Thank you, operator, and thank you all for joining us today to review RADCOM's results for the second quarter of 2026. Please turn to slide 7.

On July 13, we announced our preliminary second-quarter revenue expectations and revised our full-year 2026 outlook. I would like to provide more specific context on what has changed within several customer deployment programs and why we are remain confident in the underlying opportunities.

The affected projects are primarily planned expansion phases with limited number of existing Tier 1 customers. These customers continue to use RADCOM solutions in their production networks, and the projects remain part of the longer-term deployment road map we have developed with them.

The delays do not reflect any weakening of our customer relationships, unhappiness with RADCOM solutions or pricing, project cancellations, or business loss to competitors. The main issue is cost.

Across the industry, the price of server infrastructure needed for private cloud and on-premise deployment has risen sharply. In some cases, comparable server configurations now cost multiples of their previous levels.

This increase has occurred over several months, not several years. A large deployment may require dozens of servers across multiple sites, this increase can add up to substantial infrastructure commitment for the customer.

As a result, some customers are rethinking the timing, scope, and order of their infrastructure investments. They may need to rebalance budget, prepare additional sites, or move portion of the expansion into later budget periods before approving the next deployment phase.

RADCOM does not manufacture these servers. Our strategic value and profitability are derived from our software, analytics, and automated assurance capabilities.

Still, our software must be deployed within an operating environment that is ready to support it. A project cannot move forward until the customer's infrastructure is prepared for installation.

We have taken steps to reduce the risk within our control. For certain anticipated deployments, we have already secured hardware so that RADCOM can begin execution once the customer gives us the green light and site is ready.

Any further delay simply reflects the time customer need to prepare their infrastructure before they can install our product. This affects primarily concentrated in private cloud and on-premises deployment.

Public cloud projects are less dependent on purchase, shipment, and installation of physical infrastructure, and therefore have been less affected. Based on our current customer discussions and project road maps, we believe that the first quarter of 2027 is the first period in which deployment activity could begin returning to a more normal pace.

One or more projects could potentially begin moving forward sooner, including during the fourth quarter of 2026. Some customers are also working through their 2027 budgeting processes, which should provide greater clarity on the timing and order of these projects.

We have already secured hardware to support part of this activity, RADCOM will be ready to execute as soon as customer finish their infrastructure planning and give us the go-ahead. The key point is that so far these projects have been delayed, not displaced.

They remain associated with active customer relationships and established expansion road maps. However, customer must first fund and establish the underlying network and computing infrastructure on which our software will operate.

Our customer relationships remain strong, our competitive position remain intact, and we are not seeing customer move away from our solutions. As customer finish their infrastructure preparation and authorize this expansion phases, we believe deferred deployment activity should return.

Together with long-term demand for AI-driven assurance, 5G visibility, and network automation, we believe we will return to a stronger growth in 2027. Furthermore, our sales pipeline and our medium- to long-term customer deployment plans remain unchanged.

In fact, the pipeline continues to improve in quality, and a number of opportunities are now advancing to commercial discussions. We believe RADCOM will remain profitable on a non-GAAP basis in 2026.

We also expect to return to double-digit growth in 2027. Please turn to slide 8, our financial highlights.

Total revenue of the second quarter of 2026 were $11.8 million. That is down 33.4% year-over-year from $17.7 million a year ago.

Please turn to slide 9, our recent wins. A few weeks after the quarter ended, we secured three new contracts.

Two were new customers and the third was a renewal at an existing customer. First, as announced yesterday, we expanded our European presence by winning multi-year contract with new customer, CETIN Networks in Slovakia.

CETIN Networks selected RADCOM to deploy end-to-end, AI-driven assurance across its mobile network, from the radio access network to the core. CETIN is replacing its incumbent assurance provider with a single subscriber-aware platform built on RADCOM ACE.

We were selected following a competitive multi-vendor RFP. We believe that this selection is evidence of our technology's strength and the growing preference for our platform among European operators.

CETIN is part of CETIN International and a wider PPF Telecom Group. Together, they serve more than 12 million customers across four countries, which gives us a foundation to potentially expand across a broader group over time.

Second, in Asia Pacific, we won a new customer through a competitive tender with a Tier 1 operator and replaced the long-term incumbent. The deal is small, but it is an important reference win.

It puts us in a strong position to compete for a much larger network-wide project with this operator. Third, we renewed a contract with an existing European customer for RADCOM Network Visibility.

