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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November 2025
Commission File Number: 0-29452
RADCOM LTD.
(Translation of registrant’s name into English)
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form:40-F ☐
THE GAAP FINANCIAL STATEMENTS INCLUDED IN EXHIBIT 99.1 TO THIS FORM 6-K OF THE REGISTRANT ARE HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-190207, 333-195465, 333-203087, 333-211628, 333-215591, 333-260997, 333-270983 AND 333-276692), AND SHALL BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FILED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
CONTENTS
This report on Form 6-K of the registrant consists of the contents above and the following document, which is attached hereto and incorporated by reference herein:
| Exhibit 99.1 | Press release, dated November 12, 2025, reporting the Registrant’s Third Quarter of 2025 Results |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| RADCOM LTD. | ||
| Date: November 12, 2025 | By: | /s/ Hadar Rahav |
| Name: | Hadar Rahav | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
 |
 |
RADCOM Delivers 16% YoY Revenue Growth and Strong Margin Expansion in Q3 2025
AI and 5G adoption drives demand as the Company sees positive cash flow with the highest operating margin in seven years
Tel Aviv, Israel – November 12, 2025 – RADCOM Ltd. (Nasdaq: RDCM) announced today its financial results for the third quarter of 2025 and for the nine-month period ended September 30, 2025.
Benny Eppstein, Chief Executive Officer, said, “RADCOM remains committed to delivering advanced, intelligent solutions that are transforming the assurance landscape. Driven by successful execution, we delivered record revenue of $18.4 million, our highest operating margin since 2018, record non-GAAP operating income, and more than $5 million in positive cash flow during the third quarter. These results underscore the resilience of our operating model and the clear value our AI-driven assurance solutions provide in lowering total cost of ownership and enabling comprehensive observability across customer networks.”
“Heading into the fourth quarter, we maintain strong operating momentum and clear visibility toward achieving our full-year guidance of 15%-18% year-over-year revenue growth,” continued Mr. Eppstein. “We remain focused on executing with discipline, converting our robust pipeline into revenue, expanding within our current installed base, and advancing strategic partnerships that reinforce our market position and extend our technology leadership.”
Third Quarter of 2025 Financial Highlights:
| ● | Total revenues for the third quarter of 2025 were $18.4 million, compared to $15.8 million in the third quarter of 2024, or 16.2% year-over-year growth. |
| ● | GAAP operating income for the third quarter of 2025 was $2.4 million, or 13.1% of revenue, compared to GAAP operating income of $1.2 million, or 7.6% of revenue, for the third quarter of 2024. |
| ● | Non-GAAP operating income for the third quarter of 2025 was $3.8 million, or 20.9% of revenue, compared to non-GAAP operating income of $2.6 million, or 16.7% of revenue, for the third quarter of 2024. |
| ● | GAAP net income for the third quarter of 2025 was $3.5 million, or $0.21 per diluted share, compared to GAAP net income of $2.3 million, or $0.14 per diluted share, for the third quarter of 2024. |
| ● | Non-GAAP net income for the third quarter of 2025 was $4.9 million, or $0.29 per diluted share, compared to non-GAAP net income of $3.7 million, or $0.23 per diluted share, for the third quarter of 2024. |
| ● | Positive cash flow of $5.1 million in the third quarter of 2025. As of September 30, 2025, the company had cash and cash equivalents and short-term bank deposits of $106.7 million, and no debt, ending the third quarter with its highest ever cash levels. |
First nine months of 2025 Financial Highlights:
| ● | Total revenues for the first nine months of 2025 were $52.6 million, compared to $44.8 million in the first nine months of 2024, or 17.6% year-over-year growth. |
| ● | GAAP operating income for the first nine months of 2025 was $5.6 million, or 10.7% of revenue, compared to GAAP operating income of $1.8 million, or 4.0% of revenue, for the first nine months of 2024. |
| ● | Non-GAAP operating income for the first nine months of 2025 was $10.4 million, or 19.8% of revenue, compared to non-GAAP operating income of $6.7 million, or 14.9% of revenue, for the first nine months of 2024. |
| ● | GAAP net income for the first nine months of 2025 was $8.3 million, or $0.50 per diluted share, compared to GAAP net income of $4.7 million, or $0.29 per diluted share, for the first nine months of 2024. |
| ● | Non-GAAP net income for the first nine months of 2025 was $13.2 million, or $0.79 per diluted share, compared to non-GAAP net income of $9.7 million, or $0.61 per diluted share, for the first nine months of 2024. |
Recent Highlights:
| ● | RADCOM recently secured 1Global as a new customer, deploying RADCOM ACE as its AI-driven assurance solution to enhance customer experiences across Europe, North America, and Asia, supporting more than 43 million connections. |
| ● | RADCOM launched its High-Capacity User Analytics solution, the first assurance vendor to capture network data at speeds of up to 400Gbps on a single server, delivering real-time analytics at a fraction of the cost. This solution leverages NVIDIA BlueField-3 data processing units. |
Outlook
RADCOM reaffirms its full-year 2025 guidance of 15%-18% year-over-year revenue growth, implying $71.1 million in revenue at the midpoint.
