Harmonic Announces Second Quarter 2025 Results
Harmonic (NASDAQ: HLIT) reported strong Q2 2025 results, exceeding guidance for both Broadband and Video segments. The company achieved total revenue of $138.0 million, with Broadband revenue at $86.9 million and Video revenue at $51.1 million. Notable highlights include GAAP net income of $2.9 million ($0.03 per share) and Non-GAAP net income of $10.3 million ($0.09 per share).
The company demonstrated solid operational performance with GAAP gross margin of 53.5% and record Video SaaS revenue of $15.4 million. Harmonic's cash position strengthened to $123.9 million, up from $45.9 million year-over-year. The company repurchased 1.6 million shares for $14.0 million and expanded its cOS鈩� solution deployment to 136 customers serving 35.3 million cable modems.
Harmonic (NASDAQ: HLIT) ha riportato risultati solidi per il secondo trimestre del 2025, superando le previsioni sia nel segmento Broadband che in quello Video. L'azienda ha raggiunto un fatturato totale di 138,0 milioni di dollari, con ricavi Broadband pari a 86,9 milioni di dollari e ricavi Video di 51,1 milioni di dollari. Tra i punti salienti si evidenziano un utile netto GAAP di 2,9 milioni di dollari (0,03 dollari per azione) e un utile netto Non-GAAP di 10,3 milioni di dollari (0,09 dollari per azione).
L'azienda ha mostrato una solida performance operativa con un margine lordo GAAP del 53,5% e un ricavo record nel Video SaaS di 15,4 milioni di dollari. La posizione di cassa di Harmonic si 猫 rafforzata raggiungendo 123,9 milioni di dollari, in aumento rispetto ai 45,9 milioni dell'anno precedente. Inoltre, l'azienda ha riacquistato 1,6 milioni di azioni per 14,0 milioni di dollari e ha esteso la distribuzione della sua soluzione cOS鈩� a 136 clienti, servendo 35,3 milioni di modem via cavo.
Harmonic (NASDAQ: HLIT) report贸 s贸lidos resultados en el segundo trimestre de 2025, superando las expectativas tanto en los segmentos de Banda Ancha como de Video. La compa帽铆a alcanz贸 unos ingresos totales de 138,0 millones de d贸lares, con ingresos de Banda Ancha por 86,9 millones de d贸lares y de Video por 51,1 millones de d贸lares. Entre los aspectos destacados se incluyen un ingreso neto GAAP de 2,9 millones de d贸lares (0,03 d贸lares por acci贸n) y un ingreso neto Non-GAAP de 10,3 millones de d贸lares (0,09 d贸lares por acci贸n).
La compa帽铆a demostr贸 un s贸lido desempe帽o operativo con un margen bruto GAAP del 53,5% y un r茅cord en ingresos de Video SaaS de 15,4 millones de d贸lares. La posici贸n de efectivo de Harmonic se fortaleci贸 hasta 123,9 millones de d贸lares, aumentando desde 45,9 millones a帽o tras a帽o. La empresa recompr贸 1,6 millones de acciones por 14,0 millones de d贸lares y ampli贸 el despliegue de su soluci贸n cOS鈩� a 136 clientes, atendiendo a 35,3 millones de m贸dems de cable.
Harmonic (NASDAQ: HLIT)電� 2025雲� 2攵勱赴 鞁れ爜鞐愳劀 敫岆霌滊按霌� 氚� 牍勲敂鞓� 攵�氍� 氇憪 臧�鞚措崢鞀るゼ 齑堦臣頃橂姅 臧曤牓頃� 靹标臣毳� 氤搓碃頄堨姷雼堧嫟. 须岇偓电� 齑� 毵れ稖 1鞏� 3,800毵� 雼煬毳� 旮半頄堨溂氅�, 敫岆霌滊按霌� 毵れ稖鞚� 8,690毵� 雼煬, 牍勲敂鞓� 毵れ稖鞚� 5,110毵� 雼煬鞓�鞀惦媹雼�. 欤检殧 靹标臣搿滊姅 GAAP 靾滌澊鞚� 290毵� 雼煬(欤茧嫻 0.03雼煬)鞕� Non-GAAP 靾滌澊鞚� 1,030毵� 雼煬(欤茧嫻 0.09雼煬)臧� 鞛堨姷雼堧嫟.
须岇偓电� GAAP 齑濎澊鞚惦 53.5%鞕� 牍勲敂鞓� SaaS 毵れ稖 靷儊 斓滉碃旃橃澑 1,540毵� 雼煬毳� 旮半頃橂┌ 瓴碃頃� 鞖挫榿 靹标臣毳� 氤挫榾鞀惦媹雼�. Harmonic鞚� 順勱笀 氤挫湢鞎§潃 鞝勲厔 雽�牍� 歃濌皜頃橃棳 1鞏� 2,390毵� 雼煬鞐� 雼枅鞀惦媹雼�. 霕愴暅, 须岇偓电� 160毵� 欤茧ゼ 1,400毵� 雼煬鞐� 鞛愳偓欤� 毵れ瀰頄堨溂氅�, cOS鈩� 靻旊（靺� 氚绊彫毳� 136臧� 瓿犼皾靷 頇曤寑頃橃棳 3,530毵� 旒�鞚措笖 氇巰鞚� 歆�鞗愴晿瓿� 鞛堨姷雼堧嫟.
Harmonic (NASDAQ : HLIT) a publi茅 de solides r茅sultats pour le deuxi猫me trimestre 2025, d茅passant les pr茅visions pour les segments Broadband et Vid茅o. La soci茅t茅 a r茅alis茅 un chiffre d'affaires total de 138,0 millions de dollars, avec un chiffre d'affaires Broadband de 86,9 millions de dollars et un chiffre d'affaires Vid茅o de 51,1 millions de dollars. Parmi les points forts, on note un r茅sultat net GAAP de 2,9 millions de dollars (0,03 dollar par action) et un r茅sultat net Non-GAAP de 10,3 millions de dollars (0,09 dollar par action).
L'entreprise a d茅montr茅 une solide performance op茅rationnelle avec une marge brute GAAP de 53,5% et un chiffre d'affaires record dans le SaaS Vid茅o de 15,4 millions de dollars. La tr茅sorerie de Harmonic s'est renforc茅e pour atteindre 123,9 millions de dollars, contre 45,9 millions l'ann茅e pr茅c茅dente. La soci茅t茅 a rachet茅 1,6 million d'actions pour 14,0 millions de dollars et a 茅tendu le d茅ploiement de sa solution cOS鈩� 脿 136 clients, desservant 35,3 millions de modems c芒ble.