All these deals closed only a few weeks after the quarter ended. This shows the pattern behind the second-quarter results.

With operators, deal timing can shift. Demand for our solution and our competitive position do not.

Please turn to slide 10, our strategy. Our priorities remain unchanged: expanding our Tier 1 footprint, deepening our installed base, and advancing AI-native assurance for autonomous networks.

We will do all of this while keeping the operating discipline to support our profitability. Our partner-led model works alongside NVIDIA, ServiceNow, AWS, and leading system integrators.

It efficiently extends our reach and meets operators whenever they are in their AI and cloud journey. A key advantage for us is the significant reduction in total cost of ownership, or TCO, that we offer.

Our platform is fully cloud-native and highly efficient, it delivers far lower TCO than legacy solutions. That means lower CapEx and OpEx than our competitors.

Also, our software can run on incumbent hardware and deliver much more efficient performance per watt. This means it can deploy on the very same hardware an operator already uses with the incumbent assurance vendor.

Reusing the same infrastructure means an easier migration with no costly rip and replace. It delivers real savings and better performance.

Combine this with our TCO advantage and data that telco AI depends on, and we believe we are well positioned for long-term profitable growth. We also remain financially strong, with solid cash position and no debt, enabling continued investment in our differentiated agentic AI capabilities and in expansion of our strategic partnerships throughout this period.

Please turn to slide 11, the telecom market. Operators continue to transition to 5G Standalone and cloud-native deployments.

At the same time, they are embedding AI deeper into their networks to automate operation, enhance the subscriber experience, and reduce operating costs. All of this is happening while data volume and network complexity keeping growing.

Yet a gap remains between AI ambition and AI readiness. Most operators still lack the reliable subscriber-level data that this AI use cases depends on.

We saw a shift in operators' spending this quarter as some adjusted the timing and mix of their investment, which impacted our results. Near-term spending patterns can fluctuate without changing the market's underlying direction.

The direction still points to what we provide: the data operators need to automate their network and run them more efficiently. The gap is exactly where RADCOM adds value.

As operators shift from proof of concept to commercial AI deployments, they demand unified end-to-end intelligence. This trend only increase the need for cloud-native, AI-enabled service assurance solutions, such as RADCOM ACE and RADCOM NeuRA.

We believe our position as leading assurance provider for 5G will continue to drive positive returns. Please turn to slide 12, our installed base.

Alongside new opportunities, our installed base remain an important validation of our strategy and the durability of our technology in live, large-scale networks. Work with ONE Global continue to progress as RADCOM ACE is deployed to monitor its 4G and 5G services.

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. Taken together, these deployments indicate that demand among our existing customers remains strong, and that expansion opportunities are progressing.

That is true even as operators work through longer infrastructure lead times across the market. Please turn to slide 13, the launch of RADCOM ADM.

During the quarter, we also launched RADCOM ADM, the Analytics Designer Module, a new addition to the RADCOM ACE platform. It puts operators in control of their own analytics.

What was once a month-long request to a vendor is now something their teams can do themselves in real time. As network become more automated, that speed become essential, and delivering it at scale requires engineering expertise that is hard to copy.

ADM also strengthen our AI strategy. It feeds real-time data directly into RADCOM NeuRA, our agentic AI layer, making those agents more accurate and reliable.

ADM will be generally available to existing and new customer later this quarter, and we see it as a clear path to expand within existing accounts through new use cases and higher-value tiers. Please turn to slide 14, some more recent industry recognition.

In February, we released RADCOM NeuRA, our suite of AI agents designed to work within the AI agent ecosystem. I'm pleased to share that RADCOM NeuRA has since earned industry recognition.

RADCOM is a finalist in the 2026 Light Reading Leading Lights Award for Most Innovative Telco AI/ML Product. As operators embrace AI to manage increasingly complex networks, we are proud that RADCOM NeuRA has been recognized for helping transform real-time network intelligence into smarter, more proactive operations.

That recognition extended to our collaborative work across the ecosystem. At Digital Transformation World, or DTW Ignite, in Copenhagen, we were proud to be part of the winning team at the Catalyst Awards.

Our Catalyst was named Outstanding Catalyst in the AI and Automation category. It showed that multi-vendor AI agents can collaborate to accelerate fault resolution, improve the customer experience, and advance Level 4 autonomous networks.

RADCOM contributed AI-driven assurance agents that rank issue by real customer impact. We also contributed RADCOM Governance, our framework for managing how agents interact and for building trust through policy-based oversight.

