Exhibit 99.1

Radware Reports Fourth Quarter and Full Year 2024 Financial Results

Fourth Quarter 2024 Financial Results and Highlights

• Revenue of $73 million, an increase of 12% year-over-year

• Non-GAAP diluted EPS of $0.27 vs. $0.13 in Q4 2023; GAAP diluted EPS of $0.06 vs. $(0.14) in Q4 2023

Full Year 2024 Financial Results and Highlights

• Revenue of $275 million, an increase of 5% year-over-year

• Cloud ARR of $77.3 million, an increase of 19% year-over-year

• Non-GAAP diluted EPS of $0.87 vs. $0.43 in 2023; GAAP diluted EPS of $0.14 vs. $(0.50) in 2023

• Cash flow from operations of $71.6 million compared to $(3.5) million last year

TEL AVIV, Israel, February 12, 2025 - Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the fourth quarter ended December 31, 2024.

“We are pleased to report a strong finish to 2024, growing revenue 12% year-over-year and more than doubling non-GAAP EPS to $0.27 in the fourth quarter. Our full year results were driven by accelerated cloud ARR growth of 19%, the success of our DefensePro X DDoS protection refresh, and strong performance from our OEM partnerships.” said Roy Zisapel, Radware’s president and CEO. “Looking ahead, we plan to increase investment in and accelerate our cloud security growth by further expanding our market leading AI enabled security capabilities, opening new cloud security service centers and expanding our cloud channels. We are confident in our strategy, excited about the opportunities ahead, and believe in our ability to deliver long-term success.”

Financial Highlights for the Fourth Quarter and Full Year 2024

Revenue for the fourth quarter and full year of 2024 totaled $73.0 million and $274.9 million, respectively:

• Revenue in the Americas region was $32.8 million for the fourth quarter of 2024, an increase of 33% from $24.6 million in the fourth quarter of 2023. Revenue in the Americas region for the full year of 2024 was $117.7 million, an increase of 14% from $103.4 million in the full year of 2023.

• Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $23.3 million for the fourth quarter of 2024, a decrease of 6% from $24.9 million in the fourth quarter of 2023. Revenue in the Europe, Middle East, and Africa (“EMEA”) region for the full year of 2024 was $94.1 million, a decrease of 2% from $96.5 million in the full year of 2023.

• Revenue in the Asia-Pacific (“APAC”) region was $16.9 million for the fourth quarter of 2024, an increase of 8% from $15.5 million in the fourth quarter of 2023. Revenue in the Asia-Pacific (“APAC”) region for the full year of 2024 was $63.1 million, an increase of 3% from $61.4 million in the full year of 2023.

GAAP net income for the fourth quarter of 2024 was $2.5 million, or $0.06 per diluted share, compared to GAAP net loss of $5.9 million, or $(0.14) per diluted share, for the fourth quarter of 2023. GAAP net income for the full year of 2024 was $6.0 million, or $0.14 per diluted share, compared to GAAP net loss of $21.6 million, or $(0.50) per diluted share, for the full year of 2023.

Non-GAAP net income for the fourth quarter of 2024 was $11.9 million, or $0.27 per diluted share, compared to non-GAAP net income of $5.5 million, or $0.13 per diluted share, for the fourth quarter of 2023. Non-GAAP net income for the full year of 2024 was $37.7 million, or $0.87 per diluted share, compared to non-GAAP net income of $18.9 million, or $0.43 per diluted share, for the full year of 2023.

As of December 31, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $419.7 million. Cash flow from operations was $12.7 million and $71.6 million in the fourth quarter and full year of 2024, respectively.

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.

Conference Call

Radware management will host a call today, February 12, 2025, at 8:30 a.m. EST to discuss its fourth quarter and full year 2024 results and first quarter 2025 outlook. To participate on the call, please use the following numbers:

U.S. participants call toll free: 1-877-704-4453

International participants call: 1-201-389-0920

A replay will be available for seven days, starting two hours after the end of the call, on telephone number 1-844-512-2921 (US toll-free) or 1-412-317-6671. Access ID 13750817.

The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

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 includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by fourth parties; laws, regulations, and industry standards affecting our business; compliance with open source and fourth-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

About Radware

Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook,  LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

©2025 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: https://www.radware.com/LegalNotice/. 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

Investor Relations:

Yisca Erez, +972-72-3917211, ir@radware.com

Media Contact:

Gerri Dyrek, gerri.dyrek@radware.com

Radware Ltd.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

	December 31,			December 31,
	2024			2023
	(Unaudited)			(Unaudited)
Assets
Current assets
Cash and cash equivalents		98,714			70,538
Marketable securities		72,994			86,372
Short-term bank deposits		104,073			173,678
Trade receivables, net		16,823			20,267
Other receivables and prepaid expenses		14,242			9,529
Inventories		14,030			15,544
		320,876			375,928
Long-term investments
Marketable securities		29,523			33,131
Long-term bank deposits		114,354			-
Other assets		2,171			2,166
		146,048			35,297
Property and equipment, net		15,632			18,221
Intangible assets, net		11,750			15,718
Other long-term assets		37,906			37,967
Operating lease right-of-use assets		18,456			20,777
Goodwill		68,008			68,008
Total assets		618,676			571,916
Liabilities and equity
Current liabilities
Trade payables		5,581			4,298
Deferred revenues		106,303			105,012
Operating lease liabilities		4,750			4,684
Other payables and accrued expenses		51,836			41,021
		168,470			155,015
Long-term liabilities
Deferred revenues		64,708			60,499
Operating lease liabilities		13,519			16,020
Other long-term liabilities		14,904			17,108
		93,131			93,627
Equity
Radware Ltd. equity
Share capital		754			742
Additional paid-in capital		555,154			529,209
Accumulated other comprehensive income		1,103			77
Treasury stock, at cost		(366,588	)		(365,749	)
Retained earnings		125,850			119,812
Total Radware Ltd. shareholder's equity		316,273			284,091
Non–controlling interest		40,802			39,183
Total equity		357,075			323,274
Total liabilities and equity		618,676			571,916

Radware Ltd.

Condensed Consolidated Statements of Income (Loss)

(U.S Dollars in thousands, except share and per share data)

	For the three months ended					For the twelve months ended
	December 31,					December 31,
	2024		2023			2024			2023
	(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)
Revenues		73,031		65,032			274,880			261,292
Cost of revenues		13,992		12,824			53,252			51,710
Gross profit		59,039		52,208			221,628			209,582
Operating expenses, net:
Research and development, net		18,472		19,712			74,723			82,617
Selling and marketing		32,505		31,869			122,450			126,237
General and administrative		7,071		8,030			28,342			32,408
Total operating expenses, net		58,048		59,611			225,515			241,262
Operating income (loss)		991		(7,403	)		(3,887	)		(31,680	)
Financial income, net		3,570		3,239			16,552			13,927
Income (loss) before taxes on income		4,561		(4,164	)		12,665			(17,753	)
Taxes on income		2,109		1,686			6,627			3,837
Net income (loss)		2,452		(5,850	)		6,038			(21,590	)
Basic net income (loss) per share attributed to Radware Ltd.'s shareholders		0.06		(0.14	)		0.14			(0.50	)
Weighted average number of shares used to compute basic net income (loss) per share		42,238,469		41,806,042			41,982,851			42,871,770
Diluted net income (loss) per share attributed to Radware Ltd.'s shareholders		0.06		(0.14	)		0.14			(0.50	)
Weighted average number of shares used to compute diluted net income (loss) per share		43,725,803		41,806,042			43,362,906			42,871,770

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 twelve months ended
	December 31,						December 31,
	2024			2023			2024			2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
GAAP gross profit		59,039			52,208			221,628			209,582
Share-based compensation		126			112			366			515
Amortization of intangible assets		992			992			3,968			3,968
Non-GAAP gross profit		60,157			53,312			225,962			214,065
GAAP research and development, net		18,472			19,712			74,723			82,617
Share-based compensation		1,434			2,305			6,113			8,505
Non-GAAP Research and development, net		17,038			17,407			68,610			74,112
GAAP selling and marketing		32,505			31,869			122,450			126,237
Share-based compensation		3,173			3,489			10,881			12,554
Restructuring costs		-			578			-			1,851
Non-GAAP selling and marketing		29,332			27,802			111,569			111,832
GAAP general and administrative		7,071			8,030			28,342			32,408
Share-based compensation		2,187			2,965			8,667			12,448
Acquisition costs		130			359			701			1,128
Non-GAAP general and administrative		4,754			4,706			18,974			18,832
GAAP total operating expenses, net		58,048			59,611			225,515			241,262
Share-based compensation		6,794			8,759			25,661			33,507
Acquisition costs		130			359			701			1,128
Restructuring costs		-			578			-			1,851
Non-GAAP total operating expenses, net		51,124			49,915			199,153			204,776
GAAP operating income (loss)		991			(7,403	)		(3,887	)		(31,680	)
Share-based compensation		6,920			8,871			26,027			34,022
Amortization of intangible assets		992			992			3,968			3,968
Acquisition costs		130			359			701			1,128
Restructuring costs		-			578			-			1,851
Non-GAAP operating income		9,033			3,397			26,809			9,289
GAAP financial income, net		3,570			3,239			16,552			13,927
Exchange rate differences, net on balance sheet items included in financial income, net		1,463			563			1,232			(207	)
Non-GAAP financial income, net		5,033			3,802			17,784			13,720
GAAP income (loss) before taxes on income		4,561			(4,164	)		12,665			(17,753	)
Share-based compensation		6,920			8,871			26,027			34,022
Amortization of intangible assets		992			992			3,968			3,968
Acquisition costs		130			359			701			1,128
Restructuring costs		-			578			-			1,851
Exchange rate differences, net on balance sheet items included in financial income, net		1,463			563			1,232			(207	)
Non-GAAP income before taxes on income		14,066			7,199			44,593			23,009
GAAP taxes on income		2,109			1,686			6,627			3,837
Tax related adjustments		61			61			246			246
Non-GAAP taxes on income		2,170			1,747			6,873			4,083
GAAP net income (loss)		2,452			(5,850	)		6,038			(21,590	)
Share-based compensation		6,920			8,871			26,027			34,022
Amortization of intangible assets		992			992			3,968			3,968
Acquisition costs		130			359			701			1,128
Restructuring costs		-			578			-			1,851
Exchange rate differences, net on balance sheet items included in financial income, net		1,463			563			1,232			(207	)
Tax related adjustments		(61	)		(61	)		(246	)		(246	)
Non-GAAP net income		11,896			5,452			37,720			18,926
GAAP diluted net income (loss) per share		0.06			(0.14	)		0.14			(0.50	)
Share-based compensation		0.16			0.21			0.60			0.78
Amortization of intangible assets		0.02			0.02			0.09			0.09
Acquisition costs		0.00			0.01			0.02			0.03
Restructuring costs		0.00			0.02			0.00			0.04
Exchange rate differences, net on balance sheet items included in financial income, net		0.03			0.01			0.03			0.00
Tax related adjustments		(0.00	)		(0.00	)		(0.01	)		(0.01	)
Non-GAAP diluted net earnings per share		0.27			0.13			0.87			0.43
Weighted average number of shares used to compute non-GAAP diluted net earnings per share		43,725,803			42,462,751			43,362,906			43,655,555

