Ladies and gentlemen, thank you for standing by. Welcome to the RADCOM Limited Results Conference Call for the third quarter of 2026. All participants are present in a listen-only mode. Following management's formal presentation, instructions will be given for the question and answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference is being recorded and will be available for replay on the company's website at www.radcom.com later today. On the call are Benny Eppstein, RadCom CEO, and Hod Cohen, RadCom CFO. Please note that management has prepared a presentation for your reference that will be used during the call. If you have not downloaded it yet, you may do so through the link in the Investor section of RadCom's website at www.radcom.com slash investor dash relations. Before we begin, I would like to review the Safe Harbor provision. This conference call will contain forward-looking statements. Forward-looking statements in the conference call involve known and unknown risks and uncertainties, including but not limited to the company's statements about its ability to grow and gain market share, strategic direction and priorities, future execution and delivery of value to customers and stakeholders, expanding its existing customer base including Tier 1 operators, development and potential acquisitions and partnerships, the success and expected benefits of new technologies, demand for its products and solutions, trends in the telecom market, continued investment by operators in their networks, The timing, scope and sequencing of customer development programs, the effect of server infrastructure costs and supply constraints, the timing and extent to which deferred deployments may move forward or return, to a normalized cadence, customer relationships, competitive position, sales pipeline, commercial discussions, opportunities and expansion within existing accounts, expectations with respect to gross margins, research and development, cash flow, non-gap profitability for full year 2026, free cash flow, positivity in the second half of 2026, the reaffirmed full-year 2026 revenue outlook, future growth including a return to double-digit percentage revenue growth in 2027, continued investments, and the size, timing, initiation, amount, duration, manner, and implementation of the share repurchase program and the company's ability to return capital to shareholders while continuing to invest in its platform and AI Roadmap. The company does not undertake to update forward-looking statements except as required by law. The full Safe Harbor provisions, including risks that could cause actual results to differ from these forward-looking statements, are outlined in today's press release and the company's SEC filings. In this conference call, management will refer to certain non-GAAP financial measures which are provided to enhance the user's overall understanding of the company's financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718 Financial Income Expenses and amortization of intangible assets related to acquisitions, non-GAAP results provide information Helpful in assessing RADCOM's core operating performance and evaluating and comparing the results of operations consistently from period to period. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliations of GAAP to non-GAAP financial measures included in the quarter's earnings release, available on our website, www.radcom.com. Now, I would like to turn over the call to Benny. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you for joining us today to review Radcom's third quarter results. Let's begin on slide seven. with our third quarter highlights. This was a solid quarter for RATCOM. Revenue was $14.04 million, up 19.4% quarter over quarter from $11.8 million in the second quarter. While we recorded a GAAP operating loss of $0.9 million, we returned to positive non-GAAP operating income of $700,000 or 4.9% of revenue. We also generated positive cash flow of $1.7 million in the quarter. We ended the quarter with $111.4 million in cash, cash equivalents, and short-term bank deposits. That is up from $109.7 million at the end of June. We reaffirm our revised full-year 2026 revenue outlook of $57 to $63 million, with midpoint of $60 million. Our solutions remain essential to how our customers manage the network and end-user service quality, and our relationships with them are strong. Our customers continue to invest in, maintain and monitor the network, and we work closely with them. Based on our work with current and potential customers, we believe we are well positioned to grow and gain market share. Our priority remains expanding our customer base, especially by adding new T1 operators, which we see as key to our next phase of profitable growth. We made progress on this in the third quarter. We closed two new logos, Satin Networks and Vietnam Post and Telecommunication Group, or VMPT. We are also actively engaged in several other meaningful opportunities. Moving to slide 8 and our recent wins. On our second quarter call, I mentioned the two new customers we had won shortly after the quarter ended. Both contracts closed in the third quarter. The first is Setin Networks in Slovakia, which we announced in August. Setin selected RATCOM through a Competitive Request of Proposal, or RFP. It is a multi-year contract to provide end-to-end AI-driven assurance across its mobile network, and we replaced the existing assurance provider. I'll come back to our progress in a moment. The second is VMPT, a T1 operator and one of the largest in Vietnam, which we also won through a competitive RFP, replacing the long-time existing vendor. The operator has more than 30 million subscribers. It selected RATCOM ACE for its roaming network. We will deploy it across multiple cloud environments. This gives VMPT real-time visibility into every roaming subscriber's experience and uses AI to detect issues before they affect subscribers. As I mentioned last quarter, this is an initial deal but represents an important strategic step VMPT is highly respected in the region and this win gives us a strong reference in Asia Pacific. It also opens the door to extend our assurance beyond roaming to VMPT's wider network and we are actively engaged with VMPT on that opportunity. Now, let's turn to capital allocation on slide 9. As we announced in September, our board authorized a share repurchase program of up to $20 million, which is expected to remain in effect for up to 18 months. We expect to start the buyback after the current blackout period ends. with timing at management discretion. At the same time, we will continue investing in RATCOM ACE and our agentic AI roadmap to drive growth. Our strong balance sheet allows us to carry out the share repurchase program while continuing to pursue profitable organic growth. We also remain open to targeted acquisitions and partnerships that expand our solution portfolio, enhance customer value and deliver greater returns to our shareholders. Together, these steps reflect our confidence in the business and our commitment to building long-term value for our investors. Hod will cover the details in a few minutes. Slide 10 covers our strategy. Our strategic priorities are