Please turn to slide 16, our go-to-market activity. From a go-to-market perspective, we also remained highly active throughout the quarter.

We participated in DTW Ignite in Copenhagen, FutureNet World in London, and Network X Americas in Dallas, where we showcased our AI-native assurance solutions and AI agent capabilities. Our executives also took the stage at this event, sharing our perspective on how operators can use AI, automation, and network data to build demand-driven networks.

They also spoke to the opportunity that agentic AI now presents. Customer and partner responses to our AI agent capabilities and AI-native assurance solutions were very encouraging.

We also held productive meetings with operators and ecosystem partners that we believe could translate into additional sales opportunities over time. Please turn to slide 16, our pipeline.

As I mentioned, we are actively engaged across healthy set of opportunities, several of which advanced during the quarter from technical evaluation and proof of concept to commercial discussions. The pipeline is steady, healthy, and progressing.

We remain confident in our ability to convert this pipeline into both new business and continued expansion within our existing customer base. Please turn to slide 17, my closing summary.

To summarize, while our second-quarter results and our revised full-year guidance were disappointing, our long-term fundamentals remain solid, and our strategy is unchanged. We offer a lower cost of ownership, and operators can run our software in hardware they already own.

In a tighter spending environment, that makes us an easier decision. Our customer relationships are strong, and our pipeline is broad and progressing.

Several opportunities advanced to commercial discussions during the quarter. A few weeks after the quarter ended, we won three new deals.

We also launched RADCOM ADM and earned industry recognition for RADCOM NeuRA. Financially, we remain debt-free, and we expect to remain profitable on a non-GAAP basis in 2026.

We also continue to invest in the AI capabilities operators need to run their network efficiently. Please turn to slide 18.

Before I hand over to Hadar, a word on capital allocation. We remain confident in the company's long-term prospects and believe that repurchasing our shares represents a compelling use of capital at the current valuation levels.

The board and management have decided to move forward. We will take required steps to establish a share repurchase program of $20 to $25 million.

We have already started this process and plan to finish it as fast as applicable rules allow. Once the required steps are done, we will start the buyback.

With that, I'll now turn the call over to our CFO, Hod Cohen, to review the financial results in detail.

Thank you, Benny, and good morning, everyone. 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. All comparisons are year-over-year.

Please turn to slide 20, our quarterly financial highlights. Revenue for the second quarter were $11.8 million, down 33.4% year-over-year from $17.7 million.

Gross margin in the second quarter was 76.3%. We recorded an operating loss of $2.2 million, or negative 18.5% of revenue.

Net loss was $1.5 million, or 9 cents per diluted share. That compared with net income of $4.2 million, or 25 cents per diluted share, in the same quarter last year.

The decline was driven primarily by lower revenue in the second quarter of 2026. In the first half of 2026, operating income was $1.6 million, or 5.1% of revenue, and we expect to remain profitable on a non-GAAP basis for the full year.

Please turn to slide 21. Our net R&D expenses for the second quarter totaled $5.3 million, up 15.9% year-over-year.

This growth reflects two things: first, our continued investment in R&D to drive innovation and expand our product portfolio; second, currency headwinds from the shekel-dollar exchange rate. To reduce currency exposure, RADCOM initiated short-term hedging program of shekel expenses through the end of 2026.

We plan to continue our strategic R&D investment to deliver advanced intelligence solutions. The focus is on agent-to-agent and multimodal workflows while supporting our strategic partnerships and bringing new features to market.

Sales and marketing expenses for the second quarter totaled $4.7 million, an 8.8% year-over-year increase, mainly due to FX headwinds. We continue to invest in our sales capability to support pipeline growth and expansion in high-value regions.

On a GAAP basis, as shown on slide 22, our net loss for the second quarter of 2026 was $3.1 million, compared with net income of $2.4 million in the same quarter last year. GAAP loss per diluted share was 18 cents, compared with earnings of 15 cents per diluted share a year ago.

The year-over-year move from GAAP net income to a GAAP net loss is driven by the lower revenue in the quarter. It also reflects our continued investment in R&D and in sales and marketing.

We ended the second quarter of 2026 with 331 employees. Please turn to slide 25, our balance sheet.

We closed the quarter with $109.7 million in cash, cash equivalents, and short-term bank deposits, reflecting positive cash flow of $1.3 million for the quarter. For the second half of 2026 as a whole, we aim to remain free cash flow positive.