Harmonic (NASDAQ: HLIT) meldete starke Ergebnisse f眉r das zweite Quartal 2025 und 眉bertraf die Prognosen sowohl im Breitband- als auch im Videosegment. Das Unternehmen erzielte einen Gesamtumsatz von 138,0 Millionen US-Dollar, wobei der Breitbandumsatz bei 86,9 Millionen US-Dollar und der Videoumsatz bei 51,1 Millionen US-Dollar lag. Hervorzuheben sind ein GAAP-Nettogewinn von 2,9 Millionen US-Dollar (0,03 US-Dollar je Aktie) sowie ein Non-GAAP-Nettogewinn von 10,3 Millionen US-Dollar (0,09 US-Dollar je Aktie).
Das Unternehmen zeigte eine solide operative Leistung mit einer GAAP-Bruttomarge von 53,5% und einem Rekordumsatz im Video-SaaS-Bereich von 15,4 Millionen US-Dollar. Die Cash-Position von Harmonic verbesserte sich auf 123,9 Millionen US-Dollar, verglichen mit 45,9 Millionen US-Dollar im Vorjahr. Zudem kaufte das Unternehmen 1,6 Millionen Aktien f眉r 14,0 Millionen US-Dollar zur眉ck und erweiterte die Bereitstellung seiner cOS鈩�-L枚sung auf 136 Kunden, die 35,3 Millionen Kabelmodems bedienen.
- Record Video SaaS revenue of $15.4 million in Q2, showing strong growth in sports streaming
- Improved cash position to $123.9 million from $45.9 million year-over-year
- Higher GAAP gross margin at 53.5% vs 52.9% in prior year
- Expanded customer base with four new broadband customers including two fiber customers
- Strong bookings of $158.4 million, up significantly from $72.4 million in Q2 2024
- Substantial backlog and deferred revenue of $504.5 million
- Broadband segment revenue declined to $86.9 million from $92.9 million year-over-year
- Broadband segment Non-GAAP gross margin decreased to 46.5% from 47.6% year-over-year
- Moderate pace of Broadband upgrade activity expected to continue through 2025
Insights
Harmonic posted strong Q2 results exceeding guidance, with improving Video business offsetting moderate Broadband slowdown; positive indicators for 2026 growth.
Harmonic delivered solid Q2 performance that exceeded the high end of management's guidance across both business segments. Total revenue came in at
The Video segment is showing significant momentum, growing
Meanwhile, the Broadband segment saw a moderate
Profitability metrics are encouraging, with GAAP operating income improving from a loss of
The company's bookings momentum is particularly impressive, more than doubling year-over-year to
Management's Q3 guidance reflects continued moderate growth with revenue projected between
Surpassed top end of revenue and profitability guidance for both Broadband and Video
"Our team delivered strong second quarter results with revenue and profitability in both our Video and Broadband businesses exceeding the high end of our guidance," said Nimrod Ben-Natan, president and chief executive officer of Harmonic. "We are seeing further momentum in Video and while we expect Broadband upgrade activity to persist at a moderate pace in 2025, we are beginning to see positive indicators, with improving customer ramp readiness and progress on Unified DOCSIS 4.0, which we expect will turn into tailwinds for us in 2026."
Q2听Financial and Business Highlights
Financial
- Revenue:
$138.0 million $138.7 million - Broadband segment revenue:
$86.9 million $92.9 million - Video segment revenue:
$51.1 million $45.8 million
- Broadband segment revenue:
- Gross margin: GAAP
53.5% and Non-GAAP54.1% , both higher compared to GAAP52.9% and Non-GAAP53.1% in the prior year period- Broadband segment Non-GAAP gross margin:
46.5% compared to47.6% in the prior year period - Video segment Non-GAAP gross margin:
67.0% compared to64.4% in the prior year period
- Broadband segment Non-GAAP gross margin:
- Operating income (loss): GAAP income
$3.9 million $13.9 million $15.6 million $12.2 million - Net income (loss): GAAP net income
$2.9 million $10.3 million $12.5 million $9.3 million - Non-GAAP adjusted EBITDA:
$17.0 million $16.1 million - Net income (loss) per share: GAAP net income per share of
$0.03 $0.09 $0.11 $0.08 - Backlog and deferred revenue of
$504.5 million - Cash:
$123.9 million $45.9 million - Repurchased approximately 1.6 million shares of common stock for an aggregate amount of
$14.0 million
Business
- Commercially deployed our cOSTM solution with 136 customers, serving 35.3 million cable modems
- Won four new broadband customers including two fiber customers
- Announced the introduction of SeaStarTM Optical Node, which redefines broadband connectivity for low density multiple dwelling units
- Recently announced a record-breaking DOCSIS 4.0 demonstration of 14 Gbps downstream across a multi-vendor network at the CableLabs庐 Interop event
- Record Video SaaS revenue of
$15.4 million
Select Financial Information
GAAP | Non-GAAP | |||||||||||
Key Financial Results | Q2 2025 | Q1 2025 | Q2 2024 | Q2 2025 | Q1 2025 | Q2 2024 | ||||||
(Unaudited, in millions, except per share data) | ||||||||||||
Net revenue | $听听听听听听听听 138.0 | $听听听听听听听听 133.1 | $听听听听听听听听 138.7 | * | * | * | ||||||
Net income (loss) | $听听听听听听听听听听听听 2.9 | $听听听听听听听听听听听听 5.9 | $听听听听听听听听 (12.5) | $听听听听听听听听听听 10.3 | $听听听听听听听听听听 13.4 | $听听听听听听听听听听听听 9.3 | ||||||
Net income (loss) per share | $听听听听听听听听听听 0.03 | $听听听听听听听听听听 0.05 | $听听听听听听听听 (0.11) | $听听听听听听听听听听 0.09 | $听听听听听听听听听听 0.11 | $听听听听听听听听听听 0.08 | ||||||
Other Financial Information | Q2 2025 | Q1 2025 | Q2 2024 | |||||||||
(Unaudited, in millions) | ||||||||||||
Adjusted EBITDA for the quarter (1) | $听听听听听听听听听听 17.0 | $听听听听听听听听听听 21.1 | $听听听听听听听听听听 16.1 | |||||||||
Bookings for the quarter | $听听听听听听听听 158.4 | $听听听听听听听听 113.7 | $听听听听听听听听听听 72.4 | |||||||||
Backlog and deferred revenue as of quarter end | $听听听听听听听听 504.5 | $听听听听听听听听 485.1 | $听听听听听听听听 613.1 | |||||||||
Cash and cash equivalents as of quarter end | $听听听听听听听听 123.9 | $听听听听听听听听 148.7 | $听听听听听听听听听听 45.9 | |||||||||
(1) Adjusted EBITDA is a Non-GAAP financial measure. Refer to "Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation" below for a reconciliation to net income (loss), the most comparable GAAP measure. |
* Not applicable |
Explanations regarding our use of Non-GAAP financial measures and related definitions, and reconciliations of our GAAP and Non-GAAP measures, are provided in the sections below entitled "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations."
