# EDGAR Filing Document

**Accession Number:** 0000851310
**File Stem:** 0000851310-25-000067
**Filing Date:** 2025-7
**Character Count:** 58230
**Document Hash:** b3289e8cebe6b17ee0e5da631391ad66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000851310-25-000067.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0000851310-25-000067

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250728

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARMONIC INC
- **CENTRAL INDEX KEY:** 0000851310
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 770201147
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25826
- **FILM NUMBER:** 251155734

**BUSINESS ADDRESS:**
- **STREET 1:** 4300 NORTH FIRST STREET
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95134
- **BUSINESS PHONE:** 4084906242

**MAIL ADDRESS:**
- **STREET 1:** 4300 NORTH FIRST STREET
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95134

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARMONIC LIGHTWAVES INC
- **DATE OF NAME CHANGE:** 19950404

?xml version='1.0' encoding='ASCII'? hlit-20250728

**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): July 28, 2025**

**HARMONIC INC.** 

**(Exact name of Registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-25826** | **77-0201147** |
| **(State or other jurisdiction of<br>incorporation)** | **Commission<br>File Number** | **(IRS Employer<br>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 | 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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 July 28, 2025, Harmonic Inc. ("Harmonic" or the "Company") issued a press release regarding its preliminary unaudited financial results for the quarter ended June 27, 2025. In the press release, Harmonic also announced that it would be holding a conference call on July 28, 2025 to discuss its financial results for the quarter ended June 27, 2025. 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.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits.

---

| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <u>Description</u> |
| 99.1 | <u>[Press release of Harmonic Inc. dated](hlit-20250627pressrelease.htm)[July](hlit-20250627pressrelease.htm)[28, 2025, entitled "Harmonic Announces](hlit-20250627pressrelease.htm)[Seco](hlit-20250627pressrelease.htm)[nd](hlit-20250627pressrelease.htm)[Quarter 2025 Results."](hlit-20250627pressrelease.htm)</u> |
| 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: July 28, 2025 | HARMONIC INC. | HARMONIC INC. |
|  | By: | /s/ Walter Jankovic |
|  |  | Walter Jankovic |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

---

| | |
|:---|:---|
| ![logopra07a.jpg](logopra07a.jpg) | ![pressreleasea29a.jpg](pressreleasea29a.jpg) |

---

**FOR IMMEDIATE RELEASE**

**Harmonic Announces Second Quarter 2025 Results** 

*Surpassed top end of revenue and profitability guidance for both Broadband and Video*

**SAN JOSE, California, July 28, 2025** - Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2025.

"Our team delivered strong second quarter results with revenue and profitability in both our Video and Broadband businesses exceeding the high end of our guidance," said Nimrod Ben-Natan, president and chief executive officer of Harmonic. "We are seeing further momentum in Video and while we expect Broadband upgrade activity to persist at a moderate pace in 2025, we are beginning to see positive indicators, with improving customer ramp readiness and progress on Unified DOCSIS 4.0, which we expect will turn into tailwinds for us in 2026."

**Q2 Financial and Business Highlights**

*Financial*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue: $138.0 million, compared to $138.7 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Broadband segment revenue: $86.9 million, compared to $92.9 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Video segment revenue: $51.1 million, compared to $45.8 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin: GAAP 53.5% and Non-GAAP 54.1%, both higher compared to GAAP 52.9% and Non-GAAP 53.1% in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Broadband segment Non-GAAP gross margin: 46.5% compared to 47.6% in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Video segment Non-GAAP gross margin: 67.0% compared to 64.4% in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income (loss): GAAP income $3.9 million and Non-GAAP income $13.9 million, compared to GAAP loss $15.6 million and Non-GAAP income $12.2 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income (loss): GAAP net income $2.9 million and Non-GAAP net income of $10.3 million, compared to GAAP net loss $12.5 million and Non-GAAP net income $9.3 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP adjusted EBITDA: $17.0 million compared to $16.1 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income (loss) per share: GAAP net income per share of $0.03 and Non-GAAP net income per share of $0.09, compared to GAAP net loss per share of $0.11 and Non-GAAP net income per share of $0.08 in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Backlog and deferred revenue of $504.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash: $123.9 million, compared to $45.9 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased approximately 1.6 million shares of common stock for an aggregate amount of $14.0 million

