RADCOM
RDCMNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $10.12 Prior regular-session close from the quote source.
- $10.18–$11.48 Regular-session low and high so far today.
- 238.1K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $9.40–$16.74 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RDCM if RADCOM is a small, profitable bet that telecom operators will keep needing specialized, cloud-native service-assurance software as 5G and core networks become harder to monitor.
RDCM price history
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Investment thesis
What must happen next
Telecom operators keep treating RADCOM’s cloud-native service-assurance platform as a required control layer for complex 5G/core-network operations, so deployment expansions and renewals keep creating incremental demand rather than only one-off projects.StrengtheningMateriality: High
GAAP annual revenue rose from $46.1 million in FY2022 to $51.6 million in FY2023, $61.0 million in FY2024, and $71.5 million in FY2025. If this holds, RADCOM can keep compounding from a small base; if it breaks, revenue becomes exposed to long replacement cycles and stalled carrier capex.
Watch: Large telecom operators pause or defer 5G standalone/core modernization budgets, reducing the need for new assurance deployments.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue rose from $46.1 million in FY2022 to $51.6 million in FY2023, $61.0 million in FY2024, and $71.5.
Open source ↗RADCOM’s differentiated software and network-domain know-how remain the main value delivered, rather than low-margin integration labor, preserving pricing power as deployments scale.StrengtheningMateriality: High
GAAP annual gross profit increased from $33.3 million in FY2022 to $54.3 million in FY2025. If gross economics hold, growth is valuable; if customers force heavy customization or discounting, revenue growth could destroy operating leverage.
Watch: Carrier customers require bespoke deployment work that shifts the mix toward professional services and away from repeatable software.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit increased from $33.3 million in FY2022 to $54.3 million in FY2025.
Open source ↗RADCOM can reuse its platform, engineering base, and carrier relationships across incremental deployments, so additional sales produce operating leverage rather than requiring proportional increases in R&D, sales, and delivery costs.StrengtheningMateriality: Medium
GAAP annual operating income improved from a $4.1 million loss in FY2022 to a $0.7 million loss in FY2023, then to $3.1 million profit in FY2024 and $8.3 million profit in FY2025. This is the bridge from a good product to per-share value creation; if operating leverage reverses, the business may be too small and specialized to earn attractive margins.
Watch: A new product cycle forces a step-up in R&D and customer-support spending before revenue catches up.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income improved from a $4.1 million loss in FY2022 to a $0.7 million loss in FY2023, then.
Open source ↗Carrier contracts continue converting into cash early enough for RADCOM to self-fund product investment and withstand lumpy telecom procurement cycles without relying on external capital.StrengtheningMateriality: Medium
GAAP annual operating cash flow was positive in each supplied year: $6.0 million in FY2022, $4.7 million in FY2023, $11.4 million in FY2024, and $14.6 million in FY2025. Cash conversion reduces dilution and balance-sheet risk; if collections or contract terms deteriorate, the small-cap thesis becomes much more fragile.
Watch: Large carrier customers push payment terms out or create a receivables build that converts reported profit into working-capital strain.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive in each supplied year: $6.0 million in FY2022, $4.7 million in FY2023, $11.4.
Open source ↗
Full investment case & evidence
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Original research
Telecom operators keep treating RADCOM’s cloud-native service-assurance platform as a required control layer for complex 5G/core-network operations, so deployment expansions and renewals keep creating incremental demand rather than only one-off projects. If this holds, RADCOM can keep compounding from a small base; if it breaks, revenue becomes exposed to long replacement cycles and stalled carrier capex.
RADCOM’s differentiated software and network-domain know-how remain the main value delivered, rather than low-margin integration labor, preserving pricing power as deployments scale. If gross economics hold, growth is valuable; if customers force heavy customization or discounting, revenue growth could destroy operating leverage.
RADCOM can reuse its platform, engineering base, and carrier relationships across incremental deployments, so additional sales produce operating leverage rather than requiring proportional increases in R&D, sales, and delivery costs. This is the bridge from a good product to per-share value creation; if operating leverage reverses, the business may be too small and specialized to earn attractive margins.
Carrier contracts continue converting into cash early enough for RADCOM to self-fund product investment and withstand lumpy telecom procurement cycles without relying on external capital. Cash conversion reduces dilution and balance-sheet risk; if collections or contract terms deteriorate, the small-cap thesis becomes much more fragile.
All standing thesis claims
Original report summary
RADCOM is a small, profitable bet that telecom operators will keep needing specialized, cloud-native service-assurance software as 5G and core networks become harder to monitor.
Bull case and bear case
Bull case and bear case for Radcom
Where the evidence on Radcom stands: Strengthening on the latest evidence (Oct 13, 2026). Of its 4 thesis points, 4 strengthening.
Bull case: what the evidence supports
Telecom operators keep treating RADCOM’s cloud-native service-assurance platform as a required control layer for complex 5G/core-network operations, so deployment expansions and renewals keep creating incremental demand rather than only one-off projects.
RADCOM’s differentiated software and network-domain know-how remain the main value delivered, rather than low-margin integration labor, preserving pricing power as deployments scale.
RADCOM can reuse its platform, engineering base, and carrier relationships across incremental deployments, so additional sales produce operating leverage rather than requiring proportional increases in R&D, sales, and delivery costs.
Carrier contracts continue converting into cash early enough for RADCOM to self-fund product investment and withstand lumpy telecom procurement cycles without relying on external capital.
Bear case: what would count against it
Large telecom operators pause or defer 5G standalone/core modernization budgets, reducing the need for new assurance deployments.
Carrier customers require bespoke deployment work that shifts the mix toward professional services and away from repeatable software.
A new product cycle forces a step-up in R&D and customer-support spending before revenue catches up.
Thesis-Break Engine
Thesis-break watch · Radcom
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Radcom filed an SEC report on 2026-09-17: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Radcom filed an SEC report on 2026-09-09: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Radcom filed an SEC report on 2026-08-12: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large telecom operators pause or defer 5G standalone/core modernization budgets, reducing the need for new assurance deployments.
- Carrier customers require bespoke deployment work that shifts the mix toward professional services and away from repeatable software.
- A new product cycle forces a step-up in R&D and customer-support spending before revenue catches up.
- Large carrier customers push payment terms out or create a receivables build that converts reported profit into working-capital strain.
RDCM news
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Financial statements
RDCM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RDCM: quick answers
- What is RDCM's short interest?
- As of October 30, 2026, 500,278 RDCM shares were sold short, up 4.3% from the count before. At the stock's average daily volume that is 11 days to cover. FINRA publishes the count twice a month. RDCM short interest history
- Which well-known investors own RDCM?
- 1 of the 37 well-known funds tracked here reported RDCM shares in their latest 13F filing. By share of the fund's portfolio: ARK Investment Management (Cathie Wood), 0.0%. Fund portfolios
RDCM in well-known investors’ portfolios
1 of 37 funds reported RDCM shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Cathie WoodARK Investment Management | 0.02% | $2.5M | +0.9% | Q2 2026 |