unchanged from last quarter, expanding our Tier 1 footprint, deepening our installed base, and advancing AI native assurance for autonomous networks. We continue to pursue them with the operating discipline that supports our profitability. Deepening our installed base starts with supporting our customers' plan expansions, and we are working closely with them on these plans. At the same time, we continue to view the deployment delays we announced previously as timing-related, and server infrastructure costs remain the main driver. We are not alone seeing this. Other vendors in our industry have also reported that operators delayed core network projects this year because of server supply and costs. We believe deployment timing is driven by infrastructure costs, not demand for our solutions. And when infrastructure is expensive, our platform makes it a real difference. First, we offer a much lower total cost of ownership, or TCO, because our platform is fully cloud native and highly efficient. In customer deployments, our platform has delivered up to 70% lower TCO than other solutions. So operators spend less on both CAPEX and OPEX with our solutions than with legacy systems. Second, our software can run on hardware operators already owned, including the servers their current assurance vendors uses. That means fewer new servers to buy, an easier migration, and no need to replace the whole system. When operators need more from every infrastructure dollar, RADCOM becomes an easier decision. Our recent wins show this, and in each case we replaced the existing assurance vendor. We are now pursuing several more opportunities, each at a different stage of the sales process. In each one, operators are looking for the same advantages that RATCOM provides. Turning to our install based on slide 11. For operators today, the experience is the product. Subscribers expect their service to simplify work, and retention depends on it. Our AI-native assurance lets operators see the experience of each subscriber. This helps them to keep service quality high and keep the most valuable customers. We continue to support key accounts, including AT&T and Rakuten Mobile, where our assurance solutions remain embedded in production networks serving millions of subscribers. Rakuten Mobile recently passed 11 million subscribers. It's also ranked first in Japan for customer loyalty. And for the sixth year in a row, it was the operator that people considered most when changing providers. AT&T has kept churn low in competitive market and Radcom continues to support this customer with real-time assurance for service quality and user experience. We are working closely with our new customers and deployments are moving forward. At One Global, the project is on schedule and our relationship with the team is very strong. At SETI Network, Radcom ACE is installed in production and project is now in acceptance testing, which is fast progress for an end-to-end deployment. Both deployments show our ability to deliver quickly in cloud-native environments, and they put us in a strong position to expand within these accounts and win new ones. Slide 12 shows the progress we have made on product and AI. Last quarter, I told you about the launch of RADCOM ADM, our analytics designer module. ADM is now available to our customers, and response has been very encouraging. It puts operators in control of their own analytics so their teams can quickly create and change data insights themselves in real time. The insights operators build in ADM then feed directly into RADCOM Neura as new inputs for its AI agents. This gives Neura richer context to identify the root cause of network issues in minutes, not hours or days. Several customers and prospects are now evaluating Miura and their feedback has been very positive. Our AI native assurance continues to earn industry recognition. Last week, Radcom won a 2026 Fast Mode Award for Impact in Network Testing and Assurance Leader category. Radcom Miura was also named a finalist in LightReading's 2026 Leading Lights Award for Most Innovative Telco AI and ML Product. ADM creates the insights and Noura acts on them. Together, that gives us a clear path to expand within our installed base. Moving to slide 13. From a go-to-market perspective, we continue to engage with operators throughout the quarter. In September, we took part in AI Native Telco Forum in Düsseldorf, co-hosted by Deutsche Telekom. There, we demonstrated RADCOM Neura and our agentic AI capabilities to operators focused on building autonomous AI native networks. Shortly after we attended Network X in Vienna, it was a valuable opportunity to meet senior operators leaders from across Germany, Austria, Switzerland, and Central and Eastern Europe. And we are now following up on those conversations. Turning to our pipeline on slide 14. Our pipeline remains broad and healthy with a good balance between installed base expansions and new logos. In North America, we are engaged with several T1 operators. Some are existing customers where we are expanding into new use cases. Other are new opportunities where we are inactive proof of concept and RFP processes. One theme comes up again and again. Operators want to reuse the hardware they already own, and our software-based approach leads them to do exactly that. In Europe, the shift to 5G standalone and cloud-native networks continues to create new opportunities. Our WeNet setting this year shows that operators are ready to replace legacy assurance vendors, and we are engaged in several competitive RFPs across the region. Some engagements with major European operators are shifting from network analytics projects to testing our AI agents. In Asia Pacific, our win with VMPT and our current Rakuten deployment gives us important references. We are working with VMPT on a broader network-wide project and we see growing interest from other operators in the region. We also see opportunities in Japan with our existing customers and with new operators. Across all three regions, several opportunities advanced during the quarter from technical evaluation and proof of concept to commercial discussion. As we have said before, T1 sales cycles are long and timing can shift, but the demand is there, our competitive position is strong, and we remain confident in our ability to convert this pipeline into new business and continued expansion within our customer base. Let me close with slide 15. To summarize, revenue grew merely 20% from the second quarter. We returned to positive non-GAAP operating income, maintained positive cash flow, and reaffirmed our full-year 2026 revenue outlook. We expect to remain profitable on a non-GAAP basis this year and aim to remain free cash flow positive in the second half. We added two new logos and North America operators evaluating our solutions. We also see positive signs that some deployments delayed this year will begin to move forward in early 2027. With our AI native assurance platform, a strong balance sheet and our share repurchase program in place, we believe we are well positioned to return to double digit growth in 2027. With that, I will now turn the call over to our CFO, Hod Cohen, to review the financial results in details.

