Financial Performance - Revenue for the second quarter of 2024 totaled $67 million, representing a 3% increase year-over-year [1] - Cloud Annual Recurring Revenue (ARR) reached $70 million, marking a 19% year-over-year increase [1] - Non-GAAP operating expenses decreased by 6% year-over-year to $49 million [1] - Non-GAAP diluted EPS was $0.20, compared to $0.10 in the second quarter of 2023 [18] - GAAP net income for the second quarter of 2024 was $1.7 million, or $0.04 per diluted share, a significant improvement from a net loss of $5.8 million, or $(0.13) per diluted share, in the same quarter of 2023 [2][18] Regional Revenue Breakdown - Revenue in the Americas region was $30.1 million for the second quarter of 2024, an increase of 12% from $26.8 million in the second quarter of 2023 [17] - Revenue in the Europe, Middle East, and Africa (EMEA) region was $22.8 million, a slight increase of 1% from $22.6 million in the second quarter of 2023 [17] - Revenue in the Asia-Pacific (APAC) region was $14.4 million, a decrease of 11% from $16.2 million in the second quarter of 2023 [17] Cash Flow and Financial Position - Cash flow from operations was $23 million in the second quarter of 2024 [3] - As of June 30, 2024, the company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities totaling $396.6 million [3] Management Commentary - The CEO expressed satisfaction with the second quarter results, highlighting the successful launch of Radware EPIC-AI™ and its potential impact on future growth [1]

MAHWAH, N.J., July 31, 2024 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced the launch of its proprietary Radware EPIC-AI™, which adds multiple layers of AI-powered intelligence and capabilities across its application and network security solutions and services. EPIC-AI infuses state-of-the-art AI and generative AI algorithms across Radware's security solutions to deliver precise, hands-free, consistent protections across ...

Company Overview - Radware is a global leader in application security and delivery solutions for multi-cloud environments, offering AI-driven algorithms for real-time protection against sophisticated cyber threats [6] - The company's solutions are recognized by industry analysts such as Aite-Novarica Group, Forrester Research, Gartner, GigaOm, KuppingerCole, and Quadrant Knowledge Solutions as market-leading in cybersecurity [1] - Radware's products and solutions are protected by trademarks, patents, and pending patent applications in the U.S. and other countries [2] Industry Recognition - GigaOm's 2024 Radar for Application and API Security (AAS) Report awarded Radware the top score for AI-enhanced vulnerability detection, highlighting its use of IP and application layer information to detect and protect against attacks [9] - Radware is the only vendor in the GigaOm analysis to achieve this top score, demonstrating its advanced AI capabilities in cybersecurity [9] Product Innovation - Radware launched EPIC-AI, a proprietary AI-powered platform that integrates multiple layers of AI and generative AI algorithms across its security solutions [14] - EPIC-AI provides real-time, precise, and hands-free protection across cloud, on-prem, and hybrid environments, significantly improving attack detection and mitigation while reducing mean time to resolution (MTTR) [14] - The platform features cross-platform AI reasoning, real-time cloud protection engines, and AI-driven SOC capabilities, enabling 24x7 managed services and automated security management [12] Customer Impact - Radware's AI-based solutions have helped customers like Puerto de Barranquilla and Fiji National University better understand their threat landscapes and protect against new types of AI-driven attacks [10][16] - Customers have praised Radware for its robust, real-time threat protection and cost-effective global solutions [16] Market Trends - The growing use of automated and AI-enabled cyber attack tools, combined with stricter regulatory requirements and a shortage of cybersecurity experts, is increasing exposure and risk for organizations worldwide [7] - Radware's AI-with-AI approach, exemplified by EPIC-AI, addresses these challenges by providing modern tools to stay ahead of evolving cyber threats [7]

Core Insights - Skyhawk Security has introduced the first proactive Cloud Threat Detection Platform utilizing AI-based Cloud Autonomous Purple Team technology, which focuses on continuous attack simulations and defenses to identify security gaps before they escalate into threats [1][3][12] - The company has launched a free Purple Team Assessment to evaluate organizational vulnerabilities and weaponized threats, enhancing cloud security for clients [3][4][11] - Skyhawk's platform employs a multi-layer AI approach and a zero-touch process for analysis, allowing minimal disruption to client operations [5][8][9] Company Developments - Skyhawk is expanding its channel program, enabling partners to offer Purple Team Assessments, thus providing a valuable sales tool for better client protection [4] - The Purple Team Assessment report includes detailed insights on risk exposure, critical vulnerabilities, and potential attack vectors [11] - The company will showcase its Continuous Proactive Protection technology at the Black Hat USA 2024 conference, highlighting its innovative cloud security solutions [7]

Core Viewpoint - Radware has launched a new PCI DSS 4.0 Compliance Solution aimed at simplifying the compliance process for organizations, which will become mandatory starting March 31, 2025 [5]. Group 1: Product Features - The new solution integrates AI-powered, behavioral-based application protection tools within a single platform, enhancing compliance with PCI DSS 4.0 requirements [2]. - It offers dedicated controls, extensive visibility, easy-to-access reports, and streamlined auditing to assist organizations in meeting the new application protection requirements [5]. - Advanced client-side protection measures help organizations maintain visibility and integrity of payment page scripts by mapping third-party scripts running on the browser side [6]. - The solution includes a cloud-based Web Application Firewall (WAF) that combines negative and AI-powered, behavioral-based positive security models for real-time adaptive protection against threats [12]. Group 2: Market Position and Recognition - Radware is recognized as a market leader in cybersecurity by industry analysts such as Aite-Novarica Group, Forrester Research, Gartner, GigaOm, KuppingerCole, and Quadrant Knowledge Solutions [2]. - The company emphasizes that PCI compliance is now essential for all businesses processing financial transactions, not just traditional retail payment chains [9]. Group 3: Strategic Importance - The introduction of this solution is positioned as a way to mitigate security risks and avoid potential fines and reputational damage from failed compliance [9]. - The solution is designed to help Chief Information Security Officers (CISOs) and compliance officers simplify reporting and streamline auditing processes [9].