Financial Guidance
听Q3 2025 GAAP Financial Guidance | |||||||||||
(Unaudited, in millions, except | Low | High | |||||||||
Broadband | Video | Total GAAP | Broadband | Video | Total GAAP | ||||||
Net revenue | $听听听听听听听听听听听听听听听听听 75 | $听听听听听听听听听听听听听听听听听 45 | $听听听听听听听听听听听听 120 | $听听听听听听听听听听听听听听听听听 85 | $听听听听听听听听听听听听听听听听听 50 | $听听听听听听听听听听听听 135 | |||||
Gross margin % | 52.5听% | 53.8听% | |||||||||
Gross profit (1) | $听听听听听听听听听听听听听听 63 | $听听听听听听听听听听听听听听 73 | |||||||||
Tax rate | 43听% | 43听% | |||||||||
Net income (loss) | $听听听听听听听听听听听听听听 (4) | $听听听听听听听听听听听听听听 鈥� | |||||||||
Net income (loss) per share | $听听听听听听听听听 (0.04) | $听听听听听听听听听听听听听听 鈥� | |||||||||
Shares (2) | 113.9 | 114.7 | |||||||||
(1) Includes estimated tariff impacts of approximately |
(2) Diluted shares assumes stock price at |
听
Q3 2025 Non-GAAP Financial Guidance听(1) | |||||||||||
(Unaudited, in millions, except | Low | High | |||||||||
Broadband | Video | Total | Broadband | Video | Total | ||||||
Gross margin % | 45.0听% | 65.0听% | 52.5听% | 46.0听% | 67.0听% | 53.8听% | |||||
Gross profit (2) | $听听听听听听听听听听听听听听 34 | $听听听听听听听听听听听听听听 29 | $听听听听听听听听听听听听听听 63 | $听听听听听听听听听听听听听听 39 | $听听听听听听听听听听听听听听 34 | $听听听听听听听听听听听听听听 73 | |||||
Adjusted EBITDA(3) | $听听听听听听听听听听听听听听听听 5 | $听听听听听听听听听听听听听听听听 2 | $听听听听听听听听听听听听听听听听 7 | $听听听听听听听听听听听听听听听听 9 | $听听听听听听听听听听听听听听听听 5 | $听听听听听听听听听听听听听听 14 | |||||
Tax rate | 21听% | 21听% | |||||||||
Net income per share | $听听听听听听听听听听听 0.02 | $听听听听听听听听听听听 0.07 | |||||||||
Shares (4) | 114.7 | 114.7 | |||||||||
(1) Refer to "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations on Financial Guidance" below. Components may not sum to total due to rounding. |
(2) Includes estimated tariff impacts of approximately |
(3) Refer to "Net Income (Loss) to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance" below for a reconciliation to net income (loss), the most comparable GAAP measure. |
(4) Diluted shares assumes stock price at |
Conference Call Information
Harmonic will host a conference call to discuss its financial results at听2:00 p.m.听PT (5:00 p.m.听ET) on听Monday, July听28, 2025. The live webcast will be available on the Harmonic Investor Relations website at . To participate via telephone, please register in advance using this link, . A replay will be available after 5:00 p.m. PT on the same website.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at .
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section听27A of the Securities Act of 1933 and Section听21E of the Securities Exchange Act of 1934, including statements related to anticipated customer purchases and deployments of our Unified DOCSIS 4.0 solutions and our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: customer concentration and consolidation; loss of one or more key customers; delays or decreases in capital spending in the cable, satellite telco, broadcast and media industries; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the market and technology trends underlying our Broadband and Video businesses will not continue to develop in their current direction or pace; the impact of tariffs and general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOSTM and VOS product solutions; dependence on various broadband and video industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; stock repurchases may not be conducted in the timeframe or in the manner we expect, or at all; and the impact on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2024, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in
These Non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from Non-GAAP measures used by other companies. In addition, these Non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of Non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.
The Non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), Adjusted EBITDA (including those amounts as a percentage of revenue) and net income (loss) per听diluted share. The presentation of Non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to Non-GAAP results published by other companies. A reconciliation of the historical Non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The Non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our Non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation -听Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a Non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges - Harmonic from听time听to听time听incurs听restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, and other costs. These charges are associated with material business shifts. We听exclude听these听items听because听we听do听not听believe听they听are reflective听of听our ongoing听long-term business听and听operating听results.
Non-cash interest expense related to convertible notes -听We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the Non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Depreciation - Depreciation expense is excluded from Adjusted EBITDA as this is a non-cash item unrelated to the ordinary course of our business and not reflective of our underlying business performance.
Non-recurring advisory fees听- There were non-recurring costs that we excluded from Non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives.
Asset impairment and related charges - We exclude asset impairment and related charges due to the nature of such expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of impairments of fixed assets, right-of-use assets and related leasehold improvements, and other unrecoverable facility costs due to the intended change in use of certain leased space.
Discrete tax items and tax effect of Non-GAAP adjustments - The income tax effect of Non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into Non-GAAP financial measures in order to provide a more meaningful measure of Non-GAAP net income.
