available from the SEC’s website at www.sec.gov or on Radware’s\nwebsite at www.radware.com.\n\nAbout Radware\nRadware® (NASDAQ: RDWR) is a global leader in application security and\ndelivery solutions for multi-cloud environments. The company’s cloud\napplication, infrastructure, API, and AI security solutions use AI-driven\nalgorithms for precise, behavior-based, real-time protection against\nsophisticated web, application, and DDoS attacks, API abuse, business logic\nthreats, and malicious bots. Radware delivers end-to-end API security,\nincluding discovery, posture management, testing, and runtime protection,\nalong with advanced protection for AI agents and models. Enterprises and\ncarriers worldwide rely on Radware to address evolving cyberthreats, protect\ntheir brands and business operations, and reduce costs. For more information,\nplease visit the Radware website.\n\nRadware encourages you to join our community and follow us on Facebook\n(https://www.globenewswire.com/Tracker?data=wJc2OIsOKbVLqgRgsLJ4CBMm6EEUyQ_7A_2rNb4m2Ojfecd9Rq1JfBz1NFUm1aqUBx17Ev_0UDUeU8bYVa37EDqEvyeBjfhhZfszQGZJozM=),\nLinkedIn\n(https://www.globenewswire.com/Tracker?data=i_hjqyD5cwf_QvApCW63gmPh0TH48kvS5K-NJjFRZ-lcl8UgMnqY2vOppOFA9q5O-KLz6PuvQn4q1zuHZXmEePhB6FlWONlXbUH2ZYa-XWs=),\nRadware Blog\n(https://www.globenewswire.com/Tracker?data=2ePaeOUGNIfA44vqA9QUkiIEnaxWXigB7L4pOIraiI8J_GHKgleR3qniUxgcECoycgqRvhIn831JTeZpuARhJIjSjObeOUh296Hk2f4r_uQ=),\nX\n(https://www.globenewswire.com/Tracker?data=gUCChwiO4l5mQypn7k-1elAxFDfYvxskUp0Txlh0eCrE7uJrifdIakiad2XutPyT5ikhitWY4yJiW9OA5tAx7w==),\nand YouTube\n(https://www.globenewswire.com/Tracker?data=-Sc8nbtQJVl5jVIbMwa7T89dIbnpt5GmAL2moP_ilxo6zzOPggxlqeiTIozHitHDlL5Ycs5UG4tgih4j-ANnGgs5oJbFuTSQxRu51FwKtl8=).\n\n©2026 Radware Ltd. All rights reserved. Any Radware products and solutions\nmentioned in this press release are protected by trademarks, patents, and\npending patent applications of Radware in the U.S. and other countries. For\nmore details, please see: https://www.radware.com/LegalNotice/. All other\ntrademarks and names are property of their respective owners.\n\nRadware believes the information in this document is accurate in all material\nrespects as of its publication date. However, the information is provided\nwithout any express, statutory, or implied warranties and is subject to change\nwithout notice.\n\nThe contents of any website or hyperlinks mentioned in this press release are\nfor informational purposes and the contents thereof are not part of this press\nrelease.\n\nCONTACTS\nInvestor Relations:\nYisca Erez, +972-72-3917211, ir@radware.com\n\nMedia Contact:\nGina Sorice, ginaso@radware.com\n\n Radware Ltd. \n Condensed Consolidated Balance Sheets \n (U.S. Dollars in thousands) \n \n March 31, December 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n Assets \n \n Current assets \n Cash and cash equivalents 108,812 102,748 \n Marketable securities 15,550 15,900 \n Short-term bank deposits 127,447 129,961 \n Trade receivables, net 31,935 34,604 \n Other receivables and prepaid expenses 11,132 10,639 \n Inventories 13,130 13,220 \n Current assets held for sale 7,056 9,435 \n 315,062 316,507 \n \n Long-term investments \n Marketable securities 72,006 71,398 \n Long-term bank deposits 110,004 131,922 \n Other assets 2,935 2,830 \n 184,945 206,150 \n \n \n Property and equipment, net 17,178 16,387 \n Goodwill and intangible assets, net 78,502 72,159 \n Other long-term assets 42,165 40,641 \n Operating lease right-of-use assets 14,999 15,456 \n Long-term assets held for sale 3,599 3,865 \n Total assets 656,450 671,165 \n \n Liabilities and equity \n \n Current liabilities \n Trade payables 6,499 7,231 \n Deferred revenues 121,506 111,917 \n Operating lease liabilities 4,817 4,862 \n Other payables and accrued expenses 63,312 67,948 \n Current liabilities held for sale 2,158 2,325 \n 198,292 194,283 \n \n Long-term liabilities \n Deferred revenues 70,785 65,764 \n Operating lease liabilities 11,549 11,970 \n Other long-term liabilities 7,583 8,464 \n Long-term liabilities held for sale 20 - \n 89,937 86,198 \n \n Equity \n Radware Ltd. equity \n Share capital 772 770 \n Additional paid-in capital 584,160 578,652 \n Accumulated other comprehensive income (loss) (166 ) 1,393 \n Treasury stock, at cost (407,599 ) (377,561 ) \n Retained earnings 149,651 146,107 \n Total Radware Ltd. shareholder's equity 326,818 349,361 \n \n Non–controlling interest 41,403 41,323 \n \n Total equity 368,221 390,684 \n \n Total liabilities