As Benny mentioned, we are confident in RADCOM's long-term outlook, we view a buyback at current levels as an attractive use of capital through a share repurchase program of $20 to $25 million. That process is already underway, and we expect to complete it as quickly as the applicable rules permit.

Once the required steps are done, we will start the buyback. We are reaffirming our revised full-year 2026 revenue outlook of $57 to $63 million, with a midpoint of $60 million, as announced on July 30, 2026.

That concludes our prepared remarks. Thank you.

We will now hand the call back to the operator for your questions.

Thank you. Yes, this is Alinda Li from William and Blair.

After three contract wins shortly after the quarter end, it seems like these opportunities were included in the second-quarter pipeline. Can you give us more color on what ultimately caused them to close in early Q3 rather than late Q2?

Hi, Alinda. Just the course of the negotiation, legal work, compliance, and so on.

That's the reason it didn't make it to the quarter and ended up at the beginning of Q3.

Got it. That's helpful.

Sorry. Go on.

No, go ahead.

No, the negotiation was completed the mid-Q2.

Got it. That's helpful.

How should investors think about the relationship between bookings activity and revenue recognition over the next several quarters, given the deployment-related delays from this past quarter?

For those specific wins, I believe the customer readiness is more mature than traditional customer readiness. I believe for some, it could be recognized through the 2026.

Got it. Awesome.

Thank you.

Thank you.

Good morning. I want to ask you about these pushouts.

Are these situations where a customer has a limited budget and they're spending their budget on more expensive hardware, and thus less of your software, or are these complete pushouts of your software along with the hardware due to the hardware costs?

Hey, Ryan. It's a combination.

Some of it is due to a site readiness and through the hardware purchases and pricing. Some of it is due to budget.

What was allocated initially was not sufficient for this year, hence it's been pushed to next year. It's simply because of the group that we're working with and the budget that originally was allocated to this.

Got it. These pushouts are all related to 5G Standalone?

5G, yeah. Some of it Standalone, some of it 5G related, yes.

It's all 5G, though.

Great. Then maybe you mentioned some procurement of hardware.

I know you guys do bundle some hardware with some of your products. What's that been like, and have you considered maybe some software redesign to require lower cost hardware, lower memory?

Oh, actually, we redesigned the software and it's pretty efficient comparing to our competitors. Because we can also reuse some of the competitor hardware in order to promote our solution.

The design has been pretty much I think ready. Having said that, for this delayed deployment, we've actually acquired some of the hardware to mitigate the risk and managed to secure some of the old pricing for our customers.

Although we secured the hardware, the site was not ready in some cases, it's a ripple effect overall on all our deployments.

Got it. All right, Benny.

Thanks very much. That's all I've got.

Thanks, Ryan.

Hello. Can you hear me?

Yes.

I can't hear anything, if you can hear me. I can hear something now.

That's great. Okay.

Thank you for the new style of call, being able to say something by Zoom. Thank you for taking my questions.

I've got two of them. The bad results of second quarter, they came quite surprising, and we had no clue after the Q1 call.

Probably it came quite surprising for you as well. I'd just like to know, is there more visibility for third and fourth quarter, or might that happen again?

We do have a better visibility for Q3 and Q4, and I believe the risk is reflected in the revised guidance that we have provided.

Oh, I can't hear you again.

I'm saying that we have a pretty good visibility on the remaining of our schedule, and the revised guidance is reflecting the risk that is embedded in the numbers.

If you can hear me, I just try to tell my other question so you get them on record. I'd like to know more about the share buyback process.

Will you buy them at a stock exchange, or what stock exchange might that be? Or will you make a direct offer, because it's going to be quite hard to buy that many shares, won't it be?

How do you think about that process? That would be my second question.

Unfortunately, I still can't hear anything but me. I've been told that other people experienced the same issue, it would be great if you find a solution.

Maybe people can hear us by phone, I don't know, but not via Zoom.

Yeah. Hi, it's Hod Cohen, RADCOM CFO.

Regarding the share buyback, so as we said, we are planning to establish a plan for a share buyback of $20 to $25 million. The duration of it, it's still not clear, but it will need to be spread of course on several months and it will be around let's say a year or two, because as you know the trading volume in our stock is not so high.

It's going to be a little bit complex. We are going to buy the stock in the market.

We are going to apply a 10b5-1 program, and this is how we are going to do that.