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Revenue Performance - Q3 2025 revenue was $142.4 million, a decrease of 27.3% from $195.8 million in Q3 2024[6] - Total net revenue for the three months ended September 26, 2025, was $142,382, a decrease of 27.2% compared to $195,756 for the same period in 2024[30] - For the nine months ended September 26, 2025, total net revenue reached $413,544 million, compared to $456,556 million for the same period in 2024[45] - The company experienced a decrease in net revenue from $195,756 million in September 2024 to $142,382 million in September 2025[44] Segment Performance - Broadband segment revenue was $90.5 million, down 37.7% from $145.3 million in the prior year period; Video segment revenue increased to $51.9 million from $50.4 million[6] - The company reported a gross margin of 47.3% for the Broadband segment and 66.7% for the Video segment in the latest quarter[39] - Adjusted EBITDA for the Broadband segment for the three months ended September 26, 2025, was $14.184 million, with a revenue of $90.492 million, resulting in an adjusted EBITDA margin of 15.7%[49] - For the Video segment during the same period, adjusted EBITDA was $7.731 million, with revenue of $51.890 million, leading to an adjusted EBITDA margin of 14.9%[49] Profitability - GAAP net income was $2.7 million, compared to $21.7 million in Q3 2024, representing a decline of 87.6%[6] - Non-GAAP net income was $14.1 million, down from $29.9 million in the prior year period, a decrease of 52.8%[6] - The diluted net income per share for the three months ended September 26, 2025, was $0.02 (GAAP) and $0.12 (Non-GAAP)[42] - The company’s total net income for the nine months ended September 26, 2025, was $11,505 million (GAAP) and $37,835 million (Non-GAAP)[45] Cash and Assets - Cash and cash equivalents increased to $127.4 million from $58.2 million in the prior year period[6] - Cash and cash equivalents at the end of the period were $127,376, an increase from $101,457 at the end of December 31, 2024[28] - Total assets decreased to $758,595 as of September 26, 2025, from $796,506 as of December 31, 2024, reflecting a decline of 4.8%[28] - Total liabilities decreased to $315,584 as of September 26, 2025, from $331,248 as of December 31, 2024, a reduction of 4.7%[28] Operating Expenses - The company reported a total operating expense of $67,310 for the three months ended September 26, 2025, compared to $69,308 for the same period in 2024, a decrease of 2.9%[30] - Research and development expenses for the three months ended September 26, 2025, were $29,699, slightly down from $30,073 in the same period in 2024[30] - The company reported stock-based compensation of $23.486 million for the nine months ended September 26, 2025[50] Future Outlook - The company anticipates increased Broadband revenue growth momentum in 2026 due to Unified DOCSIS 4.0 ramp readiness and large customer deployment plans[3] - The company provided Q4 2025 financial guidance with GAAP revenue expected between $133 million and $147 million, and non-GAAP revenue expected to be in the same range[52] - The projected non-GAAP net income per share for Q4 2025 is estimated to be between $0.06 and $0.12[52] Backlog and Deferred Revenue - Backlog and deferred revenue stood at $494.5 million, down from $584.7 million in Q3 2024[8] Share Repurchase - The company repurchased approximately 1.8 million shares of common stock for $15.7 million during the quarter[6] EBITDA Performance - Non-GAAP adjusted EBITDA for Q3 2025 was $21.9 million, significantly lower than $43.4 million in Q3 2024[8] - Total consolidated segment adjusted EBITDA for the nine months ended September 26, 2025, was $60.018 million, compared to $63.553 million for the same period in the previous year[50] - The Adjusted EBITDA margin for the nine months ended September 27, 2024, was 20.2% for the Broadband segment, while the Video segment reported a negative margin of (0.5)%[49]

