Radware Reports Second Quarter 2024 Financial Results

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]