Thank you, Benny. As a reminder, unless otherwise noted, I will refer to non-GAAP results. Reconciliations between GAAP and non-GAAP measures are provided in our press release and presentation. Let's start with our quarterly financial highlights. On slide 17, revenues for the third quarter were $14.04 million, up 19.4% from $11.8 million in the second quarter of 2026. Revenue were down 23.6% year-over-year from $18.4 million in the third quarter of 2025. Non-GAAP gross margin in the third quarter was 73.8%. We recorded non-GAAP operating income of $0.7 million or 4.9% of revenue compared with an operating loss of $2.2 million in the second quarter of 2026. Year over year, that compares with operating income of $3.8 million or 20.9% of revenue in the third quarter of 2025. As stated in the second quarter, we expect to remain profitable on a non-GAAP basis for the full year. Non-GAAP net income was $1.9 million or $0.11 per diluted share. That compares with net income of $4.9 million or $0.29 per diluted share in the same quarter last year. Moving to slide 18, which covers our R&D and sales and marketing expenses, our net R&D expenses for the third quarter total $4.9 million, up 9.1% year-over-year. The year-over-year increase is mainly due to the weaker dollar against the shekel. We plan to continue our strategic R&D investment to maintain our competitive advantage. We are focusing on agent-to-agent and multimodal workflows and bringing new features to the market. Sales and marketing expenses for the third quarter totaled $3.5 million, down 23.5% year-over-year. This reduction is mainly due to lower bonus and commission expenses and less marketing events. Non-GAAP expenses for the third quarter of 2026 were $1.2 million, up $24,000 from the third quarter of 2025. Turning to our GAAP results on slide 19. On a GAAP basis, our net income for the third quarter of 2026 was $441,000, compared with net income of $3.5 million in the same quarter last year. Gap earning per diluted share was $0.03, compared with earnings of $0.21 per diluted share a year ago. Now to the balance sheet, on slide 22. We closed the quarter with $111.4 million in cash, cash equivalents, and short-term bank deposits. up from $109.7 million at the end of June. That reflects positive cash flow of $1.7 million for the quarter and we have no debt. As Benny mentioned, in September, our board authorized a share repurchase program of up to $20 million, which is expected to remain in effect for up to 18 months. Since then, we have completed an important step. Under Israeli law, our creditors have 30 days to object to the program. That period has now ended and we received no objections. Any repurchases will be made at management discretion in the open market, including under Rule 10b-5 plans. We did not repurchase any shares during the third quarter. We expect to start the buyback after the current blackout period ends. We are reaffirming our revised full-year 2026 revenue outlook of 57 to 63 million dollars with a midpoint of 60 million dollars as announced in July. That concludes our prepared remark. Thank you and we will now turn the call back to the operator for your questions.