听
Harmonic Inc. Preliminary Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value) 听 | |||
June 27, 2025 | December 31, 2024 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听 123,918 | $听听听听听听听听听听听听听听听听听 101,457 | |
Restricted cash | 356 | 332 | |
Accounts receivable, net of allowances for credit losses of | 120,665 | 178,013 | |
Inventories | 71,138 | 64,004 | |
Prepaid expenses and other current assets | 26,780 | 22,270 | |
Total current assets | 342,857 | 366,076 | |
Property and equipment, net | 28,027 | 26,823 | |
Operating lease right-of-use assets | 11,817 | 12,411 | |
Goodwill | 241,718 | 236,876 | |
Deferred income taxes, net | 121,364 | 121,028 | |
Other non-current assets | 37,564 | 33,292 | |
Total assets | $听听听听听听听听听听听听听听听听听 783,347 | $听听听听听听听听听听听听听听听听听 796,506 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Current portion of long-term debt | 2,694 | 2,194 | |
Current portion of other borrowings | 5,561 | 4,941 | |
Accounts payable | 40,666 | 35,250 | |
Deferred revenue | 51,188 | 47,069 | |
Operating lease liabilities | 5,794 | 5,675 | |
Other current liabilities | 66,306 | 72,440 | |
Total current liabilities | 172,209 | 167,569 | |
Long-term debt | 110,611 | 112,084 | |
Other borrowings | 12,141 | 8,694 | |
Operating lease liabilities, non-current | 14,156 | 14,727 | |
Other non-current liabilities | 27,828 | 28,174 | |
Total liabilities | 336,945 | 331,248 | |
Stockholders' equity: | |||
Preferred stock, | 鈥� | 鈥� | |
Common stock, | 113 | 117 | |
Additional paid-in capital | 2,448,446 | 2,432,733 | |
Accumulated deficit | (1,995,193) | (1,953,495) | |
Accumulated other comprehensive loss | (6,964) | (14,097) | |
Total stockholders' equity | 446,402 | 465,258 | |
Total liabilities and stockholders' equity | $听听听听听听听听听听听听听听听听听 783,347 | $听听听听听听听听听听听听听听听听听 796,506 | |
听
Harmonic Inc. Preliminary Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per share data) 听 | |||||||
Three Months Ended | Six Months Ended | ||||||
June 27, 2025 | June 28, 2024 | June 27, 2025 | June 28, 2024 | ||||
Revenue: | |||||||
Appliance and integration | $听听听听听听听听听听听听听听听听听 94,067 | $听听听听听听听听听听听听听听听听听 94,184 | $听听听听听听听听听听听听听听听 185,608 | $听听听听听听听听听听听听听听听 175,779 | |||
SaaS and service | 43,960 | 44,556 | 85,554 | 85,021 | |||
Total net revenue | 138,027 | 138,740 | 271,162 | 260,800 | |||
Cost of revenue: | |||||||
Appliance and integration | 50,578 | 50,878 | 92,242 | 93,952 | |||
SaaS and service | 13,656 | 14,405 | 26,553 | 30,310 | |||
Total cost of revenue | 64,234 | 65,283 | 118,795 | 124,262 | |||
Total gross profit | 73,793 | 73,457 | 152,367 | 136,538 | |||
Operating expenses: | |||||||
Research and development | 29,442 | 28,784 | 60,791 | 59,489 | |||
Selling, general and administrative | 38,194 | 39,821 | 75,292 | 78,686 | |||
Asset impairment and related charges | 1,637 | 9,000 | 1,637 | 9,000 | |||
Restructuring and related charges | 650 | 11,482 | 650 | 14,519 | |||
Total operating expenses | 69,923 | 89,087 | 138,370 | 161,694 | |||
Income (loss) from operations | 3,870 | (15,630) | 13,997 | (25,156) | |||
Interest expense, net | (1,253) | (1,424) | (2,727) | (2,147) | |||
Other income, net | 359 | 619 | 187 | 330 | |||
Income (loss) before income taxes | 2,976 | (16,435) | 11,457 | (26,973) | |||
Provision for (benefit from) income taxes | 105 | (3,903) | 2,646 | (6,352) | |||
Net income (loss) | $听听听听听听听听听听听听听听听听听听听 2,871 | $听听听听听听听听听听听听听听听 (12,532) | $听听听听听听听听听听听听听听听听听听听 8,811 | $听听听听听听听听听听听听听听听 (20,621) | |||
Net income (loss) per share: | |||||||
Basic | $听听听听听听听听听听听听听听听听听听听听听 0.03 | $听听听听听听听听听听听听听听听听听听听 (0.11) | $听听听听听听听听听听听听听听听听听听听听听 0.08 | $听听听听听听听听听听听听听听听听听听听 (0.18) | |||
Diluted | $听听听听听听听听听听听听听听听听听听听听听 0.03 | $听听听听听听听听听听听听听听听听听听听 (0.11) | $听听听听听听听听听听听听听听听听听听听听听 0.08 | $听听听听听听听听听听听听听听听听听听听 (0.18) | |||
Weighted average shares outstanding: | |||||||
Basic | 113,392 | 115,030 | 114,855 | 113,705 | |||
Diluted | 113,493 | 115,030 | 115,256 | 113,705 | |||
听
Harmonic Inc. Preliminary Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) 听 | |||
Six Months Ended | |||
June 27, 2025 | June 28, 2024 | ||
Cash flows from operating activities: | |||
Net income (loss) | $听听听听听听听听听听听听听听听听听听听 8,811 | $听听听听听听听听听听听听听听听 (20,621) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 5,392 | 6,311 | |
Asset impairment and related charges | 1,637 | 9,000 | |
Stock-based compensation | 16,162 | 13,877 | |
Foreign currency remeasurement | 596 | 2,469 | |
Deferred income taxes, net | (2,718) | (8,897) | |
Provision for excess and obsolete inventories | 1,988 | 2,152 | |
Other adjustments | (9) | 354 | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 58,067 | 20,765 | |
Inventories | (6,607) | (3,929) | |
Prepaid expenses and other assets | (492) | (6,761) | |
Accounts payable | 3,030 | (8,680) | |
Deferred revenues | 2,202 | 6,179 | |
Other liabilities | (16,151) | (7,553) | |