Conference Call and Webinar
RADCOM’s management will host an interactive conference call today, November 12, 2025, at 8:00 AM Eastern Time (3:00 PM Israel Standard Time) to discuss the results and answer participants’ questions.
| ● | By phone: Dial in at least 5 minutes before the call begins. A replay will be available later the same day at https://radcom.com/financial-information/. |
| o | From the US (toll-free): +1-866-652-8972 |
| o | From other locations: +972-3-918-0609 |
| ● | By webinar: Join the audio webinar at https://www.veidan-conferencing.com/radcom. Please log in at least 10 minutes before the start time to complete registration and install any required software. A replay will be available at the same link for 90 days after the event. |
###
For all investor inquiries, please contact:
Investor
Relations:
Rob Fink or Joey Delahoussaye
FNK IR
rdcm@fnkir.com
+1-646-809-4048 / +1-312-809-1087
Company Contact: Hadar Rahav CFO Hadar.Rahav@radcom.com RADCOM (Nasdaq: RDCM) is a leading provider of advanced, intelligent assurance solutions with integrated AI Operations (AIOps) capabilities.
About RADCOM
Its flagship platform, RADCOM ACE, harnesses AI-driven analytics and generative AI (GenAI) to improve customer experiences. From lab testing to full-scale deployment, RADCOM utilizes cutting-edge networking technologies to capture and analyze real-time data. Its advanced 5G portfolio delivers end-to-end network observability—from the radio access network (RAN) to the core.
Designed to be open, vendor-neutral, and cloud-agnostic, RADCOM’s solutions drive next-generation network automation, optimization, and efficiency. By leveraging AI-powered intelligence, RADCOM reduces operational costs, enables predictive customer insights, and seamlessly integrates with business support systems (BSS), operations support systems (OSS), and service management platforms. Offering a complete, real-time view of mobile and fixed networks. Through powerful, data-driven analytics, RADCOM empowers telecom operators to ensure exceptional service quality, enhance user experiences, and build customer-centric networks.
Non-GAAP Information
Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader’s overall understanding of the Company’s financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718, financial income (expenses) related to acquisitions, and amortization of intangible assets related to acquisitions, the Company’s non-GAAP results provide information to both management and investors that is useful in assessing the Company’s core operating performance and in evaluating and comparing the Company’s results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.
Risks Regarding Forward-Looking Statements
Certain statements made herein that use words such as “estimate,” “project,” “intend,” “expect,” “believe,” “may,” “might,” “potential,” “anticipate,” “plan” or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, when the Company discusses its full-year 2025 revenue guidance, operating momentum, the Company’s commitment to delivering solutions that are transforming the assurance landscape, continued adoption of AI and 5G, the resilience of the Company’s operating model and the value its AI-driven assurance solutions provide in lowering total cost of ownership and enabling comprehensive observability across customer networks, converting the Company’s robust pipeline into revenue, expanding the Company’s current installed base, extending the Company’s technology leadership and advancing the Company’s strategic partnerships, it is using forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance, or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in demand for the Company’s products, inability to timely develop and introduce new technologies, products, and applications, loss of market share and pressure on prices resulting from competition and the effects of the conflict in Israel. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the U.S. Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason.
RADCOM LTD.