and equity 656,450 671,165 \n \n\n\n\n Radware Ltd. \n Condensed Consolidated Statements of Income \n (U.S Dollars in thousands, except share and per share data) \n \n For the three months ended \n March 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n \n Revenues 79,813 72,022 \n Cost of revenues 15,112 13,562 \n Gross profit 64,701 58,460 \n \n Operating expenses, net: \n Research and development, net 21,103 17,552 \n Selling and marketing 32,592 30,640 \n General and administrative 6,488 6,232 \n Total operating expenses, net 60,183 54,424 \n \n Operating income 4,518 4,036 \n Financial income, net 3,772 4,662 \n Income before taxes on income from continuing operations 8,290 8,698 \n Taxes on income 2,169 2,100 \n Net income from continuing operations 6,121 6,598 \n Loss from discontinued operations (2,577 ) (2,254 ) \n Net income 3,544 4,344 \n \n \n Basic net income per share attributed to Radware Ltd.'s shareholders: \n Continuing operations 0.14 0.15 \n Discontinued operations (0.06 ) (0.05 ) \n Total basic net income per share attributed to Radware Ltd.'s shareholders 0.08 0.10 \n \n Weighted average number of shares used to compute basic net income per share 42,794,944 42,663,787 \n \n Diluted net income per share attributed to Radware Ltd.'s shareholders: \n Continuing operations 0.14 0.15 \n Discontinued operations (0.06 ) (0.05 ) \n Total diluted net income per share attributed to Radware Ltd.'s shareholders 0.08 0.10 \n \n Weighted average number of shares used to compute diluted net income per share 44,497,774 44,192,474 \n\n\n\n Radware Ltd. \n Reconciliation of GAAP to Non-GAAP Financial Information \n (U.S Dollars in thousands, except share and per share data) \n \n For the three months ended \n March 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n GAAP gross profit 64,701 58,460 \n Share-based compensation 166 120 \n Amortization of intangible assets 732 733 \n Non-GAAP gross profit 65,599 59,313 \n \n GAAP research and development, net 21,103 17,552 \n Share-based compensation 1,688 1,135 \n Non-GAAP research and development, net 19,415 16,417 \n \n GAAP selling and marketing 32,592 30,640 \n Share-based compensation 2,652 3,053 \n Non-GAAP selling and marketing 29,940 27,587 \n \n GAAP general and administrative 6,488 6,232 \n Share-based compensation 1,002 1,371 \n Acquisition costs 289 153 \n Non-GAAP general and administrative 5,197 4,708 \n \n GAAP total operating expenses, net 60,183 54,424 \n Share-based compensation 5,342 5,559 \n Acquisition costs 289 153 \n Non-GAAP total operating expenses, net 54,552 48,712 \n \n GAAP operating income 4,518 4,036 \n Share-based compensation 5,508 5,679 \n Amortization of intangible assets 732 733 \n Acquisition costs 289 153 \n Non-GAAP operating income 11,047 10,601 \n \n GAAP financial income, net 3,772 4,662 \n Exchange rate differences, net on balance sheet items included in financial income, net 774 509 \n Non-GAAP financial income, net 4,546 5,171 \n \n GAAP income before taxes on income from continuing operations 8,290 8,698 \n Share-based compensation 5,508 5,679 \n Amortization of intangible assets 732 733 \n Acquisition costs 289 153 \n Exchange rate differences, net on balance sheet items included in financial income, net 774 509 \n Non-GAAP income before taxes on income from continuing operations 15,593 15,772 \n \n GAAP taxes on income 2,169 2,100 \n Tax related adjustments 62 62 \n Non-GAAP taxes on income 2,231 2,162 \n \n GAAP net income from continuing operations 6,121 6,598 \n Share-based compensation 5,508 5,679 \n Amortization of intangible assets 732 733 \n Acquisition costs 289 153 \n Exchange rate differences, net on balance sheet items included in financial income, net 774 509 \n Tax related adjustments (62 ) (62 ) \n Non-GAAP net income from continuing operations 13,362 13,610 \n \n Non-GAAP loss from discontinued operations 2,294 1,793 \n \n Non-GAAP net income 11,068 11,817 \n \n GAAP diluted net income per share from continuing operations 0.14 0.15 \n Share-based compensation 0.12 0.13 \n Amortization of intangible assets 0.01 0.02 \n Acquisition costs 0.01 0.00 \n Exchange rate differences, net on balance sheet items included in financial income, net 0.02 0.01 \n Tax related adjustments (0.00 ) (0.00 ) \n Non-GAAP diluted net earnings per share from continuing operations 0.30 0.31 \n \n Non-GAAP diluted net loss per share from discontinued operations (0.05 ) (0.04 ) \n \n Non-GAAP diluted net earnings per share 0.25 0.27 \n \n Weighted average