Net cash provided by operating activities | 71,908 | 4,666 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (5,672) | (3,856) | |
Net cash used in investing activities | (5,672) | (3,856) | |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 40,000 | 115,000 | |
Repayment of convertible debt | 鈥� | (115,500) | |
Repayment of long-term debt and other borrowings | (42,466) | (1,334) | |
Payments for debt issuance costs | 鈥� | (332) | |
Repurchase of common stock | (50,102) | (30,047) | |
Proceeds from other borrowings | 3,835 | 鈥� | |
Proceeds from common stock issued to employees | 3,056 | 3,542 | |
Taxes paid related to net share settlement of equity awards | (3,206) | (6,252) | |
Net cash used in financing activities | (48,883) | (34,923) | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 5,132 | (1,391) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 22,485 | (35,504) | |
Cash and cash equivalents and restricted cash at beginning of period | 101,789 | 84,269 | |
Cash and cash equivalents and restricted cash at end of period | $听听听听听听听听听听听听听听听 124,274 | $听听听听听听听听听听听听听听听听听 48,765 | |
Cash and cash equivalents and restricted cash at end of period | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听 123,918 | $听听听听听听听听听听听听听听听听听 45,850 | |
Restricted cash | 356 | 2,827 | |
Restricted cash included in other non-current assets | 鈥� | 88 | |
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows | $听听听听听听听听听听听听听听听 124,274 | $听听听听听听听听听听听听听听听听听 48,765 | |
听
Harmonic Inc. Preliminary Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) 听 | |||
Six Months Ended | |||
June 27, 2025 | June 28, 2024 | ||
Supplemental cash flow disclosure: | |||
Income tax payments, net | $听听听听听听听听听听听听听听听听听 13,764 | $听听听听听听听听听听听听听听听听听 11,407 | |
Interest payments, net | $听听听听听听听听听听听听听听听听听听听 2,715 | $听听听听听听听听听听听听听听听听听听听 1,895 | |
Supplemental schedule of non-cash investing activities: | |||
Capital expenditures incurred but not yet paid | $听听听听听听听听听听听听听听听听听听听 1,141 | $听听听听听听听听听听听听听听听听听听听听听听 282 | |
Supplemental schedule of non-cash financing activities: | |||
Shares of common stock issued upon redemption of the 2024 Notes | 鈥� | 4,578 | |
听
Harmonic Inc. Preliminary GAAP Revenue Information (Unaudited, in thousands, except percentages) 听 | ||||||||
Three Months Ended | ||||||||
June 27, 2025 | March 28, 2025 | June 28, 2024 | ||||||
Geography | ||||||||
$听听听听听听听听 108,205 | 79听% | $听听听听听听听听 101,681 | 76听% | $听听听听听听听听 109,597 | 79听% | |||
EMEA | 19,888 | 14听% | 23,172 | 18听% | 22,680 | 16听% | ||
APAC | 9,934 | 7听% | 8,282 | 6听% | 6,463 | 5听% | ||
Total | $听听听听听听听听 138,027 | 100听% | $听听听听听听听听 133,135 | 100听% | $听听听听听听听听 138,740 | 100听% | ||
Market | ||||||||
Service Provider | $听听听听听听听听听听 94,851 | 69听% | $听听听听听听听听听听 94,202 | 71听% | $听听听听听听听听 104,429 | 75听% | ||
Broadcast and Media | 43,176 | 31听% | 38,933 | 29听% | 34,311 | 25听% | ||
Total | $听听听听听听听听 138,027 | 100听% | $听听听听听听听听 133,135 | 100听% | $听听听听听听听听 138,740 | 100听% | ||
Six Months Ended | ||||||||
June 27, 2025 | June 28, 2024 | |||||||
Geography | ||||||||
$听听听听听听听听 209,886 | 77听% | $听听听听听听听听 202,628 | 78听% | |||||
EMEA | 43,060 | 16听% | 46,240 | 18听% | ||||
APAC | 18,216 | 7听% | 11,932 | 4听% | ||||
Total | $听听听听听听听听 271,162 | 100听% | $听听听听听听听听 260,800 | 100听% | ||||
Market | ||||||||
Service Provider | $听听听听听听听听 189,053 | 70听% | $听听听听听听听听 191,122 | 73听% | ||||
Broadcast and Media | 82,109 | 30听% | 69,678 | 27听% | ||||
Total | $听听听听听听听听 271,162 | 100听% | $听听听听听听听听 260,800 | 100听% | ||||
听
Harmonic Inc. Preliminary Segment Information (Unaudited, in thousands, except percentages) 听 | ||||||||||||
Three Months Ended June 27, 2025 | ||||||||||||
Broadband | Video | Total Segment | Adjustments (1) | Consolidated | ||||||||
Net revenue | $听听听听听听听 86,918 | $听听听听听听听 51,109 | $听听听听听 138,027 | $听听听听听听听听听听听听听听听听听 鈥� | $听听听听听 138,027 | |||||||
Gross profit | 40,412 | (1) | 34,249 | (1) | 74,661 | (1) | (868) | 73,793 | ||||
Gross margin % | 46.5听% | (1) | 67.0听% | (1) | 54.1听% | (1) | 53.5听% | |||||
Three Months Ended March 28, 2025 | ||||||||||||
Broadband | Video | Total Segment | Adjustments (1) | Consolidated | ||||||||
Net revenue | $听听听听听听听 84,878 | $听听听听听听听 48,257 | $听听听听听 133,135 | $听听听听听听听听听听听听听听听听听 鈥� | $听听听听听 133,135 | |||||||
Gross profit | 47,080 | (1) | 32,055 | (1) | 79,135 | (1) | (561) | 78,574 | ||||
Gross margin % | 55.5听% | (1) | 66.4听% | (1) | 59.4听% | (1) | 59.0听% | |||||
Three Months Ended June 28, 2024 | ||||||||||||
Broadband | Video | Total Segment | Adjustments (1) | Consolidated | ||||||||
Net revenue | $听听听听听听听 92,937 | $听听听听听听听 45,803 | $听听听听听 138,740 | $听听听听听听听听听听听听听听听听听 鈥� | $听听听听听 138,740 | |||||||
Gross profit | 44,236 | (1) | 29,494 | (1) | 73,730 | (1) | (273) | 73,457 | ||||
Gross margin % | 47.6听% | (1) | 64.4听% | (1) | 53.1听% | (1) | 52.9听% | |||||
Six Months Ended June 27, 2025 | ||||||||||||
Broadband | Video | Total Segment | Adjustments (1) | Consolidated | ||||||||
