Harmonic Inc 8-K, filed Nov 2, 2026
Harmonic Inc. (HLIT)
About this 8-K
Harmonic Inc filed this 8-K on November 2, 2026.
Harmonic Inc. reported third-quarter revenue of $148.8 million, up 64% year over year, and backlog and deferred revenue of $534.0 million, up 58%; it raised full-year 2026 revenue outlook to $545 million - $555 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. |
Results of Operations and Financial Condition. |
On November 2, 2026, Harmonic Inc. (the “Company”) issued a press release regarding its preliminary unaudited financial results for the quarter ended October 2, 2026. In the press release, Harmonic also announced that it would be holding a conference call on November 2, 2026 to discuss its financial results for the quarter ended October 2, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto, and the information in Exhibit 99.1 is incorporated herein by reference.
The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 furnished herewith shall not be incorporated by reference into any filing by Harmonic under the Securities Act of 1933, as amended (the “Securities Act”), or under the Exchange Act.
Item 9.01. |
Financial Statements and Exhibits. |
Exhibit Number |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 hereunto duly authorized.
Date: November 2, 2026 |
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HARMONIC INC. |
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By: |
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/s/ Walter Jankovic |
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Walter Jankovic |
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Chief Financial Officer |
Exhibit 99.1
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FOR IMMEDIATE RELEASE
Harmonic Announces Third Quarter 2026 Results
Revenue increased 64% year over year to $148.8 million, well above the high end of guidance
Rest-of-Market revenue more than doubled year over year to a record 46% of total revenue
Company raises full-year 2026 revenue outlook to $545 million - $555 million
SAN JOSE, California, November 2, 2026 - Harmonic Inc. (Nasdaq: HLIT) today announced its unaudited results for the third quarter ended October 2, 2026.
“Our accelerating momentum led to a breakout third quarter with revenue growing 64% year over year, driven mainly by Rest-of-Market growth which more than doubled year over year,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “Additionally, we continued executing on our strategy by introducing new fiber and intelligence products including our Recon platform, Oyster+, cOS LoopTM and cOS SensAITM. We remain confident in our ability to deliver sustainable, profitable growth while simultaneously investing to significantly increase our addressable markets as outlined in our recent Investor Day.”
Financial and Business Highlights for Continuing Operations1
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Q3 2026 |
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GAAP |
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Non-GAAP |
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(Unaudited, in millions, except per share data) |
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Net revenue |
$ |
148.8 |
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$ |
n/a |
Operating profit (1) |
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26.2 |
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33.0 |
Net income per share (1) |
$ |
0.16 |
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$ |
0.23 |
Business Highlights
(1) Includes stranded costs of approximately $1.5 million for Q3 2026.
1
Discontinued Operations - Video Business
The results of the Company's Video Business are presented as held-for-sale and discontinued operations in the condensed consolidated statements of operations and condensed consolidated balance sheets for all periods presented in this press release. As previously announced, on December 8, 2025, the Company entered into a Put Option Agreement to sell its Video business to Leone Media Inc. (d/b/a MediaKind) for a purchase price of $145 million in cash (the "Disposition"). On March 20, 2026, MediaKind and the Company executed the Asset Purchase Agreement (the "APA") for the Disposition.
On June 16, 2026, the Company and MediaKind completed the Disposition. Proceeds from the sale were $137.9 million paid at closing, subject to final post-closing adjustments under the terms of the APA. Following the Disposition, Harmonic operates as a pure-play broadband company with a single reportable segment: Broadband. As such, and unless stated otherwise, all results presented in the following table reflect those of continuing operations. The Company and MediaKind are in the process of finalizing the post-closing adjustments, which are currently expected to be completed in the first quarter of 2027.