*Business*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercially deployed our cOS<sup>TM</sup> solution with 136 customers, serving 35.3 million cable modems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Won four new broadband customers including two fiber customers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced the introduction of SeaStar<sup>TM</sup> Optical Node, which redefines broadband connectivity for low density multiple dwelling units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recently announced a record-breaking DOCSIS 4.0 demonstration of 14 Gbps downstream across a multi-vendor network at the CableLabs<sup>®</sup> Interop event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record Video SaaS revenue of $15.4 million in Q2 reflects continued growth, especially in sports streaming

------

**Select Financial Information**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GAAP** | **GAAP** | **GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** |
| ***Key Financial Results*** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 2025** | **Q1 2025** | **Q2 2024** |
|  | *(Unaudited, in millions, except per share data)* | *(Unaudited, in millions, except per share data)* | *(Unaudited, in millions, except per share data)* | *(Unaudited, in millions, except per share data)* | *(Unaudited, in millions, except per share data)* | *(Unaudited, in millions, except per share data)* |
| Net revenue | $138.0 | $133.1 | $138.7 | \* | \* | \* |
| Net income (loss) | $2.9 | $5.9 | $(12.5) | $10.3 | $13.4 | $9.3 |
| Net income (loss) per share | $0.03 | $0.05 | $(0.11) | $0.09 | $0.11 | $0.08 |
| ***Other Financial Information*** | ***Other Financial Information*** | ***Other Financial Information*** | ***Other Financial Information*** | **Q2 2025** | **Q1 2025** | **Q2 2024** |
|  |  |  |  | *(Unaudited, in millions)* | *(Unaudited, in millions)* | *(Unaudited, in millions)* |
| Adjusted EBITDA for the quarter <sup>(1)</sup> | Adjusted EBITDA for the quarter <sup>(1)</sup> | Adjusted EBITDA for the quarter <sup>(1)</sup> | Adjusted EBITDA for the quarter <sup>(1)</sup> | $17.0 | $21.1 | $16.1 |
| Bookings for the quarter | Bookings for the quarter | Bookings for the quarter | Bookings for the quarter | $158.4 | $113.7 | $72.4 |
| Backlog and deferred revenue as of quarter end | Backlog and deferred revenue as of quarter end | Backlog and deferred revenue as of quarter end | Backlog and deferred revenue as of quarter end | $504.5 | $485.1 | $613.1 |
| Cash and cash equivalents as of quarter end | Cash and cash equivalents as of quarter end | Cash and cash equivalents as of quarter end | Cash and cash equivalents as of quarter end | $123.9 | $148.7 | $45.9 |

---

(1) Adjusted EBITDA is a Non-GAAP financial measure. Refer to "Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation" below for a reconciliation to net income (loss), the most comparable GAAP measure.

\* Not applicable

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."

**Financial Guidance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q3 2025 GAAP Financial Guidance** | **Q3 2025 GAAP Financial Guidance** | **Q3 2025 GAAP Financial Guidance** | **Q3 2025 GAAP Financial Guidance** | **Q3 2025 GAAP Financial Guidance** | **Q3 2025 GAAP Financial Guidance** |
| (Unaudited, in millions, except percentages and per share data) | **Low** | **Low** | **Low** | **High** | **High** | **High** |
| (Unaudited, in millions, except percentages and per share data) | **Broadband** | **Video** | **Total GAAP** | **Broadband** | **Video** | **Total GAAP** |
| Net revenue | $75 | $45 | $120 | $85 | $50 | $135 |
| *Gross margin %* |  |  | *52.5 %* |  |  | *53.8 %* |
| Gross profit <sup>(1)</sup> |  |  | $63 |  |  | $73 |
| *Tax rate* |  |  | *43 %* |  |  | *43 %* |
| Net income (loss) |  |  | $(4) |  |  | $— |
| Net income (loss) per share |  |  | $(0.04) |  |  | $— |
| *Shares* <sup>(2)</sup> |  |  | *113.9* |  |  | *114.7* |