Core Insights - Harmonic Inc. reported third-quarter results for 2025 that exceeded expectations in both revenue and profitability for its Broadband and Video segments [2][4] - The company anticipates increased revenue growth momentum in Broadband for 2026, driven by Unified DOCSIS 4.0 readiness and large customer deployment plans [2] Financial Highlights - Net revenue for Q3 2025 was $142.4 million, a decrease from $195.8 million in Q3 2024 [7] - Net income for Q3 2025 was $2.7 million, down from $21.7 million in the same quarter last year [7] - Adjusted EBITDA for Q3 2025 was $21.9 million, compared to $43.4 million in Q3 2024 [7] - Cash and cash equivalents as of the end of Q3 2025 were $127.4 million, up from $58.2 million a year earlier [7] Segment Performance - Broadband segment revenue for Q3 2025 was $90.5 million, down from $145.3 million in Q3 2024 [7] - Video segment revenue for Q3 2025 was $51.9 million, slightly up from $50.4 million in Q3 2024 [7] - The gross margin for the Broadband segment was 47.3%, down from 48.3% in the prior year, while the Video segment's gross margin was 66.7%, down from 69.0% [7] Business Developments - Harmonic commercially deployed its cOS solution with 142 customers, serving 37.6 million cable modems [7] - The company won six new broadband customers during the quarter, including two fiber customers and one international Tier 1 [7] - Comcast is leveraging Harmonic's fiber-to-the-home solutions, planning to expand to over 1.2 million new locations in 2025 [7] - An expanded partnership with Spectrum (Charter) was announced, focusing on cOS, DOCSIS 4.0 Unified RPDs, and advanced operational tools [7] Future Guidance - For Q4 2025, the company projects total GAAP net revenue between $133 million and $147 million, with a gross margin of approximately 54.5% [5][6] - The anticipated tax rate for Q4 2025 is 45% [5]

Core Viewpoint - Harmonic is set to release its third quarter 2025 financial results on November 3, 2025, and will host a live webcast to discuss these results [1]. Group 1: Financial Results Announcement - The financial results will be released after market close on November 3, 2025 [1]. - A live webcast to discuss the results is scheduled for 2:00 p.m. PT on the same day [1]. - Participants can register in advance for the telephone participation [2]. Group 2: Webcast Participation Details - Upon registration, participants will receive a confirmation email with details on how to join the audio version of the webcast [2]. - The live webcast will be accessible via Harmonic's Investor Relations website [2]. - Participants are advised to join at least 15 minutes prior to the call [2]. Group 3: Replay Information - A replay of the webcast will be available on the Investor Relations website after 5:00 p.m. PT for those unable to attend the live event [3]. Group 4: Company Overview - Harmonic is a leader in virtualized broadband and video delivery solutions, enabling high-quality video streaming and broadcast services globally [4]. - The company has innovated broadband networking with the first virtualized broadband solution, allowing flexible deployment of gigabit internet services [4]. - Harmonic's solutions facilitate the monetization of live and on-demand content across various screens [4].

Core Insights - Comcast Corporation is recognized as one of the top NASDAQ stocks to buy, particularly favored by hedge funds [1] - The company has partnered with Harmonic Inc. to enhance fiber broadband access, with plans to expand its network significantly in the coming years [1][2] Group 1: Partnership and Expansion - Comcast and Harmonic announced a partnership aimed at expanding fiber broadband access, with Comcast planning to reach over 1.2 million new locations by the end of 2025 [1] - The partnership utilizes Harmonic's cOS virtualized broadband platform, enabling Comcast to deliver multi-gigabit symmetrical broadband with low latency to both residential and commercial customers [2] - The converged solution from this partnership simplifies operations and supports cost-effective fiber rollouts, particularly in rural areas [3] Group 2: Company Overview - Comcast operates through various segments, including Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks [4] - Harmonic provides broadband access solutions globally, operating through Broadband and Video segments [4]

Core Insights - Harmonic and Mediacom Communications are showcasing DOCSIS 4.0 technology at SCTE TechExpo25, demonstrating its practical application in delivering multi-gigabit speeds to real customers [1][2][3] - The deployment highlights the readiness of DOCSIS 4.0 for widespread adoption, emphasizing its capabilities in enhancing broadband experiences and meeting increasing bandwidth demands [4][6] Company Overview - Harmonic is recognized as the market leader in cable broadband equipment and virtual CMTS, with its cOS platform powering over 35 million customer CPE devices globally [4][5] - Mediacom is the fifth-largest cable operator in the U.S., providing gigabit broadband services primarily in smaller markets across 22 states, serving over 3 million households and businesses [9] Technological Advancements - The deployment features Harmonic's cOS virtualized broadband platform integrated with Mediacom's network, showcasing advanced capabilities such as symmetric multi-gigabit speeds and enhanced upstream performance [2][4] - Real-time analytics and speed tests will be conducted to provide insights into user experience and performance metrics, demonstrating the effectiveness of DOCSIS 4.0 in a live environment [6] Industry Impact - The collaboration between Harmonic and Mediacom aims to close the digital divide by providing reliable and fast internet services, which are essential for communities to thrive in the digital economy [3][4] - The advancements in DOCSIS 4.0 technology are positioned to strengthen subscriber loyalty, expand market reach, and create new revenue opportunities for service providers [4][6]

