Earnings release
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Exhibit 99.1 Radware Reports Third Quarter 2026 Financial Results Third Quarter 2026 Financial Results and Highlights • Record quarterly revenue of $84.4 million, an increase of 12% year-over-year • Cloud ARR of $107 million, an increase of 21% year-over-year • Non-GAAP diluted EPS from continuing operations of $0.32; GAAP diluted EPS from continuing operations of $0.11 • Cash flow provided by continuing operations activities of $15.5 million dollars TEL AVIV, Israel, October 28, 2026 - Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the third quarter ended September 30, 2026. “We delivered another record quarter, highlighted by accelerating revenue growth and continued expansion of our cloud security business,” said Roy Zisapel, President and Chief Executive Officer of Radware. “Customer demand for our application security solutions is robust, as reflected in our cloud bookings and large deal activity. As we continue to expand our cloud security platform with new AI security capabilities, customers are increasingly adopting Radware to protect applications, APIs, infrastructure, and AI environments through a unified platform.” Financial Highlights for the Third Quarter 2026 Revenue for the third quarter of 2026 totaled $84.4 million: • Revenue in the Americas region was $39.6 million an increase of 12% from $35.4 million in the third quarter of 2025. • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.6 million, an increase of 12% from $22.8 million in the third quarter of 2025. • Revenue in the Asia-Pacific (“APAC”) region was $19.2 million, an increase of 12% from $17.1 million in the third quarter of 2025. GAAP net income from continuing operations for the third quarter of 2026 was $4.5 million, or $0.11 per diluted share, compared to GAAP net income from continuing operations of $8.2 million, or $0.19 per diluted share, for the third quarter of 2025.
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Non-GAAP net income from continuing operations for the third quarter of 2026 was $13.9 million, or $0.32 per diluted share, compared to non-GAAP net income from continuing operations of $14.8 million, or $0.33 per diluted share, for the third quarter of 2025. The appreciation of the Israeli shekel against the U.S. dollar had an adverse impact on expenses during the third quarter. Excluding the $4.6 million unfavorable impact of exchange rate movements in the third quarter of 2026, non-GAAP net income from continuing operations and non-GAAP diluted EPS from continuing operations would have been $17.8 million and $0.41, respectively. This compares with the reported $14.8 million and $0.33 per diluted share in the third quarter of 2025, representing year-over-year growth of 20% in non- GAAP net income from continuing operations and 24% in non-GAAP diluted EPS from continuing operations. As of September 30, 2026, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $421.5 million. Operating cash flow provided by continuing operations was $15.5 million in the third quarter of 2026. Conference Call Radware management will host a call today, October 28, 2026, at 8:30 a.m. ET to discuss its third quarter 2026 results and fourth quarter 2026 outlook. To participate in the call, please use the following link: Q3 2026 earnings call registration link. A replay of the call will be available within approximately 24 hours of the live event on the Investors section of Radware’s website at: https://www.radware.com/ir/financial-reports/. Use of Non-GAAP Financial Information and Key Performance Indicators Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release. In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors. Annual recurring revenue ("ARR") is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.