Net revenue | $听听听听听 171,796 | $听听听听听听听 99,366 | $听听听听听 271,162 | $听听听听听听听听听听听听听听听听听 鈥� | $听听听听听 271,162 | |||||||
Gross profit | 87,492 | (1) | 66,304 | (1) | 153,796 | (1) | (1,429) | 152,367 | ||||
Gross margin % | 50.9听% | (1) | 66.7听% | (1) | 56.7听% | (1) | 56.2听% | |||||
Six Months Ended June 28, 2024 | ||||||||||||
Broadband | Video | Total Segment | Adjustments (1) | Consolidated | ||||||||
Net revenue | $听听听听听 171,834 | $听听听听听听听 88,966 | $听听听听听 260,800 | $听听听听听听听听听听听听听听听听听 鈥� | $听听听听听 260,800 | |||||||
Gross profit | 81,730 | (1) | 56,063 | (1) | 137,793 | (1) | (1,255) | 136,538 | ||||
Gross margin % | 47.6听% | (1) | 63.0听% | (1) | 52.8听% | (1) | 52.4听% | |||||
(1) Segment gross margin and segment gross profit are Non-GAAP financial measures. Refer to "Use of Non-GAAP Financial Measures" above and "GAAP to Non-GAAP Reconciliations" below. |
听
Harmonic Inc. GAAP to Non-GAAP Reconciliations (Unaudited) (in thousands, except percentages and per share data) 听 | |||||||||||
Three Months Ended June 27, 2025 | |||||||||||
Revenue | Gross Profit | Total | Income from | Total Non- | Net Income | ||||||
GAAP | $听听听听听 138,027 | $听听听听 73,793 | $听听听听 69,923 | $听听听听听听 3,870 | $听听听听听听听听听 (894) | $听听听听听听 2,871 | |||||
Stock-based compensation | 鈥� | 868 | (6,829) | 7,697 | 鈥� | 7,697 | |||||
Restructuring and related charges | 鈥� | 鈥� | (650) | 650 | 鈥� | 650 | |||||
Non-recurring advisory fees | 鈥� | 鈥� | (78) | 78 | 鈥� | 78 | |||||
Lease-related asset impairment and other charges (1) | 鈥� | 鈥� | (1,637) | 1,637 | 鈥� | 1,637 | |||||
Discrete tax items and tax effect of Non-GAAP adjustments | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (2,633) | |||||
Total adjustments | 鈥� | 868 | (9,194) | 10,062 | 鈥� | 7,429 | |||||
Non-GAAP | $听听听听听 138,027 | $听听听听 74,661 | $听听听听 60,729 | $听听听听 13,932 | $听听听听听听听听听 (894) | $听听听听 10,300 | |||||
As a % of revenue (GAAP) | 53.5听% | 50.7听% | 2.8听% | (0.6)听% | 2.1听% | ||||||
As a % of revenue (Non-GAAP) | 54.1听% | 44.0听% | 10.1听% | (0.6)听% | 7.5听% | ||||||
Diluted net income per share: | |||||||||||
GAAP | $听听听听听听听 0.03 | ||||||||||
Non-GAAP | $听听听听听听听 0.09 | ||||||||||
Shares used in per share calculation: | |||||||||||
GAAP and Non-GAAP | 113,493 | ||||||||||
(1) Includes impairment charges of |
听
Three Months Ended March 28, 2025 | |||||||||||
Revenue | Gross Profit | Total | Income from | Total Non- | Net Income | ||||||
GAAP | $听听听听听 133,135 | $听听听听 78,574 | $听听听听 68,447 | $听听听听 10,127 | $听听听听听听听 (1,646) | $听听听听听听 5,940 | |||||
Stock-based compensation | 鈥� | 561 | (7,904) | 8,465 | 鈥� | 8,465 | |||||
Discrete tax items and tax effect of Non-GAAP adjustments | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (1,018) | |||||
Total adjustments | 鈥� | 561 | (7,904) | 8,465 | 鈥� | 7,447 | |||||
Non-GAAP | $听听听听听 133,135 | $听听听听 79,135 | $听听听听 60,543 | $听听听听 18,592 | $听听听听听听听 (1,646) | $听听听听 13,387 | |||||
As a % of revenue (GAAP) | 59.0听% | 51.4听% | 7.6听% | (1.2)听% | 4.5听% | ||||||
As a % of revenue (Non-GAAP) | 59.4听% | 45.5听% | 14.0听% | (1.2)听% | 10.1听% | ||||||
Diluted net income per share: | |||||||||||
GAAP | $听听听听听听听 0.05 | ||||||||||
Non-GAAP | $听听听听听听听 0.11 | ||||||||||
Shares used in per share calculation: | |||||||||||
GAAP and Non-GAAP | 117,021 | ||||||||||
听
Three Months Ended June 28, 2024 | |||||||||||
Revenue | Gross Profit | Total | Income | Total Non- | Net Income | ||||||
GAAP | $听听听听听 138,740 | $听听听听 73,457 | $听听听听 89,087 | $听听 (15,630) | $听听听听听听听听听 (805) | $听听 (12,532) | |||||
Stock-based compensation | 鈥� | 273 | (6,681) | 6,954 | 鈥� | 6,954 | |||||
Restructuring and related charges | 鈥� | 鈥� | (11,482) | 11,482 | 鈥� | 11,482 | |||||
Non-recurring advisory fees | 鈥� | 鈥� | (406) | 406 | 鈥� | 406 | |||||
Lease-related asset impairment and other charges (1) | 鈥� | 鈥� | (9,000) | 9,000 | 鈥� | 9,000 | |||||
Non-cash interest expense related to convertible notes | 鈥� | 鈥� | 鈥� | 鈥� | 338 | 338 | |||||
Discrete tax items and tax effect of Non-GAAP adjustments | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (6,369) | |||||
Total adjustments | 鈥� | 273 | (27,569) | 27,842 | 338 | 21,811 | |||||
Non-GAAP | $听听听听听 138,740 | $听听听听 73,730 | $听听听听 61,518 | $听听听听 12,212 | $听听听听听听听听听 (467) | $听听听听听听 9,279 | |||||
As a % of revenue (GAAP) | 52.9听% | 64.2听% | (11.3)听% | (0.6)听% | (9.0)听% | ||||||
As a % of revenue (Non-GAAP) | 53.1听% | 44.3听% | 8.8听% | (0.3)听% | 6.7听% | ||||||
Diluted net income (loss) per share: | |||||||||||
GAAP | $听听听听听听 (0.11) | ||||||||||
Non-GAAP | $听听听听听听听 0.08 | ||||||||||
Shares used in per share calculation: | |||||||||||
GAAP | 115,030 | ||||||||||
Non-GAAP | 116,690 | ||||||||||
(1) Includes impairment charges of |
听
Six Months Ended June 27, 2025 | |||||||||||
Revenue | Gross Profit | Total | Income from | Total Non- | Net Income | ||||||
GAAP | $听听听听听 271,162 | $听听 152,367 | $听听 138,370 | $听听听听 13,997 | $听听听听听听听 (2,540) | $听听听听听听 8,811 | |||||