number of shares used to compute non-GAAP diluted net earnings per share 44,497,774 44,192,474 \n\n\n\n Radware Ltd. \n Condensed Consolidated Statements of Cash Flow \n (U.S. Dollars in thousands) \n \n For the three months ended \n March 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n Cash flow from operating activities: \n \n Net income 3,544 4,344 \n Loss from discontinued operations activities 2,577 2,254 \n Adjustments to reconcile net income to net cash provided by operating activities: \n Depreciation and amortization 2,594 2,882 \n Share-based compensation 5,508 5,679 \n Amortization of premium, accretion of discounts and accrued interest on marketable securities, net 25 (161 ) \n Decrease in accrued interest on bank deposits (468 ) (1,601 ) \n Increase (decrease) in accrued severance pay, net (287 ) 61 \n Decrease (increase) in trade receivables, net 2,669 (8,186 ) \n Increase in other receivables and prepaid expenses and other long-term assets (3,076 ) (160 ) \n Decrease in inventories 90 519 \n Decrease in trade payables (732 ) (1,840 ) \n Increase in deferred revenues 14,610 17,732 \n Increase (decrease) in other payables and accrued expenses (7,119 ) 3,281 \n Operating lease liabilities, net (9 ) (228 ) \n Net cash provided by operating activities - continuing operations 19,926 24,576 \n Net cash used in operating activities - discontinued operations (2,286 ) (2,134 ) \n Net cash provided by operating activities 17,640 22,442 \n \n Cash flows from investing activities: \n \n Purchase of property and equipment (2,653 ) (1,111 ) \n Proceeds from other long-term assets, net 16 109 \n Proceeds from (investment in) bank deposits, net 24,900 (27,112 ) \n Investment in, redemption of and purchase of marketable securities, net (798 ) 16,194 \n Acquisition of subsidiary, net of cash acquired (5,938 ) - \n Proceeds from other deposits - 5,000 \n Net cash provided by (used in) investing activities - continuing operations 15,527 (6,920 ) \n Net cash provided by (used in) investing activities - discontinued operations 3,001 (1 ) \n Net cash provided by (used in) investing activities 18,528 (6,921 ) \n \n Cash flows from financing activities: \n \n Proceeds from exercise of share options 3 1 \n Repurchase of shares (29,392 ) - \n Net cash provided by (used in) financing activities - continuing operations (29,389 ) 1 \n Net cash provided by financing activities - discontinued operations - 3 \n Net cash provided by (used in) financing activities (29,389 ) 4 \n \n Increase in cash and cash equivalents 6,779 15,525 \n Cash and cash equivalents at the beginning of the period 105,078 98,714 \n Cash and cash equivalents at the end of the period 111,857 114,239 \n Less cash and cash equivalents of discontinued operations (3,045 ) (741 ) \n Cash and cash equivalents at the end of the period - continuing operations 108,812 113,498 \n \n\n\n\n Radware Ltd. \n RECONCILIATION OF GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA (NON-GAAP) \n (U.S Dollars in thousands) \n \n For the three months ended \n March 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n GAAP net income for continuing operations 6,121 6,598 \n Exclude: Financial income, net (3,772 ) (4,662 ) \n Exclude: Depreciation and amortization expense 2,594 2,882 \n Exclude: Taxes on income 2,169 2,100 \n EBITDA 7,112 6,918 \n \n Share-based compensation 5,508 5,679 \n Acquisition costs 289 153 \n Adjusted EBITDA for continuing operations 12,909 12,750 \n \n \n For the three months ended \n March 31, \n 2026 2025 \n Amortization of intangible assets 732 733 \n Depreciation 1,862 2,149 \n 2,594 2,882 \n \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/651773cc-1089-4fbc-a964-892c3bc5a551)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNXbBhVty","title":"Radware Reports First Quarter 2026 Financial Results","author":"Globe Newswire","ticker":"RDWR","created":"2026-05-07T10:00:04.518Z","tickers":["RDWR"],"exchange":"NASDAQ","article_body":"First Quarter 2026 Financial Results and Highlights\n* Revenue of $79.8 million, an increase of 11% year-over-year\n* Cloud ARR of $98 million, an increase of 23% year-over-year\n* Non-GAAP diluted EPS from continuing operations of $0.30; GAAP diluted EPS\nfrom continuing operations of $0.14\n* Cash flow provided by continuing operations of $19.9 million dollars\nTEL AVIV, Israel, May 07, 2026 (GLOBE NEWSWIRE) --  Radware\n(https://www.globenewswire.com/Tracker?data=2ePaeOUGNIfA44vqA9QUkgIN6nmTTZr9JFKeVp2cb31edI1qoO0wSpXIIUYbY4pu03_ZeV9o_Bg52EkETnTWgw==)®\n(NASDAQ: RDWR), a global leader in application security and delivery solutions\nfor multi-cloud environments, today announced its consolidated financial\nresults for the first quarter ended March 31, 2026.