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🇺🇸 SECRADCOM LTDQwen · 实盘不做把握 7/10不做原因:无增量信息
北京时间·🕒 发布 04:05:04待核·⟳ 抓取 04:05:33·⚡ 决策 09-10 04:31:11 +25m38s·48.0 天前

RADCOM 以 6-K 公告越南国有运营商 VNPT 通过竞争性 RFP 选择其 ACE 平台做漫游网 AI/云原生服务保障,但该合同已于 8 月 12 日 Q2 业绩中作为「季末后三份合同之一、规模不大」披露

同一笔合同已于 2026-08-12 的 Q2 业绩新闻稿中作为「季末后三份合同之一、亚太 Tier-1 竞争性 RFP 替换在位厂商、规模不大(modest in size)」公开披露,并已计入维持不变的全年指引;本次 6-K 的唯一新增内容是客户名称(VNPT)与技术细节,无金额、无期限、无指引修正。叠加薄流动性、13 周下行轨迹与同类赢单先例近乎无反应,短线不存在可交易的增量 edge。

📄 原文RADCOM LTD↗ 原文
----- ea0304992-6k_radcom.htm ----- 6-K 1 ea0304992-6k_radcom.htm REPORT OF FOREIGN PRIVATE ISSUER UNITED STATES SECURI…
不做 RADCOM Ltd.(RDCM.US)
本次 6-K 仅把 8 月 12 日已公开的「亚太 Tier-1 竞争性 RFP 替换在位厂商」合同具名为 VNPT,公司当时已定性该单 modest in size,本次仍未披露金额/期限/年化贡献,且 2026 收入指引维持 5,700 万–6,300 万美元不变——无增量经济事实(NO_INCREMENTAL_FACT)。materiality 相对 1.684 亿美元市值与 6,000 万美元收入基数极小;同类赢单先例(8/11 CETIN)+1 日 -0.6%、+…
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

事实:SEC 6-K(2026-09-09 20:05 UTC)披露 VNPT 选择 RADCOM ACE 做漫游网 AI/云原生服务保障,替换在位厂商;新闻稿自述该合同即 8 月 12 日已公告的季末后三单之一。影响链:对 RADCOM 是亚太 Tier-1 参考案例并可能延伸到 VNPT 全网,但公司在 8/12 已明确定性该单「modest in size」,未披露金额,2026 收入指引维持 5,700 万–6,300 万美元不变,Q2 收入同比 -33.4%、GAAP 转亏,说明该单不足以改变盈利基线。价格/证据:市值约 1.684 亿美元、日均成交额约 157 万美元,9/9 盘中已 +1.41%(量比 1.45x),盘后仅 1,239 股、价格持平,13 周轨迹 100→79、距 52 周高 -39.9%;同类赢单先例(8/11 CETIN 斯洛伐克多年期合同)+1 日 -0.6%、+3 日 +0.5%、+5 日 +2.4%,超额收益近乎为零,样本极薄。结论:属已披露合同的客户名称补充披露,无增量经济事实、无金额、无指引变化,流动性与趋势均不利,AVOID。

🔎 新鲜度:最早出现 2026-08-12 · 扩散 low · price-in 风险 high ↗ ↗ ↗

关键理由

  • 本次 6-K 唯一新增信息是客户名称(VNPT,越南国有 Tier-1,3,000 万+ 用户),合同本身 8 月 12 日已披露且公司自述「规模不大」,无金额、无期限、无年化收入增量
  • 2026 全年收入指引维持 5,700 万–6,300 万美元不变,Q2 收入同比 -33.4%、GAAP 营业亏损 380 万美元,说明该单不改变盈利基线,materiality 相对 1.684 亿美元市值与 6,000 万美元收入基数极小
  • 流动性与趋势不利:日均成交额约 157 万美元,13 周指数化轨迹 100→79、距 52 周高 -39.9%,盘后仅 1,239 股成交且价格持平,同类赢单先例(8/11 CETIN)+1 日 -0.6%、+3 日超额 -0.1%,无可交易 edge

主要风险

  • 若后续披露 VNPT 合同金额显著大于「modest」定性、或转化为 VNPT 全网保障的大额订单,则本次 AVOID 判断需重估为正向催化
  • 反向风险在于基本面而非本事件:客户部署延迟、组件成本与供应约束已致 Q2 收入同比 -33.4%,若 2027 恢复双位数增长的表述无法兑现,股价下行压力与本条新闻无关