Radware Ltd.

Condensed Consolidated Statements of Cash Flow

(U.S. Dollars in thousands)

	For the three months ended						For the twelve months ended
	December 31,						December 31,
	2024			2023			2024			2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Cash flow from operating activities:
Net income (loss)		2,452			(5,850	)		6,038			(21,590	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		2,918			3,028			11,836			12,244
Share-based compensation		6,920			8,871			26,027			34,022
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net		(190	)		638			(417	)		1,754
Loss (income) related to securities, net		-			(1	)		-			243
Increase (decrease) in accrued interest on bank deposits		(1,279	)		549			3,366			(3,265	)
Increase (decrease) in accrued severance pay, net		(151	)		207			(45	)		(299	)
Decrease (increase) in trade receivables, net		3,140			(7,895	)		3,444			(2,515	)
Decrease (increase) in other receivables and prepaid expenses and other long-term assets		(1,252	)		2,236			(97	)		(305	)
Decrease (increase) in inventories		(487	)		(2,550	)		1,514			(4,116	)
Increase (decrease) in trade payables		(970	)		(1,771	)		1,283			(2,166	)
Increase (decrease) in deferred revenues		(4,829	)		(3,856	)		5,500			(14,951	)
Increase (decrease) in other payables and accrued expenses		6,222			9,383			13,274			(1,415	)
Operating lease liabilities, net		255			(336	)		(114	)		(1,141	)
Net cash provided by (used in) operating activities		12,749			2,653			71,609			(3,500	)
Cash flows from investing activities:
Purchase of property and equipment		(1,059	)		(936	)		(5,279	)		(5,429	)
Proceeds from other long-term assets, net		41			(11	)		81			66
Proceeds from (investment in) bank deposits, net		(46,682	)		29,686			(48,115	)		81,031
Investment in, redemption of and purchase of marketable securities ,net		23,249			16,764			18,793			17,111
Investment in other deposits		(5,000	)		-			(5,000	)		-
Net cash provided by (used in) investing activities		(29,451	)		45,503			(39,520	)		92,779
Cash flows from financing activities:
Proceeds from exercise of share options		-			63			3			371
Repurchase of shares		-			(10,103	)		(839	)		(63,234	)
Payment of contingent consideration related to acquisition		-			-			(3,077	)		(2,063	)
Net cash used in financing activities		-			(10,040	)		(3,913	)		(64,926	)
Increase (decrease) in cash and cash equivalents		(16,702	)		38,116			28,176			24,353
Cash and cash equivalents at the beginning of the period		115,416			32,422			70,538			46,185
Cash and cash equivalents at the end of the period		98,714			70,538			98,714			70,538

Radware Ltd.

RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)

(U.S Dollars in thousands)

	For the three months ended						For the twelve months ended
	December 31,						December 31,
	2024			2023			2024			2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
GAAP net income (loss)		2,452			(5,850	)		6,038			(21,590	)
Exclude:  Financial income, net		(3,570	)		(3,239	)		(16,552	)		(13,927	)
Exclude:  Depreciation and amortization expense		2,918			3,028			11,836			12,244
Exclude:  Taxes on income		2,109			1,686			6,627			3,837
EBITDA		3,909			(4,375	)		7,949			(19,436	)
Share-based compensation		6,920			8,871			26,027			34,022
Restructuring costs		-			578			-			1,851
Acquisition costs		130			359			701			1,128
Adjusted EBITDA		10,959			5,433			34,677			17,565

	For the three months ended			For the twelve months ended
	December 31,			December 31,
		2024	2023		2024	2023
Amortization of intangible assets		992	992		3,968	3,968
Depreciation		1,926	2,036		7,868	8,276
		2,918	3,028		11,836	12,244