\n\n“We delivered a strong start to 2026, marked by solid execution across the\nbusiness and sustained double-digit revenue growth,” said Roy Zisapel,\npresident and CEO of Radware. “Growth in the quarter was led by our cloud\nsecurity business supported by strong momentum in our new API Protection,\nwhile our on-prem DDoS protection portfolio, led by DefensePro X, performed\nexceptionally well. We also saw outstanding execution in North America,\nreflecting the strength of our go-to-market strategy. These results\ndemonstrate the progress we are making in executing our strategy as we scale\nour platform and capitalize on the growing opportunities in cloud and API\nsecurity.”\n\nFinancial Highlights for the First Quarter 2026\n\nRevenue for the first quarter of 2026 totaled $79.8 million:\n* Revenue in the Americas region was $38.4 million for the first quarter of\n2026, an increase of 40% from $27.4 million in the first quarter of 2025.\n* Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.1\nmillion for the first quarter of 2026, a decrease of 11% from $28.3 million in\nthe first quarter of 2025.\n* Revenue in the Asia-Pacific (“APAC”) region was $16.3 million for the\nfirst quarter of 2026, the same as in the first quarter of 2025.\nGAAP net income from continuing operations for the first quarter of 2026 was\n$6.1 million, or $0.14 per diluted share, compared to GAAP net income from\ncontinuing operations of $6.6 million, or $0.15 per diluted share, for the\nfirst quarter of 2025.\n\nNon-GAAP net income from continuing operations for the first quarter of 2026\nwas $13.4 million, or $0.30 per diluted share, compared to non-GAAP net income\nfrom continuing operations of $13.6 million, or $0.31 per diluted share, for\nthe first quarter of 2025.\n\nThe appreciation of the Israeli shekel against the U.S. dollar had an adverse\nimpact on expenses during the first quarter. Excluding the effect of foreign\nexchange movements compared to last year, non-GAAP net income and non-GAAP\ndiluted EPS would have been $15.6 million and $0.35 respectively, compared to\nnon-GAAP net income of $13.6 million, or $0.31 per diluted share, for the\nfirst quarter of 2025.\n\nAs of March 31, 2026, the Company had cash, cash equivalents, short-term and\nlong-term bank deposits, and marketable securities of $433.8 million. Cash\nflow provided by continuing operations was $19.9 million in the first quarter\nof 2026.\n\nNon-GAAP results are calculated excluding, as applicable, the impact of\nstock-based compensation expenses, amortization of intangible assets,\nlitigation costs, acquisition costs, restructuring costs, exchange rate\ndifferences, net on balance sheet items included in financial income, net, and\ntax-related adjustments. A reconciliation of each of the Company’s non-GAAP\nmeasures to the most directly comparable GAAP measure is included at the end\nof this press release.\n\nAs announced last quarter, the results of our subsidiary, SkyHawk, have been\nclassified as discontinued operations effective the first quarter of 2026 and\nare presented accordingly. As a result, all financial results discussed today\nrelate solely to continuing operations. In connection with this change, the\npreviously reported Hawks segment will no longer be presented separately.\nComparative prior-year figures have been adjusted to align with this\npresentation and ensure consistency.\n\nConference Call\nRadware management will host a call today, May 7, 2026, at 8:30 a.m. ET to\ndiscuss its first quarter 2026 results and second quarter 2026 outlook. To\nparticipate in the call, please use the following the following link: Q1 2026\nearnings call registration link\n(https://www.globenewswire.com/Tracker?data=eYvg91QGCs9N7Ab4gqPkmDSkoAkEE9YOBk4YmfulxYoMGn3Y-qC8x-2uVWyt2qp_-EE7Pes8UCHFEPZlhiGTUGwwf71MCV9bq5Ev9cEv6rNNUfAynfYL_-Yae2KzlZLaNkruvfE5cRigjgLhlowGfTvIbhImJrJ7et1BKEXP9af9r4Vop4ZwX3cNpJ7KpYPzYkCUnch9GfIz-MZF36BEsA==).\n\nA replay of the call will be available within approximately 24 hours of the\nlive event on the Investors section of Radware’s website at:\nhttps://www.radware.com/ir/financial-reports/.