反向证据

  • 做多前查反向 · 来源 filing · 日期 2026-08-12 · 影响 weakens
    Q2 收入 1,180 万美元同比 -33.4%(客户部署延迟、组件成本与供应约束),GAAP 营业亏损 380 万美元、GAAP 净亏 310 万美元,H1 non-GAAP 净利 320 万 vs 去年 830 万;基本面处于下行期,削弱对「命名新闻」做多的一致性
    检索:RADCOM Q2 2026 收入下滑 部署延迟 客户订单 亏损 指引 原文 ↗
  • 做多前查反向 · 来源 filing · 日期 2026-09-09 · 影响 weakens
    13 周指数化轨迹 100→79 为持续下行、距 52 周高 -39.9%、距 60 日高 -33.0%;20 日日均成交额约 157 万美元、20 日日波动率仅 1.46%;盘后 1,239 股成交、价格持平,买盘 9.99/卖盘 10.94 价差近 9.5%,执行成本高
    检索:RDCM 股价趋势 流动性 距52周高 日均成交额 盘后反应 原文 ↗
  • 做多前查反向 · 来源 filing · 日期 2026-08-12 · 影响 none
    存在正面抵消因素:现金 1.097 亿美元、无债务,董事会推进 2,000 万–2,500 万美元回购(约占市值 12%–15%),管理层预期 2027 恢复双位数增长——但该因素 8/12 已公开,非本次催化,且不改变本次消息的增量属性
    检索:RADCOM 回购 现金 资产负债表 正面抵消 原文 ↗
  • 做空前查反向 · 来源 filing · 日期 2026-09-09 · 影响 none
    本次事件为公司级正面命名披露,不存在新增负面事实;收入下滑与部署延迟属 7/30 与 8/12 已披露的存量信息,且公司维持全年指引、无债务并推进回购,不构成做空红线所要求的明确强空催化
    检索:RADCOM 做空理由 财务暴雷 监管处罚 指引下调 客户流失 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例把本次预期幅度压到 0–2% 且伴随高开低走形态,直接否决了 probe/small 级别的 LONG:预期收益不足以覆盖 157 万美元日均成交额下的进出成本与 T+0 追高风险,最终结论维持 AVOID,不设置 tp/sl

方向:同一发行人的同类未披露金额赢单先例方向偏正但幅度极小(+1 日 -0.6%、+3 日 +0.5%、+5 日 +2.4%,超额 +3 日 -0.14%),胜率 50%(1 日)到 100%(3/5 日)但置信区间宽至 [0.09,0.91],实际等于无统计优势

涨幅量级:唯一 8 分高相似先例(8/11 CETIN)显示 1 日 -0.6%、5 日 +2.4%,即使按最乐观 5 日口径也不足 3%;含业绩与回购的 8/12 也只 +2.69% 后回落,故本次「仅补客户名称」的合理预期幅度接近 0–2%,覆盖不了薄流动性下的执行与滑点成本

形态:8/12 事件日收 10.32、次日开 10.30 收 10.16 为轻度高开低走;8/11 事件日开 10.18 收 10.05 亦为高开低走。同类消息未见持续拉升,反而呈一次性小幅反应后回落

历史先例(按相似度)

