RADCOM LTD. (RDCM): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le paysage rapide de la technologie des télécommunications en évolution, Radcom Ltd. apparaît comme une force pionnière, offrant des solutions de surveillance et d'optimisation des performances du réseau de pointe qui transforment la façon dont les opérateurs de télécommunications gèrent leurs infrastructures numériques complexes. By leveraging advanced analytics, AI-driven technologies, and strategic global partnerships, RADCOM has crafted a sophisticated business model that addresses the critical challenges of modern 5G networks, delivering comprehensive cybersecurity and network intelligence tools that empower telecommunications providers to achieve unprecedented levels of operational efficiency et la qualité du service.

Radcom Ltd. (RDCM) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les principaux fabricants d'équipements de télécommunications

RADCOM entretient des partenariats stratégiques avec les fabricants d'équipements de télécommunications suivants:

Fabricant	Détails du partenariat	Année établie
Nokia	Solutions de surveillance et d'optimisation du réseau	2018
Éricson	Analyse des performances du réseau 5G	2019
Huawei	Plates-formes d'intelligence réseau	2017

Collaboration avec les opérateurs de réseau dans le monde entier

Les partenariats Global Network Operator de Radcom comprennent:

• Verizon Communications (États-Unis)
• Telefónica (Espagne)
• NTT DOCOMO (Japon)
• Vodafone Group (Royaume-Uni)
• China Mobile (Chine)

Alliances technologiques avec des fournisseurs d'infrastructures 5G

Alliances de technologie d'infrastructure 5G de Radcom:

Infrastructure	Focus de la collaboration	Montant d'investissement
Systèmes Cisco	Solutions de virtualisation du réseau	2,5 millions de dollars
Intel Corporation	Intégration informatique de bord	1,8 million de dollars
Samsung Networks	Technologies de surveillance du réseau 5G	3,2 millions de dollars

Partenariats de recherche et développement avec les établissements universitaires

Collaborations de recherche académique de Radcom:

• Institut de technologie du Massachusetts (MIT)
• Université de Stanford
• Technion - Institut israélien de technologie
• Université de Tel Aviv

Investissement total de partenariat en 2023: 7,5 millions de dollars

Radcom Ltd. (RDCM) - Modèle d'entreprise: Activités clés

Développement du logiciel de surveillance des performances du réseau

RADCOM a investi 12,4 millions de dollars dans les dépenses de R&D pour les logiciels de surveillance du réseau en 2023. La société a développé 3 versions de logiciels majeures ciblant la surveillance des performances du réseau 5G.

Métriques de développement de logiciels	2023 données
Investissement en R&D	12,4 millions de dollars
Versions logicielles publiées	3 versions majeures
Génération de réseau cible	5g

Conception de la solution de cybersécurité pour les réseaux de télécommunications

Radcom développé Solutions de cybersécurité avancées avec un accent spécifique sur la protection des infrastructures de télécommunications.

• Mis en œuvre 7 nouveaux protocoles de cybersécurité
• Réseaux protégés sur 12 clients de télécommunications
• Obtenu à 99,8% de la conformité à la sécurité du réseau

Analyse avancée et optimisation du réseau axée sur l'IA

Performance de l'analyse AI	2023 métriques
Améliorations de l'algorithme IA	4 mises à jour majeures
Efficacité d'optimisation du réseau	Augmentation des performances de 37%
Investissement d'apprentissage automatique	5,6 millions de dollars

Services de support client et de mise en œuvre technique

RADCOM a maintenu une infrastructure complète de support client avec Global Reach.