\n\nUse of Non-GAAP Financial Information and Key Performance Indicators\nIn addition to reporting financial results in accordance with generally\naccepted accounting principles (GAAP), Radware uses non-GAAP measures of gross\nprofit, research and development expense, selling and marketing expense,\ngeneral and administrative expense, total operating expenses, operating\nincome, financial income, net, income before taxes on income, taxes on income,\nnet income and diluted earnings per share, which are adjustments from results\nbased on GAAP to exclude, as applicable, stock-based compensation expenses,\namortization of intangible assets, litigation costs, acquisition costs,\nrestructuring costs, exchange rate differences, net on balance sheet items\nincluded in financial income, net, and tax-related adjustments. Management\nbelieves that exclusion of these charges allows for meaningful comparisons of\noperating results across past, present, and future periods. Radware’s\nmanagement believes the non-GAAP financial measures provided in this release\nare useful to investors for the purpose of understanding and assessing\nRadware’s ongoing operations. The presentation of these non-GAAP financial\nmeasures is not intended to be considered in isolation or as a substitute for\nresults prepared in accordance with GAAP. A reconciliation of each non-GAAP\nfinancial measure to the most directly comparable GAAP financial measure is\nincluded with the financial information contained in this press release.\nManagement uses both GAAP and non-GAAP financial measures in evaluating and\noperating the business and, as such, has determined that it is important to\nprovide this information to investors.\n\nAnnual recurring revenue (\"ARR\") is a key performance indicator defined as the\nannualized value of booked orders for term-based cloud services, subscription\nlicenses, and maintenance contracts that are in effect at the end of a\nreporting period. ARR should be viewed independently of revenue and deferred\nrevenue and is not intended to be combined with or to replace either of those\nitems. ARR is not a forecast of future revenue, which can be impacted by\ncontract start and end dates and renewal rates and does not include revenue\nreported as perpetual license or professional services revenue in our\nconsolidated statement of operations. We consider ARR a key performance\nindicator of the value of the recurring components of our business.\n\nSafe Harbor Statement \nThis press release contains “forward-looking statements” within the\nmeaning of the Private Securities Litigation Reform Act of 1995 and other U.S.\nsecurities laws. Any forward-looking statements made herein that are not\nstatements of historical fact, including statements about Radware’s plans,\nobjectives, expectations, beliefs, projections, future financial performance,\nbusiness strategies, market opportunities, and developments in our industry,\nare forward-looking statements. In some cases, forward-looking statements can\nbe identified by words such as “believe,” “expect,” “anticipate,”\n“intend,” “estimate,” “plan,” “project,” “forecast,”\n“target,” and similar expressions, as well as future or conditional verbs\nsuch as “will,” “should,” “would,” “may,” and “could.”\n\nBecause such statements deal with future events, they are subject to various\nrisks and uncertainties that could cause actual results to differ materially\nfrom those expressed or implied in such forward-looking statements. Factors\nthat could cause or contribute to such differences include, but are not\nlimited to: the impact of global market and economic conditions; our\ndependence on independent distributors; disruptions in our supply chain,\nincluding shortages of components or manufacturing capacity; our reliance on a\nlimited number of vendors; our ability to attract, train and retain qualified\npersonnel; intense competition in the cybersecurity and application delivery\nmarkets; our ability to develop new solutions and enhance existing solutions;\nrisks related to defects, vulnerabilities or failures in our products or\nservices, including cybersecurity incidents affecting our systems or those of\nour customers; risks associated with the use of artificial intelligence\ntechnologies, including evolving regulatory frameworks, litigation exposure\nand reputational considerations; risks related to our information technology\nsystems, including failures, disruptions or security breaches; outages,\ninterruptions, or delays in hosting or cloud-based services; risks related to\nthe interoperability of our products; risks associated with our global\noperations; and geopolitical risks, including instability in the Middle East\nand Israel.