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Safe Harbor Statement This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Any forward-looking statements made herein that are not statements of historical fact, including statements about Radware’s plans, objectives, expectations, beliefs, projections, future financial performance, business strategies, market opportunities, and developments in our industry, are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “plan,” “project,” “forecast,” “target,” and similar expressions, as well as future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global market and economic conditions; our dependence on independent distributors; disruptions in our supply chain, including shortages of components or manufacturing capacity; our reliance on a limited number of vendors; our ability to attract, train and retain qualified personnel; intense competition in the cybersecurity and application delivery markets; our ability to develop new solutions and enhance existing solutions; risks related to defects, vulnerabilities or failures in our products or services, including cybersecurity incidents affecting our systems or those of our customers; risks associated with the use of artificial intelligence technologies, including evolving regulatory frameworks, litigation exposure and reputational considerations; risks related to our information technology systems, including failures, disruptions or security breaches; outages, interruptions, or delays in hosting or cloud-based services; risks related to the interoperability of our products; risks associated with our global operations; and geopolitical risks, including instability in the Middle East and Israel. These factors are not exhaustive. For a more detailed description of the risks and uncertainties affecting Radware, please refer to Radware’s Annual Report on Form 20-F and other reports filed with or furnished to the Securities and Exchange Commission (SEC) from time to time. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, Radware undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of such statements. Radware’s public filings are available from the SEC’s website at www.sec.gov or on Radware’s website at www.radware.com. ### About Radware Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, API, and AI security solutions use AI-driven algorithms for precise, behavior-based, real-time protection against sophisticated web, application, and DDoS attacks, API abuse, business logic threats, and malicious bots. Radware delivers end-to-end API security, including discovery, posture management, testing, and runtime protection, along with advanced protection for AI agents and models. Enterprises and carriers worldwide rely on Radware to address evolving cyberthreats, protect their brands and business operations, and reduce costs. For more information, please visit the Radware website. Radware encourages you to join our community and follow us on Facebook, LinkedIn, Radware Blog, X, and YouTube. ©2026 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners. Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice. The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release. CONTACTS Investor Relations: Yisca Erez, +972-72-3917211, ir@radware.com Media Contact: Gina Sorice, ginaso@radware.com
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Radware Ltd. Condensed Consolidated Balance Sheets (U.S. Dollars in thousands) September 30, December 31, 2026 2025 (Unaudited) (Unaudited) Assets Current assets Cash and cash equivalents 102,934 102,748 Marketable securities 31,546 15,900 Short-term bank deposits 129,882 129,961 Trade receivables, net 40,654 34,604 Other receivables and prepaid expenses 12,983 10,639 Inventories 13,981 13,220 Current assets held for sale 3,244 9,435 335,224 316,507 Long-term investments Marketable securities 55,797 71,398 Long-term bank deposits 101,344 131,922 Other assets 3,067 2,830 160,208 206,150 Property and equipment, net 18,273 16,387 Goodwill and intangible assets, net 77,171 72,159 Other long-term assets 47,136 40,641 Operating lease right-of-use assets 13,490 15,456 Long-term assets held for sale 3,077 3,865 Total assets 654,579 671,165 Liabilities and equity Current liabilities Trade payables 6,640 7,231 Deferred revenues 123,256 111,917 Operating lease liabilities 4,747 4,862 Other payables and accrued expenses 60,293 67,948 Current liabilities held for sale 1,735 2,325 196,671 194,283 Long-term liabilities Deferred revenues 84,025 65,764 Operating lease liabilities 10,144 11,970 Other long-term liabilities 7,642 8,464 Long-term liabilities held for sale 7 - 101,818 86,198 Equity Radware Ltd. equity Share capital 776 770 Additional paid-in capital 600,338 578,652 Accumulated other comprehensive income (loss) (1,166) 1,393 Treasury stock, at cost (439,410) (377,561) Retained earnings 154,000 146,107 Total Radware Ltd. shareholder's equity 314,538 349,361 Non–controlling interest 41,552 41,323 Total equity 356,090 390,684