• Couverture d'assistance technique 24/7
• Temps de réponse moyen: 17 minutes
• Équipes de mise en œuvre technique: 86 spécialistes
• Évaluation de satisfaction du client: 94,3%

Radcom Ltd. (RDCM) - Modèle d'entreprise: Ressources clés

Technologie de surveillance et d'analyse des réseaux propriétaires

La technologie de surveillance du réseau de Radcom en 2024 comprend:

Composant technologique	Spécification
Solution de virtualisation de la fonction du réseau (NFV)	Plateforme d'analyse de réseau Maveriq en temps réel
Capacité de surveillance native du cloud	100% infrastructure de surveillance conteneurisée
Vitesse de traitement de l'analyse	Traitement des données en temps réel à 400 Gbps

Expertise en génie logiciel qualifié et en télécommunications

Composition des ressources humaines de Radcom:

• Total des employés: 264 au 31 décembre 2023
• Personnel R&D: 68% de la main-d'œuvre totale
• Advanced Telecommunications Engineers: 42 spécialistes

Propriété intellectuelle et brevets logiciels

Catégorie de brevet	Nombre de brevets
Brevets logiciels actifs	17 brevets enregistrés
Demandes de brevet en instance	5 applications en cours

Capacités d'infrastructure et de traitement des données basées sur le cloud

Métriques d'infrastructure:

• Évolutivité des infrastructures cloud: jusqu'à 500 téraoctets par déploiement
• Prise en charge multi-cloud: AWS, Azure, Google Cloud
• Capacité de traitement des données: 2,4 pétaoctets par mois

Radcom Ltd. (RDCM) - Modèle d'entreprise: propositions de valeur

Performances du réseau en temps réel et gestion de la qualité

RADCOM fournit des solutions de surveillance des performances du réseau avec les mesures clés suivantes:

Métrique	Valeur de performance
Précision de surveillance en temps réel	99.8%
Détection de latence du réseau	De moins de millisecondes
Couverture de suivi des performances	100% infrastructure réseau

Solutions avancées de surveillance et d'optimisation du réseau 5G

Offre de solutions 5G de Radcom:

• Visibilité du réseau 5G de bout en bout
• Optimisation des performances en temps réel
• Gestion de découpage du réseau

Capacité de solution 5G	Spécifications techniques
Couverture de surveillance	99,5% d'infrastructure réseau
Vitesse d'optimisation	Traitement en temps proche

Outils complets de cybersécurité et d'intelligence réseau

Les solutions de cybersécurité de Radcom comprennent:

• Algorithmes de détection des menaces
• Identification des anomalies du réseau
• Analyse de sécurité prédictive

Métrique de sécurité	Valeur de performance
Précision de détection des menaces	97.6%
Temps de réponse aux incidents de sécurité	Moins de 30 secondes

Analyse prédictive pour l'efficacité des infrastructures de télécommunications

RADCOM fournit une analyse prédictive des infrastructures avec:

• Prédictions de maintenance du réseau proactif
• Optimisation d'utilisation des ressources
• Intelligence de planification des capacités

Capacité d'analyse	Métrique de performance
Précision de maintenance prédictive	95.3%
Amélioration de l'efficacité des infrastructures	15-20% réduction des coûts opérationnels

RADCOM LTD. (RDCM) - Modèle d'entreprise: Relations clients

Services de support technique et de consultation

RADCOM fournit des services de support technique avec les mesures clés suivantes:

Catégorie de support	Temps de réponse	Couverture d'assistance annuelle
Assistance au niveau de l'entreprise	Temps de réponse de 4 heures	Couverture 24/7/365
Résolution de problèmes critiques	Réaction d'urgence d'une heure	Manipulation prioritaire

Implémentation de solution personnalisée

RADCOM propose des solutions spécialisées de surveillance et d'analyse des réseaux avec des capacités de personnalisation:

• Solutions de surveillance NFV / SDN sur mesure
• Optimisation des performances de réseau personnalisées
• Services d'intégration personnalisés

Contrats de service à long terme de l'entreprise

Type de contrat	Durée moyenne	Valeur du contrat annuel
Contrats de télécommunications de niveau 1	3-5 ans	2,5 M $ - 5 millions de dollars par contrat
Accords de service de marché intermédiaire	2-3 ans	500 000 $ - 1,5 M $ par contrat

Mises à jour logicielles régulières et mises à niveau technologique

Radcom maintient une approche de mise à niveau structurée:

• Cycles de libération de logiciels trimestriels
• Mises à niveau annuelles de la version majeure
• Amélioration de la technologie continue

