Harmonic(US:HLIT)2025-04-28 20:10Revenue Performance - Revenue for Q1 2025 was $133.1 million, up 9.2% from $122.1 million in Q1 2024[4] - Broadband segment revenue increased to $84.9 million, a 7.6% rise from $78.9 million in the prior year[4] - Video segment revenue rose to $48.3 million, compared to $43.2 million in the prior year, marking an increase of 11.9%[4] - Total net revenue for the three months ended March 28, 2025, was $133,135,000, representing a 9.0% increase from $122,060,000 for the same period in 2024[26] - Revenue for the three months ended March 28, 2025, was $133,135,000, a decrease from $222,166,000 in the previous quarter and an increase from $122,060,000 in the same quarter last year[44] Profitability Metrics - GAAP gross margin improved to 59.0%, up from 51.7% in the prior year, while Non-GAAP gross margin reached 59.4%, compared to 52.5%[4] - Gross profit for the same period was $78,574,000, compared to $63,081,000 in the prior year, indicating a significant improvement in profitability[26] - The company reported a basic net income per share of $0.05 for the three months ended March 28, 2025, compared to a loss of $0.07 per share in the same period last year[26] - Non-GAAP adjusted EBITDA for Q1 2025 was $21.1 million, significantly higher than $4.1 million in Q1 2024[4] - Non-GAAP net income for the three months ended March 28, 2025, was $13,387 thousand, translating to a diluted net income per share of $0.11[37] - The net income margin (GAAP) for the three months ended March 28, 2025, was 4.5%, compared to 17.2% for December 31, 2024, and -6.6% for March 29, 2024[44] Cash Flow and Financial Position - Cash balance at the end of Q1 2025 was $148.7 million, up from $84.3 million in the prior year[4] - Cash and cash equivalents increased to $148,708,000 as of March 28, 2025, up from $101,457,000 at the end of 2024[24] - Operating cash flow for the three months ended March 28, 2025, was $83,605,000, significantly higher than $26,820,000 for the same period in 2024[28] - Total assets decreased to $773,748,000 as of March 28, 2025, from $796,506,000 at the end of 2024, primarily due to changes in current assets[24] Customer and Market Developments - Harmonic commercially deployed its cOS solution with 129 customers, serving 33.9 million cable modems[4] - The company won seven new broadband customers, including two US Tier 1s and three fiber customers, one of which is a LATAM Tier 1[4] - The Americas region accounted for 76% of total revenue, amounting to $101,681,000, while EMEA and APAC contributed 18% and 6%, respectively[32] Future Guidance - For Q2 2025, Harmonic Inc. provided financial guidance with expected revenue between $120 million and $135 million[47] - The non-GAAP net income (loss) per share guidance for Q2 2025 is projected to be between $0.00 and $0.04[47] - The company anticipates total consolidated segment adjusted EBITDA for Q2 2025 to be between $4 million and $10 million[51] - The income from operations for the Broadband segment in Q2 2025 is expected to be between $2 million and $6 million, while the Video segment is projected to be between $1 million and $3 million[49] Stock and Investment Activities - The company repurchased $36,079,000 of common stock during the three months ended March 28, 2025, compared to $21,675,000 in the same period last year[28] - Harmonic Inc. reported stock-based compensation expenses of $8,465,000 for the three months ended March 28, 2025[44] Segment Performance - Adjusted EBITDA for the Broadband segment was $15,861 thousand with an adjusted EBITDA margin of 18.7%[42] - The Video segment reported an adjusted EBITDA of $5,279 thousand, with an adjusted EBITDA margin of 10.9%[42] - The Broadband segment's revenue was $84,878 thousand, while the Video segment's revenue was $48,257 thousand for the same period[41]