Select Financial Information for Continuing Operations 2
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GAAP |
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Non-GAAP |
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Key Financial Results |
Q3 2026 |
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Q2 2026 |
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Q3 2025 |
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Q3 2026 |
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Q2 2026 |
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Q3 2025 |
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(Unaudited, in millions, except per share data) |
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Net revenue |
$ |
148.8 |
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$ |
133.5 |
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$ |
90.5 |
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n/a |
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n/a |
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n/a |
Operating profit (1) |
$ |
26.2 |
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$ |
23.6 |
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$ |
4.0 |
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$ |
33.0 |
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$ |
31.3 |
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$ |
10.1 |
Net income (loss) per share |
$ |
0.16 |
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$ |
0.16 |
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$ |
(0.00) |
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$ |
0.23 |
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$ |
0.21 |
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$ |
0.07 |
Other Financial Information |
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Q3 2026 |
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Q2 2026 |
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Q3 2025 |
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(Unaudited, in millions) |
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Bookings for the quarter |
$ |
105.9 |
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$ |
144.3 |
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$ |
97.4 |
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Backlog and deferred revenue as of quarter end |
$ |
534.0 |
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$ |
587.6 |
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$ |
338.0 |
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Cash and cash equivalents as of quarter end |
$ |
142.8 |
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$ |
231.9 |
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$ |
127.4 |
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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.”
(1) Includes stranded costs of approximately $1.5 million in Q3 2026, $2.3 million in Q2 2026, and $2.2 million in Q3 2025.
2
GAAP Financial Guidance for Continuing Operations3
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Q4 2026 GAAP Financial Guidance (1) |
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(Unaudited, in millions, except percentages and per share data) |
Low |
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High |
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Net revenue |
$ |
141 |
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$ |
151 |
Gross margin % |
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51.0% |
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52.0% |
Operating profit (2) |
$ |
22 |
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$ |
28 |
Tax rate |
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31.0% |
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31.0% |
Net income per share |
$ |
0.13 |
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$ |
0.16 |
Shares (3) |
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109.2 |
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109.2 |
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2026 GAAP Financial Guidance (1) |
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(Unaudited, in millions, except percentages and per share data) |
Low |
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High |
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Net revenue |
$ |
545 |
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$ |
555 |
Gross margin % |
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51.9% |
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52.3% |
Operating profit (2) |
$ |
93 |
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$ |
99 |
Tax rate |
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31.0% |
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31.0% |
Net income per share |
$ |
0.54 |
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$ |
0.57 |
Shares (3) |
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110.2 |
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110.2 |
Non-GAAP Financial Guidance for Continuing Operations
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Q4 2026 Non-GAAP Financial Guidance (1) |
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(Unaudited, in millions, except percentages and per share data) |
Low |
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High |
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Gross margin % |
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51.0% |
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52.0% |
Gross profit |
$ |
72 |
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$ |
79 |
Operating profit (2) |
$ |
28 |
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$ |
34 |
Tax rate |
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23.0% |
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23.0% |
Net income per share |
$ |
0.19 |
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$ |
0.23 |
Shares (3) |
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109.2 |
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109.2 |
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2026 Non-GAAP Financial Guidance (1) |
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(Unaudited, in millions, except percentages and per share data) |
Low |
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High |
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Gross margin % |
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52.1% |
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52.4% |
Gross profit |
$ |
284 |
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$ |
291 |
Operating profit (2) |
$ |
118 |
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$ |
124 |
Tax rate |
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23.0% |
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23.0% |
Net income per share |
$ |
0.80 |
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$ |
0.84 |
Shares (3) |
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110.2 |
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110.2 |
(1) Refer to "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations on Financial Guidance" below. Components may not sum due to rounding.
(2) Includes approximately $1.5 million and $7.6 million of stranded costs associated with the Video business divestiture for Q4 2026 and FY 2026, respectively.
(3) Diluted shares assume stock price of $11.98 (Q3 2026 average price).
3
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, November 2, 2026. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register-conf.media-server.com/register/BI3ab9c6deda3a4df08222bd943609a117. 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 solutions, is transforming multi-gigabit connectivity. The company's industry-leading cOS™ virtualized broadband platform, suite of solutions for fiber and DOCSIS, and a growing portfolio of AI-powered network intelligence solutions, enable broadband service providers to simplify operations, deliver exceptional subscriber experiences and expand revenue streams. With thousands of vCMTS servers and hundreds of thousands of RPDs deployed globally, Harmonic powers next-generation broadband services with five-nines reliability. Anchored with a customer-first approach and driven by a legacy of innovation, Harmonic supports broadband service providers at every stage of their network evolution. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements related to our expectations regarding: net revenue; gross margins; operating expenses; operating income (loss), including stranded costs associated with the disposition of the Video business; 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, but are not limited to, 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 or telco 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 business 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 cOS™ product solutions; dependence on various broadband 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. In some cases, you can identify forward-looking statements by terminology such as, “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “believes,” “intends,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other comparable terminology. 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, 2025, 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 the United States (“GAAP” or referred to herein as “reported”). However, management believes that certain Non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
4
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), and net income (loss) per 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 - 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.