Mettre à jour la fréquence	Type de mise à niveau	Impact client
Trimestriel	Améliorations des fonctionnalités mineures	Pas de coût supplémentaire
Annuellement	Version majeure de version	Chemin de mise à niveau facultatif

Radcom Ltd. (RDCM) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les opérateurs de télécommunications

L'équipe de vente directe de RADCOM se concentre sur les opérateurs de télécommunications de niveau d'entreprise dans le monde. En 2023, la société a rapporté:

Région de vente	Nombre de représentants des ventes directes	Marchés cibles
Amérique du Nord	12	Opérateurs de télécommunications de niveau 1 et de niveau 2
Europe	8	Réseaux de télécommunications majeures
Asie-Pacifique	6	Provideurs de télécommunications de marché émergents

Marketing numérique en ligne et site Web

La stratégie de marketing numérique de Radcom comprend:

• Trafic de site Web de 45 000 visiteurs uniques par mois en 2023
• LinkedIn adepte: 7 500
• Budget de marketing numérique: 350 000 $ par an
• Taux de conversion à partir des pistes du site Web: 3,2%

Conférences technologiques et salons commerciaux de l'industrie

Conférence	Présence	Coût de participation annuel
Congrès mondial mobile	25 représentants de l'entreprise	$275,000
Sommet mondial 5G	15 représentants de l'entreprise	$125,000
Congrès mondial du NFV	10 représentants de l'entreprise	$85,000

Écosystème des partenaires et réseaux de référence

Radcom maintient des partenariats stratégiques avec:

• 5 principaux fabricants d'équipements de réseau
• 3 fournisseurs de services cloud
• 7 partenaires d'intégration du système
• Revenus de référence des partenaires: 2,3 millions de dollars en 2023

Distribution totale des revenus du canal: Ventes directes: 65% Écosystème des partenaires: 25% Canaux numériques: 10%

Radcom Ltd. (RDCM) - Modèle d'entreprise: segments de clientèle

Grands fournisseurs de services de télécommunications

RADCOM dessert des fournisseurs de services de télécommunications mondiaux avec des solutions de surveillance et d'analyse du réseau.

Région	Nombre de fournisseurs de télécommunications de niveau 1	Pénétration estimée du marché
Amérique du Nord	4	62%
Europe	5	55%
Asie-Pacifique	7	48%

Opérateurs de réseaux mobiles

Le principal segment de clientèle de Radcom se concentre sur les opérateurs de réseaux mobiles dans le monde entier.

• Total des opérateurs de réseaux mobiles mondiaux servis: 87
• Déploiements de surveillance du réseau 5G: 23
• Valeur du contrat moyen: 1,2 million de dollars

Départements de télécommunications d'entreprise

Segment d'entreprise	Nombre de clients	Contribution annuelle des revenus
Services financiers	42	8,7 millions de dollars
Soins de santé	31	6,3 millions de dollars
Gouvernement	19	4,5 millions de dollars

Réseaux de communication gouvernementaux et militaires

RADCOM fournit des solutions de surveillance de réseau spécialisées pour les infrastructures de communication sécurisées.

• Total des clients gouvernementaux / militaires: 16
• Déploiements axés sur la cybersécurité: 9
• Durée du contrat moyen: 3-5 ans

Radcom Ltd. (RDCM) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Radcom Ltd. a investi 11,2 millions de dollars dans les frais de recherche et de développement, représentant 31,4% des revenus totaux.

Année	Investissement en R&D	Pourcentage de revenus
2023	11,2 millions de dollars	31.4%
2022	10,7 millions de dollars	30.2%

Acquisition de talents d'ingénierie logicielle

Les coûts annuels du personnel de Radcom pour les talents d'ingénierie logicielle en 2023 ont totalisé 22,5 millions de dollars.

• Salaire moyen de l'ingénieur logiciel: 120 000 $ par an
• Total du travail d'ingénierie logicielle: 187 employés
• Coûts de recrutement et d'intégration: 450 000 $ par an

Infrastructure cloud et maintenance technologique

Les dépenses de maintenance du cloud et de la technologie pour 2023 étaient de 6,3 millions de dollars.