Stock-based compensation | 鈥� | 1,429 | (14,733) | 16,162 | 鈥� | 16,162 | |||||
Restructuring and related charges | 鈥� | 鈥� | (650) | 650 | 鈥� | 650 | |||||
Non-recurring advisory fees | 鈥� | 鈥� | (78) | 78 | 鈥� | 78 | |||||
Lease-related asset impairment and other charges (1) | 鈥� | 鈥� | (1,637) | 1,637 | 鈥� | 1,637 | |||||
Discrete tax items and tax effect of non-GAAP adjustments | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (3,651) | |||||
Total adjustments | 鈥� | 1,429 | (17,098) | 18,527 | 鈥� | 14,876 | |||||
Non-GAAP | $听听听听听 271,162 | $听听 153,796 | $听听 121,272 | $听听听听 32,524 | $听听听听听听听 (2,540) | $听听听听 23,687 | |||||
As a % of revenue (GAAP) | 56.2听% | 51.0听% | 5.2听% | (0.9)听% | 3.2听% | ||||||
As a % of revenue (Non-GAAP) | 56.7听% | 44.7听% | 12.0听% | (0.9)听% | 8.7听% | ||||||
Diluted net income per share: | |||||||||||
GAAP | $听听听听听听听 0.08 | ||||||||||
Non-GAAP | $听听听听听听听 0.21 | ||||||||||
Shares used in per share calculation: | |||||||||||
GAAP and Non-GAAP | 115,256 | ||||||||||
(1) Includes impairment charges of |
听
Six Months Ended June 28, 2024 | |||||||||||
Revenue | Gross Profit | Total | Income | Total Non- | Net Income | ||||||
GAAP | $听听听听听 260,800 | $听听 136,538 | $听听 161,694 | $听听 (25,156) | $听听听听听听听 (1,817) | $听听 (20,621) | |||||
Stock-based compensation | 鈥� | 795 | (13,082) | 13,877 | 鈥� | 13,877 | |||||
Restructuring and related charges | 鈥� | 460 | (14,519) | 14,979 | 11 | 14,990 | |||||
Non-recurring advisory fees | 鈥� | 鈥� | (755) | 755 | 鈥� | 755 | |||||
Lease-related asset impairment and other charges (1) | 鈥� | 鈥� | (9,000) | 9,000 | 鈥� | 9,000 | |||||
Non-cash interest expense related to convertible notes | 鈥� | 鈥� | 鈥� | 鈥� | 567 | 567 | |||||
Discrete tax items and tax effect of non-GAAP adjustments | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (8,907) | |||||
Total adjustments | 鈥� | 1,255 | (37,356) | 38,611 | 578 | 30,282 | |||||
Non-GAAP | $听听听听听 260,800 | $听听 137,793 | $听听 124,338 | $听听听听 13,455 | $听听听听听听听 (1,239) | $听听听听听听 9,661 | |||||
As a % of revenue (GAAP) | 52.4听% | 62.0听% | (9.6)听% | (0.7)听% | (7.9)听% | ||||||
As a % of revenue (Non-GAAP) | 52.8听% | 47.7听% | 5.2听% | (0.5)听% | 3.7听% | ||||||
Diluted net income per share: | |||||||||||
GAAP | $听听听听听听 (0.18) | ||||||||||
Non-GAAP | $听听听听听听听 0.08 | ||||||||||
Shares used in per share calculation: | |||||||||||
GAAP and Non-GAAP | 113,705 | ||||||||||
Non-GAAP | 117,419 | ||||||||||
(1) Includes impairment charges of |
听
Harmonic Inc. Calculation of Adjusted EBITDA by Segment (Unaudited) (In thousands, except percentages) 听 | |||
Three Months Ended June 27, 2025 | |||
Broadband | Video | ||
Income from operations | $听听听听听听听听听听听听听听听听听听听 8,585 | $听听听听听听听听听听听听听听听听听听听 5,347 | |
Depreciation | 1,929 | 743 | |
Other non-operating income, net | 255 | 104 | |
Adjusted EBITDA(1) | $听听听听听听听听听听听听听听听听听 10,769 | $听听听听听听听听听听听听听听听听听听听 6,194 | |
Revenue | $听听听听听听听听听听听听听听听听听 86,918 | $听听听听听听听听听听听听听听听听听 51,109 | |
Adjusted EBITDA margin % (1) | 12.4听% | 12.1听% | |
Three Months Ended March 28, 2025 | |||
Broadband | Video | ||
Income from operations | $听听听听听听听听听听听听听听听听听 14,021 | $听听听听听听听听听听听听听听听听听听听 4,571 | |
Depreciation | 1,964 | 756 | |
Other non-operating expense, net | (124) | (48) | |
Adjusted EBITDA(1) | $听听听听听听听听听听听听听听听听听 15,861 | $听听听听听听听听听听听听听听听听听听听 5,279 | |
Revenue | $听听听听听听听听听听听听听听听听听 84,878 | $听听听听听听听听听听听听听听听听听 48,257 | |
Adjusted EBITDA margin % (1) | 18.7听% | 10.9听% | |
Three Months Ended June 28, 2024 | |||
Broadband | Video | ||
Income (loss) from operations | $听听听听听听听听听听听听听听听听听 13,781 | $听听听听听听听听听听听听听听听听听 (1,569) | |
Depreciation | 2,133 | 1,093 | |
Other non-operating income, net | 406 | 213 | |
Adjusted EBITDA(1) | $听听听听听听听听听听听听听听听听听 16,320 | $听听听听听听听听听听听听听听听听听听听听 (263) | |
Revenue | $听听听听听听听听听听听听听听听听听 92,937 | $听听听听听听听听听听听听听听听听听 45,803 | |
Adjusted EBITDA margin % (1) | 17.6听% | (0.6)听% | |
Six Months Ended June 27, 2025 | |||
Broadband | Video | ||
Income from operations (1) | $听听听听听听听听听听听听听听听听听 22,606 | $听听听听听听听听听听听听听听听听听听听 9,918 | |
Depreciation | 3,893 | 1,499 | |
Other non-operating income, net | 131 | 56 | |
Adjusted EBITDA(1) | $听听听听听听听听听听听听听听听听听 26,630 | $听听听听听听听听听听听听听听听听听 11,473 | |
Revenue | $听听听听听听听听听听听听听听听 171,796 | $听听听听听听听听听听听听听听听听听 99,366 | |
Adjusted EBITDA margin % (1) | 15.5听% | 11.5听% | |
Six Months Ended June 28, 2024 | |||
Broadband | Video | ||
Income (loss) from operations (1) | $听听听听听听听听听听听听听听听听听 22,375 | $听听听听听听听听听听听听听听听听听 (8,920) | |
Depreciation | 4,119 | 2,192 | |
Other non-operating income, net | 227 | 114 | |
Adjusted EBITDA(1) | $听听听听听听听听听听听听听听听听听 26,721 | $听听听听听听听听听听听听听听听听听 (6,614) | |
Revenue | $听听听听听听听听听听听听听听听 171,834 | $听听听听听听听听听听听听听听听听听 88,966 | |
Adjusted EBITDA margin % (1) | 15.6听% | (7.4)听% | |
(1) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. Refer below for the "Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation." |