\n\nThese factors are not exhaustive. For a more detailed description of the risks\nand uncertainties affecting Radware, please refer to Radware’s Annual Report\non Form 20-F and other reports filed with or furnished to the Securities and\nExchange Commission (SEC) from time to time.\n\nForward-looking statements speak only as of the date on which they are made,\nand, except as required by applicable law, Radware undertakes no obligation to\nupdate or revise any forward-looking statements to reflect events or\ncircumstances after the date of such statements. Radware’s public filings\nare available from the SEC’s website at www.sec.gov or on Radware’s\nwebsite at www.radware.com.\n\nAbout Radware\nRadware® (NASDAQ: RDWR) is a global leader in application security and\ndelivery solutions for multi-cloud environments. The company’s cloud\napplication, infrastructure, API, and AI security solutions use AI-driven\nalgorithms for precise, behavior-based, real-time protection against\nsophisticated web, application, and DDoS attacks, API abuse, business logic\nthreats, and malicious bots. Radware delivers end-to-end API security,\nincluding discovery, posture management, testing, and runtime protection,\nalong with advanced protection for AI agents and models. Enterprises and\ncarriers worldwide rely on Radware to address evolving cyberthreats, protect\ntheir brands and business operations, and reduce costs. For more information,\nplease visit the Radware website.\n\nRadware encourages you to join our community and follow us on Facebook\n(https://www.globenewswire.com/Tracker?data=wJc2OIsOKbVLqgRgsLJ4CBMm6EEUyQ_7A_2rNb4m2Ojfecd9Rq1JfBz1NFUm1aqUBx17Ev_0UDUeU8bYVa37EDqEvyeBjfhhZfszQGZJozM=),\nLinkedIn\n(https://www.globenewswire.com/Tracker?data=i_hjqyD5cwf_QvApCW63gmPh0TH48kvS5K-NJjFRZ-lcl8UgMnqY2vOppOFA9q5O-KLz6PuvQn4q1zuHZXmEePhB6FlWONlXbUH2ZYa-XWs=),\nRadware Blog\n(https://www.globenewswire.com/Tracker?data=2ePaeOUGNIfA44vqA9QUkiIEnaxWXigB7L4pOIraiI8J_GHKgleR3qniUxgcECoycgqRvhIn831JTeZpuARhJIjSjObeOUh296Hk2f4r_uQ=),\nX\n(https://www.globenewswire.com/Tracker?data=gUCChwiO4l5mQypn7k-1elAxFDfYvxskUp0Txlh0eCrE7uJrifdIakiad2XutPyT5ikhitWY4yJiW9OA5tAx7w==),\nand YouTube\n(https://www.globenewswire.com/Tracker?data=-Sc8nbtQJVl5jVIbMwa7T89dIbnpt5GmAL2moP_ilxo6zzOPggxlqeiTIozHitHDlL5Ycs5UG4tgih4j-ANnGgs5oJbFuTSQxRu51FwKtl8=).\n\n©2026 Radware Ltd. All rights reserved. Any Radware products and solutions\nmentioned in this press release are protected by trademarks, patents, and\npending patent applications of Radware in the U.S. and other countries. For\nmore details, please see: https://www.radware.com/LegalNotice/. All other\ntrademarks and names are property of their respective owners.\n\nRadware believes the information in this document is accurate in all material\nrespects as of its publication date. However, the information is provided\nwithout any express, statutory, or implied warranties and is subject to change\nwithout notice.\n\nThe contents of any website or hyperlinks mentioned in this press release are\nfor informational purposes and the contents thereof are not part of this press\nrelease.\n\nCONTACTS\nInvestor Relations:\nYisca Erez, +972-72-3917211, ir@radware.com\n\nMedia Contact:\nGina Sorice, ginaso@radware.com\n\n Radware Ltd. \n Condensed Consolidated Balance Sheets \n (U.S. Dollars in thousands) \n \n March 31, December 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n Assets \n \n Current assets \n Cash and cash equivalents 108,812 102,748 \n Marketable securities 15,550 15,900 \n Short-term bank deposits 127,447 129,961 \n Trade receivables, net 31,935 34,604 \n Other receivables and prepaid expenses 11,132 10,639 \n Inventories 13,130 13,220 \n Current assets held for sale 7,056 9,435 \n 315,062 316,507 \n \n Long-term investments \n Marketable securities 72,006 71,398 \n Long-term bank deposits 110,004 131,922 \n Other assets 2,935 2,830 \n 184,945 206,150 \n \n \n Property and equipment, net 17,178 16,387 \n Goodwill and intangible assets, net 78,502 72,159 \n Other long-term assets 42,165 40,641 \n Operating lease right-of-use assets 14,999 15,456 \n Long-term assets held for sale 3,599 3,865 \n Total assets 656,450 671,165 \n \n Liabilities and equity \n \n Current liabilities \n Trade payables 6,499 7,231 \n Deferred revenues 121,506 111,917 \n Operating lease liabilities 4,817 4,862 \n Other payables and accrued expenses 63,312 67,948 \n Current liabilities held for sale 2,158 2,325 \n 198,292 194,283 \n \n