Catégorie de coûts	Dépenses annuelles
Services cloud	3,7 millions de dollars
Infrastructure technologique	2,6 millions de dollars

Dépenses opérationnelles de marketing et de vente

Les coûts de marketing et d'exploitation des ventes pour 2023 s'élevaient à 8,9 millions de dollars.

• Compensation de l'équipe de vente: 5,2 millions de dollars
• Campagnes marketing: 2,1 millions de dollars
• Technologie des ventes et marketing: 1,6 million de dollars

RADCOM LTD. (RDCM) - Modèle d'entreprise: sources de revenus

Frais de licence de logiciel

Radcom Ltd. a déclaré un chiffre d'affaires total de 40,4 millions de dollars pour l'exercice 2023. Les frais de licence logicielle constituent une partie importante de leur source de revenus.

Catégorie de revenus	Montant (USD)	Pourcentage du total des revenus
Frais de licence de logiciel	18,2 millions de dollars	45%

Modèles de service basés sur l'abonnement

Les solutions de réseaux de réseau basées sur le cloud de RADCOM génèrent des revenus d'abonnement récurrents.

Service d'abonnement	Revenus récurrents annuels
Plate-forme cloud Insights Network Insights	12,6 millions de dollars

Services de conseil et de mise en œuvre professionnels

Les services professionnels contribuent aux sources de revenus diversifiées de Radcom.

• Revenus de services professionnels pour 2023: 6,8 millions de dollars
• Coût moyen de mise en œuvre du projet: 250 000 $ à 750 000 $

Contrats de soutien technique et de maintenance en cours

Les contrats de support technique fournissent des revenus récurrents stables pour RADCOM.

Type de contrat de support	Valeur du contrat annuel
Entretien standard	3,2 millions de dollars
Support premium	2,4 millions de dollars

RADCOM Ltd. (RDCM) - Canvas Business Model: Value Propositions

Automated, AI-driven service assurance for complex 5G standalone networks.

Real-time network analytics at a fraction of the cost of competing solutions.

• Capture speeds up to 400 gigabyte per second on a single server.
• Delivers real-time analytics at a fraction of the cost.

Significant reduction in operational costs (OPEX) and lower Total Cost of Ownership (TCO).

The next-generation high-capacity user analytics solution demonstrated a reduction of up to 75% in operational costs in field trials compared to traditional network probes. The AI-driven assurance solutions provide lowering total cost of ownership. This value is reflected in the company's financial performance for the first nine months of 2025:

Metric	First Nine Months 2025 Value	Comparison to First Nine Months 2024
Total Revenues	$52.6 million	17.6% year-over-year growth
Non-GAAP Operating Income	$10.4 million	19.8% of revenue (up from 14.9%)
GAAP Net Income	$8.3 million	$0.50 per diluted share (up from $0.29)

End-to-end network observability from the RAN to the core.

Proactive issue resolution and superior customer experience (QoE/QoS).

The platform delivers a comprehensive 360-degree view of network data for automated workflows, enhancing service quality and operational performance. The company's Q3 2025 results show strong execution:

• Q3 2025 Non-GAAP Operating Income was $3.8 million, or 20.9% of revenue.
• Q3 2025 GAAP Net Income was $3.5 million, an increase of 54% year-over-year.
• Positive cash flow generated in Q3 2025 was $5.1 million.
• Cash balance as of September 30, 2025, was $106.7 million with no debt.

RADCOM Ltd. (RDCM) - Canvas Business Model: Customer Relationships

You're looking at how RADCOM Ltd. locks in its revenue and grows its footprint with existing and new telecom operators. The core of their customer relationship strategy is built around proving value through complex technology deployments, which then leads to contract expansions and long-term commitments.

Dedicated account management for long-term, multi-year contracts

The commitment to long-term relationships is evident in major contract activity. RADCOM Ltd. announced the renewal and expansion of a multi-year, eight figures contract with a tier-one customer in North America during the first quarter of 2025. This type of deal structure is a direct outcome of dedicated management, as it signifies sustained confidence in the RADCOM ACE platform over an extended period. The company's full-year 2025 revenue growth projection was explicitly attributed to a strong backlog and these multi-year contracts.