Asset impairment and related charges - We exclude 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 goodwill, 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.
Non-recurring advisory fees - 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.
Divestiture related employee compensation costs - There were non-recurring costs that we excluded from Non-GAAP results relating to employee compensation costs resulting from the divestiture.
Restructuring and related charges - Harmonic from time to time incurs 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 exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
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. This non-recurring adjustment has been excluded from the Company’s non-GAAP tax rate and non-GAAP financial measures, as management believes exclusion of this item provides more meaningful period-to-period comparisons of ongoing operating performance.
CONTACTS:
Walter Jankovic |
David Hanover |
Chief Financial Officer |
Investor Relations |
Harmonic Inc. |
Harmonic Inc. |
+1.408.490.6152 |
+1.212.896.1220 |
5
Harmonic Inc.
Preliminary Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
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October 2, 2026 |
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December 31, 2025 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
142,841 |
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$ |
124,105 |
Accounts receivable, net of allowances for credit losses of $413 and $227 as of October 2, 2026 and December 31, 2025, respectively |
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117,110 |
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85,935 |
Inventories |
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94,825 |
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47,840 |
Prepaid expenses and other current assets |
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24,856 |
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12,530 |
Assets held for sale |
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— |
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223,961 |
Total current assets |
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379,632 |
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494,371 |
Property and equipment, net |
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23,577 |
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25,648 |
Operating lease right-of-use assets |
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11,596 |
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13,687 |
Goodwill |
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64,587 |
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60,900 |
Deferred income taxes, net |
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90,910 |
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104,043 |
Other non-current assets |
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18,801 |
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19,834 |
Total assets |
$ |
589,103 |
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$ |
718,483 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
$ |
2,944 |
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$ |
2,944 |
Accounts payable |
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56,435 |
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23,093 |
Deferred revenue |
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20,435 |
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31,519 |
Operating lease liabilities |
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5,563 |
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6,433 |
Other current liabilities |
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70,781 |
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48,288 |
Liabilities to be disposed of |
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— |
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85,671 |
Total current liabilities |
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156,158 |
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197,948 |
Long-term debt |
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33,410 |
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109,140 |
Operating lease liabilities, non-current |
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12,208 |
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14,664 |
Other non-current liabilities |
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11,771 |
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13,485 |
Total liabilities |
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213,547 |
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335,237 |
Stockholders’ equity: |
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Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding |
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— |
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— |
Common stock, $0.001 par value, 150,000 shares authorized; 108,965 and 111,186 shares issued and outstanding at October 2, 2026 and December 31, 2025, respectively |
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109 |
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111 |
Additional paid-in capital |
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2,488,443 |
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2,466,177 |
Accumulated deficit |
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(2,103,595) |
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(2,076,406) |
Accumulated other comprehensive loss |
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(9,401) |
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(6,636) |
Total stockholders’ equity |
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375,556 |
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383,246 |
Total liabilities and stockholders’ equity |
$ |
589,103 |
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$ |
718,483 |
6
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
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Three Months Ended |
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Nine Months Ended |
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October 2, 2026 |
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September 26, 2025 |
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October 2, 2026 |
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September 26, 2025 |
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Revenue: |
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Appliance and integration |
$ |
137,187 |
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$ |
76,179 |
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$ |
357,962 |
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$ |
220,305 |
SaaS and service |
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11,651 |
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14,313 |
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46,033 |
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41,983 |
Total net revenue |
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148,838 |
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90,492 |
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403,995 |
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262,288 |
Cost of revenue: |
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Appliance and integration |
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67,726 |
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42,253 |
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174,997 |
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116,339 |
SaaS and service |
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3,993 |
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5,940 |
