Form 8-K

8-K — HARMONIC INC.

Accession: 0001193125-26-216776

Filed: 2026-05-11

Period: 2026-05-06

CIK: 0000851310

SIC: 3663 (RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hlit-20260506.htm (Primary)

EX-99.1 (hlit-ex99_1.htm)

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8-K

8-K (Primary)

Filename: hlit-20260506.htm · Sequence: 1

8-K

false000085131000008513102026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

HARMONIC INC.

(Exact name of Registrant as specified in its charter)

Delaware

000-25826

77-0201147

(State or other jurisdiction of

incorporation)

Commission

File Number

(IRS Employer

Identification No.)

2590 Orchard Parkway

San Jose, CA 95131

(Address of principal executive offices, including zip code)

(408) 542-2500

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

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)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

HLIT

The Nasdaq Global Select Market

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 May 11, 2026, Harmonic Inc. (the “Company”) issued a press release regarding its preliminary unaudited financial results for the quarter ended April 3, 2026. In the press release, Harmonic also announced that it would be holding a conference call on May 11, 2026 to discuss its financial results for the quarter ended April 3, 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 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory.

(e) Compensatory

On May 6, 2026, the Compensation Committee approved a new transaction success incentive plan (the “Incentive Plan”) for Neven Haltmayer, the Company’s Senior Vice President and General Manager, Video Business, in connection with the pending sale of the Company’s Video Business to Leone Media Inc. (d/b/a MediaKind) (the “Transaction”). The Incentive Plan supersedes and replaces the incentive previously approved by the Compensation Committee on February 3, 2026. Under the Incentive Plan, (i) 50 percent of Mr. Haltmayer’s time-based restricted stock units covering shares of the Company’s common stock that are outstanding and unvested as of the date of completion of the Transaction (the “Transaction Closing Date”) will vest on the Transaction Closing Date and (ii) 50 percent of Mr. Haltmayer’s performance-based restricted stock units granted in April 2025 will vest as of the Transaction Closing Date, in each case subject to Mr. Haltmayer’s continued employment with the Company through the Transaction Closing Date. In addition, upon the successful completion of the Transaction, Mr. Haltmayer will be entitled to receive a cash bonus in the gross amount of $835,000, subject to Mr. Haltmayer’s continued employment with the Company through the Transaction Closing Date.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit

Number

Description

99.1

Press release of Harmonic Inc. dated May 11, 2026, entitled "Harmonic Announces First Quarter 2026 Results."

104

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: May 11, 2026

HARMONIC INC.

By:

/s/ Walter Jankovic

Walter Jankovic

Chief Financial Officer

EX-99.1

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Harmonic Announces First Quarter 2026 Results

Broadband revenue increased 43% year over year, including 78% growth in Rest-of-Market

Company raises full-year outlook to reflect Broadband revenue of $475 million - $495 million

Sale of Video business progressing as planned, expected to close in the second quarter

SAN JOSE, California, May 11, 2026 - Harmonic Inc. (Nasdaq: HLIT) today announced its unaudited results for the first quarter ended April 3, 2026.

“Our first quarter represents a strong start to the year driven by 43% year over year growth in Broadband revenue, including 78% growth in Rest-of-Market revenue,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “Given our continued momentum, robust bookings and record backlog, we are raising our full-year 2026 outlook to reflect Broadband revenue between $475 million to $495 million.”

Financial and Business Highlights

Total Company Financial Results

Q1 2026

GAAP

Non-GAAP

(Unaudited, in millions, except per share data)

Net revenue

171.8

n/a

Operating profit

17.7

31.5

Net income per share

0.07

0.21

Continuing Operations Financial Results - Broadband

Q1 2026

GAAP

Non-GAAP

(Unaudited, in millions, except per share data)

Net revenue

121.7

n/a

Operating profit (1)

20.4

26.0

Net income per share (1)

0.10

0.17

•

Backlog and deferred revenue of $582.1 million, an increase of 87%, compared to $311.7 million last year

•

Cash: $109.0 million at April 3, 2026, compared to $124.1 million at December 31, 2025

•

Repurchased approximately 4.2 million shares of common stock for $43.0 million in Q1

Continuing Operations Business Highlights - Broadband1

•

Commercially deployed our cOS™ solution with 150 customers, serving 45.7 million cable modems, with ongoing expansion across all tier-1 accounts and new customer wins

•

Rest-of-Market bookings exceeded 50% of total Q1 bookings, reflecting meaningful progress in customer diversification

•

Secured additional DOCSIS 4.0 customer wins and deployments, with a growing pipeline

•

Achieved multiple fiber wins, including several international providers, with fiber products representing over 14% of Appliance and Integration revenue during the past year

(1) Includes approximately $2.3 million of stranded costs associated with the Video divestiture for Q1 2026.