---

(1) Includes estimated tariff impacts of approximately $1 million

(2) Diluted shares assumes stock price at $9.13 (Q2 2025 average price).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q3 2025 Non-GAAP Financial Guidance** <sup>(1)</sup> | **Q3 2025 Non-GAAP Financial Guidance** <sup>(1)</sup> | **Q3 2025 Non-GAAP Financial Guidance** <sup>(1)</sup> | **Q3 2025 Non-GAAP Financial Guidance** <sup>(1)</sup> | **Q3 2025 Non-GAAP Financial Guidance** <sup>(1)</sup> | **Q3 2025 Non-GAAP Financial Guidance** <sup>(1)</sup> |
| (Unaudited, in millions, except percentages and per share data) | **Low** | **Low** | **Low** | **High** | **High** | **High** |
| (Unaudited, in millions, except percentages and per share data) | **Broadband** | **Video** | **Total** | **Broadband** | **Video** | **Total** |
| *Gross margin %* | *45.0 %* | *65.0 %* | *52.5 %* | *46.0 %* | *67.0 %* | *53.8 %* |
| Gross profit <sup>(2)</sup> | $34 | $29 | $63 | $39 | $34 | $73 |
| Adjusted EBITDA<sup>(3)</sup> | $5 | $2 | $7 | $9 | $5 | $14 |
| *Tax rate* |  |  | *21 %* |  |  | *21 %* |
| Net income per share |  |  | $0.02 |  |  | $0.07 |
| *Shares* <sup>(4)</sup> |  |  | *114.7* |  |  | *114.7* |

---

(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 estimated tariff impacts of approximately $1 million

(3) Refer to "Net Income (Loss) to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance" below for a reconciliation to net income (loss), the most comparable GAAP measure.

(4) Diluted shares assumes stock price at $9.13 (Q2 2025 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, July 28, 2025. 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/BIb056948f450247ab97d84d9326ae54f8. 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 statements related to anticipated customer purchases and deployments of our Unified DOCSIS 4.0 solutions and our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, 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, 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, satellite telco, broadcast and media 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 and Video businesses 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<sup>TM</sup> *and VOS product solutions; dependence on various broadband and video 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. 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, 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), Adjusted EBITDA (including those amounts as a percentage of revenue) 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.

*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.

*Non-cash interest expense related to convertible notes -* We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the Non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.

*Depreciation* - Depreciation expense is excluded from Adjusted EBITDA as this is a non-cash item unrelated to the ordinary course of our business and not reflective of our underlying business performance.

*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.

*Asset impairment and related charges* - We exclude asset 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 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.

*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.

**CONTACTS:** 

---

| | |
|:---|:---|
| Walter Jankovic | David Hanover |
| Chief Financial Officer | Investor Relations |
| Harmonic Inc. | Harmonic Inc. |
| +1.408.490.6152 | +1.212.896.1220 |