Consolidated Statements of Operations
Unaudited
(thousands of U.S. dollars, except share and per share data)
| Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 18,388 | $ | 15,821 | $ | 52,637 | $ | 44,745 | ||||||||
| Cost of revenues | 4,364 | 4,064 | 12,823 | 11,609 | ||||||||||||
| Gross profit | 14,024 | 11,757 | 39,814 | 33,136 | ||||||||||||
| Research and development, gross | 5,119 | 4,696 | 14,832 | 13,910 | ||||||||||||
| Less - royalty-bearing participation | 189 | 182 | 214 | 571 | ||||||||||||
| Research and development, net | 4,930 | 4,514 | 14,618 | 13,339 | ||||||||||||
| Sales and marketing | 5,144 | 4,552 | 14,944 | 13,162 | ||||||||||||
| General and administrative | 1,535 | 1,484 | 4,635 | 4,858 | ||||||||||||
| Total operating expenses | 11,609 | 10,550 | 34,197 | 31,359 | ||||||||||||
| Operating income | 2,415 | 1,207 | 5,617 | 1,777 | ||||||||||||
| Financial income, net | 1,163 | 1,076 | 3,076 | 3,035 | ||||||||||||
| Income before taxes on income | 3,578 | 2,283 | 8,693 | 4,812 | ||||||||||||
| Taxes on income | 107 | 32 | 344 | 92 | ||||||||||||
| Net income | $ | 3,471 | $ | 2,251 | $ | 8,349 | $ | 4,720 | ||||||||
| Basic net income per ordinary share | $ | 0.21 | $ | 0.14 | $ | 0.52 | $ | 0.30 | ||||||||
| Diluted net income per ordinary share | $ | 0.21 | $ | 0.14 | $ | 0.50 | $ | 0.29 | ||||||||
| Weighted average number of ordinary shares used in computing basic net income per ordinary share | 16,357,554 | 15,748,498 | 16,183,572 | 15,595,365 | ||||||||||||
| Weighted average number of ordinary shares used in computing diluted net income per ordinary share | 16,923,983 | 16,159,110 | 16,766,553 | 16,002,167 | ||||||||||||
RADCOM LTD.
Consolidated Statements of Operations
Unaudited
(thousands of U.S. dollars, except share and per share data)
| Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP gross profit | $ | 14,024 | $ | 11,757 | $ | 39,814 | $ | 33,136 | ||||||||
| Stock-based compensation | 99 | 107 | 298 | 290 | ||||||||||||
| Amortization of intangible assets | 57 | 57 | 168 | 169 | ||||||||||||
| Non-GAAP gross profit | $ | 14,180 | $ | 11,921 | $ | 40,280 | $ | 33,595 | ||||||||
| GAAP research and development, net | $ | 4,930 | $ | 4,514 | $ | 14,618 | $ | 13,339 | ||||||||
| Stock-based compensation | 421 | 488 | 1,308 | 1,550 | ||||||||||||
| Non-GAAP research and development, net | $ | 4,509 | $ | 4,026 | $ | 13,310 | $ | 11,789 | ||||||||
| GAAP sales and marketing | $ | 5,144 | $ | 4,552 | $ | 14,944 | $ | 13,162 | ||||||||
| Stock-based compensation | 504 | 528 | 1,709 | 1,517 | ||||||||||||
| Amortization of intangible assets | 29 | 29 | 86 | 87 | ||||||||||||
| Non-GAAP sales and marketing | $ | 4,611 | $ | 3,995 | $ | 13,149 | $ | 11,558 | ||||||||
| GAAP general and administrative | $ | 1,535 | $ | 1,484 | $ | 4,635 | $ | 4,858 | ||||||||
| Stock-based compensation | 323 | 224 | 1,244 | 1,265 | ||||||||||||
| Non-GAAP general and administrative | $ | 1,212 | $ | 1,260 | $ | 3,391 | $ | 3,593 | ||||||||
| GAAP total operating expenses | $ | 11,609 | $ | 10,550 | $ | 34,197 | $ | 31,359 | ||||||||
| Stock-based compensation | 1,248 | 1,240 | 4,261 | 4,332 | ||||||||||||
| Amortization of intangible assets | 29 | 29 | 86 | 87 | ||||||||||||
| Non-GAAP total operating expenses | $ | 10,332 | $ | 9,281 | $ | 29,850 | $ | 26,940 | ||||||||
| GAAP operating income | $ | 2,415 | $ | 1,207 | $ | 5,617 | $ | 1,777 | ||||||||
| Stock-based compensation | 1,347 | 1,347 | 4,559 | 4,622 | ||||||||||||
| Amortization of intangible assets | 86 | 86 | 254 | 256 | ||||||||||||
| Non-GAAP operating income | $ | 3,848 | $ | 2,640 | $ | 10,430 | $ | 6,655 | ||||||||
RADCOM LTD.