Discontinued Operations - Video Business

The results of the Company's Video Business are presented as held-for-sale and discontinued operations in its 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) (the “Buyer”) for a purchase price of $145 million in cash (the "Disposition"). The purchase price is subject to a potential adjustment based on the amount, on the date the Disposition is consummated, of net working capital of the Video business, the cash and debt of the entities to be sold in the Disposition, as well as the amount of specified selling expenses. As such, and unless stated otherwise, all results presented in the following table reflect those of continuing operations.

The French employee works council consultation process was completed on March 12, 2026. On March 16, 2026, the Company delivered a notice of intent to exercise the Put Option to the Buyer requesting that Buyer execute that certain Asset Purchase Agreement (the “APA”) on March 20, 2026 and both the Buyer and the Company executed the APA on March 20, 2026. The Buyer’s and the Company’s obligation to complete the Disposition is subject to certain conditions under the APA, including customary regulatory approvals. The APA includes certain representations, warranties, and covenants of the parties thereto, including an agreement of the Company not to compete with the Business for three years following the closing date as set forth in the APA. In addition, the Company and the Buyer have agreed to indemnify each other for certain losses arising under the APA. The APA also provides that either the Buyer or Company have the right to terminate the APA in the event that the closing conditions have not been satisfied by June 8, 2026, subject to automatic extension to September 8, 2026, in the event of certain closing conditions remaining unsatisfied as of the earlier date. The Disposition is expected to close in the second quarter of 2026.

Select Financial Information from Continuing Operations - Broadband2

GAAP

Non-GAAP

Key Financial Results

Q1 2026

Q4 2025

Q1 2025

Q1 2026

Q4 2025

Q1 2025

(Unaudited, in millions, except per share data)

Net revenue

121.7

98.2

84.9

n/a

Operating profit (1)

20.4

3.8

7.0

26.0

9.6

12.1

Net income per share

0.10

0.00

0.02

0.17

0.06

0.07

Other Financial Information

Q1 2026

Q4 2025

Q1 2025

(Unaudited, in millions)

Bookings for the quarter

115.9

346.9

72.9

Backlog and deferred revenue as of quarter end

582.1

573.8

311.7

Cash and cash equivalents as of quarter end

109.0

124.1

148.7

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 $2.3 million in Q1 2026, $3.0 million in Q4 2025, and $2.0 million in Q1 2025.

GAAP Financial Guidance for Continuing Operations - Broadband

Q2 2026 GAAP Financial Guidance (1)

(Unaudited, in millions, except percentages and per share data)

Low

High

Net revenue

115

125

Gross margin % (2)

52.0%

53.0%

Operating profit (3)

Tax rate

33.0%

Net income per share

0.10

0.14

Shares (4)

109.1

2026 GAAP Financial Guidance (1)

(Unaudited, in millions, except percentages and per share data)

Low

High

Net revenue

475

495

Gross margin % (2)

49.9%

51.3%

Operating profit (3)

Tax rate

33.0%

Net income per share

0.36

0.45

Shares (4)

110.0

Non-GAAP Financial Guidance for Continuing Operations - Broadband3

Q2 2026 Non-GAAP Financial Guidance (1)

(Unaudited, in millions, except percentages and per share data)

Low

High

Gross margin %

52.0%

53.0%

Gross profit (2)

Operating profit (3)

Tax rate

24.5%

Net income per share

0.15

0.19

Shares (4)

109.1

2026 Non-GAAP Financial Guidance (1)

(Unaudited, in millions, except percentages and per share data)

Low

High

Gross margin %

50.0%

51.5%

Gross profit (2)

238

255

Operating profit (3)

101

Tax rate

24.5%

Net income per share

0.57

0.67

Shares (4)

110.0

(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 approximately $0.6 million and $2.3 million of estimated tariff impacts for Q2 and FY 2026, respectively.