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18,376 |
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17,384 |
Total cost of revenue |
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71,719 |
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48,193 |
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193,373 |
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133,723 |
Total gross profit |
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77,119 |
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42,299 |
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210,622 |
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128,565 |
Operating expenses: |
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Research and development |
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23,558 |
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18,701 |
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65,638 |
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56,357 |
Selling, general and administrative |
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27,300 |
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18,681 |
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74,215 |
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58,944 |
Asset impairment and related charges |
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205 |
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— |
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633 |
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1,637 |
Restructuring and related charges |
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(103) |
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887 |
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(103) |
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1,315 |
Total operating expenses |
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50,960 |
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38,269 |
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140,383 |
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118,253 |
Income from operations |
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26,159 |
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4,030 |
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70,239 |
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|
10,312 |
Interest income (expense), net |
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231 |
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(1,001) |
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(1,930) |
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(3,402) |
Other income (expense), net |
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(591) |
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440 |
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(1,212) |
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(1,373) |
Income before income taxes |
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25,799 |
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|
3,469 |
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67,097 |
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5,537 |
Provision for income taxes |
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7,705 |
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3,984 |
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22,304 |
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|
4,540 |
Income (loss) from continuing operations, net of tax |
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18,094 |
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(515) |
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44,793 |
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|
997 |
Income (loss) from discontinued operations, net of tax |
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(3,456) |
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|
3,209 |
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(25,170) |
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|
10,508 |
Net income |
$ |
14,638 |
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$ |
2,694 |
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$ |
19,623 |
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$ |
11,505 |
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Net income (loss) per share: |
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Basic: |
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|
|
|
|
|
|
Continuing operations |
$ |
0.17 |
|
$ |
(0.00) |
|
$ |
0.41 |
|
$ |
0.01 |
Discontinued operations |
|
(0.04) |
|
|
0.02 |
|
|
(0.23) |
|
|
0.09 |
Basic net income per share |
$ |
0.13 |
|
$ |
0.02 |
|
$ |
0.18 |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.16 |
|
$ |
(0.00) |
|
$ |
0.41 |
|
$ |
0.01 |
Discontinued operations |
|
(0.03) |
|
|
0.02 |
|
|
(0.23) |
|
|
0.09 |
Diluted net income per share |
$ |
0.13 |
|
$ |
0.02 |
|
$ |
0.18 |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
109,111 |
|
|
112,982 |
|
|
109,161 |
|
|
114,221 |
Diluted |
|
110,259 |
|
|
112,982 |
|
|
110,433 |
|
|
114,602 |
7
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands) 4
|
Nine Months Ended |
||||
|
October 2, 2026 |
|
September 26, 2025 |
||
Cash flows from Continuing and Discontinued Operations |
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
Net income |
$ |
19,623 |
|
$ |
11,505 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation |
|
8,315 |
|
|
8,215 |
Asset impairment and related charges |
|
633 |
|
|
1,637 |
Stock-based compensation |
|
27,524 |
|
|
23,486 |
Foreign currency remeasurement |
|
(88) |
|
|
446 |
Deferred income taxes, net |
|
21,875 |
|
|
(3,120) |
Loss on divestiture |
|
6,566 |
|
|
— |
Provision for excess and obsolete inventories |
|
1,429 |
|
|
2,789 |
Other |
|
95 |
|
|
61 |
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable, net |
|
(35,481) |
|
|
74,121 |
Inventories |
|
(51,525) |
|
|
(3,944) |
Prepaid expenses and other assets |
|
(11,021) |
|
|
10,359 |
Accounts payable |
|
34,264 |
|
|
(13,785) |
Deferred revenues |
|
(4,252) |
|
|
1,173 |
Other liabilities |
|
5,992 |
|
|
(17,265) |
Net cash provided by operating activities |
|
23,949 |
|
|
95,678 |
Cash flows from investing activities: |
|
|
|
|
|
Net proceeds from divestiture, net of cash retained and transaction costs (1) |
|
131,963 |
|
|
— |
Acquisitions of businesses, net of cash acquired |
|
(1,809) |
|
|
— |
Purchases of property and equipment |
|
(5,831) |
|
|
(8,404) |
Net cash provided by (used in) investing activities |
|
124,323 |
|
|
(8,404) |
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from long-term debt |
|
170,000 |
|
|
95,000 |
Repayment of long-term debt and other borrowings |
|
(248,644) |
|
|
(101,897) |
Repurchase of common stock |
|
(46,582) |
|
|
(65,757) |
Proceeds from other borrowings |
|
— |
|
|
3,835 |
Proceeds from common stock issued to employees |
|
4,534 |
|
|
5,983 |
Taxes paid related to net share settlement of equity awards |
|
(6,740) |
|
|
(3,795) |
Net cash used in financing activities |
|
(127,432) |
|
|
(66,631) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
|
(2,089) |
|
|
5,283 |
Net increase in cash and cash equivalents and restricted cash |
|
18,751 |
|
|
25,926 |
Cash and cash equivalents and restricted cash at beginning of period (2) |
|
124,461 |
|
|
101,789 |
Cash and cash equivalents and restricted cash at end of period |
$ |
143,212 |
|
$ |
127,715 |
|
|
|
|
|
|
Cash and cash equivalents and restricted cash at end of period |
|
|
|
|
|
Cash and cash equivalents |
$ |
142,841 |
|
$ |
127,376 |
Restricted cash included in other current assets |
|
371 |
|
|
339 |
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows |
$ |
143,212 |
|
$ |
127,715 |
1 Net proceeds from divestiture includes transaction costs of $3.8 million and cash retained in the business sold of $2.1 million.
