# EDGAR Filing Document

**Accession Number:** 0001094366
**File Stem:** 0001178913-26-002427
**Filing Date:** 2026-5
**Character Count:** 27437
**Document Hash:** 97ca7178ff7c0950d3a3c99b95fa33bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-26-002427.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001178913-26-002427

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260507

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RADWARE LTD
- **CENTRAL INDEX KEY:** 0001094366
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-30324
- **FILM NUMBER:** 26950565

**BUSINESS ADDRESS:**
- **STREET 1:** 22 RAOUL WALLENBERG STREET
- **CITY:** TEL AVIV
- **STATE:** L3
- **ZIP:** 69710
- **BUSINESS PHONE:** 201 512 9771

**MAIL ADDRESS:**
- **STREET 1:** 575 CORPORATE DR
- **STREET 2:** LOBBY 2
- **CITY:** MAHWAH
- **STATE:** NJ
- **ZIP:** 07430

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16

#### OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

#### For the month of May 2026
Commission file number: **0-30324**

### RADWARE LTD.
(Name of registrant)

#### 22 Raoul Wallenberg Street, Tel Aviv 6971917, Israel
(Address of principal executive office)

_____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

------

#### CONTENTS
This report on Form 6-K of Radware Ltd. consists of the following documents, which are attached hereto and incorporated by reference herein:

**1.** **Radware Reports First Quarter Financial Results,** dated May 7, 2026

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | RADWARE LTD | RADWARE LTD |
| Date: May 7, 2026 | By: | /s/ Gadi Meroz |
|  |  | Gadi Meroz |
|  |  | Vice President & General Counsel |

---

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| Exhibit Number | Description of Exhibits |
| [99.1](exhibit_99-1.htm) | **[Radware Reports First Quarter Financial Results](exhibit_99-1.htm)** |

---

------

## Exhibit 99.1

<u> </u>

------

<u> </u>

#### Exhibit 99.1
![](image2.jpg)

#### Radware Reports First Quarter 2026 Financial Results

#### First Quarter 2026 Financial Results and Highlights

• *Revenue of $79.8 million, an increase of 11% year-over-year*

• *Cloud ARR of $98 million, an increase of 23% year-over-year*

• *Non-GAAP diluted EPS from continuing operations of $0.30; GAAP diluted EPS from continuing operations of $0.14*

• *Cash flow provided by continuing operations of $19.9 million dollars*

**TEL AVIV, Israel, May 7, 2026** - <u>Radware</u>® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the first quarter ended March 31, 2026.

"We delivered a strong start to 2026, marked by solid execution across the business and sustained double-digit revenue growth," said Roy Zisapel, president and CEO of Radware. "Growth in the quarter was led by our cloud security business supported by strong momentum in our new API Protection, while our on-prem DDoS protection portfolio, led by DefensePro X, performed exceptionally well. We also saw outstanding execution in North America, reflecting the strength of our go-to-market strategy. These results demonstrate the progress we are making in executing our strategy as we scale our platform and capitalize on the growing opportunities in cloud and API security."

#### Financial Highlights for the First Quarter 2026
Revenue for the first quarter of 2026 totaled $79.8 million:

• Revenue in the Americas region was $38.4 million for the first quarter of 2026, an increase of 40% from $27.4 million in the first quarter of 2025.

• Revenue in the Europe, Middle East, and Africa ("EMEA") region was $25.1 million for the first quarter of 2026, a decrease of 11% from $28.3 million in the first quarter of 2025.

• Revenue in the Asia-Pacific ("APAC") region was $16.3 million for the first quarter of 2026, the same as in the first quarter of 2025.

GAAP net income from continuing operations for the first quarter of 2026 was $6.1 million, or $0.14 per diluted share, compared to GAAP net income from continuing operations of $6.6 million, or $0.15 per diluted share, for the first quarter of 2025.

------

Non-GAAP net income from continuing operations for the first quarter of 2026 was $13.4 million, or $0.30 per diluted share, compared to non-GAAP net income from continuing operations of $13.6 million, or $0.31 per diluted share, for the first quarter of 2025.

The appreciation of the Israeli shekel against the U.S. dollar had an adverse impact on expenses during the first quarter. Excluding the effect of foreign exchange movements compared to last year, non-GAAP net income and non-GAAP diluted EPS would have been $15.6 million and $0.35 respectively, compared to non-GAAP net income of $13.6 million, or $0.31 per diluted share, for the first quarter of 2025.

As of March 31, 2026, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $433.8 million. Cash flow provided by continuing operations was $19.9 million in the first quarter of 2026.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company's non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

As announced last quarter, the results of our subsidiary, SkyHawk, have been classified as discontinued operations effective the first quarter of 2026 and are presented accordingly. As a result, all financial results discussed today relate solely to continuing operations. In connection with this change, the previously reported Hawks segment will no longer be presented separately. Comparative prior-year figures have been adjusted to align with this presentation and ensure consistency.

