Here are 1-2 brief analogies to describe Radware:

• Radware is like Cloudflare for enterprise application security and optimization.
• Radware is like F5 Networks, but with a stronger and more integrated cybersecurity suite for applications.

• Application Delivery Controllers (ADCs): Hardware or software appliances that provide load balancing and application acceleration to ensure high availability and optimal performance for applications.
• Web Application Firewall (WAF): A security solution that protects web applications from various attacks, including OWASP Top 10 threats.
• DDoS Protection: Solutions designed to detect and mitigate Distributed Denial of Service attacks, safeguarding network and application availability.
• Bot Management: A solution that identifies and blocks malicious automated bot traffic while allowing legitimate bot activity.
• Cloud Application Protection Service: A comprehensive cloud-based security service combining WAF, Bot Manager, and API security for applications.

Radware (symbol: RDWR) primarily sells its cybersecurity and application delivery solutions to other companies, operating on a Business-to-Business (B2B) model.

Radware's public filings indicate a diversified customer base, with no single customer accounting for 10% or more of its total revenues in recent fiscal years. Therefore, specific names of major customer companies are not disclosed by Radware. However, their clientele generally falls into the following categories:

• Enterprise Organizations: This category includes large businesses and global enterprises across various industries such as financial services, e-commerce, healthcare, manufacturing, and technology. These companies utilize Radware's solutions for application delivery, DDoS protection, web application firewalls (WAF), and bot management to secure their critical applications and data centers.
• Service Providers: Radware serves a range of service providers, including cloud service providers, telecommunication carriers, and hosting providers. These customers often deploy Radware's technology to secure their own infrastructure, deliver managed security services to their clients, or ensure the performance and availability of their cloud-based applications.
• Government Entities: Radware also provides its security and application delivery products to various government agencies and public sector organizations, helping them protect their networks and digital services from cyber threats.

While specific customer names and their symbols are not publicly available due to Radware's broad and diversified customer base that does not trigger SEC disclosure requirements for customer concentration, the company's focus remains on serving these large-scale organizational clients.

Roy Zisapel, Chief Executive Officer and President

Roy Zisapel is a co-founder of Radware, having served as its President, Chief Executive Officer, and a director since the company's inception in May 1996. He also holds directorial positions at Rad data communications, a private company within the RAD-Bynet Group, Israel Acquisitions Corp., Radware US, and other subsidiaries. Before co-founding Radware, Mr. Zisapel was a team leader for research and development projects at RND Networks Ltd. from 1996 to 1997 and was employed as a software engineer for unaffiliated companies in Israel from 1994 to 1996. He chairs RAD Data Communications, PacketLight Networks, Bynet Data Communications, Bynet Data Center, and other RAD-Bynet Group firms. Mr. Zisapel earned a B.Sc. degree in mathematics and computer science from Tel Aviv University, where he was recognized with the International Wolf Prize for research students.

Guy Avidan, Chief Financial Officer

Guy Avidan was appointed Chief Financial Officer of Radware in February 2022. Prior to joining Radware, he served as President at KornitX from November 2020 to November 2021, and as Chief Financial Officer of Kornit Digital from November 2014 to November 2020, during which he led Kornit to its initial public offering on Nasdaq. Earlier in his career, Mr. Avidan was the Vice President of Finance and Chief Financial Officer at AudioCodes. He also held roles as Co-President and Chief Financial Officer at MRV Communications, Inc., and Vice President of Finance and Chief Financial Officer at Ace North Hills, which was acquired by MRV Communications. Mr. Avidan is a certified public accountant and holds a B.A. degree in economics and accounting from Haifa University in Israel.

Gabi Malka, Chief Operating Officer

Gabi Malka has served as Radware's Chief Operating Officer since March 2014. In this role, he oversees product management, research and development, cloud services, and customer support. From May 2005 to February 2014, Mr. Malka was the Vice President of Research & Development at HP Software (formerly Mercury). Prior to that, he held the position of Vice President of Research & Development of AppStream (acquired by Symantec) from 2000 to 2005. From 1998 to 2000, Mr. Malka directed Research & Development at Amdocs Limited.

David Aviv, Chief Technology Officer

David Aviv has been Radware's Chief Technology Officer since 2016 and its Vice President of Advanced Services since 2004. He is responsible for the technology strategy for the company's enterprise, carrier, and cloud solutions, and is involved in the research and development of key algorithms that guide future solutions. Before joining Radware, Mr. Aviv served as the VP of Engineering at Ofek, an Israel-based ILEC, and as a senior consultant. Prior to 2000, he was a senior technical leader in the Israeli Air Force.

Amir Peles, EVP, Technology & Engineering

Amir Peles has served as Radware's Executive VP of Technology & Engineering since 2018. He has been with the company since its inception, accumulating more than 25 years of experience in network and application security, application delivery, data encryption, and network infrastructure. Mr. Peles leads Radware's global technology sales organization, encompassing Pre-sales, Post-sales, and Professional Services. He previously held roles as VP R&D and CTO at Radware and holds 8 patents. Mr. Peles holds B.Sc. degrees in Computer Science, Statistics, and Operations Research from Tel Aviv University.

