HARMONIC INC.

Listed Company

HLITCIK 0000851310NasdaqLarge AcceleratedRadio & Tv Broadcasting & Communications EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$360.52M

Net Income

$-43.31M

Total Assets

$718.48M

Equity

$383.25M

Shares Out

110.24M

Op. Cash Flow

$107.97M

Business

HARMONIC INC. provides broadband access systems and video delivery software and services that enable operators and media companies to prepare, store, playout and deliver broadcast and streaming video. Products include the cOS software broadband platform with DAA nodes and OLT/ONU hardware, video appliances (encoders, servers, edge processors) and VOS360 SaaS for streaming, ad insertion and cloud DVR. The company operates two segments—Broadband and Video—and combines product shipments, software licenses and SaaS with support and professional services. It sells via direct sales, resellers and integrators to cable, satellite, telco, broadcast, media and streaming customers in the Americas, EMEA and APAC.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net revenue	361	488	388	625	507
Total cost of revenue	186	248	210	309	247
Total gross profit	175	240	178	316	260
Research and development expense	76	73	70	120	102
Selling, general and administrative	81	79	78	147	138
Asset impairment and related charges	2	11	0	0	—
Restructuring and related charges	1	3	110,000	3	110,000
Total operating expenses	161	165	148	270	241
Income (loss) from operations	14	75	30	46	19
Interest expense, net	−4	−6	−2	−5	—
Other income (expense), net	−1	3	−157,000	4	687,000
Income before income taxes	9	72	28	44	9
Provision for (benefit from) income taxes	8	21	−60	16	−4
Income from continuing operations	1	51	88	—	—
Loss from discontinued operations, net of tax	−45	−12	−4	—	—
Net income	−43	39	84	28	13
Basic (per share)	−0.38	0.34	0.75	0.27	0.13
Diluted (per share)	−0.38	0.33	0.72	0.25	0.12
Basic (shares)	114	115	112	105	101
Diluted (shares)	114	117	117	112	106

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	124	101	84	90	133
Accounts receivable, net of allowances for credit losses of $227 and $415 as of December 31, 2025 and December 31, 2024, respectively	86	144	142	108	89
Inventories	48	43	84	121	71
Prepaid expenses and other current assets	13	10	21	26	30
Assets held for sale	224	267	—	—	—
Total current assets	494	565	331	345	323
Property and equipment, net	26	25	37	40	43
Operating lease right-of-use assets	14	12	21	25	31
Goodwill	61	61	61	238	240
Deferred income taxes, net	104	114	105	12	—
Other non-current assets	20	19	36	50	57
Total assets	718	797	768	710	694
Current portion of long-term debt	3	2	—	—	—
Accounts payable	23	28	39	67	64
Deferred revenue	32	14	46	62	57
Operating lease liabilities	6	6	7	7	7
Other current liabilities	48	55	61	67	54
Liabilities to be disposed of	86	87	—	—	—
Total current liabilities	198	192	272	322	224
Long-term debt	109	112	0	—	—
Operating lease liabilities non-current	15	15	19	24	29
Other non-current liabilities	13	12	29	28	31
Total liabilities	335	331	331	386	397
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding	0	0	0	0	0
Common stock, $0.001 par value, 150,000 shares authorized; 111,186 and 116,735 shares issued and outstanding at December 31, 2025 and 2024, respectively	111,000	117,000	112,000	110,000	103,000
Additional paid-in capital	2,466	2,433	2,405	2,381	2,387
Accumulated deficit	−2,076	−1,953	−1,963	−2,047	−2,088
Accumulated other comprehensive loss	−7	−14	−6	−10	−3
Total stockholders' equity	383	465	437	325	296
Total liabilities and stockholders' equity	718	797	768	710	694

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	11	12	12	12	13
Asset impairment and related charges	2	12	0	0	—
Impairment of goodwill	58	0	0	—	—
Stock-based compensation	32	28	27	25	24
Foreign currency remeasurement	847,000	315,000	1	−3	−5
Deferred income taxes, net	8	−16	−93	5	−6
Provision for excess and obsolete inventories	3	11	7	6	3
Other	127,000	569,000	2	3	181,000
Accounts receivable, net	54	−38	−33	−21	−27
Inventories	−7	8	35	−54	−39
Prepaid expenses and other assets	3	3	25	−8	−3
Accounts payable	−6	−3	−29	6	42
Deferred revenues	10	−2	−21	3	15
Other liabilities	−18	7	−12	8	−2
Net cash provided by operating activities	108	62	7	5	41
Purchases of investments	0	0	−6	0	0
Proceeds from maturities of investments	0	0	6	0	0
Purchases of property and equipment	−11	−9	−8	−9	−13
Net cash used in investing activities	−11	−9	−8	−1	−13
Proceeds from long-term debt	135	115	0	0	—
Repayment of convertible debt	0	−116	0	−38	0
Payments for debt issuance costs	0	−332,000	−1	0	0
Proceeds from other borrowings	4	4	4	3	4
Repayment of long-term debt and other borrowings	−143	−5	−5	—	—
Repurchase of common stock	−79	−30	0	−5	0
Proceeds from common stock issued to employees	6	7	7	7	12
Taxes paid related to net share settlement of equity awards	−4	−8	−9	−6	−2
Net cash used in financing activities	−81	−33	−5	−43	8
Effect of exchange rate changes on cash and cash equivalents and restricted cash	7	−2	1	−5	−1
Net increase (decrease) in cash and cash equivalents and restricted cash	23	18	−5	−44	35
Income tax payments, net	13	27	18	9	3
Interest payments, net	4	6	2	4	4
Capital expenditures incurred but not yet paid	247,000	488,000	618,000	1	751,000

Filings

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