2 Restricted cash included in other current assets was $0.4 million and $0.3 million as of December 31, 2025 and 2024 respectively.
8
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
|
Nine Months Ended |
||||
|
October 2, 2026 |
|
September 26, 2025 |
||
Supplemental cash flow disclosure: |
|
|
|
|
|
Income tax payments, net |
$ |
5,532 |
|
$ |
14,496 |
Interest payments, net |
|
1,999 |
|
|
2,897 |
Supplemental schedule of non-cash investing activities: |
|
|
|
|
|
Capital expenditures incurred but not yet paid |
|
934 |
|
|
968 |
Acquisition holdback consideration not yet paid |
$ |
1,631 |
|
$ |
— |
9
Harmonic Inc.
Preliminary GAAP Revenue Information
(Unaudited, in thousands, except percentages)5
|
Three Months Ended |
||||||||||
|
October 2, 2026 |
|
July 3, 2026 |
|
September 26, 2025 |
||||||
Geography |
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
133,063 |
90% |
|
$ |
120,603 |
91% |
|
$ |
80,040 |
88% |
EMEA |
|
10,993 |
7% |
|
|
8,421 |
6% |
|
|
9,717 |
11% |
APAC |
|
4,782 |
3% |
|
|
4,438 |
3% |
|
|
735 |
1% |
Total |
$ |
148,838 |
100% |
|
$ |
133,462 |
100% |
|
$ |
90,492 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
Customer |
|
|
|
|
|
|
|
|
|
|
|
Top 2 customers (1) |
$ |
80,103 |
54% |
|
$ |
84,053 |
63% |
|
$ |
56,306 |
62% |
Rest-of-Market |
|
68,735 |
46% |
|
|
49,409 |
37% |
|
|
34,186 |
38% |
Total |
$ |
148,838 |
100% |
|
$ |
133,462 |
100% |
|
$ |
90,492 |
100% |
|
|
|
|
|
Nine Months Ended |
||||||
|
|
|
|
|
October 2, 2026 |
|
September 26, 2025 |
||||
Geography |
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
$ |
360,096 |
89% |
|
$ |
235,346 |
90% |
EMEA |
|
|
|
|
|
29,873 |
7% |
|
|
24,113 |
9% |
APAC |
|
|
|
|
|
14,026 |
4% |
|
|
2,829 |
1% |
Total |
|
|
|
|
$ |
403,995 |
100% |
|
$ |
262,288 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
Customer |
|
|
|
|
|
|
|
|
|
|
|
Top 2 customers (1) |
|
|
|
|
$ |
235,257 |
58% |
|
$ |
165,420 |
63% |
Rest-of-Market |
|
|
|
|
|
168,738 |
42% |
|
|
96,868 |
37% |
Total |
|
|
|
|
$ |
403,995 |
100% |
|
$ |
262,288 |
100% |
(1) Based on largest subscriber footprint
10
Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
|
Three Months Ended October 2, 2026 |
||||||||||||||||
|
Revenue |
|
Gross |
|
Total Operating |
|
Income from Operations |
|
Total |
|
Net Income |
||||||
GAAP |
$ |
148,838 |
|
$ |
77,119 |
|
$ |
50,960 |
|
$ |
26,159 |
|
$ |
(360) |
|
$ |