#### Conference Call

#### <br>
Radware management will host a call today, May 7, 2026, at 8:30 a.m. ET to discuss its first quarter 2026 results and second quarter 2026 outlook. To participate in the call, please use the following the following link: <u>Q1 2026 earnings call registration link</u>.

A replay of the call will be available within approximately 24 hours of the live event on the Investors section of Radware's website at: <u>https://www.radware.com/ir/financial-reports/</u>.

------

#### Use of Non-GAAP Financial Information and Key Performance Indicators
*In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware's management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware's ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.*

*Annual recurring revenue ("ARR") is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.*

#### Safe Harbor Statement
*This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Any forward-looking statements made herein that are not statements of historical fact, including statements about Radware's plans, objectives, expectations, beliefs, projections, future financial performance, business strategies, market opportunities, and developments in our industry, are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "plan," "project," "forecast," "target," and similar expressions, as well as future or conditional verbs such as "will," "should," "would," "may," and "could."*

*<br> Because such statements deal with future events, they are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global market and economic conditions; our dependence on independent distributors; disruptions in our supply chain, including shortages of components or manufacturing capacity; our reliance on a limited number of vendors; our ability to attract, train and retain qualified personnel; intense competition in the cybersecurity and application delivery markets; our ability to develop new solutions and enhance existing solutions; risks related to defects, vulnerabilities or failures in our products or services, including cybersecurity incidents affecting our systems or those of our customers; risks associated with the use of artificial intelligence technologies, including evolving regulatory frameworks, litigation exposure and reputational considerations; risks related to our information technology systems, including failures, disruptions or security breaches; outages, interruptions, or delays in hosting or cloud-based services; risks related to the interoperability of our products; risks associated with our global operations; and geopolitical risks, including instability in the Middle East and Israel.*

*<br> These factors are not exhaustive. For a more detailed description of the risks and uncertainties affecting Radware, please refer to Radware's Annual Report on Form 20-F and other reports filed with or furnished to the Securities and Exchange Commission (SEC) from time to time.*

*<br> Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, Radware undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of such statements. Radware's public filings are available from the SEC's website at www.sec.gov or on Radware's website at www.radware.com.*

** 

<br> ###

------

**About Radware<br>** <br> Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company's cloud application, infrastructure, API, and AI security solutions use AI-driven algorithms for precise, behavior-based, real-time protection against sophisticated web, application, and DDoS attacks, API abuse, business logic threats, and malicious bots. Radware delivers end-to-end API security, including discovery, posture management, testing, and runtime protection, along with advanced protection for AI agents and models. Enterprises and carriers worldwide rely on Radware to address evolving cyberthreats, protect their brands and business operations, and reduce costs. For more information, please visit the Radware website.<br>

Radware encourages you to join our community and follow us on <u>Facebook</u>, <u>LinkedIn</u>, <u>Radware Blog</u>, <u>X</u>, and <u>YouTube</u>.©2026 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: <u>https://www.radware.com/LegalNotice/</u>. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

#### CONTACTS

#### <br>

#### Investor Relations:
Yisca Erez, +972-72-3917211, <u>ir@radware.com</u>

#### Media Contact:
Gina Sorice, ginaso@radware.com

------

---

| |
|:---|
| **Radware Ltd.** |
| **Condensed Consolidated Balance Sheets** |
| **(U.S. Dollars in thousands)** |

---

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2026** | **December 31,**<br>**2025** |
|  | (Unaudited) | (Unaudited) |
| **Assets** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | 108812 | 102748 |
| Marketable securities | 15550 | 15900 |
| Short-term bank deposits | 127447 | 129961 |
| Trade receivables, net | 31935 | 34604 |
| Other receivables and prepaid expenses | 11132 | 10639 |
| Inventories | 13130 | 13220 |
| Current assets held for sale | 7056 | 9435 |
|  | 315062 | 316507 |
| **Long-term investments** |  |  |
| Marketable securities | 72006 | 71398 |
| Long-term bank deposits | 110004 | 131922 |
| Other assets | 2935 | 2830 |
|  | 184945 | 206150 |
| Property and equipment, net | 17178 | 16387 |
| Goodwill and intangible assets, net | 78502 | 72159 |
| Other long-term assets | 42165 | 40641 |
| Operating lease right-of-use assets | 14999 | 15456 |
| Long-term assets held for sale | 3599 | 3865 |
| Total assets | 656450 | 671165 |
| **Liabilities and equity** |  |  |
| **Current liabilities** |  |  |
| Trade payables | 6499 | 7231 |
| Deferred revenues | 121506 | 111917 |
| Operating lease liabilities | 4817 | 4862 |
| Other payables and accrued expenses | 63312 | 67948 |
| Current liabilities held for sale | 2158 | 2325 |
|  | 198292 | 194283 |
| **Long-term liabilities** |  |  |
| Deferred revenues | 70785 | 65764 |
| Operating lease liabilities | 11549 | 11970 |
| Other long-term liabilities | 7583 | 8464 |
| Long-term liabilities held for sale | 20 | - |
|  | 89937 | 86198 |
| **Equity** |  |  |
| **Radware Ltd. equity** |  |  |
| Share capital | 772 | 770 |
| Additional paid-in capital | 584160 | 578652 |
| Accumulated other comprehensive income (loss) | (166) | 1393 |
| Treasury stock, at cost | (407599) | (377561) |
| Retained earnings | 149651 | 146107 |
| **Total Radware Ltd. shareholder's equity** | 326818 | 349361 |
| Non–controlling interest | 41403 | 41323 |
| **Total equity** | 368221 | 390684 |
| Total liabilities and equity | 656450 | 671165 |

