Radcom(US:RDCM)2024-08-07 11:05Financial Performance - Total revenues for Q2 2024 reached $14.8 million, a 20% increase from $12.4 million in Q2 2023, marking a new company record[7] - GAAP net income for Q2 2024 was $1.7 million, or $0.11 diluted EPS, representing a 120% increase compared to $0.8 million, or $0.05 diluted EPS in Q2 2023[8] - Non-GAAP net income for Q2 2024 was $3.1 million, or $0.20 diluted EPS, compared to $2.1 million, or $0.13 diluted EPS in Q2 2023[8] - Total revenues for the first half of 2024 were $28.9 million, a 19% increase from $24.4 million in the first half of 2023[10] - Operating income for Q2 2024 was $880,000, compared to an operating loss of $446,000 in Q2 2023[23] - The company raised its 2024 revenue guidance to $58 to $61 million, up from the previous guidance of $57 to $60 million[12] Profitability - The company reported a gross profit of $11 million for Q2 2024, up from $8.9 million in Q2 2023[23] - GAAP gross profit for June 2024 was $11,007 thousand, up 24% from $8,892 thousand in June 2023[25] - Non-GAAP gross profit increased to $11,162 thousand in June 2024, compared to $9,009 thousand in June 2023, representing a 24% growth[25] - GAAP net income for June 2024 was $1,707 thousand, a 118% increase from $781 thousand in June 2023[28] - Non-GAAP net income rose to $3,137 thousand in June 2024, up 49% from $2,098 thousand in June 2023[28] - Non-GAAP operating income for June 2024 was $2,276 thousand, significantly higher than $842 thousand in June 2023, indicating a 170% increase[25] Cash and Assets - Cash and cash equivalents reached a record high of $86.1 million as of June 30, 2024, with no debt[9] - Total current assets increased to $106,231 thousand as of June 30, 2024, compared to $97,415 thousand at the end of December 2023, reflecting a 9% growth[31] - Cash and cash equivalents grew to $15,248 thousand in June 2024, up from $10,892 thousand in December 2023, marking a 40% increase[31] Liabilities - Total liabilities increased to $28,818 thousand as of June 30, 2024, compared to $25,038 thousand at the end of December 2023, a rise of 11%[31] Market Activity - The company secured over $50 million in new 5G contracts since the start of 2024, including several seven-digit contracts across various markets[7] - The sales pipeline is expanding, indicating increasing demand for the company's solutions, particularly in North America[12] Share Information - The weighted average number of shares used to compute diluted net income per share was 15,978,799 for June 2024, compared to 15,658,748 for June 2023[28] Operating Expenses - GAAP total operating expenses for June 2024 were $10,127 thousand, up from $9,338 thousand in June 2023, reflecting an increase of 8%[25]