18,094 |
Stock-based compensation |
|
— |
|
|
402 |
|
|
(5,655) |
|
|
6,057 |
|
|
— |
|
|
6,057 |
Restructuring and related charges |
|
— |
|
|
— |
|
|
103 |
|
|
(103) |
|
|
— |
|
|
(103) |
Non-recurring advisory fees |
|
— |
|
|
— |
|
|
(214) |
|
|
214 |
|
|
— |
|
|
214 |
Divestiture related employee compensation costs |
|
— |
|
|
— |
|
|
(450) |
|
|
450 |
|
|
— |
|
|
450 |
Lease-related asset impairment and other charges (1) |
|
— |
|
|
— |
|
|
(205) |
|
|
205 |
|
|
— |
|
|
205 |
Discrete tax items and tax effect of Non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
202 |
Total adjustments |
|
— |
|
|
402 |
|
|
(6,421) |
|
|
6,823 |
|
|
— |
|
|
7,025 |
Non-GAAP |
$ |
148,838 |
|
$ |
77,521 |
|
$ |
44,539 |
|
$ |
32,982 |
|
$ |
(360) |
|
$ |
25,119 |
As a % of revenue (GAAP) |
|
|
|
|
51.8% |
|
|
34.2% |
|
|
17.6% |
|
|
(0.2)% |
|
|
12.2% |
As a % of revenue (Non-GAAP) |
|
|
|
|
52.1% |
|
|
29.9% |
|
|
22.2% |
|
|
(0.2)% |
|
|
16.9% |
Diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.16 |
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.23 |
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,259 |
(1) Includes impairment charges of $0.2 million for right-of-use assets.
|
Three Months Ended July 3, 2026 |
||||||||||||||||
|
Revenue |
|
Gross |
|
Total Operating |
|
Income from Operations |
|
Total |
|
Net Income |
||||||
GAAP |
$ |
133,462 |
|
$ |
69,888 |
|
$ |
46,257 |
|
$ |
23,631 |
|
$ |
(1,661) |
|
$ |
17,051 |
Stock-based compensation |
|
— |
|
|
808 |
|
|
(6,476) |
|
|
7,284 |
|
|
— |
|
|
7,284 |
Lease-related asset impairment and other charges (1) |
|
— |
|
|
— |
|
|
(428) |
|
|
428 |
|
|
— |
|
|
428 |
Discrete tax items and tax effect of Non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,908) |
Total adjustments |
|
— |
|
|
808 |
|
|
(6,904) |
|
|
7,712 |
|
|
— |
|
|
5,804 |
Non-GAAP |
$ |
133,462 |
|
$ |
70,696 |
|
$ |
39,353 |
|
$ |
31,343 |
|
$ |
(1,661) |
|
$ |
22,855 |
As a % of revenue (GAAP) |
|
|
|
|
52.4% |
|
|
34.7% |
|
|
17.7% |
|
|
(1.2)% |
|
|
12.8% |
As a % of revenue (Non-GAAP) |
|
|
|
|
53.0% |
|
|
29.5% |
|
|
23.5% |
|
|
(1.2)% |
|
|
17.1% |
Diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.16 |
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.21 |
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109,682 |
(1) Includes impairment charges of $0.1 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs.