---

------

---

| |
|:---|
| **Radware Ltd.** |
| **Condensed Consolidated Statements of Income** |
| **(U.S Dollars in thousands, except share and per share data)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
|  | (Unaudited) | (Unaudited) |
| Revenues | 79813 | 72022 |
| Cost of revenues | 15112 | 13562 |
| Gross profit | 64701 | 58460 |
| Operating expenses, net: |  |  |
| Research and development, net | 21103 | 17552 |
| Selling and marketing | 32592 | 30640 |
| General and administrative | 6488 | 6232 |
| Total operating expenses, net | 60183 | 54424 |
| Operating income | 4518 | 4036 |
| Financial income, net | 3772 | 4662 |
| Income before taxes on income from continuing operations | 8290 | 8698 |
| Taxes on income | 2169 | 2100 |
| Net income from continuing operations | 6121 | 6598 |
| Loss from discontinued operations | (2577) | (2254) |
| Net income | 3544 | 4344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic net income per share attributed to Radware Ltd.'s shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuing operations | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discontinued operations | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total basic net income per share attributed to Radware Ltd.'s shareholders | 0.08 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of shares used to compute basic net income per share | 42794944 | 42663787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted net income per share attributed to Radware Ltd.'s shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuing operations | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discontinued operations | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total diluted net income per share attributed to Radware Ltd.'s shareholders | 0.08 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of shares used to compute diluted net income per share | 44497774 | 44192474 |

---

------

---

| |
|:---|
| **Radware Ltd.** |
| **Reconciliation of GAAP to Non-GAAP Financial Information** |
| **(U.S Dollars in thousands, except share and per share data)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
|  | (Unaudited) | (Unaudited) |
| GAAP gross profit | 64701 | 58460 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 166 | 120 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 732 | 733 |
| Non-GAAP gross profit | 65599 | 59313 |
| GAAP research and development, net | 21103 | 17552 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 1688 | 1135 |
| Non-GAAP research and development, net | 19415 | 16417 |
| GAAP selling and marketing | 32592 | 30640 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 2652 | 3053 |
| Non-GAAP selling and marketing | 29940 | 27587 |
| GAAP general and administrative | 6488 | 6232 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 1002 | 1371 |
| &nbsp;&nbsp;&nbsp; Acquisition costs | 289 | 153 |
| Non-GAAP general and administrative | 5197 | 4708 |
| GAAP total operating expenses, net | 60183 | 54424 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 5342 | 5559 |
| &nbsp;&nbsp;&nbsp; Acquisition costs | 289 | 153 |
| Non-GAAP total operating expenses, net | 54552 | 48712 |
| GAAP operating income | 4518 | 4036 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 5508 | 5679 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 732 | 733 |
| &nbsp;&nbsp;&nbsp; Acquisition costs | 289 | 153 |
| Non-GAAP operating income | 11047 | 10601 |
| GAAP financial income, net | 3772 | 4662 |
| &nbsp;&nbsp;&nbsp; Exchange rate differences, net on balance sheet items included in financial income, net | 774 | 509 |
| Non-GAAP financial income, net | 4546 | 5171 |
| GAAP income before taxes on income from continuing operations | 8290 | 8698 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 5508 | 5679 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 732 | 733 |
| &nbsp;&nbsp;&nbsp; Acquisition costs | 289 | 153 |
| &nbsp;&nbsp;&nbsp; Exchange rate differences, net on balance sheet items included in financial income, net | 774 | 509 |
| Non-GAAP income before taxes on income from continuing operations | 15593 | 15772 |
| GAAP taxes on income | 2169 | 2100 |
| &nbsp;&nbsp;&nbsp; Tax related adjustments | 62 | 62 |
| Non-GAAP taxes on income | 2231 | 2162 |
| GAAP net income from continuing operations | 6121 | 6598 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 5508 | 5679 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 732 | 733 |
| &nbsp;&nbsp;&nbsp; Acquisition costs | 289 | 153 |
| &nbsp;&nbsp;&nbsp; Exchange rate differences, net on balance sheet items included in financial income, net | 774 | 509 |
| &nbsp;&nbsp;&nbsp; Tax related adjustments | (62) | (62) |
| Non-GAAP net income from continuing operations | 13362 | 13610 |
| Non-GAAP loss from discontinued operations | 2294 | 1793 |
| Non-GAAP net income | 11068 | 11817 |
| GAAP diluted net income per share from continuing operations | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 0.12 | 0.13 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp; Acquisition costs | 0.01 | 0.00 |
| &nbsp;&nbsp;&nbsp; Exchange rate differences, net on balance sheet items included in financial income, net | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp; Tax related adjustments | (0.00) | (0.00) |
| Non-GAAP diluted net earnings per share from continuing operations | 0.30 | 0.31 |
| Non-GAAP diluted net loss per share from discontinued operations | (0.05) | (0.04) |
| Non-GAAP diluted net earnings per share | 0.25 | 0.27 |
| Weighted average number of shares used to compute non-GAAP diluted net earnings per share | 44497774 | 44192474 |