---

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**Harmonic Inc.** 

**Preliminary Condensed Consolidated Balance Sheets** 

**(Unaudited, in thousands, except par value)** 

---

| | | |
|:---|:---|:---|
| | **June 27, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $123918 | $101457 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 356 | 332 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowances for credit losses of $1,771 and $2,528 as of June 27, 2025 and December 31, 2024, respectively | 120665 | 178013 |
| &nbsp;&nbsp;&nbsp;Inventories | 71138 | 64004 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 26780 | 22270 |
| Total current assets | 342857 | 366076 |
| Property and equipment, net | 28027 | 26823 |
| Operating lease right-of-use assets | 11817 | 12411 |
| Goodwill | 241718 | 236876 |
| Deferred income taxes, net | 121364 | 121028 |
| Other non-current assets | 37564 | 33292 |
| Total assets | $783347 | $796506 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 2694 | 2194 |
| &nbsp;&nbsp;&nbsp;Current portion of other borrowings | 5561 | 4941 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 40666 | 35250 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 51188 | 47069 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 5794 | 5675 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 66306 | 72440 |
| Total current liabilities | 172209 | 167569 |
| Long-term debt | 110611 | 112084 |
| Other borrowings | 12141 | 8694 |
| Operating lease liabilities, non-current | 14156 | 14727 |
| Other non-current liabilities | 27828 | 28174 |
| Total liabilities | 336945 | 331248 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding |  |  |
| &nbsp;&nbsp;Common stock, $0.001 par value, 150,000 shares authorized; 113,389 and 116,735 shares issued and outstanding at June 27, 2025 and December 31, 2024, respectively | 113 | 117 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2448446 | 2432733 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1995193) | (1953495) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (6964) | (14097) |
| Total stockholders' equity | 446402 | 465258 |
| Total liabilities and stockholders' equity | $783347 | $796506 |

---

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**Harmonic Inc.** 

**Preliminary Condensed Consolidated Statements of Operations** 

**(Unaudited, in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 27, 2025** | **June 28, 2024** | **June 27, 2025** | **June 28, 2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Appliance and integration | $94067 | $94184 | $185608 | $175779 |
| &nbsp;&nbsp;&nbsp;&nbsp;SaaS and service | 43960 | 44556 | 85554 | 85021 |
| Total net revenue | 138027 | 138740 | 271162 | 260800 |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Appliance and integration | 50578 | 50878 | 92242 | 93952 |
| &nbsp;&nbsp;&nbsp;&nbsp;SaaS and service | 13656 | 14405 | 26553 | 30310 |
| Total cost of revenue | 64234 | 65283 | 118795 | 124262 |
| Total gross profit | 73793 | 73457 | 152367 | 136538 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 29442 | 28784 | 60791 | 59489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 38194 | 39821 | 75292 | 78686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairment and related charges | 1637 | 9000 | 1637 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 650 | 11482 | 650 | 14519 |
| Total operating expenses | 69923 | 89087 | 138370 | 161694 |
| Income (loss) from operations | 3870 | (15630) | 13997 | (25156) |
| Interest expense, net | (1253) | (1424) | (2727) | (2147) |
| Other income, net | 359 | 619 | 187 | 330 |
| Income (loss) before income taxes | 2976 | (16435) | 11457 | (26973) |
| Provision for (benefit from) income taxes | 105 | (3903) | 2646 | (6352) |
| Net income (loss) | $2871 | $(12532) | $8811 | $(20621) |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.03 | $(0.11) | $0.08 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.03 | $(0.11) | $0.08 | $(0.18) |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 113392 | 115030 | 114855 | 113705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 113493 | 115030 | 115256 | 113705 |