(3) Includes approximately $2.3 million and $10.0 million of stranded costs associated with the Video divestiture for Q2 and FY 2026, respectively.

(4) Diluted shares assumes stock price at $9.91 (Q1 2026 average price).

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, May 11, 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/BIc5a3d9e206d54fe09fc0dbcd12efe1cb. 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 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 the timing of the pending sale of our Video business and anticipated benefits of the proposed transaction, and our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), 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: the possibility that the pending sale of the Video business does not close due to closing conditions not being fulfilled; the pending transaction encounters unanticipated delays or is postponed or cancelled due to a material adverse event or change; anticipated benefits for Harmonic as a result of the pending transaction do not fully materialize; 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, 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 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.

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, provide 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.

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.

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.

+1.408.490.6152

+1.212.896.1220

Harmonic Inc.

Preliminary Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value)

April 3, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

109,000

124,105

Accounts receivable, net of allowances for credit losses of $362 and $227 as of April 3, 2026 and December 31, 2025, respectively

83,499

85,935

Inventories

51,200

47,840

Prepaid expenses and other current assets

17,182

12,530

Assets held for sale

224,374

223,961

Total current assets

485,255

494,371

Property and equipment, net

24,670

25,648

Operating lease right-of-use assets

12,746

13,687

Goodwill

60,881

60,900

Deferred income taxes, net

102,050

104,043

Other non-current assets

19,704

19,834

Total assets

705,306

718,483

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

2,944

Accounts payable

34,379

23,093

Deferred revenue

30,265

31,519

Operating lease liabilities

6,413

6,433

Other current liabilities

52,908

48,288

Liabilities to be disposed of

87,334

85,671

Total current liabilities

214,243

197,948

Long-term debt

108,403

109,140

Operating lease liabilities, non-current

13,297

14,664

Other non-current liabilities

14,209

13,485

Total liabilities

350,152

335,237

Stockholders’ equity:

Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding

—

Common stock, $0.001 par value, 150,000 shares authorized; 108,478 and 111,186 shares issued and outstanding at April 3, 2026 and December 31, 2025, respectively

108

111

Additional paid-in capital

2,475,698

2,466,177

Accumulated deficit

(2,112,344)

(2,076,406)

Accumulated other comprehensive loss

(8,308)

(6,636)

Total stockholders’ equity

355,154

383,246

Total liabilities and stockholders’ equity

705,306

718,483

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

Three Months Ended

April 3, 2026

March 28, 2025

Revenue:

Appliance and integration

103,759

71,525

SaaS and service

17,936

13,353

Total net revenue

121,695

84,878

Cost of revenue:

Appliance and integration

50,858

32,434

SaaS and service

7,222

5,964

Total cost of revenue

58,080

38,398

Total gross profit

63,615

46,480

Operating expenses:

Research and development

20,881

19,664

Selling, general and administrative

22,285

19,780

Total operating expenses

43,166

39,444

Income from operations

20,449

7,036

Interest expense, net

(1,079)

(1,311)

Other income (expense), net

(42)

(621)

Income before income taxes

19,328

5,104

Provision for income taxes

8,103

2,735

Income from continuing operations

11,225

2,369

Income (loss) from discontinued operations, net of tax

(3,916)

3,571

Net income

7,309

5,940

Net income (loss) per share:

Basic:

Continuing operations

0.10

0.02

Discontinued operations

(0.03)

0.03

Basic net income per share

0.07

0.05

Diluted:

Continuing operations

0.10

0.02

Discontinued operations

(0.03)

0.03

Diluted net income per share

0.07

0.05

Weighted average common shares:

Basic

109,708

116,319

Diluted

110,617

117,021

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands) 4

Three Months Ended

April 3, 2026

March 28, 2025

Cash flows from Continuing and Discontinued Operations

Cash flows from operating activities:

Net income

7,309

5,940

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

2,523

2,720

Stock-based compensation

9,811

8,465

Foreign currency remeasurement

1,076

377

Deferred income taxes, net

199

712

Provision for excess and obsolete inventories

586

1,793

Other

(19)