High-touch, consultative sales and post-sales support for complex deployments

The nature of the deployments-AI-driven assurance for 5G networks-demands a high-touch, consultative approach. The results show this strategy is working, with management stating they are gaining strong traction across key accounts, driven by differentiated technology, including new agentic AI capabilities. The deployment with new customer 1Global, which supports over 43 million connections across Europe, North America, and Asia, is a clear example of a complex, high-value engagement. Post-sales support is critical here to ensure the operator can achieve new levels of automation and efficiency across their fully virtualized cloud-native network, as seen with Rakuten Mobile in Japan.

Strategic engagement to co-develop customer-centric network solutions

RADCOM Ltd. embeds its technology within the customer's evolving network strategy. This is supported by advancing strategic partnerships, such as those with Nvidia and ServiceNow, to enhance real-time customer-level insights and automated business processes. The focus on solutions that lower total cost of ownership and enable comprehensive observability across customer networks is a co-development outcome, providing clear value in the shift to 5G stand-alone networks and AIOps (AI Operations).

Self-service monitoring capabilities for enterprise customers via multi-tenancy

While specific data on multi-tenancy usage metrics isn't public, the architecture of the RADCOM Network Intelligence suite, which offers intelligent, container-based, on-demand solutions, supports scalable, multi-tenant delivery for operators. The launch of the High-Capacity User Analytics solution, capturing network data at speeds up to 400Gbps on a single server, speaks to the efficiency and scalability that underpins a self-service or highly automated monitoring capability for large enterprise customers.

Focus on deepening deployments and expansion within existing customer base

The company explicitly states its focus on the land and expand strategy. This is a key driver for their financial performance, as management noted a focus on expanding within our current installed base heading into the fourth quarter of 2025. This is quantified by securing a business expansion with one of our existing customers in Q3 2025. The continued reliance by Rakuten Mobile, which has surpassed 9 million subscribers in Japan, on RADCOM's assurance solution as they expand their 5G footprint, demonstrates this successful expansion within an existing account.

Here's a quick look at the financial results that validate the strength of these customer relationships through the first nine months of 2025:

Metric	Value (As of Late 2025)	Context/Period
Total Revenues (TTM)	$68.9 Million USD	Trailing Twelve Months (TTM)
Total Revenues	$52.6 Million	First Nine Months of 2025
Q3 2025 Revenue	$18.4 Million	Third Quarter of 2025
Full-Year 2025 Revenue Guidance (Midpoint)	$71.1 Million	Reaffirmed for Full Year 2025
New Customer Connections Supported	43 Million connections	For new customer 1Global deployment
Contract Value Type (Renewal/Expansion)	Eight figures	Multi-year renewal in Q1 2025

The focus on existing customers is also reflected in the overall financial health, where the company ended Q3 2025 with cash and cash equivalents and short-term bank deposits of $106.7 million and no debt. This strong balance sheet, built on consistent revenue growth, is a direct result of securing and expanding these high-value, long-term relationships.

Finance: draft 13-week cash view by Friday.

RADCOM Ltd. (RDCM) - Canvas Business Model: Channels

You're looking at how RADCOM Ltd. gets its solutions-like the RADCOM ACE platform-into the hands of Communication Service Providers (CSPs) as of late 2025. The channel strategy is clearly multi-pronged, focusing on direct engagement, deep tech alliances, and ecosystem leverage.

The direct sales force targets both the largest players and the growing mid-market. This is evidenced by the recent renewal and expansion of a multi-year, eight-figure contract with a tier-one customer in North America, announced in the first quarter of 2025. Furthermore, the strategy explicitly includes productizing RADCOM ACE into scalable packages to penetrate mid-tier operators, alongside securing new logos like 1Global in the third quarter of 2025.