---

------

**Harmonic Inc.**

**Preliminary Condensed Consolidated Statements of Cash Flows** 

**(Unaudited, in thousands)** 

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 27, 2025** | **June 28, 2024** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $8811 | $(20621) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 5392 | 6311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairment and related charges | 1637 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 16162 | 13877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency remeasurement | 596 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | (2718) | (8897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for excess and obsolete inventories | 1988 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | (9) | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 58067 | 20765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (6607) | (3929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (492) | (6761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 3030 | (8680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 2202 | 6179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (16151) | (7553) |
| Net cash provided by operating activities | 71908 | 4666 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (5672) | (3856) |
| Net cash used in investing activities | (5672) | (3856) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 40000 | 115000 |
| &nbsp;&nbsp;&nbsp;Repayment of convertible debt |  | (115500) |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt and other borrowings | (42466) | (1334) |
| &nbsp;&nbsp;&nbsp;Payments for debt issuance costs |  | (332) |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock | (50102) | (30047) |
| &nbsp;&nbsp;&nbsp;Proceeds from other borrowings | 3835 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from common stock issued to employees | 3056 | 3542 |
| &nbsp;&nbsp;&nbsp;Taxes paid related to net share settlement of equity awards | (3206) | (6252) |
| Net cash used in financing activities | (48883) | (34923) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 5132 | (1391) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 22485 | (35504) |
| Cash and cash equivalents and restricted cash at beginning of period | 101789 | 84269 |
| Cash and cash equivalents and restricted cash at end of period | $124274 | $48765 |
| **Cash and cash equivalents and restricted cash at end of period** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $123918 | $45850 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 356 | 2827 |
| &nbsp;&nbsp;&nbsp;Restricted cash included in other non-current assets |  | 88 |
| Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows | $124274 | $48765 |

---

------

**Harmonic Inc.**

**Preliminary Condensed Consolidated Statements of Cash Flows** 

**(Unaudited, in thousands)** 

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 27, 2025** | **June 28, 2024** |
| **Supplemental cash flow disclosure:** | | |
| &nbsp;&nbsp;&nbsp;Income tax payments, net | $13764 | $11407 |
| &nbsp;&nbsp;&nbsp;Interest payments, net | $2715 | $1895 |
| **Supplemental schedule of non-cash investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures incurred but not yet paid | $1141 | $282 |
| **Supplemental schedule of non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares of common stock issued upon redemption of the 2024 Notes |  | 4578 |

---

------

**Harmonic Inc.**

**Preliminary GAAP Revenue Information**

**(Unaudited, in thousands, except percentages)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 27, 2025** | **June 27, 2025** | **March 28, 2025** | **March 28, 2025** | **June 28, 2024** | **June 28, 2024** |
| **Geography** | | | | | | |
| &nbsp;&nbsp;&nbsp;Americas | $108205 | 79% | $101681 | 76% | $109597 | 79% |
| &nbsp;&nbsp;&nbsp;EMEA | 19888 | 14% | 23172 | 18% | 22680 | 16% |
| &nbsp;&nbsp;&nbsp;APAC | 9934 | 7% | 8282 | 6% | 6463 | 5% |
| **Total** | $138027 | 100% | $133135 | 100% | $138740 | 100% |
| **Market** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Provider | $94851 | 69% | $94202 | 71% | $104429 | 75% |
| &nbsp;&nbsp;&nbsp;Broadcast and Media | 43176 | 31% | 38933 | 29% | 34311 | 25% |
| **Total** | $138027 | 100% | $133135 | 100% | $138740 | 100% |
|  |  |  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  |  |  | **June 27, 2025** | **June 27, 2025** | **June 28, 2024** | **June 28, 2024** |
| **Geography** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Americas |  |  | $209886 | 77% | $202628 | 78% |
| &nbsp;&nbsp;&nbsp;EMEA |  |  | 43060 | 16% | 46240 | 18% |
| &nbsp;&nbsp;&nbsp;APAC |  |  | 18216 | 7% | 11932 | 4% |
| **Total** |  |  | $271162 | 100% | $260800 | 100% |
| **Market** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Provider |  |  | $189053 | 70% | $191122 | 73% |
| &nbsp;&nbsp;&nbsp;Broadcast and Media |  |  | 82109 | 30% | 69678 | 27% |
| **Total** |  |  | $271162 | 100% | $260800 | 100% |