Changes in operating assets and liabilities:

Accounts receivable, net

3,206

79,609

Inventories

(4,713)

2,242

Prepaid expenses and other assets

(3,802)

(8,356)

Accounts payable

9,233

(8,820)

Deferred revenues

7,837

3,151

Other liabilities

(1,619)

(4,209)

Net cash provided by operating activities

31,690

83,605

Cash flows from investing activities:

Purchases of property and equipment

(1,399)

(1,872)

Net cash used in investing activities

(1,399)

(1,872)

Cash flows from financing activities:

Proceeds from long-term debt

55,000

—

Repayment of long-term debt and other borrowings

(55,750)

(500)

Repurchase of common stock

(42,951)

(36,079)

Proceeds from common stock issued to employees

3,089

3,056

Taxes paid related to net share settlement of equity awards

(3,937)

(2,551)

Net cash used in financing activities

(44,549)

(36,074)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

(836)

1,590

Net increase (decrease) in cash and cash equivalents and restricted cash

(15,094)

47,249

Cash and cash equivalents and restricted cash at beginning of period (1)

124,461

101,789

Cash and cash equivalents and restricted cash at end of period

109,367

149,038

Cash and cash equivalents and restricted cash at end of period

Cash and cash equivalents

109,000

148,708

Restricted cash included in other current assets

367

330

Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows

109,367

149,038

(1) Restricted cash included in other current assets was $356 and $332 as of December 31, 2025 and 2024, respectively.

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Three Months Ended

April 3, 2026

March 28, 2025

Supplemental cash flow disclosure:

Income tax payments, net

1,138

Interest payments, net

879

1,686

Supplemental schedule of non-cash investing activities:

Capital expenditures incurred but not yet paid

383

1,064

Harmonic Inc.

Preliminary GAAP Revenue Information

(Unaudited, in thousands, except percentages)5

Three Months Ended

April 3, 2026

December 31, 2025

March 28, 2025

Geography

Americas

106,430

87%

85,224

87%

75,023

88%

EMEA

10,459

9,781

10%

8,620

10%

APAC

4,806

3,230

1,235

Total

121,695

100%

98,235

100%

84,878

100%

Customer

Top 2 customers (1)

71,101

58%

56,367

57%

56,503

67%

Rest-of-Market

50,594

42%

41,868

43%

28,375

33%

Total

121,695

100%

98,235

100%

84,878

100%

(1) Based on largest subscriber footprint

Harmonic Inc.

GAAP to Non-GAAP Reconciliations (Unaudited)

(in thousands, except percentages and per share data)

Three Months Ended April 3, 2026

Revenue

Gross

Profit

Total Operating

Expense

Operating Profit

Total

Non-operating

Expense, net

Net Income

GAAP

121,695

63,615

43,166

20,449

(1,121)

11,225

Stock-based compensation

—

265

(5,299)

5,564

—

5,564

Discrete tax items and tax effect of Non-GAAP adjustments

—

2,004

Total adjustments

—

265

(5,299)

5,564

—

7,568

Non-GAAP

121,695

63,880

37,867

26,013

(1,121)

18,793

As a % of revenue (GAAP)

52.3%

35.5%

16.8%

(0.9)%

9.2%

As a % of revenue (Non-GAAP)

52.5%

31.1%

21.4%

(0.9)%

15.4%

Diluted net income per share:

GAAP

0.10

Non-GAAP

0.17

Shares used in per share calculation:

GAAP and Non-GAAP

110,617

Three Months Ended December 31, 2025

Revenue

Gross

Profit

Total Operating

Expense

Operating Profit

Total

Non-operating

Expense, net

Net Income

GAAP

98,235

46,180

42,412

3,768

(444)

219

Stock-based compensation

—

218

(5,594)

5,812

—

5,812

Discrete tax items and tax effect of Non-GAAP adjustments

—

1,186

Total adjustments

—

218

(5,594)

5,812

—

6,998

Non-GAAP

98,235

46,398

36,818

9,580

(444)

7,217

As a % of revenue (GAAP)

47.0%

43.2%

3.8%

(0.5)%

0.2%

As a % of revenue (Non-GAAP)

47.2%

37.5%

9.8%

(0.5)%

7.3%

Diluted net income per share:

GAAP

0.00

Non-GAAP

0.06

Shares used in per share calculation:

GAAP and Non-GAAP

112,995

Harmonic Inc.