听
Harmonic Inc. Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation (Unaudited) (In thousands, except percentages) 听 | |||||
Three Months Ended | |||||
June 27, 2025 | March 28, 2025 | June 28, 2024 | |||
Net income (loss) (GAAP) | $听听听听听听听听听听听听听听听听听 2,871 | $听听听听听听听听听听听听听听听听听 5,940 | $听听听听听听听听听听听听听听 (12,532) | ||
Provision for (benefit from) income taxes | 105 | 2,541 | (3,903) | ||
Interest expense, net | 1,253 | 1,474 | 1,424 | ||
Depreciation | 2,672 | 2,720 | 3,226 | ||
EBITDA | 6,901 | 12,675 | (11,785) | ||
Adjustments | |||||
Stock-based compensation | 7,697 | 8,465 | 6,954 | ||
Restructuring and related charges | 650 | 鈥� | 11,482 | ||
Non-recurring advisory fees | 78 | 鈥� | 406 | ||
Lease-related asset impairment and other charges | 1,637 | 鈥� | 9,000 | ||
Total consolidated segment adjusted EBITDA (Non-GAAP) | $听听听听听听听听听听听听听听听 16,963 | $听听听听听听听听听听听听听听听 21,140 | $听听听听听听听听听听听听听听听 16,057 | ||
Revenue | $听听听听听听听听听听听听听 138,027 | $听听听听听听听听听听听听听 133,135 | $听听听听听听听听听听听听听 138,740 | ||
Net income (loss) margin (GAAP) | 2.1听% | 4.5听% | (9.0)听% | ||
Consolidated segment Adjusted EBITDA margin (Non-GAAP) | 12.3听% | 15.9听% | 11.6听% | ||
听
Six Months Ended | |||
June 27, 2025 | June 28, 2024 | ||
Net income (loss) (GAAP) | $听听听听听听听听听听听听听听听听听 8,811 | $听听听听听听听听听听听听听听 (20,621) | |
Provision for (benefit from) income taxes | 2,646 | (6,352) | |
Interest expense, net | 2,727 | 2,147 | |
Depreciation | 5,392 | 6,311 | |
EBITDA | 19,576 | (18,515) | |
Adjustments | |||
Stock-based compensation | 16,162 | 13,877 | |
Restructuring and related charges | 650 | 14,990 | |
Non-recurring advisory fees | 78 | 755 | |
Lease-related asset impairment and other charges | 1,637 | 9,000 | |
Total consolidated segment adjusted EBITDA (Non-GAAP)听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听听 | $听听听听听听听听听听听听听听听 38,103 | $听听听听听听听听听听听听听听听 20,107 | |
Revenue | $听听听听听听听听听听听听听 271,162 | $听听听听听听听听听听听听听 260,800 | |
Net income (loss) margin (GAAP) | 3.2听% | (7.9)听% | |
Consolidated segment Adjusted EBITDA margin (Non-GAAP) | 14.1听% | 7.7听% | |
听
Harmonic Inc. GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited) (In millions, except percentages and per share data) 听 | |||||||||||||||||||
Q3 2025 Financial Guidance (1) | |||||||||||||||||||
Revenue | Gross Profit | Total Operating | Income from | Net Income (Loss) | |||||||||||||||
GAAP | $听听 120 | to | $听听 135 | $听 63 | to | $听 73 | $听 68 | to | $听 70 | $听 (5) | to | $听听听 3 | $听听听 (4) | to | $听听听 鈥� | ||||
Stock-based compensation expense | 鈥� | 鈥� | (8) | 8 | 8 | ||||||||||||||
Restructuring and related charges | 鈥� | 鈥� | (1) | 1 | 1 | ||||||||||||||
Tax effect of Non-GAAP adjustments | 鈥� | 鈥� | 鈥� | 鈥� | (3) | to | (1) | ||||||||||||
Total adjustments | 鈥� | 鈥� | (9) | 9 | 6 | to | 8 | ||||||||||||
Non-GAAP | $听听 120 | to | $听听 135 | $听 63 | to | $听 73 | $听 59 | to | $听 61 | $听听听 4 | to | $听 11 | $听听听听听 2 | to | $听听听听听 8 | ||||
As a % of revenue (GAAP) | 52.5听% | to | 53.8听% | 56.7听% | to | 51.9听% | (4.2)听% | to | 2.2听% | (3.3)听% | to | 鈥斕�% | |||||||
As a % of revenue (Non-GAAP) | 52.5听% | to | 53.8听% | 49.2听% | to | 45.2听% | 3.3听% | to | 8.1听% | 1.7听% | to | 5.9听% | |||||||
Diluted net income (loss) per share: | |||||||||||||||||||
GAAP | to | $听听听 鈥� | |||||||||||||||||
Non-GAAP | to | ||||||||||||||||||
Shares used in per share calculation: | |||||||||||||||||||
GAAP | 113.9 | to | 114.7 | ||||||||||||||||
Non-GAAP | 114.7 | ||||||||||||||||||
(1) Components may not sum to total due to rounding. |
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Harmonic Inc. Calculation of Adjusted EBITDA by Segment on Financial Guidance (Unaudited) (1) (In millions) 听 | |||||||
Q3 2025 Financial Guidance | |||||||
Broadband | Video | ||||||
Income from operations | $听听听听听听听听听听听听听 3 | to | $听听听听听听听听听听听听听 7 | $听听听听听听听听听听听听听 1 | to | $听听听听听听听听听听听听听 4 | |
Depreciation | 2 | 2 | 1 | 1 | |||
Segment adjusted EBITDA(2) | $听听听听听听听听听听听听听 5 | to | $听听听听听听听听听听听听听 9 | $听听听听听听听听听听听听听 2 | to | $听听听听听听听听听听听听听 5 | |
(1) Components may not sum to total due to rounding. |
(2) Segment Adjusted EBITDA is a Non-GAAP financial measure. Refer below for the "Net Income (Loss) to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance." |
听
Harmonic Inc. Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited) (1) (In millions) 听 | |||
Q3 2025 Financial Guidance | |||
Net income (loss) (GAAP) | $听听听听听听听听听听听 (4) | to | $听听听听听听听听听听听 鈥� |
Provision for (benefit from) income taxes | (2) | 1 | |
Interest expense, net | 1 | 1 | |
Depreciation | 3 | 3 | |
EBITDA | (2) | to | 5 |
Adjustments | |||
Stock-based compensation | 8 | 8 | |
Restructuring and related charges | 1 | 1 | |
Total consolidated segment adjusted EBITDA (Non-GAAP) | $听听听听听听听听听听听听听 7 | to | $听听听听听听听听听听听 14 |
(1) Components may not sum to total due to rounding. |
听
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