---

------

**Harmonic Inc.**

**Preliminary Segment Information**

**(Unaudited, in thousands, except percentages)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** |
| | **Broadband** | | **Video** | | **Total Segment Measures** | | **Adjustments** <sup>(1)</sup> | **Consolidated GAAP Measures** |
| **Net revenue** | $86918 |  | $51109 |  | $138027 |  | $— | $138027 |
| **Gross profit** | 40412 | <sup>(1)</sup> | 34249 | <sup>(1)</sup> | 74661 | <sup>(1)</sup> | (868) | 73793 |
| ***Gross margin %*** | *46.5 %* | <sup>(1)</sup> | *67.0 %* | <sup>(1)</sup> | *54.1 %* | <sup>(1)</sup> |  | *53.5 %* |
|  | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** |
|  | **Broadband** |  | **Video** |  | **Total Segment Measures** |  | **Adjustments** <sup>(1)</sup> | **Consolidated GAAP Measures** |
| **Net revenue** | $84878 |  | $48257 |  | $133135 |  | $— | $133135 |
| **Gross profit** | 47080 | <sup>(1)</sup> | 32055 | <sup>(1)</sup> | 79135 | <sup>(1)</sup> | (561) | 78574 |
| ***Gross margin %*** | *55.5 %* | <sup>(1)</sup> | *66.4 %* | <sup>(1)</sup> | *59.4 %* | <sup>(1)</sup> |  | *59.0 %* |
|  | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** |
|  | **Broadband** |  | **Video** |  | **Total Segment Measures** |  | **Adjustments** <sup>(1)</sup> | **Consolidated GAAP Measures** |
| **Net revenue** | $92937 |  | $45803 |  | $138740 |  | $— | $138740 |
| **Gross profit** | 44236 | <sup>(1)</sup> | 29494 | <sup>(1)</sup> | 73730 | <sup>(1)</sup> | (273) | 73457 |
| ***Gross margin %*** | *47.6 %* | <sup>(1)</sup> | *64.4 %* | <sup>(1)</sup> | *53.1 %* | <sup>(1)</sup> |  | *52.9 %* |
|  | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** |
|  | **Broadband** |  | **Video** |  | **Total Segment Measures** |  | **Adjustments** <sup>(1)</sup> | **Consolidated GAAP Measures** |
| **Net revenue** | $171796 |  | $99366 |  | $271162 |  | $— | $271162 |
| **Gross profit** | 87492 | <sup>(1)</sup> | 66304 | <sup>(1)</sup> | 153796 | <sup>(1)</sup> | (1429) | 152367 |
| ***Gross margin %*** | *50.9 %* | <sup>(1)</sup> | *66.7 %* | <sup>(1)</sup> | *56.7 %* | <sup>(1)</sup> |  | *56.2 %* |
|  | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** |
|  | **Broadband** |  | **Video** |  | **Total Segment Measures** |  | **Adjustments** <sup>(1)</sup> | **Consolidated GAAP Measures** |
| **Net revenue** | $171834 |  | $88966 |  | $260800 |  | $— | $260800 |
| **Gross profit** | 81730 | <sup>(1)</sup> | 56063 | <sup>(1)</sup> | 137793 | <sup>(1)</sup> | (1255) | 136538 |
| ***Gross margin %*** | *47.6 %* | <sup>(1)</sup> | *63.0 %* | <sup>(1)</sup> | *52.8 %* | <sup>(1)</sup> |  | *52.4 %* |

---

(1) Segment gross margin and segment gross profit are Non-GAAP financial measures. Refer to "Use of Non-GAAP Financial Measures" above and "GAAP to Non-GAAP Reconciliations" below.

