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Radware (RDWR) investor relations material
Radware Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 revenue grew 10% year over year to $74.2M, with cloud ARR up 21% to $85M, driven by cloud security and operational efficiency.
Non-GAAP EPS rose 39% to $0.28; GAAP diluted EPS increased to $0.09.
Major wins included deals with a European government, a major Asian bank, a global sporting event, and a leading US fintech, highlighting AI-driven security differentiation.
Recognized as a leader in AI-driven application and API security by industry analysts, with continued innovation in AI-powered SOC and Epic AI Framework.
Cash flow from operations was $14.5M, with cash, equivalents, and investments totaling $459M at quarter-end.
Financial highlights
Total ARR increased 8% year over year to $235M; recurring revenue now 84% of total.
Gross margin remained strong at 82.2% (non-GAAP); operating income rose over 50% to $9.5M.
Adjusted EBITDA up 37% to $11.4M; margin improved to 19% (excluding Hox business).
Net income increased 43% year over year to $12.6M; diluted EPS up 39% to $0.28.
Operating expenses increased 5% year over year to $51.5M.
Outlook and guidance
Focus remains on accelerating cloud ARR growth beyond 21% year over year, supported by ongoing investment in cloud security and AI.
Q3 2025 revenue expected between $74.5M and $75.5M; non-GAAP operating expenses $51.5M–$52.5M; non-GAAP diluted EPS $0.26–$0.27.
Forward-looking statements caution on global economic, geopolitical, and industry risks.
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