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Total liabilities and equity 654,579 671,165
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Radware Ltd. Condensed Consolidated Statements of Income (U.S Dollars in thousands, except share and per share data) For the three months ended For the nine months ended September 30, September 30, 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues 84,364 75,273 246,457 221,403 Cost of revenues 16,573 14,142 47,504 41,608 Gross profit 67,791 61,131 198,953 179,795 Operating expenses, net: Research and development, net 24,058 18,306 68,934 54,021 Selling and marketing 31,719 30,845 96,575 92,222 General and administrative 9,853 6,172 24,296 18,596 Total operating expenses, net 65,630 55,323 189,805 164,839 Operating income 2,161 5,808 9,148 14,956 Financial income, net 4,731 4,674 12,046 12,853 Income before taxes on income from continuing operations 6,892 10,482 21,194 27,809 Taxes on income 2,382 2,249 6,682 6,586 Net income from continuing operations 4,510 8,233 14,512 21,223 Loss from discontinued operations (1,874) (2,583) (6,619) (7,007) Net income 2,636 5,650 7,893 14,216 Basic net income (loss) per share attributed to Radware Ltd.'s shareholders: Continuing operations 0.11 0.19 0.34 0.49 Discontinued operations (0.05) (0.06) (0.16) (0.16) Total basic net income per share attributed to Radware Ltd.'s shareholders 0.06 0.13 0.18 0.33 Weighted average number of shares used to compute basic net income per share 41,379,608 42,833,456 41,956,824 42,774,664 Diluted net income (loss) per share attributed to Radware Ltd.'s shareholders: Continuing operations 0.11 0.19 0.34 0.48 Discontinued operations (0.05) (0.06) (0.16) (0.16) Total diluted net income per share attributed to Radware Ltd.'s shareholders 0.06 0.13 0.18 0.32 Weighted average number of shares used to compute diluted net income per share 43,546,668 44,951,866 43,904,670 44,582,652
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Radware Ltd. Reconciliation of GAAP to Non-GAAP Financial Information (U.S Dollars in thousands, except share and per share data) For the three months ended For the nine months ended September 30, September 30, 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) GAAP gross profit 67,791 61,131 198,953 179,795 Share-based compensation 158 143 438 394 Amortization of intangible assets 732 733 2,198 2,199 Non-GAAP gross profit 68,681 62,007 201,589 182,388 GAAP research and development, net 24,058 18,306 68,934 54,021 Share-based compensation 2,118 1,223 5,529 3,617 Amortization of intangible assets 137 - 390 - Non-GAAP research and development, net 21,803 17,083 63,015 50,404 GAAP selling and marketing 31,719 30,845 96,575 92,222 Share-based compensation 2,543 2,605 8,474 8,327 Non-GAAP selling and marketing 29,176 28,240 88,101 83,895 GAAP general and administrative 9,853 6,172 24,296 18,596 Share-based compensation 4,037 1,353 7,255 4,125 Acquisition costs - 99 389 390 Non-GAAP general and administrative 5,816 4,720 16,652 14,081 GAAP total operating expenses, net 65,630 55,323 189,805 164,839 Share-based compensation 8,698 5,181 21,258 16,069 Amortization of intangible assets 137 - 390 - Acquisition costs - 99 389 390 Non-GAAP total operating expenses, net 56,795 50,043 167,768 148,380 GAAP operating income 2,161 5,808 9,148 14,956 Share-based compensation 8,856 5,324 21,696 16,463 Amortization of intangible assets 869 733 2,588 2,199 Acquisition costs - 99 389 390 Non-GAAP operating income 11,886 11,964 33,821 34,008 GAAP financial income, net 4,731 4,674 12,046 12,853 Exchange rate differences, net on balance sheet items included in financial income, net (242) 498 1,356 2,680 Non-GAAP financial income, net 4,489 5,172 13,402 15,533 GAAP income before taxes on income from continuing operations 6,892 10,482 21,194 27,809 Share-based compensation 8,856 5,324 21,696 16,463 Amortization of intangible assets 869 733 2,588 2,199 Acquisition costs - 99 389 390 Exchange rate differences, net on balance sheet items included in financial income, net (242) 498 1,356 2,680 Non-GAAP income before taxes on income from continuing operations 16,375 17,136 47,223 49,541 GAAP taxes on income 2,382 2,249 6,682 6,586 Tax related adjustments 78 62 231 185 Non-GAAP taxes on income 2,460 2,311 6,913 6,771 GAAP net income from continuing operations 4,510 8,233 14,512 21,223 Share-based compensation 8,856 5,324 21,696 16,463 Amortization of intangible assets 869 733 2,588 2,199 Acquisition costs - 99 389 390 Exchange rate differences, net on balance sheet items included in financial income, net (242) 498 1,356 2,680