GAAP to Non-GAAP Reconciliations (Unaudited)

(in thousands, except percentages and per share data)

Three Months Ended March 28, 2025

Revenue

Gross

Profit

Total Operating

Expense

Operating Profit

Total

Non-operating

Expense, net

Net Income

GAAP

84,878

46,480

39,444

7,036

(1,932)

2,369

Stock-based compensation

—

260

(4,757)

5,017

—

5,017

Discrete tax items and tax effect of Non-GAAP adjustments

—

611

Total adjustments

—

260

(4,757)

5,017

—

5,628

Non-GAAP

84,878

46,740

34,687

12,053

(1,932)

7,997

As a % of revenue (GAAP)

54.8%

46.5%

8.3%

(2.3)%

2.8%

As a % of revenue (Non-GAAP)

55.1%

40.9%

14.2%

(2.3)%

9.4%

Diluted net income per share:

GAAP

0.02

Non-GAAP

0.07

Shares used in per share calculation:

GAAP and Non-GAAP

117,021

Three Months Ended

April 3, 2026

March 28, 2025

Continuing Operations

Discontinued Operations

Total Company

Continuing Operations

Discontinued Operations

Total Company

Net income (loss) - GAAP

11,225

(3,916)

7,309

2,369

3,571

5,940

Stock-based compensation

5,564

4,246

9,810

5,017

3,448

8,465

Non-recurring advisory fees

—

3,984

—

Discrete tax items and tax effect of Non-GAAP adjustments

2,004

(220)

1,784

611

(1,629)

(1,018)

Total adjustments

7,568

8,010

15,578

5,628

1,819

7,447

Net income - Non-GAAP

18,793

4,094

22,887

7,997

5,390

13,387

As a % of revenue (GAAP)

9.2%

(7.8)%

4.3%

2.8%

7.4%

4.5%

As a % of revenue (Non-GAAP)

15.4%

8.2%

13.3%

9.4%

11.2%

10.1%

Diluted net income (loss) per share:

GAAP

0.10

(0.03)

0.07

0.02

0.03

0.05

Non-GAAP

0.17

0.04

0.21

0.07

0.04

0.11

Shares used in per share calculation:

GAAP and Non-GAAP

110,617

117,021

Harmonic Inc.

GAAP to Non-GAAP Reconciliations on Financial Guidance for Continuing Operations (Unaudited)(1)

(In millions, except percentages and per share data)6

Q2 2026 Financial Guidance

Revenue

Gross Profit

Total Operating Expense

Operating Profit

Net Income

GAAP

115

125

Stock-based compensation

—

(5)

Tax effect of Non-GAAP adjustments

—

Total adjustments

—

(5)

Non-GAAP

115

125

As a % of revenue (GAAP)

52.0%

53.0%

36.5%

34.4%

15.7%

18.4%

9.6%

12.0%

As a % of revenue (Non-GAAP)

52.0%

53.0%

32.2%

30.4%

20.0%

22.4%

13.9%

16.8%

Diluted net income per share:

GAAP

0.10

0.14

Non-GAAP

0.15

0.19

Shares used in per share calculation:

GAAP and Non-GAAP

109.1

FY 2026 Financial Guidance

Revenue

Gross Profit

Total Operating Expense

Operating Profit

Net Income

GAAP

475

495

237

254

173

176

Stock-based compensation

—

(22)

Total adjustments

—

(22)

Non-GAAP

475

495

238

255

151

154

101

As a % of revenue (GAAP)

49.9%

51.3%

36.4%

35.6%

13.5%

15.8%

8.4%

10.1%

As a % of revenue (Non-GAAP)

50.0%

51.5%

31.8%

31.1%

18.3%

20.4%

13.2%

14.8%

Diluted net income per share:

GAAP

0.36

0.45

Non-GAAP

0.57

0.67

Shares used in per share calculation:

GAAP and non-GAAP

110.0

(1) Components may not sum to total due to rounding.

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