---

------

---

| |
|:---|
| **Radware Ltd.** |
| **Condensed Consolidated Statements of Cash Flow** |
| **(U.S. Dollars in thousands)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
|  | (Unaudited) | (Unaudited) |
| <u>Cash flow from operating activities:</u> |  |  |
| Net income | 3544 | 4344 |
| Loss from discontinued operations activities | 2577 | 2254 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation and amortization | 2594 | 2882 |
| Share-based compensation | 5508 | 5679 |
| Amortization of premium, accretion of discounts and accrued interest on marketable securities, net | 25 | (161) |
| Decrease in accrued interest on bank deposits | (468) | (1601) |
| Increase (decrease) in accrued severance pay, net | (287) | 61 |
| Decrease (increase) in trade receivables, net | 2669 | (8186) |
| Increase in other receivables and prepaid expenses and other long-term assets | (3076) | (160) |
| Decrease in inventories | 90 | 519 |
| Decrease in trade payables | (732) | (1840) |
| Increase in deferred revenues | 14610 | 17732 |
| Increase (decrease) in other payables and accrued expenses | (7119) | 3281 |
| Operating lease liabilities, net | (9) | (228) |
| Net cash provided by operating activities - continuing operations | 19926 | 24576 |
| Net cash used in operating activities - discontinued operations | (2286) | (2134) |
| Net cash provided by operating activities | 17640 | 22442 |
| <u>Cash flows from investing activities:</u> |  |  |
| Purchase of property and equipment | (2653) | (1111) |
| Proceeds from other long-term assets, net | 16 | 109 |
| Proceeds from (investment in) bank deposits, net | 24900 | (27112) |
| Investment in, redemption of and purchase of marketable securities, net | (798) | 16194 |
| Acquisition of subsidiary, net of cash acquired | (5938) | - |
| Proceeds from other deposits | - | 5000 |
| Net cash provided by (used in) investing activities - continuing operations | 15527 | (6920) |
| Net cash provided by (used in) investing activities - discontinued operations | 3001 | (1) |
| Net cash provided by (used in) investing activities | 18528 | (6921) |
| <u>Cash flows from financing activities:</u> |  |  |
| Proceeds from exercise of share options | 3 | 1 |
| Repurchase of shares | (29392) | - |
| Net cash provided by (used in) financing activities - continuing operations | (29389) | 1 |
| Net cash provided by financing activities - discontinued operations | - | 3 |
| Net cash provided by (used in) financing activities | (29389) | 4 |
| Increase in cash and cash equivalents | 6779 | 15525 |
| Cash and cash equivalents at the beginning of the period | 105078 | 98714 |
| Cash and cash equivalents at the end of the period | 111857 | 114239 |
| Less cash and cash equivalents of discontinued operations | (3045) | (741) |
| Cash and cash equivalents at the end of the period - continuing operations | 108812 | 113498 |

---

------

---

| |
|:---|
| **Radware Ltd.** |
| **RECONCILIATION OF GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)** |
| **(U.S Dollars in thousands)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
|  | (Unaudited) | (Unaudited) |
| **GAAP net income for continuing operations** | 6121 | 6598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exclude: Financial income, net | (3772) | (4662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exclude: Depreciation and amortization expense | 2594 | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exclude: Taxes on income | 2169 | 2100 |
| **EBITDA** | **7112** | **6918** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 5508 | 5679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition costs | 289 | 153 |
| **Adjusted EBITDA for continuing operations** | **12909** | **12750** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** | **March 31,** |
|  |  | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets |  | 732 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 1,862 | 2,149 |
|  |  | **2,594** | **2,882** |

---

------