Radware Posts Record $84.4M Q3 Revenue, Cloud ARR Up 21% to $107M
RDWR sits 66% above its 52-week low of $21.68.
Summary
Record Q3 revenue of $84.4 million (+12% year-over-year) and cloud ARR of $107 million (+21%) came alongside a GAAP operating income decline to $2.2 million, pressured by higher R&D and shekel-driven costs. Non-GAAP EPS from continuing operations was $0.32 versus $0.33 a year ago.
Key Events · Earnings and Guidance · RDWR
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Record Q3 Revenue of $84.4M
Revenue rose 12% year-over-year from $75.3 million, with all three regions up 12%: Americas $39.6 million, EMEA $25.6 million, APAC $19.2 million.
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Cloud ARR Reaches $107M
Annual recurring revenue from cloud services, subscriptions and maintenance grew 21% year-over-year, outpacing total revenue growth.
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GAAP Profit Halved on Cost Jump
GAAP operating income fell to $2.2 million from $5.8 million as R&D rose to $24.1 million from $18.3 million; GAAP diluted EPS from continuing operations was $0.11 versus $0.19.
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Shekel Weighs $4.6M on Expenses
Excluding the $4.6 million unfavorable currency impact, non-GAAP net income would have been $17.8 million and non-GAAP diluted EPS $0.41, versus $14.8 million and $0.33 a year ago.
Analysis · RDWR · Trade & Services
The growth engine is now the recurring base: revenue accelerated to 12% year-over-year on a record $84.4 million, while cloud ARR reached $107 million, up 21%. Profitability is the catch. GAAP operating income fell to $2.2 million from $5.8 million a year ago as R&D jumped to $24.1 million from $18.3 million, and GAAP EPS from continuing operations halved to $0.11 from $0.19. Management attributed $4.6 million of the expense pressure to the stronger Israeli shekel; excluding that, non-GAAP EPS would have been $0.41 versus $0.33 a year ago, so the underlying margin picture is better than the headline. Against a $421.5 million cash and investments balance, the company also bought back $13.7 million of stock in the quarter ($61.8 million year-to-date), which supports the shares but shrinks the equity base.
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At the time of this filing, RDWR was trading at $36.01 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $21.68 to $38.50. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.