Long-term liabilities \n Deferred revenues 70,785 65,764 \n Operating lease liabilities 11,549 11,970 \n Other long-term liabilities 7,583 8,464 \n Long-term liabilities held for sale 20 - \n 89,937 86,198 \n \n Equity \n Radware Ltd. equity \n Share capital 772 770 \n Additional paid-in capital 584,160 578,652 \n Accumulated other comprehensive income (loss) (166 ) 1,393 \n Treasury stock, at cost (407,599 ) (377,561 ) \n Retained earnings 149,651 146,107 \n Total Radware Ltd. shareholder's equity 326,818 349,361 \n \n Non–controlling interest 41,403 41,323 \n \n Total equity 368,221 390,684 \n \n Total liabilities and equity 656,450 671,165 \n \n\n\n\n Radware Ltd. \n Condensed Consolidated Statements of Income \n (U.S Dollars in thousands, except share and per share data) \n \n For the three months ended \n March 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n \n Revenues 79,813 72,022 \n Cost of revenues 15,112 13,562 \n Gross profit 64,701 58,460 \n \n Operating expenses, net: \n Research and development, net 21,103 17,552 \n Selling and marketing 32,592 30,640 \n General and administrative 6,488 6,232 \n Total operating expenses, net 60,183 54,424 \n \n Operating income 4,518 4,036 \n Financial income, net 3,772 4,662 \n Income before taxes on income from continuing operations 8,290 8,698 \n Taxes on income 2,169 2,100 \n Net income from continuing operations 6,121 6,598 \n Loss from discontinued operations (2,577 ) (2,254 ) \n Net income 3,544 4,344 \n \n \n Basic net income per share attributed to Radware Ltd.'s shareholders: \n Continuing operations 0.14 0.15 \n Discontinued operations (0.06 ) (0.05 ) \n Total basic net income per share attributed to Radware Ltd.'s shareholders 0.08 0.10 \n \n Weighted average number of shares used to compute basic net income per share 42,794,944 42,663,787 \n \n Diluted net income per share attributed to Radware Ltd.'s shareholders: \n Continuing operations 0.14 0.15 \n Discontinued operations (0.06 ) (0.05 ) \n Total diluted net income per share attributed to Radware Ltd.'s shareholders 0.08 0.10 \n \n Weighted average number of shares used to compute diluted net income per share 44,497,774 44,192,474 \n\n\n\n Radware Ltd. \n Reconciliation of GAAP to Non-GAAP Financial Information \n (U.S Dollars in thousands, except share and per share data) \n \n For the three months ended \n March 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n GAAP gross profit 64,701 58,460 \n Share-based compensation 166 120 \n Amortization of intangible assets 732 733 \n Non-GAAP gross profit 65,599 59,313 \n \n GAAP research and development, net 21,103 17,552 \n Share-based compensation 1,688 1,135 \n Non-GAAP research and development, net 19,415 16,417 \n \n GAAP selling and marketing 32,592 30,640 \n Share-based compensation 2,652 3,053 \n Non-GAAP selling and marketing 29,940 27,587 \n \n GAAP general and administrative 6,488 6,232 \n Share-based compensation 1,002 1,371 \n Acquisition costs 289 153 \n Non-GAAP general and administrative 5,197 4,708 \n \n GAAP total operating expenses, net 60,183 54,424 \n Share-based compensation 5,342 5,559 \n Acquisition costs 289 153 \n Non-GAAP total operating expenses, net 54,552 48,712 \n \n GAAP operating income 4,518 4,036 \n Share-based compensation 5,508 5,679 \n Amortization of intangible assets 732 733 \n Acquisition costs 289 153 \n Non-GAAP operating income 11,047 10,601 \n \n GAAP financial income, net 3,772 4,662 \n Exchange rate differences, net on balance sheet items included in financial income, net 774 509 \n Non-GAAP financial income, net 4,546 5,171 \n \n GAAP income before taxes on income from continuing operations 8,290 8,698 \n Share-based compensation 5,508 5,679 \n Amortization of intangible assets 732 733 \n Acquisition costs 289 153 \n Exchange rate differences, net on balance sheet items included in financial income, net 774 509 \n Non-GAAP income before taxes on income from continuing operations 15,593 15,772 \n \n GAAP taxes on income 2,169 2,100 \n Tax related adjustments 62 62 \n Non-GAAP taxes on income 2,231 2,162 \n \n GAAP net income from continuing operations 6,121 6,598 \n Share-based compensation 5,508 5,679 \n Amortization of intangible assets 732 733 \n Acquisition costs 289 153 \n Exchange rate differences, net on balance sheet items included in financial income, net 774 509 \n Tax related adjustments (62 ) (62 ) \n Non-GAAP net income from continuing operations 13,362 13,610 \n \n Non-GAAP loss from discontinued operations 2,294 1,793 \n \n