11
Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
|
Three Months Ended September 26, 2025 |
||||||||||||||||
|
Revenue |
|
Gross |
|
Total Operating |
|
Income from Operations |
|
Total |
|
Net Income (Loss) |
||||||
GAAP |
$ |
90,492 |
|
$ |
42,299 |
|
$ |
38,269 |
|
$ |
4,030 |
|
$ |
(561) |
|
$ |
(515) |
Stock-based compensation |
|
— |
|
|
125 |
|
|
(5,032) |
|
|
5,157 |
|
|
— |
|
|
5,157 |
Restructuring and related charges |
|
— |
|
|
— |
|
|
(887) |
|
|
887 |
|
|
— |
|
|
887 |
Discrete tax items and tax effect of Non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,986 |
Total adjustments |
|
— |
|
|
125 |
|
|
(5,919) |
|
|
6,044 |
|
|
— |
|
|
8,030 |
Non-GAAP |
$ |
90,492 |
|
$ |
42,424 |
|
$ |
32,350 |
|
$ |
10,074 |
|
$ |
(561) |
|
$ |
7,515 |
As a % of revenue (GAAP) |
|
|
|
|
46.7% |
|
|
42.3% |
|
|
4.5% |
|
|
(0.6)% |
|
|
(0.6)% |
As a % of revenue (Non-GAAP) |
|
|
|
|
46.9% |
|
|
35.7% |
|
|
11.1% |
|
|
(0.6)% |
|
|
8.3% |
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(0.00) |
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.07 |
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,982 |
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113,323 |
|
Nine Months Ended October 2, 2026 |
||||||||||||||||
|
Revenue |
|
Gross |
|
Total Operating |
|
Income from Operations |
|
Total |
|
Net Income |
||||||
GAAP |
$ |
403,995 |
|
$ |
210,622 |
|
$ |
140,383 |
|
$ |
70,239 |
|
$ |
(3,142) |
|
$ |
44,793 |
Stock-based compensation |
|
— |
|
|
1,475 |
|
|
(17,430) |
|
|
18,905 |
|
|
— |
|
|
18,905 |
Restructuring and related charges |
|
— |
|
|
— |
|
|
103 |
|
|
(103) |
|
|
— |
|
|
(103) |
Non-recurring advisory fees |
|
— |
|
|
— |
|
|
(214) |
|
|
214 |
|
|
— |
|
|
214 |
Divestiture related employee compensation costs |
|
— |
|
|
— |
|
|
(450) |
|
|
450 |
|
|
— |
|
|
450 |
Lease-related asset impairment and other charges (1) |
|
— |
|
|
— |
|
|
(633) |
|
|
633 |
|
|
— |
|
|
633 |
Discrete tax items and tax effect of non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,875 |
Total adjustments |
|
— |
|
|
1,475 |
|
|
(18,624) |
|
|
20,099 |
|
|
— |
|
|
21,974 |
Non-GAAP |
$ |
403,995 |
|
$ |
212,097 |
|
$ |
121,759 |
|
$ |
90,338 |
|
$ |
(3,142) |
|
$ |
66,767 |
As a % of revenue (GAAP) |
|
|
|
|
52.1% |
|
|
34.7% |
|
|
17.4% |
|
|
(0.8)% |
|
|
11.1% |
As a % of revenue (Non-GAAP) |
|
|
|
|
52.5% |
|
|
30.1% |
|
|
22.4% |
|
|
(0.8)% |
|
|
16.5% |
Diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.41 |
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.60 |
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,433 |
(1) Includes impairment charges of $0.3 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs.
12
|
Nine Months Ended September 26, 2025 |
||||||||||||||||
|
Revenue |
|
Gross |
|
Total Operating |
|
Income from Operations |
|
Total |
|
Net Income |
||||||
GAAP |
$ |
262,288 |
|
$ |
128,565 |
|
$ |
118,253 |
|
$ |
10,312 |
|
$ |
(4,775) |
|
$ |
997 |
Stock-based compensation |
|
— |
|
|
743 |
|
|
(15,086) |
|
|
15,829 |
|
|
— |
|
|
15,829 |
Restructuring and related charges |
|
— |
|
|
— |
|
|
(1,315) |
|
|
1,315 |
|
|
— |
|
|
1,315 |
Lease-related asset impairment and other charges (1) |
|
— |
|
|
— |
|
|
(1,637) |
|
|
1,637 |
|
|
— |
|
|
1,637 |
Discrete tax items and tax effect of non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(566) |
Total adjustments |
|
— |
|
|
743 |
|
|
(18,038) |
|
|
18,781 |
|
|
— |
|
|
18,215 |
Non-GAAP |
$ |
262,288 |
|
$ |
129,308 |
|
$ |
100,215 |
|
$ |
29,093 |
|
$ |
(4,775) |
|
$ |
19,212 |
As a % of revenue (GAAP) |
|
|
|
|
49.0% |
|
|
45.1% |
|
|
3.9% |
|
|
(1.8)% |
|
|
0.4% |
As a % of revenue (Non-GAAP) |
|
|
|
|
49.3% |
|
|
38.2% |
|
|
11.1% |
|
|
(1.8)% |
|
|
7.3% |
Diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.01 |
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.17 |
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114,221 |
(1) Includes impairment charges of $0.4 million for right-of-use assets, $0.3 million for leasehold improvements, and $0.9 million related to the fair value of other unrecoverable facility costs.