  • 相似度 8/10 RDCM 2026-08-11 RADCOM 6-K/新闻稿宣布 CETIN Networks(斯洛伐克)在多年期合同下选择 RADCOM ACE 做 RAN 到核心的全网服务保障,金额未披露 原文 ↗
    事件后 +1日 -0.6% · +2日 +2.1% · +3日 +0.5% · +4日 +3.8% · +5日 +2.4%
    ⚠未核对目标相位 — 该行涨幅别用来定止盈止损
    相似度依据:同一发行人、同一机制(竞争性赢单/替换在位厂商的运营商服务保障合同新闻稿 + 6-K)、同市场;CETIN 为多年期全网合同,本次 VNPT 为漫游网,两者金额均未披露
    经验:RADCOM 的运营商赢单新闻稿即使多年期、替换在位厂商,市场反应也仅 +1 日 -0.6%、+3 日 +0.5%、+5 日 +2.4%,超额收益≈0,说明此类未披露金额的参考型赢单在该股上不构成短线定价催化
  • 相似度 6/10 RDCM 2026-08-12 RADCOM 2026 Q2/H1 业绩 6-K:Q2 收入 1,180 万美元同比 -33.4%,H1 non-GAAP 净利 320 万美元(去年 830 万),披露季末后三份新签合同(含本次 VNPT)并宣布 2,000 万–2,50 原文 ↗
    事件后 +1日 +2.7% · +2日 +1.1% · +3日 +4.4% · +4日 +3.0% · +5日 +2.9%
    ⚠未核对目标相位 — 该行涨幅别用来定止盈止损
    相似度依据:同一发行人同日 Q2 业绩 6-K,其中已披露本次 VNPT 合同(未点名)及回购计划,是判断本次消息 price-in 的直接前置锚
    经验:含三份新签合同的业绩日虽 +2.69%,但次日起即回落(8/13 -1.55%),且此后一个月股价再未突破该日高点——「合同信息 + 业绩」的组合尚且只带来一次性小幅跳升,单独补客户名称更难产生新增重定价
工具执行结果 · 成功 6 · 降级 1 · 失败 0 · 取消 0
  1. search_processed_events 成功 stock_tools HTTP · 90 ms
    {"result": "search_processed_events:agent query=`radcom three contracts secured after q2 2026 close | radcom vnpt vietnam service assurance | radcom 新客户 订单 电信网络保障 | rdcm 越南 vnpt 合同 ai-native cloud-native 漫游保障`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 28.7/72 小时、1535 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选
  2. fetch_decision_experience 成功 stock_tools HTTP · 13 ms
    {
  3. stock_quote 成功 stock_tools HTTP · 1,211 ms
    {
  4. search_case_library 成功 stock_tools HTTP · 17 ms
    {"result": "search_case_library「RDCM.US」无历史决策命中(我们过去没在这些标的上决策过,或历史尚未回填)。\n◆ RDCM.US:相关历史决策 4 条 · 其中该标的 ENTER 1 条(25.0%) · 已结算 1 笔 · 胜率 100% · 中位 +1.93% · 均值 +1.93% ⚠️只有 1 笔,样本太薄,只能当线索不能当规律\n↑ 胜率/收益口径:ENTER 当日之后 T+1 开盘入场、次日开盘出场,做空腿已按方向取反(所以正数=这个方向做对了)。统计的只有★那只票自己的腿。"}
  5. kb_search 降级 stock_tools HTTP · 2,191 ms
    {
  6. kb_fetch_document 成功 stock_tools HTTP · 38 ms
    {
  7. event_study 成功 stock_tools HTTP · 17 ms
    {

原文全文

展开原文 · 8,072 字
----- ea0304992-6k_radcom.htm -----
6-K
1
ea0304992-6k_radcom.htm
REPORT OF FOREIGN PRIVATE ISSUER
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 of
the Securities Exchange Act of 1934
For the month of September 2026
Commission File Number: 000-29452
RADCOM LTD.
(Translation of registrant’s name into English)
24 Raoul Wallenberg Street, Tel Aviv 6971920,
Israel
(Address of principal executive offices)
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
☐
THE FIRST SENTENCE OF THE PRESS RELEASE INCLUDED IN EXHIBIT
99.1 TO THIS REPORT ON FORM 6-K OF RADCOM LTD. (THE “REGISTRANT”) IS HEREBY INCORPORATED BY REFERENCE INTO REGISTRANT’S
REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS.
333-190207
,
333-195465
,
333-203087
,
333-211628
,
333-215591
,
333-260997
,
333-270983
AND
333-276692
),
AND SHALL BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FILED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY
FILED OR FURNISHED
.
CONTENTS
On September 9, 2026, RADCOM Ltd. issued a press release titled ‘VNPT
Selects RADCOM for AI-Native, Cloud-Native Service Assurance in Vietnam’. A copy of the press release is attached hereto as Exhibit
99.1.
Exhibit No.
Description
Exhibit 99.1
Press release, dated September 9, 2026, titled ‘VNPT Selects RADCOM for AI-Native, Cloud-Native Service Assurance in Vietnam’
1
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.
RADCOM LTD.
Date: September 9, 2026
By:
/s/ Hod Cohen
Name:
Hod Cohen
Title:
Chief Financial Officer
2