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Tax related adjustments (78) (62) (231) (185) Non-GAAP net income from continuing operations 13,915 14,825 40,310 42,770 Non-GAAP loss from discontinued operations 1,570 2,205 5,762 5,737 Non-GAAP net income 12,345 12,620 34,548 37,033 GAAP diluted net income per share from continuing operations 0.11 0.19 0.34 0.47 Share-based compensation 0.20 0.12 0.49 0.37 Amortization of intangible assets 0.02 0.01 0.06 0.05 Acquisition costs 0.00 0.00 0.01 0.01 Exchange rate differences, net on balance sheet items included in financial income, net (0.01) 0.01 0.03 0.06 Tax related adjustments (0.00) (0.00) (0.01) (0.00) Non-GAAP diluted net earnings per share from continuing operations 0.32 0.33 0.92 0.96 Non-GAAP diluted net loss per share from discontinued operations (0.04) (0.05) (0.14) (0.13) Non-GAAP diluted net earnings per share 0.28 0.28 0.78 0.83 Weighted average number of shares used to compute non-GAAP diluted net earnings per share 43,546,668 44,951,866 43,904,670 44,582,652
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Radware Ltd. Condensed Consolidated Statements of Cash Flow (U.S. Dollars in thousands) For the three months ended For the nine months ended September 30, September 30, 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Cash flow from operating activities: Net income 2,636 5,650 7,893 14,216 Loss from discontinued operations activities 1,874 2,583 6,619 7,007 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,951 2,542 8,455 8,018 Share-based compensation 8,856 5,324 21,696 16,463 Amortization of premium, accretion of discounts and accrued interest on marketable securities, net (5) 150 132 (104) Decrease in accrued interest on bank deposits (495) (1,501) (1,573) (5,941) Increase (decrease) in accrued severance pay, net 120 (28) (360) 48 Increase in trade receivables, net (1,174) (7,127) (6,050) (13,180) Increase in other receivables and prepaid expenses and other long-term assets (3,223) (2,540) (10,475) (3,628) Decrease (increase) in inventories (326) (14) (761) 704 Increase (decrease) in trade payables (1,517) 1,546 (591) 144 Increase (decrease) in deferred revenues (1,280) (12,124) 29,600 4,347 Increase (decrease) in other payables and accrued expenses 7,551 3,274 (6,151) 8,836 Operating lease liabilities, net (477) 195 25 1,195 Net cash provided by (used in) operating activities - continuing operations 15,491 (2,070) 48,459 38,125 Net cash used in operating activities - discontinued operations (1,859) (2,104) (6,049) (5,365) Net cash provided by (used in) operating activities 13,632 (4,174) 42,410 32,760 Cash flows from investing activities: Purchase of property and equipment (3,075) (1,879) (7,753) (5,649) Proceeds from (investment in) other long-term assets, net (20) (12) (36) 78 Proceeds from (investment in) bank deposits, net 19,609 (12,551) 32,230 (57,064) Investment in, redemption of and purchase of marketable securities ,net (579) 958 (1,524) 11,913 Acquisition of subsidiary, net of cash acquired - - (5,938) - Proceeds from other deposits - - - 5,000 Net cash provided by (used in) investing activities - continuing operations 15,935 (13,484) 16,979 (45,722) Net cash provided by investing activities - discontinued operations 3,022 1,096 6,322 4,694 Net cash provided by (used in) investing activities 18,957 (12,388) 23,301 (41,028) Cash flows from financing activities: Proceeds from exercise of share options (2) 1 2 2 Payment of contingent consideration related to acquisition - - (3,405) (3,167) Repurchase of shares (13,690) - (61,849) - Net cash used in financing activities - continuing operations (13,692) 1 (65,252) (3,165) Net cash used in financing activities - discontinued operations - - - - Net cash provided by (used in) financing activities (13,692) 1 (65,252) (3,165) Increase (decrease) in cash and cash equivalents 18,897 (16,561) 459 (11,433) Cash and cash equivalents at the beginning of the period 86,640 103,842 105,078 98,714 Cash and cash equivalents at the end of the period 105,537 87,281 105,537 87,281 Less cash and cash equivalents of discontinued operations (2,603) (2,202) (2,603) (2,202) Cash and cash equivalents at the end of the period - continuing operations 102,934 85,079 102,934 85,079
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Radware Ltd. RECONCILIATION OF GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA (NON-GAAP) (U.S Dollars in thousands) For the three months ended For the nine months ended September 30, September 30, 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) GAAP net income for continuing operations 4,510 8,233 14,512 21,223 Exclude: Financial income, net (4,731) (4,674) (12,046) (12,853) Exclude: Depreciation and amortization expense 2,951 2,542 8,455 8,018 Exclude: Taxes on income 2,382 2,249 6,682 6,586 EBITDA 5,112 8,350 17,603 22,974 Share-based compensation 8,856 5,324 21,696 16,463 Acquisition costs - 99 389 390 Adjusted EBITDA for continuing operations 13,968 13,773 39,688 39,827 For the three months ended For the nine months ended September 30, September 30, 2026 2025 2026 2025 Amortization of intangible assets 869 733 2,588 2,199 Depreciation 2,082 1,809 5,867 5,819 2,951 2,542 8,455 8,018