13
Harmonic Inc.
GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)(1)
(In millions, except percentages and per share data)6
|
Q4 2026 Financial Guidance |
||||||||||||||||||||||||||||
|
Revenue |
|
Gross Profit |
|
Total Operating Expense |
|
Income from Operations |
|
Net Income |
||||||||||||||||||||
GAAP |
$ |
141 |
to |
$ |
151 |
|
$ |
72 |
to |
$ |
79 |
|
$ |
50 |
to |
$ |
51 |
|
$ |
22 |
to |
$ |
28 |
|
$ |
14 |
to |
$ |
18 |
Stock-based compensation |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(6) |
|
|
|
|
|
6 |
|
|
|
|
|
6 |
|
|
Tax effect of Non-GAAP adjustments |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1 |
|
|
Total adjustments |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(6) |
|
|
|
|
|
6 |
|
|
|
|
7 |
to |
|
7 |
Non-GAAP |
$ |
141 |
to |
$ |
151 |
|
$ |
72 |
to |
$ |
79 |
|
$ |
44 |
to |
$ |
45 |
|
$ |
28 |
to |
$ |
34 |
|
$ |
21 |
to |
$ |
25 |
As a % of revenue (GAAP) |
|
|
|
|
|
|
|
51.0% |
to |
|
52.0% |
|
|
35.5% |
to |
|
33.8% |
|
|
15.6% |
to |
|
18.5% |
|
|
9.9% |
to |
|
11.9% |
As a % of revenue (Non-GAAP) |
|
|
|
|
|
|
|
51.0% |
to |
|
52.0% |
|
|
31.2% |
to |
|
29.8% |
|
|
19.9% |
to |
|
22.5% |
|
|
14.9% |
to |
|
16.6% |
Diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.13 |
to |
$ |
0.16 |
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.19 |
to |
$ |
0.23 |
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109.2 |
||||
|
FY 2026 Financial Guidance |
||||||||||||||||||||||||||||
|
Revenue |
|
Gross Profit |
|
Total Operating Expense |
|
Income from Operations |
|
Net Income |
||||||||||||||||||||
GAAP |
$ |
545 |
to |
$ |
555 |
|
$ |
283 |
to |
$ |
290 |
|
$ |
190 |
to |
$ |
191 |
|
$ |
93 |
to |
$ |
99 |
|
$ |
59 |
to |
$ |
63 |
Stock-based compensation |
|
|
— |
|
|
|
|
|
1 |
|
|
|
|
|
(23) |
|
|
|
|
|
24 |
|
|
|
|
|
24 |
|
|
Lease-related asset impairment and related charges |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(1) |
|
|
|
|
|
1 |
|
|
|
|
|
1 |
|
|
Tax effect of Non-GAAP adjustments |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
4 |
|
|
Total adjustments |
|
|
— |
|
|
|
|
|
1 |
|
|
|
|
|
(24) |
|
|
|
|
|
25 |
|
|
|
|
29 |
to |
|
29 |
Non-GAAP |
$ |
545 |
to |
$ |
555 |
|
$ |
284 |
to |
$ |
291 |
|
$ |
166 |
to |
$ |
167 |
|
$ |
118 |
to |
$ |
124 |
|
$ |
88 |
to |
$ |
92 |
As a % of revenue (GAAP) |
|
|
|
|
|
|
|
51.9% |
to |
|
52.3% |
|
|
34.9% |
to |
|
34.4% |
|
|
17.1% |
to |
|
17.8% |
|
|
10.8% |
to |
|
11.4% |
As a % of revenue (Non-GAAP) |
|
|
|
|
|
|
|
52.1% |
to |
|
52.4% |
|
|
30.5% |
to |
|
30.1% |
|
|
21.7% |
to |
|
22.3% |
|
|
16.1% |
to |
|
16.6% |
Diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.54 |
to |
$ |
0.57 |
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.80 |
to |
$ |
0.84 |
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110.2 |
||||
(1) Components may not sum to total due to rounding.
14