Non-GAAP net income 11,068 11,817 \n \n GAAP diluted net income per share from continuing operations 0.14 0.15 \n Share-based compensation 0.12 0.13 \n Amortization of intangible assets 0.01 0.02 \n Acquisition costs 0.01 0.00 \n Exchange rate differences, net on balance sheet items included in financial income, net 0.02 0.01 \n Tax related adjustments (0.00 ) (0.00 ) \n Non-GAAP diluted net earnings per share from continuing operations 0.30 0.31 \n \n Non-GAAP diluted net loss per share from discontinued operations (0.05 ) (0.04 ) \n \n Non-GAAP diluted net earnings per share 0.25 0.27 \n \n Weighted average number of shares used to compute non-GAAP diluted net earnings per share 44,497,774 44,192,474 \n\n\n\n Radware Ltd. \n Condensed Consolidated Statements of Cash Flow \n (U.S. Dollars in thousands) \n \n For the three months ended \n March 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n Cash flow from operating activities: \n \n Net income 3,544 4,344 \n Loss from discontinued operations activities 2,577 2,254 \n Adjustments to reconcile net income to net cash provided by operating activities: \n Depreciation and amortization 2,594 2,882 \n Share-based compensation 5,508 5,679 \n Amortization of premium, accretion of discounts and accrued interest on marketable securities, net 25 (161 ) \n Decrease in accrued interest on bank deposits (468 ) (1,601 ) \n Increase (decrease) in accrued severance pay, net (287 ) 61 \n Decrease (increase) in trade receivables, net 2,669 (8,186 ) \n Increase in other receivables and prepaid expenses and other long-term assets (3,076 ) (160 ) \n Decrease in inventories 90 519 \n Decrease in trade payables (732 ) (1,840 ) \n Increase in deferred revenues 14,610 17,732 \n Increase (decrease) in other payables and accrued expenses (7,119 ) 3,281 \n Operating lease liabilities, net (9 ) (228 ) \n Net cash provided by operating activities - continuing operations 19,926 24,576 \n Net cash used in operating activities - discontinued operations (2,286 ) (2,134 ) \n Net cash provided by operating activities 17,640 22,442 \n \n Cash flows from investing activities: \n \n Purchase of property and equipment (2,653 ) (1,111 ) \n Proceeds from other long-term assets, net 16 109 \n Proceeds from (investment in) bank deposits, net 24,900 (27,112 ) \n Investment in, redemption of and purchase of marketable securities, net (798 ) 16,194 \n Acquisition of subsidiary, net of cash acquired (5,938 ) - \n Proceeds from other deposits - 5,000 \n Net cash provided by (used in) investing activities - continuing operations 15,527 (6,920 ) \n Net cash provided by (used in) investing activities - discontinued operations 3,001 (1 ) \n Net cash provided by (used in) investing activities 18,528 (6,921 ) \n \n Cash flows from financing activities: \n \n Proceeds from exercise of share options 3 1 \n Repurchase of shares (29,392 ) - \n Net cash provided by (used in) financing activities - continuing operations (29,389 ) 1 \n Net cash provided by financing activities - discontinued operations - 3 \n Net cash provided by (used in) financing activities (29,389 ) 4 \n \n Increase in cash and cash equivalents 6,779 15,525 \n Cash and cash equivalents at the beginning of the period 105,078 98,714 \n Cash and cash equivalents at the end of the period 111,857 114,239 \n Less cash and cash equivalents of discontinued operations (3,045 ) (741 ) \n Cash and cash equivalents at the end of the period - continuing operations 108,812 113,498 \n \n\n\n\n Radware Ltd. \n RECONCILIATION OF GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA (NON-GAAP) \n (U.S Dollars in thousands) \n \n For the three months ended \n March 31, \n 2026 2025 \n (Unaudited) (Unaudited) \n GAAP net income for continuing operations 6,121 6,598 \n Exclude: Financial income, net (3,772 ) (4,662 ) \n Exclude: Depreciation and amortization expense 2,594 2,882 \n Exclude: Taxes on income 2,169 2,100 \n EBITDA 7,112 6,918 \n \n Share-based compensation 5,508 5,679 \n Acquisition costs 289 153 \n Adjusted EBITDA for continuing operations 12,909 12,750 \n \n \n For the three months ended \n March 31, \n 2026 2025 \n Amortization of intangible assets 732 733 \n Depreciation 1,862 2,149 \n 2,594 2,882 \n \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/651773cc-1089-4fbc-a964-892c3bc5a551)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-07T10:00:04.577448678Z","server_sent_at_ms":1778148004577},"received_at":"2026-05-07T10:00:04.718Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}