Reconciliation of GAAP to Non-GAAP Financial Information
Unaudited
(thousands of U.S. dollars, except share and per share data)
| Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP income before taxes on income | $ | 3,578 | $ | 2,283 | $ | 8,693 | $ | 4,812 | ||||||||
| Stock-based compensation | 1,347 | 1,347 | 4,559 | 4,622 | ||||||||||||
| Amortization of intangible assets | 86 | 86 | 254 | 256 | ||||||||||||
| Financial expenses | 22 | 40 | 49 | 111 | ||||||||||||
| Non-GAAP income before taxes on income | $ | 5,033 | $ | 3,756 | $ | 13,555 | $ | 9,801 | ||||||||
| GAAP net income | $ | 3,471 | $ | 2,251 | $ | 8,349 | $ | 4,720 | ||||||||
| Stock-based compensation | 1,347 | 1,347 | 4,559 | 4,622 | ||||||||||||
| Amortization of intangible assets | 86 | 86 | 254 | 256 | ||||||||||||
| Financial expenses | 22 | 40 | 49 | 111 | ||||||||||||
| Non-GAAP net income | $ | 4,926 | $ | 3,724 | $ | 13,211 | $ | 9,709 | ||||||||
| GAAP net income per diluted share | $ | 0.21 | $ | 0.14 | $ | 0.50 | $ | 0.29 | ||||||||
| Stock-based compensation | 0.07 | 0.08 | 0.27 | 0.30 | ||||||||||||
| Amortization of intangible assets | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||||||
| Financial expenses | (*) | (*) | (*) | (*) | ||||||||||||
| Non-GAAP net income per diluted share | $ | 0.29 | $ | 0.23 | $ | 0.79 | $ | 0.61 | ||||||||
| Weighted average number of shares used to compute diluted net income per share | 16,923,983 | 16,159,110 | 16,766,553 | 16,002,167 | ||||||||||||
| (*) Less than $ 0.01 | ||||||||||||||||
RADCOM LTD.
Consolidated Balance Sheets
(Unaudited)
(thousands of U.S. dollars)
| As of | As of | |||||||
| September 30, 2025 |
December 31, 2024 |
|||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 15,941 | $ | 19,243 | ||||
| Short-term bank deposits | 90,744 | 75,429 | ||||||
| Trade receivables, net | 17,302 | 19,038 | ||||||
| Inventories | 294 | 1,667 | ||||||
| Other accounts receivable and prepaid expenses | 2,570 | 1,819 | ||||||
| Total Current Assets | 126,851 | 117,196 | ||||||
| Non-Current Assets | ||||||||
| Severance pay fund | 3,314 | 2,985 | ||||||
| Other long-term receivables | 2,597 | 3,484 | ||||||
| Property and equipment, net | 904 | 879 | ||||||
| Operating lease right-of-use assets | 3,128 | 3,421 | ||||||
| Goodwill and intangible assets, net | 2,355 | 2,609 | ||||||
| Total Non-Current Assets | 12,298 | 13,378 | ||||||
| Total Assets | $ | 139,149 | $ | 130,574 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Trade payables | $ | 2,691 | $ | 2,457 | ||||
| Deferred revenues and advances from customers | 3,061 | 6,848 | ||||||
| Employee and payroll accruals | 5,490 | 7,175 | ||||||
| Operating lease liabilities | 1,061 | 966 | ||||||
| Other liabilities and accrued expenses | 10,482 | 10,463 | ||||||
| Total Current Liabilities | 22,785 | 27,909 | ||||||
| Non-Current Liabilities | ||||||||
| Accrued severance pay | 4,445 | 3,868 | ||||||
| Operating lease liabilities | 2,331 | 2,438 | ||||||
| Other liabilities and accrued expenses | 645 | 683 | ||||||
| Total Non-Current Liabilities | 7,421 | 6,989 | ||||||
| Total Liabilities | $ | 30,206 | $ | 34,898 | ||||
| Shareholders’ Equity | ||||||||
| Share capital | $ | 797 | $ | 769 | ||||
| Additional paid-in capital | 165,627 | 160,761 | ||||||
| Accumulated other comprehensive loss | (2,886 | ) | (2,910 | ) | ||||
| Accumulated deficit | (54,595 | ) | (62,944 | ) | ||||
| Total Shareholders’ Equity | 108,943 | 95,676 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 139,149 | $ | 130,574 | ||||