Radware Ltd.

What they do

Radware develops and sells cybersecurity and application delivery solutions, including DDoS protection, application delivery controllers and web application firewalls. Its product trademarks include DefensePro, Alteon, AppWall, ShieldSquare, DefenseFlow and APSolute Vision. The company is incorporated in Israel with principal offices at 22 Raoul Wallenberg Street, Tel Aviv, and trades on Nasdaq under the symbol RDWR.

Revenue drivers

• Cybersecurity and DDoS protection products — Radware sells DDoS mitigation and related security products under brands including DefensePro, DefenseFlow, AppWall and ShieldSquare. The filing does not break out the revenue contribution of these products.
• Application delivery products — Radware sells application delivery controllers and related products under brands including Alteon, AppDirector, LinkProof and APSolute. The filing does not break out the revenue contribution of these products.
• AI-enabled security and decisioning — The company describes AI Technologies, including proprietary AI and machine learning algorithms and models, as part of its offering. The filing does not quantify revenue attributable to AI-based features.

Recent performance

Revenue was $286.5M in 2021, $293.4M in 2022, $261.3M in 2023, $274.9M in 2024 and $301.9M in 2025. Net income swung from $7.8M in 2021 to a $0.166M loss in 2022 and a $21.6M loss in 2023, before rebounding to $6.0M in 2024 and $20.3M in 2025. Diluted EPS followed the same pattern: $0.16 in 2021, $0 in 2022, -$0.50 in 2023, $0.14 in 2024 and $0.45 in 2025. Operating cash flow was $71.8M in 2021, $32.1M in 2022, -$3.5M in 2023, $71.6M in 2024 and $50.1M in 2025. At December 31, 2025, total assets were $671.2M, shareholders' equity was $349.4M and cash and equivalents were $105.1M.

Strategy

Radware's stated strategy centers on cybersecurity and application delivery solutions, with emphasis on AI Technologies including AI, generative AI, machine learning and automated decision-making. The filing names competition in cybersecurity and application delivery, and changes in the competitive landscape including from AI integration, as factors affecting its position. It also cites global economic conditions, Middle East conflicts and instability, the war in Ukraine, China-Taiwan tensions, credit market fluctuations and elevated interest rates, tariffs, trade restrictions, inflation and potential recessions as conditions it must manage.

Risks

• Competitive and AI-driven landscape change — Radware cites competition in cybersecurity and application delivery and changes in the competitive landscape, including as a result of AI Technologies, as a risk.
• Geopolitical and macroeconomic instability — The filing flags conflicts and instability in the Middle East, the war in Ukraine, China-Taiwan tensions and financial and credit market fluctuations including elevated interest rates.
• Trade restrictions and inflation — Radware identifies tariffs and other trade restrictions, inflation and the potential for regional or global recessions as risks to its business.
• Execution on strategic and business plans — Radware states that its strategic and business plans, relationships and outlooks or future results and economic performance are forward-looking and subject to risk.

Outlook

The filing does not provide specific financial guidance for 2026 or beyond. Management frames its outlook around cybersecurity and application delivery, AI Technologies and the competitive landscape, while flagging geopolitical, macroeconomic, tariff, inflation and recession risks. No quantified targets, product launch dates or customer commitments are disclosed in the excerpts provided.