Thank you. Ladies and gentlemen, at this time we will begin the question and answer session. If you have a question, please press star 1. If you wish to cancel your request, please press star 2. If you are connected by Zoom, please use the raise hand button located at the bottom of your screen. Please state your name and company name before the question. The first question is from Arjun Partha from William Blair. Please go ahead.

Thank you for taking my question here. First of all, for both the NPT and CETIN networks, they're both competitive replacements of incumbent vendors. Can you give us a little bit more color on where the, what were the key reasons of winning those deals and what are the trends that you're seeing across kind of the competitive replacement deals that you've had thus far. Thank you.

Sure, Elena. In both cases, it's basically a modernization of their legacy platform that was supported with competitors up to that point. For both cases, they moved to 5G and roaming specifically for one of them.

Got it. And then for the deployment delays that we've seen through the second quarter and now, as you're going into, you know, you've been through third quarter and now going into the fourth quarter, any kind of increased visibility of where that's at and any sort of indicators that you are looking for to give you a sign of the deployments kind of are reverting back and these customers who have delayed their deployments are reconsidering and re-accelerating back.

Yes, we do see an encouraging sign. We already received a couple of orders that planned for early 2027. So those orders that we expected to get early 2026 and we said that we push to 2027 is happening.

Thank you.

Thank you.

The next question is from Ryan Koontz. Please go ahead.

Thanks for the question. I just had to unmute there. With regards to the pipeline, some nice color you provided there. Appreciate that. Any kind of rough quantification you'd give there in terms of the number of kind of tier one RFPs or POCs and RFPs you're engaged in at the moment that would give you some confidence in some of those turning on?

I don't know if to quantify, but we have multiple POCs and field trials across North America and across Europe. So it's, I don't know, higher single digits.

Let's keep it like that. Okay, that's fair. And typically, what's the timeframe from a contract to revenue really picking up?

It depends on the scope, Ryan, so... It could be a subset of the solution. It could be the complete solution. So it could be anywhere from, I would say, six months to a full year. Depends on the scope.

Got it. And are you seeing much of an emerging opportunity with any of the satellite, LEO, direct-to-device players yet?

We do. We do, but through our customers primarily.

Yeah, right. Okay. Sure, your customers, yeah. That makes sense. And then as far as cloud-native goes, any update on the competitive landscape there? I know one of your prime competitors has not been cloud-native, but can you update us on the landscape for cloud-native solutions in the market besides yourself?

Yeah, absolutely. We do see a great desire for our customers to modernize and to have technology fit to their 5G and 5G standalone ecosystem. So this is still a need and together with the TCO reduction desire, it's even stronger than before. So we do see the need of modernizing their network alongside with their layoff and automation Push, I think our product is coming in the right timing.

That's great. Super. That's all the questions I have. Thank you. Thank you.

If you have a question, please press star one. If you're connecting by Zoom, please use the raise hand button located at the bottom of your screen. Please state your name and company. before the question. The next question is from Blair Carey. Please go ahead.

Hi guys, thanks for this update. I just have three quick questions. I just want to get a sense with the Q3 revenues, what's sort of the mix between products and services? Is it sort of your traditional mix or have you found that more of the new wins have been resulting from products or services?

So it was a high blur, it's odd. So it was in our traditional mix. We had a little bit more third-party hardware related this quarter, for example, in comparison to the previous quarter, but not something meaningful.

Thank you. And in terms of Q4's revenues, I know that there's been delays, as you mentioned, due to server procurement issues from existing customers. Do you anticipate that Q4 revenues are going to come from existing customer contracts or some of those upgrades, or will those upgrades be delayed until 2027?

Those delayed upgrades will come at early Q1 2027.

Thank you. And just one last quick question. Not a lot of stock-based compensation. Do you anticipate or what is sort of the flow for you guys in terms of issuing stock-based compensation? Should we expect something in Q4 or would that be pushed to 2027 as well?

No, we are not planning to issue a lot of stock-based compensation in Q4. We are looking at 2027 when it will be a year that we will issue stocks to the employees.

Fantastic. Thank you very much.

Okay. Thank you. This concludes the RADCOM Ltd. Third Quarter 2026 Results Conference Call. Thank you for your participation. You may go ahead and disconnect.