Radware Ltd.

Ladies and gentlemen, thank you for standing by, and welcome to RADWARE's first quarter 2026 earnings call. Our presentation today will be followed by a question and answer session, at which time, if you wish to ask a question, you will need to either raise your hand using your mobile or desktop application, or press star 9 on your telephone keypad and wait for your name to be announced. I must advise you that this call is being recorded today. I now like to hand over the call to our first speaker today, Yuska Erez, Head of Investor Relations. Yuska, please go ahead.

Thank you, Operator. Good morning, everyone, and welcome to RADWARDS First Quarter 2026 Earnings Conference Call. Joining me today are Roy Dissel, President and Chief Executive Officer, and Gavi Dan, Chief Financial Officer. A copy of today's press release and financial statements as well as the investor kit for the first quarter, are available in the investor relations section of our website. During today's call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. These forward-looking statements are subject to various risks and uncertainties, and actual results could differ materially from Radwell's current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to, impacts for changing or severe global economic conditions, general business conditions, and our ability to address changes in our industry, changes in demand for product, the timing in the amount of orders, and other risks detailed from time to time in one-word filings. We refer you to the documents the company files and furnishes from time to time with the SEC, specifically the company's last annual report on Form 20-F, as filed on March 13, 2026. We undertake no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date of such statement is made. I will now turn the call to Roy Zissapel.

Thank you, Iska, and thank you all for joining us today. We started 2026 with solid execution across the business and steady progress against our long-term strategic priorities. Scaling our cloud security platform, growing our MSSP business, driving innovation, and executing with discipline across regions and functions. In the first quarter, we delivered another quarter of double-digit growth in revenue. marking the fourth quarter of double-digit growth in the past five quarters. Revenue grew 11% year-over-year to $80 million, and EPS was 30 cents. Cloud security is driving our growth. Cloud ARR grew 23% year over year in the quarter, supported by strong demand for application security, hybrid DDoS services, and our new API security. One CloudWin example is with a large government institution in Latin America, where hardware was selected to secure critical applications and national-level digital infrastructure. The customer expanded its deployment across our whole portfolio, including cloud application protection, API security, and advanced DDoS mitigation. The decision was driven by our ability to deliver real-time protection at scale for highly sensitive mission-critical environments. Another cloud deal we secured is a new logo, hybrid cloud DDoS deployment with a large global fintech company. The customer-selected Radnor Defense Pro X appliances combined with our cloud DDoS service to address escalating volumetric and low and slow attacks that were impacting payment availability. I would like now to share with you why we're so excited about the opportunity Radul is seeing in the security market. At our investor day, we outlined four major waves of disruption shaping our journey in the cybersecurity market. DDoS, application security, API protection, and now agentic AI security. RADAR operates at the intersection of all four, a position that becomes more critical as ATT&CK grows increasingly automated, distributed, and AI-driven. In particular, our new API security solution is one of the fastest-growing areas of our portfolio and a meaningful contributor to our cloud security momentum. Following the PANC integration, the API security testing company we acquired, we now offer an end-to-end API security solution spanning discovery, posture management, testing, and real-time runtime protection. We see strong customer traction with tens of projects in various stages across production deployments, upgrades, testing, and POCs. We believe many of our customers will choose to standardize their API security on Radware as part of our broader application security platform. and we feel very encouraged by the momentum and visibility we have as we look ahead to the rest of the year. Next, AI continues to be both a catalyst and a clear differentiator for our platform. Our long-standing investment in behavioral algorithms and AI-powered automation remains a key reason customers choose Radware. particularly as attackers leverage AI-powered automation and manual responses can no longer keep pace. In addition, advanced AI penetration and code scanning tools are accelerating vulnerability discovery and compressing the time between exposure and exploitation. This widens the gap between what organizations can identify and what they can realistically remediate. making prevention-only and shift-left approaches increasingly insufficient. Radul addresses this challenge through real-time, platform-based protection that secures application and infrastructure as attacks occur. Our architecture is designed to operate at scale to stop zero-day exploits, API abuse, and automated attack chains in production. In this environment, new AI security tools do not replace our cybersecurity platform. They underscore the necessity for runtime protection that can keep pace with machine speed threats. We see this as a clear tailwind for our business. Furthermore, with the emergence of agentic AI and the broad access right granted to AI agents, a new and expanded attack surface must be protected. We introduced agentic AI protection last quarter, further expanding our cloud security platform. While still early, we are already seeing strong engagement as customers recognize that runtime protection is essential for their agentic AI journey. From a go-to-market perspective, execution in North America remains a key priority and a significant contributor to growth. Revenues from the Americas grew 40% year-over-year, representing nearly 50% of total revenues. Investment in leadership, sales coverage, and partner engagement are translating into improved execution. Within our go-to-market framework, our MSSP business is increasingly becoming more pronounced. Led by large strategic MSSP partners, the momentum is accelerating globally. During the quarter, we made meaningful progress onboarding Tier 1 carriers and service providers and building a substantial pipeline across regions that we expect to convert in the second half of the year. To that end, we just announced this week a partnership with Chief Telecom from Taiwan. Chief operates the Taipei Internet Exchange, which is the largest carrier-neutral Internet exchange in Taiwan. and is the leading provider for direct private connections to global public clouds in the country. Through our partnership, ChiefWeek provides GodShields Pro, a new DDoS protection service for enterprises in Taiwan. The service combines hardware's AI-driven DDoS mitigation with ChiefTelecom local network, enabling in-network scrubbing that minimizes latency. Delivered as a subscription, Gold Shields Pro provides immediate, high-performance protection without the need for on-premise hardware. On the product side, our on-premise DDoS protection solution, Defense Pro X, is an outstanding quarter, driven by multiple large-scale refresh and expansion deals globally, including one of the largest SaaS companies in the world, a leading multinational e-commerce provider, and one of the largest healthcare systems in the U.S. DefenseProX delivers unmatched performance, scale, and resiliency, which customers consistently validate through repeat refresh and expansion activity. This powerful refresh cycle underscores the durability of our hybrid foundation while simultaneously accelerating subscription adoption. In summary, Q1 marked a very strong start to 2026 with solid execution across the business. We delivered double-digit growth in revenues driven by cloud ARR, strong momentum with our new API security offering, continued strength in our hybrid portfolio led by Defense Pro X, and solid execution in North America. We continue to execute against our strategy and are well-positioned for continued growth as we move through the year. With that, I'll turn the call over to Guy.