Core Insights - Radware has launched a new PCI DSS 4.0 Compliance Solution aimed at helping organizations meet the updated application protection requirements efficiently [7] - The solution integrates AI-powered, behavioral-based application protection tools to simplify compliance processes and mitigate security risks [1][8] - The PCI DSS 4.0 regulation will become mandatory starting March 31, 2025, following a grace period that ends on March 31, 2024 [7] Product Features - The solution includes advanced client-side protection measures to maintain visibility and integrity of payment page scripts [2] - Real-time API protection is provided to prevent business logic attacks by analyzing API requests for deviations from normal behavior [8] - Alerts are generated for unauthorized changes to payment pages, ensuring organizations are informed of any manipulations [9] - An industry-leading Web Application Firewall (WAF) is included to offer adaptive protection against new threats [12] Market Position - Radware is recognized as a market leader in cyber security by various industry analysts, including Forrester Research and Gartner [3] - The company provides a comprehensive portfolio of cyber security and application delivery solutions for various data center environments [10]

Core Insights - Radware has expanded its cloud services to include Domain Name System as a Service (DNSaaS) and NoKey, enhancing security and application delivery for organizations [7] - The new services aim to provide organizations with more flexibility and control over their application security and performance [7] Group 1: DNSaaS Features - Radware's DNSaaS offers a centralized management console for managing DNS hosts, records, and health check configurations [9] - It includes customizable health checks to monitor application sources continuously [9] - The service provides flexible record routing options for high availability and control over traffic distribution to improve user experience [9] - Real-time analytics are available to monitor the number of queries per hosted zones [9] Group 2: NoKey Solution - The NoKey solution integrates with third-party hardware security modules (HSMs) to route encrypted traffic without exposing SSL keys [10] - It allows customers to manage their private key storage according to their technology requirements and privacy needs [10] - The solution benefits from the scale and comprehensive protection of Radware's offerings [10] Group 3: Market Position and Recognition - Radware is recognized as a market leader in cybersecurity by various industry analysts, including Forrester Research and Gartner [3] - The company has received numerous awards for its application and network security solutions [3] - Radware's solutions are designed to help enterprises adapt to market challenges and maintain business continuity [4]

Core Insights - Radware has expanded its cloud services to include a new Domain Name System as a Service (DNSaaS) and a private key protection solution called NoKey, aimed at enhancing application delivery, security, and performance for organizations [5][6]. Group 1: DNSaaS Features - DNSaaS provides a centralized management console for managing DNS hosts, records, and health check configurations, simplifying the management process for users [2]. - It includes customizable health checks that continuously monitor the status of application sources, ensuring high availability [2]. - The service offers flexible record routing options and control over traffic distribution to improve latency and user experience [2]. Group 2: NoKey Solution - The NoKey solution allows customers to route encrypted traffic through Radware's Cloud Application Protection Service without exposing their SSL keys, providing enhanced security [3]. - Customers can tailor and manage their private key storage according to their specific technology requirements and privacy needs [3]. Group 3: Market Position and Recognition - Radware is recognized as a market leader in cyber security by various industry analysts, including Aite-Novarica Group, Forrester Research, and Gartner, highlighting its strong position in the market [6]. - The introduction of DNSaaS and NoKey reinforces Radware's integrated platform approach to application and network security, offering more conveniences for customers [6].

Core Insights - Radware has enhanced its API Protection solution with an AI-driven, auto-learning protection engine designed to detect and mitigate business logic attacks in real-time [6][10] - Malicious web application and API transactions increased by 171% in 2023 compared to 2022, with retail (37%) and transportation (19%) being the most attacked industries [1] Company Overview - Radware is a leading provider of cyber security and application delivery solutions, recognized as a market leader by industry analysts [7][12] - The company offers a comprehensive Cloud Application Security Protection Service, which includes web application firewall, bot detection, and DDoS protection [11] Technology and Solutions - The new protection engine continuously learns the application's business logic to provide real-time insights into API call intents [2] - The solution aims to accurately identify and block malicious users beyond simple IP blocking, enhancing the reliability of API attack detection [2][10]

Core Insights - The number of malicious DDoS attacks increased by 94% globally from 2022 to 2023, with the finance sector being the most targeted, accounting for 41% of attacks in the EMEA region [2] - Radware has launched a new cloud security service center in Paris, enhancing its DDoS attack mitigation capacity to 15 Tbps across over 50 centers worldwide [3][8] - Anticipation of increased cyber-attacks during the 2024 Paris Olympics due to geopolitical tensions, highlighting the need for organizations to implement advanced security measures [4] Industry Trends - Hacktivist activity has surged, with a reported 185% increase in DDoS attacks in France during Q1 2024 compared to the same period in 2023 [2] - The finance industry remains the most vulnerable to cyber threats, followed by technology organizations and government institutions [2] Company Developments - The new facility in France aims to improve customer resiliency, comply with local data privacy laws, and reduce traffic latency while increasing service redundancy [8] - Radware is recognized as a market leader in cybersecurity by various industry analysts, reinforcing its position in the sector [9]