RADCOM is a Tel Aviv assurance-software vendor whose multi-year growth run hit a wall when existing operators postponed expansion phases rather than cancelled them. The second-quarter print is not a product-loss story. It is a timing story about whether a handful of Tier One accounts can freeze reported sales whenever server hardware gets expensive. That is the entire investment debate.
Cash and short-term deposits still sit near $110 million. The equity's market value is near $174 million, so most of the capitalization is a call on whether delayed work returns. Management cut the full-year sales range to a $60 million midpoint after telling investors in February to plan for the high seventies. After the quarter closed, the company added CETIN in Slovakia, displaced an incumbent on VNPT's roaming network, and renewed a European visibility contract.
The next two quarters decide whether those logos and the delayed expansions refill the second half enough to defend the revised range. If they do not, the claim of a return to double-digit growth next year becomes harder to trust. The cash pile and a newly authorized repurchase give the board time. They do not by themselves prove the demand thesis.