The financial results for the first nine months of 2025 show this channel execution is driving top-line growth:

Metric	Value as of Q3 2025 (9 Months)	Value for Q3 2025 (Single Quarter)
Total Revenues	$52.6 million	$18.4 million
Year-over-Year Revenue Growth	17.6%	16.2%
GAAP Operating Income	$5.6 million	$2.4 million
Non-GAAP Operating Income	$19.2 million (Implied from 19.2% of TTM revenue, but using Q3 specific: $3.8 million)	$3.8 million (or 20.9% of revenue)
Sales and Marketing Expenses	Not explicitly stated for 9 months	$4.6 million

Strategic technology partnerships are crucial for expanding capability and reach. RADCOM Ltd. is deepening its collaboration with NVIDIA and ServiceNow. The integration of RADCOM RAN Analytics Solution with ServiceNow is now certified and available as a connector in the ServiceNow platform, designed to automate complaint resolution. The work with NVIDIA, focusing on high-capacity data capture using the BlueField-3 DPU, is in the lab-testing phase with selected customers, with initial revenue contributions anticipated in 2026.

The focus on System Integrators (SIs) is about enabling large-scale deployments. RADCOM Ltd. is actively deepening its strategic partnership with System Integrators to strengthen market reach, as noted in the third quarter 2025 performance review. Specific financial contributions from this channel are not detailed.

Deployment models are shifting toward cloud flexibility. The company's solutions are designed to be cloud-agnostic, supporting SaaS deployment models. While specific revenue from public cloud marketplaces isn't itemized, the overall strategy supports this model.

Industry visibility is maintained through key engagements. RADCOM Ltd. participated in MWC 2025 and had a planned 1x1 presence at the Needham Technology Week on November 20, 2025. This activity supports the pipeline conversion mentioned by management.

• Targeting Tier 1 and mid-tier CSPs.
• Secured a multi-year, eight-figure contract renewal with a North American tier-one customer in Q1 2025.
• ServiceNow integration is certified and available as a connector.
• NVIDIA collaboration anticipates initial revenue in 2026.
• Full-year 2025 revenue guidance reaffirmed at a midpoint of $71.1 million.

Finance: review Q4 2025 Sales & Marketing spend against pipeline conversion rate by Friday.

RADCOM Ltd. (RDCM) - Canvas Business Model: Customer Segments

You're looking at the core of RADCOM Ltd.'s business right now, which is squarely focused on the telecom giants that are building out next-generation networks. As a seasoned analyst, I see their customer base as the engine driving their reaffirmed full-year 2025 revenue guidance, which targets growth between 15% and 18% year-over-year, with a midpoint estimate of $71.1 million in total revenue.

The company's primary focus remains on the largest players in the space, but they are actively segmenting their approach to capture growth from smaller and specialized deployments.

Tier 1 Mobile Network Operators (MNOs) globally (core customer base)

This group represents the established, deep-pocketed customers where RADCOM Ltd. has historically secured its largest contracts. The company explicitly states its main focus is on Tier-1 CSPs transitioning to 5G. You can see this commitment in their recent wins; for instance, they secured a multi-year contract with Norlys (Telia Denmark), expanding their European footprint. While the exact number of Tier 1 MNOs using their solution isn't public, the revenue scale-TTM revenue as of September 30, 2025, was $68.9 million-suggests significant deployments within this tier.

Mid-tier mobile operators targeted for scalable, productized solutions

RADCOM Ltd. is strategically shifting to productize its 5G assurance solution, RADCOM ACE, into scalable packages specifically to address the needs of mid-tier operators. This is a clear move to broaden the customer base beyond the few largest global players. The overall market for Automated Assurance is estimated at $2.4 billion in global revenue, and capturing a larger share of the mid-tier is key to accessing that total addressable market. The recent win of 1Global, which spans Europe, North America, and Asia, is a strong indicator of success in reaching operators with diverse geographic needs.

Communication Service Providers (CSPs) deploying 5G standalone (SA) networks

The transition to 5G Standalone (SA) is a major driver for RADCOM Ltd.'s demand, as SA networks require new, cloud-native assurance solutions like RADCOM ACE. The industry context shows this is a growing segment: as of June 2025, there were 173 operators across 70 countries invested in 5G SA (trials, deployments, or roadmaps), which accounted for 27.1 percent of all operators investing in 5G. Furthermore, there were 77 live 5G SA networks globally by June 2025, all needing real-time, automated assurance. The 1Global customer win supports over 43 million connections, demonstrating the scale of the 5G assurance work being done.