----- ea030499201ex99-1.htm -----
EX-99.1
2
ea030499201ex99-1.htm
PRESS RELEASE, DATED SEPTEMBER 9, 2026, TITLED 'VNPT SELECTS RADCOM FOR AI-NATIVE, CLOUD-NATIVE SERVICE ASSURANCE IN VIETNAM'
Exhibit 99.1
VNPT Selects RADCOM for AI-Native, Cloud-Native
Service Assurance in Vietnam
Replacing the incumbent vendor, VNPT gains AI-driven
anomaly detection to safeguard roaming service quality
TEL AVIV, Israel - September 9, 2026 - RADCOM Ltd. (Nasdaq: RDCM)
announced today that VNPT (Vietnam Posts and Telecommunications Group), one of Vietnam’s largest telecom operators, with over 30
million subscribers, has selected RADCOM to provide AI-native, cloud-native service assurance for its roaming network. Following a competitive
request for proposal (RFP) process, VNPT selected RADCOM to replace its incumbent assurance vendor, reflecting the strength of RADCOM’s
AI-driven platform and its proven track record with Tier-1 operators.
Drawing on RADCOM’s proven multi-cloud deployment expertise,
the cloud-native RADCOM ACE platform will be deployed across multiple cloud environments, giving VNPT real-time, subscriber-aware visibility
across these services and applying artificial intelligence (AI) and machine learning (ML)-based anomaly detection to surface issues before
they affect the customer experience. This containerized, multi-cloud architecture gives VNPT a scalable, efficient assurance foundation
that can grow with its network and adapt as new services are introduced.
“VNPT is one of the most respected and technically advanced operators
in Asia, and they set a high bar in this selection,” said Benny Eppstein, Chief Executive Officer at RADCOM. “Displacing an
incumbent through a competitive RFP at an operator of VNPT’s standing is a strong signal for RADCOM in Asia-Pacific, and we see
clear room to extend assurance across more of their network over time. We look forward to supporting VNPT as it continues to grow and
evolve its network.”
The selection marks a strategically important reference win for RADCOM
in the Asia-Pacific region and establishes a foundation to extend assurance beyond roaming across VNPT’s wider network. With this
modern assurance foundation in place, VNPT is positioned to broaden real-time, AI-driven assurance as its network and services continue
to scale. As previously announced on August 12, 2026, this contract was one of three contracts RADCOM secured following the close of the
second quarter of 2026.
###
For all investor inquiries, please contact:
Investor Relations:
Rob Fink or Joey Delahoussaye
FNK IR
rdcm@fnkir.com
646-809-4048/312-809-1087
Company Contact:
Hod Cohen
CFO
+972-3-645-5055
hod.cohen@radcom.com
About VNPT
VNPT (Vietnam Posts and Telecommunications Group) is a state-owned,
Tier-1 telecom operator and one of Vietnam’s largest carriers, delivering mobile services under the VinaPhone brand. A technically
advanced operator with significant in-house development capability, VNPT is recognized across the Asia-Pacific region for the quality
and scale of its network.
About RADCOM
RADCOM (Nasdaq: RDCM) is a leading provider of advanced, intelligent
assurance solutions with integrated AI Operations (AIOps) capabilities. Its flagship platform, RADCOM ACE, harnesses AI-driven analytics
and generative AI (GenAI) to improve customer experiences. From lab testing to full-scale deployment, RADCOM utilizes cutting-edge networking
technologies to capture and analyze real-time data. Its advanced 5G portfolio delivers end-to-end network observability, from the radio
access network (RAN) to the core.
Designed to be open, vendor-neutral, and cloud-agnostic, RADCOM’s
solutions drive next-generation network automation, optimization, and efficiency. By leveraging AI-powered intelligence, RADCOM reduces
operational costs, enables predictive customer insights, and seamlessly integrates with business support systems (BSS), operations support
systems (OSS), and service management platforms. Offering a complete, real-time view of mobile and fixed networks, RADCOM empowers telecom
operators to ensure exceptional service quality, enhance user experiences, and build customer-centric networks.
Risks Regarding Forward-Looking Statements
Certain statements made herein that use words such as “estimate,”
“project,” “intend,” “expect,” “believe,” “may,” “might,” “potential,”
“anticipate,” “plan” or similar expressions are intended to identify forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, when the Company discusses the deployment
and expected benefits of its solution for VNPT, including the replacement of the incumbent assurance vendor and the solution’s AI-driven
anomaly detection, multi-cloud deployment, and cloud-native assurance capabilities; the scalability of the platform and its ability to
grow with VNPT’s network and adapt as new services are introduced; the potential to extend and broaden assurance beyond roaming
across VNPT’s wider network over time; VNPT’s continued network growth and evolution and its positioning to scale AI-driven
assurance; the value of its solutions to its installed and new customers; and the expansion of RADCOM’s footprint in the Asia-Pacific
region, it is using forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that
could cause the actual results, performance, or achievements of the Company to be materially different from those that may be expressed
or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline
in demand for the Company’s products, inability to timely develop and introduce new technologies, products, and applications, loss
of market share and pressure on prices resulting from competition and the effects of the war in Israel. For additional information regarding
these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports
filed from time to time with the U.S. Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking
statements for any reason.

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