One clear emerging threat to Radware is the increasing adoption of native cloud security and application delivery services provided directly by hyperscale cloud providers (e.g., AWS WAF, Azure Front Door, GCP Cloud Armor, native load balancers). For organizations building or migrating applications to the cloud, these integrated services offer simplicity, tighter integration with other cloud infrastructure, and often a more cost-effective solution compared to deploying third-party virtual appliances or cloud-managed services from vendors like Radware. This trend reduces the addressable market for Radware's specialized application delivery and security solutions within cloud environments.

Another clear emerging threat is the rapid market shift towards Secure Access Service Edge (SASE) and Security Service Edge (SSE) architectures. These cloud-native frameworks consolidate various networking and security functions, including firewall-as-a-service, secure web gateway, and zero-trust network access, into a single, integrated, cloud-delivered service. As enterprises increasingly adopt SASE/SSE to secure distributed users and applications, the need for traditional, specialized perimeter-focused solutions, such as Radware's standalone WAF or DDoS protection, may diminish, as SASE/SSE platforms often incorporate their own advanced threat protection capabilities. This represents a fundamental architectural shift in how security is consumed, challenging Radware's traditional business model.

Radware's main products and services fall into three primary categories: Application Protection (including Web Application Firewall and Bot Manager), DDoS Protection, and Application Delivery (Application Delivery Controllers - ADC).

• Web Application Firewall (WAF) / Application Protection: The global Web Application Firewall market is estimated to be approximately USD 11.01 billion in 2025 and is projected to reach USD 22.05 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 14.9%. North America currently holds the largest share of this market.
• DDoS Protection: The global DDoS Protection market is sized at approximately USD 4.73 billion in 2025 and is forecast to reach USD 9.13 billion by 2030, with a CAGR of 14.04%. North America is estimated to be the largest regional market for DDoS protection.
• Application Delivery Controller (ADC): The global Application Delivery Controller market is valued at approximately USD 4.2 billion in 2025 and is projected to reach USD 20.9 billion by 2035, exhibiting a CAGR of 17.4%. North America holds the largest market share for ADCs.

Radware (NASDAQ: RDWR) is anticipated to drive future revenue growth over the next two to three years through several key strategic initiatives and market dynamics:

1. Accelerated Cloud Security Growth and Expansion: Radware consistently highlights its investments in cloud security infrastructure as central to its growth strategy. The company reported a significant acceleration in Cloud Annual Recurring Revenue (ARR), with a 24% year-over-year increase in Q3 2025 and 21% in Q2 2025. This growth is further supported by the expansion of its global cloud security network, with new next-generation application security centers launched to enhance reliability, performance, and localized compliance for customers.
2. AI-Powered Innovation and Solutions: Radware is heavily investing in AI-powered innovation to bolster its platform and strengthen its competitive edge in the cybersecurity market. The company has launched an AI-powered cybersecurity platform and emphasizes the growing demand for AI-based security solutions, which are expected to be crucial in combating increasingly sophisticated, AI-powered cyberattacks.
3. Expansion of Global Go-to-Market Capabilities and Partner Base: Radware is actively scaling its go-to-market and research and development (R&D) capabilities to capture rising demand. This includes expanding its global partner base and forming strategic alliances, such as those with Cisco and Check Point, which have contributed to significant growth opportunities and broader market reach for Radware's cloud application security solutions.
4. Increasing Demand for Application and API Security Driven by Evolving Threats: The escalating cyber threat landscape, marked by a surge in web DDoS attacks and web application and API attacks, is driving increased demand for Radware's application and API security solutions. Radware's offerings, including DDoS mitigation, bot management, web application firewall (WAF), and API protection, are critical in protecting against these advanced threats, with an anticipated increase in API-specific attacks.
5. Product Refreshes and Updates: Specific product refreshes, such as the DefensePro X DDoS protection refresh, have contributed to revenue growth and are part of the company's strategy to maintain technological leadership and address evolving threats. These updates ensure Radware's solutions remain cutting-edge and relevant in a dynamic cybersecurity environment.

Share Repurchases

• Radware announced an aggregate $80 million share repurchase plan for 2021.
• An equity buyback plan announced on August 1, 2023, expired on August 31, 2024.

Share Issuance

• The number of Radware's shares outstanding increased by 6.12% in one year.

Outbound Investments

• Radware recorded $30 million in cash acquisitions during fiscal year 2022.

Capital Expenditures

• Capital expenditures were approximately $5.28 million in FY 2024, $5.43 million in FY 2023, $8.81 million in FY 2022, $5.60 million in FY 2021, and $8.67 million in FY 2020.
• For the last 12 months ending September 2025, capital expenditures were approximately $6.71 million.
• The primary focus of capital expenditures includes investments in AI, automation, global go-to-market expansion, and new cloud security centers, such as a DDoS scrubbing center in Paris.