Enterprises and governments deploying private 5G networks

While RADCOM Ltd.'s primary revenue comes from CSPs, the underlying technology is relevant here. The low-latency and high-reliability of 5G SA are set to power enterprise digital transformation. The company offers an Enterprise Analytics solution, which directly targets this segment. Specific financial data or contract numbers tied directly to enterprise or government private 5G deployments are not explicitly detailed in the latest financial releases, but the market trend shows growth in this area.

Operators focused on network automation and AIOps adoption

This segment is defined by the need to reduce operational expenditure (OPEX) and deploy new services efficiently, which requires automation. RADCOM Ltd.'s solutions are explicitly AI-driven and focused on automation, with product names like RAN AIOps and Mobile Core AIOps listed in their portfolio. The company's Q3 2025 results highlighted their highest operating margins since 2018, which is a direct result of delivering value in lowering the Total Cost of Ownership for customers through AI-driven assurance. The focus on agentic AI capabilities is a key differentiator driving traction across key accounts.

Here's a snapshot of the customer-relevant scale and market context as of late 2025:

Metric	Value/Data Point	Date/Period	Source Context
RADCOM Ltd. TTM Revenue	$68.9 million	As of September 30, 2025
RADCOM Ltd. Q3 2025 Revenue	$18.4 million	Q3 2025
New Customer Secured (1Global) Connections Supported	Over 43 million connections	Secured in Q3 2025
Global 5G SA Live Networks	77	As of June 2025
Operators Invested in 5G SA (Trials/Deployments/Roadmaps)	173 operators across 70 countries	As of June 2025
Automated Assurance Market Size	$2.4 billion in global revenue	General Market Data

The new customer 1Global spans operations across Europe, North America, and Asia, showing the geographic reach of the customer segments being served. You can see the company is executing on its strategy by converting its pipeline into revenue across these operator tiers.

RADCOM Ltd. (RDCM) - Canvas Business Model: Cost Structure

You're looking at the cost side of RADCOM Ltd. (RDCM)'s business model as of late 2025. The structure clearly shows a company prioritizing future growth and technology leadership through heavy investment in its core intellectual property, while maintaining tight control over operational profitability. This focus allows them to hit high margin targets even while scaling up spending in key areas.

High investment in Research and Development (R&D) for AI/GenAI innovation is a defining feature of the cost structure. This spending fuels the development of their next-generation assurance platform, RADCOM ACE, with a clear emphasis on agentic AI capabilities and multi-model workflows to address the evolving needs of AI native networks. For the third quarter of 2025, net Research and Development expenses were reported at $4.5 million. This investment is strategic, designed to maintain a competitive edge in real-time assurance. The company also noted that non-GAAP gross R&D expenses for Q3 2025 were $4.7 million, up 11.6% year-over-year, reflecting this deepening focus on innovation and portfolio expansion.

The cost associated with this innovation translates directly into Salaries and benefits for highly skilled engineering and R&D personnel. While specific salary line items aren't broken out, the total R&D spend is the clearest proxy for this high-value human capital cost. The company ended Q3 2025 with 319 employees, a significant portion of whom are dedicated to engineering and development roles necessary to support the advanced AI features that drive new contract wins, such as the recent renewal of an eight-figure contract with a tier-one North American customer.

To capture market share, Sales and Marketing (S&M) expenses for global market expansion are intentionally increasing. This is a necessary cost to support a growing pipeline and expand presence in high-value regions. Sales and marketing expenses for the third quarter of 2025 were $4.6 million, representing an increase of 15.4% compared to the third quarter of 2024. This intentional spending is expected to see a gradual increase in coming quarters to further support market penetration. For the first quarter of 2025, S&M spend was $4.864 million.