Core Insights - Harmonic's cOS platform is being adopted by German broadband operator neu-medianet to enhance its network with XGS-PON fiber broadband services, allowing for symmetric multi-gigabit broadband delivery [1][2] - The deployment of Harmonic's cOS platform is part of neu-medianet's long-term strategy to expand its fiber broadband network and improve service quality [2][3] Company Developments - neu-medianet is utilizing Harmonic's high-density, energy-efficient Pier optical line terminal (OLT) shelves to streamline the rollout of fiber services and minimize infrastructure requirements [2] - The Open ONT approach from Harmonic allows neu-medianet to avoid vendor lock-in, enabling the selection of customer premises equipment (CPE) that best meets its operational needs [2] Market Positioning - Harmonic's cOS platform supports over 35 million CPE devices globally, showcasing its leadership in virtualized broadband solutions across various regions including North America, Europe, Latin America, and Asia [4] - The partnership with Normann Engineering ensures effective system integration and deployment support for neu-medianet, enhancing its operational capabilities [3]

Core Insights - Harmonic has partnered with SKY Perfect JSAT Corporation to modernize its broadcast playout and delivery workflow, utilizing Harmonic's XOS Advanced Media Processor to enhance video quality and explore new business models for revenue growth [1][2]. Company Overview - Harmonic is recognized as a leader in virtualized broadband and video delivery solutions, enabling media companies to provide ultra-high-quality video streaming and broadcast services globally [4]. Technological Advancements - The XOS media processor features a cloud-native software foundation and a complete playout-to-delivery feature set, which consolidates critical broadcast functions into a single solution, enhancing operational efficiency and delivering substantial cost savings [2]. - The XOS media processor provides a 40% improvement in density compared to the previous platform, driving performance gains for SKY Perfect JSAT [2]. Market Positioning - The collaboration with SKY Perfect JSAT is seen as a strategic investment in software-centric solutions, allowing the company to expand into new market segments and launch targeted services [3].

Core Viewpoint - Akamai and Harmonic have launched Akamai Media Services Live 5 (MSL5), enhancing video delivery capabilities for streaming service providers and broadcasters, particularly for live sports [1][4]. Group 1: Product Features and Enhancements - MSL5 supports diverse media formats, advanced monetization, and improved viewing experiences, making it ideal for high-quality live streaming [1][3]. - The platform operates on Akamai Cloud, ensuring lower latency, greater reliability, and consistent performance across networks and devices [2]. - Key enhancements of MSL5 include reduced time to first byte (TTFB) for live streams, an extended live DVR window from 30 minutes to 12 hours, and streamlined user experience with faster provisioning [7]. Group 2: Market Context and Future Developments - The demand for flawless live streaming experiences is driven by massive global audiences and significant investments in streaming rights by platforms [4]. - Future updates for MSL5 will focus on efficiency and expanded monetization capabilities, including premium live transcoding and innovative ad formats [4]. - Akamai and Harmonic are showcasing MSL5 at IBC2025 in Amsterdam, indicating their commitment to industry presence and innovation [5].

Core Insights - Harmonic is set to showcase innovative broadband solutions at SCTE TechExpo25, focusing on enabling fiber-grade multi-gigabit connectivity and enhancing subscriber experiences [1][2] Group 1: Innovations in Broadband Technology - The company is introducing Unified DOCSIS 4.0, which supports both Full Duplex (FDX) and Frequency Division Duplex (FDD) technologies, allowing for ultra-high-capacity throughput and significant cost savings for operators [3] - Harmonic's cOS broadband platform, along with devices like Pearl R-OLT and Jetty remote switch, facilitates a transition from GPON to XGS-PON and up to 100G PON, addressing the demand for high-speed fiber service delivery [4] - The new AI Assistant capability in cOS Central enables smarter, self-healing networks, improving network reliability and subscriber satisfaction while reducing operating costs [5] Group 2: Enhancing User Experience - Harmonic's cOS platform features L4S capabilities that provide ultra-low-lag experiences, crucial for latency-sensitive applications such as online gaming and video conferencing [6] - The SeaStar™ optical node allows for rapid deployment of fiber-grade connectivity in lower-density MDUs, reducing capital expenses and enabling revenue expansion for operators [7] Group 3: Industry Engagement and Expertise - Harmonic will share insights on broadband trends and strategies at SCTE TechExpo25, highlighting its cOS platform's role in powering next-gen broadband services for over 35 million CPE devices globally [8] - Key executives from Harmonic will participate in various sessions at the expo, discussing topics such as next-gen networks, AI in broadband operations, and the future of FTTx [12]