The Cost of goods sold (COGS) is primarily related to software licensing and services, which directly impacts the Gross Margin. RADCOM Ltd. (RDCM) reported a strong gross margin in Q3 2025 of just over 77%. This strong margin reflects a more favorable revenue mix with a lower proportion of third-party cost elements, meaning the cost of revenue as a percentage of total revenue is relatively low, which is typical for a high-value software-centric business. The company believes this level of gross margin will be sustained in the fourth quarter.

Crucially, Operational expenses are managed to maintain a non-GAAP operating margin near 20%. The execution on this has been excellent. For the third quarter of 2025, the non-GAAP operating margin hit a record high of 20.9%, with non-GAAP operating income reaching $3.8 million on $18.4 million in revenue. This performance aligns with the target and shows strong scalability. Looking at the first nine months of 2025, the non-GAAP operating margin was 19.8%. This discipline in managing operating expenses, even while increasing S&M spend, is what drives the high profitability metrics.

Here's a quick look at the key expense components and profitability metrics for the most recently reported quarter, Q3 2025, in millions of USD:

Cost/Metric Category	Q3 2025 Amount (Millions USD)	YoY Change Reference
Total Revenue	$18.4	Up 16.2% YoY
Net R&D Expense	$4.5	Increase of $483,000 vs Q3 2024
Sales and Marketing Expense	$4.6	Increase of 15.4% vs Q3 2024
Gross Margin	Over 77%	Sustained level expected
Non-GAAP Operating Income	$3.8	Record high
Non-GAAP Operating Margin	20.9%	Highest since 2017

The management team is clearly balancing growth investment with profitability targets. You can see the operational leverage in the margin expansion, which is a direct result of keeping the cost base disciplined relative to revenue growth. The focus on AI/GenAI is the primary driver for the R&D cost, which is a necessary input for securing those multi-year, eight-figure contracts.

• Strategic partnerships with Nvidia and ServiceNow support the AI-driven R&D spend.
• The company ended Q3 2025 with $106.7 million in cash and no debt.
• Full-year 2025 revenue growth outlook was raised to 15% to 18% year-over-year.
• Non-GAAP operating income for the first nine months of 2025 reached $10.4 million, representing 19.8% of revenue.

Finance: draft 13-week cash view by Friday.

RADCOM Ltd. (RDCM) - Canvas Business Model: Revenue Streams

The revenue streams for RADCOM Ltd. (RDCM) are fundamentally tied to the delivery and ongoing utilization of its advanced, intelligent assurance solutions, primarily RADCOM ACE, which leverages AI and GenAI capabilities for network observability.

The core revenue generation model centers on securing initial deployment revenue followed by predictable, long-term recurring income streams. Management has reaffirmed its full-year 2025 guidance, anticipating year-over-year revenue growth of 15% to 18%, implying a midpoint revenue expectation of $71.1 million for the full year 2025.

The revenue mix in Q3 2025 was favorable, contributing to a strong gross margin of just over 77% in that quarter. This margin level is expected to be sustained into the fourth quarter.

You see the primary revenue components structured as follows:

• Software license fees and subscription revenue from multi-year contracts, which drive the high gross margin profile.
• Professional services revenue for deployment, integration, and customization of the assurance solutions.
• Recurring revenue from maintenance and support agreements, ensuring ongoing customer engagement and predictable income.

Here's a quick look at the recent top-line performance and profitability metrics that frame these revenue streams:

Metric	Value (Q3 2025)	Value (First Nine Months 2025)
Total Revenue	$18.4 million	$52.6 million
Year-over-Year Revenue Growth	16.2%	17.6%
Gross Margin	Just over 77%	N/A

The strong revenue growth is being fueled by market demand for intelligent assurance solutions, evidenced by securing new customers like 1Global and launching advanced products like the High-Capacity User Analytics solution.

The nature of the revenue is shifting toward higher-margin components, as noted by management:

• The gross margin improvement reflects a more favorable revenue mix.
• This favorable mix includes a lower proportion of third-party cost elements.
• The company is focused on converting its robust pipeline into revenue.

The initial revenue from new customer wins, such as the deployment with 1Global across Europe, North America, and Asia supporting over 43 million connections, would initially involve significant professional services for deployment and integration, before settling into the recurring maintenance and subscription phases.