------

**Harmonic Inc.**

**GAAP to Non-GAAP Reconciliations (Unaudited)**

**(in thousands, except percentages and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** |
| | **Revenue** | **Gross Profit** | **Total Operating Expense** | **Income from Operations** | **Total Non-operating Expense, net** | **Net Income** |
| **GAAP** | $138027 | $73793 | $69923 | $3870 | $(894) | $2871 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 868 | (6829) | 7697 |  | 7697 |
| &nbsp;&nbsp;&nbsp;Restructuring and related charges |  |  | (650) | 650 |  | 650 |
| &nbsp;&nbsp;&nbsp;Non-recurring advisory fees |  |  | (78) | 78 |  | 78 |
| &nbsp;&nbsp;Lease-related asset impairment and other charges <sup>(1)</sup> |  |  | (1637) | 1637 |  | 1637 |
| &nbsp;&nbsp;&nbsp;Discrete tax items and tax effect of Non-GAAP adjustments |  |  |  |  |  | (2633) |
| **Total adjustments** |  | 868 | (9194) | 10062 |  | 7429 |
| **Non-GAAP** | $138027 | $74661 | $60729 | $13932 | $(894) | $10300 |
| *As a % of revenue (GAAP)* |  | *53.5 %* | *50.7 %* | *2.8 %* | *(0.6) %* | *2.1 %* |
| *As a % of revenue (Non-GAAP)* |  | *54.1 %* | *44.0 %* | *10.1 %* | *(0.6) %* | *7.5 %* |
| **Diluted net income per share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP |  |  |  |  |  | $0.03 |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  | $0.09 |
| **Shares used in per share calculation:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP and Non-GAAP |  |  |  |  |  | 113493 |

---

(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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** |
| | **Revenue** | **Gross Profit** | **Total Operating Expense** | **Income from Operations** | **Total Non-operating Expense, net** | **Net Income** |
| **GAAP** | $133135 | $78574 | $68447 | $10127 | $(1646) | $5940 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 561 | (7904) | 8465 |  | 8465 |
| &nbsp;&nbsp;&nbsp;Discrete tax items and tax effect of Non-GAAP adjustments |  |  |  |  |  | (1018) |
| **Total adjustments** |  | 561 | (7904) | 8465 |  | 7447 |
| **Non-GAAP** | $133135 | $79135 | $60543 | $18592 | $(1646) | $13387 |
| *As a % of revenue (GAAP)* |  | *59.0 %* | *51.4 %* | *7.6 %* | *(1.2) %* | *4.5 %* |
| *As a % of revenue (Non-GAAP)* |  | *59.4 %* | *45.5 %* | *14.0 %* | *(1.2) %* | *10.1 %* |
| **Diluted net income per share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP |  |  |  |  |  | $0.05 |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  | $0.11 |
| **Shares used in per share calculation:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP and Non-GAAP |  |  |  |  |  | 117021 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** |
| | **Revenue** | **Gross Profit** | **Total Operating Expense** | **Income (Loss) from Operations** | **Total Non-operating Expense, net** | **Net Income (Loss)** |
| **GAAP** | $138740 | $73457 | $89087 | $(15630) | $(805) | $(12532) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 273 | (6681) | 6954 |  | 6954 |
| &nbsp;&nbsp;&nbsp;Restructuring and related charges |  |  | (11482) | 11482 |  | 11482 |
| &nbsp;&nbsp;&nbsp;Non-recurring advisory fees |  |  | (406) | 406 |  | 406 |
| &nbsp;&nbsp;Lease-related asset impairment and other charges <sup>(1)</sup> |  |  | (9000) | 9000 |  | 9000 |
| &nbsp;&nbsp;&nbsp;Non-cash interest expense related to convertible notes |  |  |  |  | 338 | 338 |
| &nbsp;&nbsp;&nbsp;Discrete tax items and tax effect of Non-GAAP adjustments |  |  |  |  |  | (6369) |
| **Total adjustments** |  | 273 | (27569) | 27842 | 338 | 21811 |
| **Non-GAAP** | $138740 | $73730 | $61518 | $12212 | $(467) | $9279 |
| *As a % of revenue (GAAP)* |  | *52.9 %* | *64.2 %* | *(11.3) %* | *(0.6) %* | *(9.0) %* |
| *As a % of revenue (Non-GAAP)* |  | *53.1 %* | *44.3 %* | *8.8 %* | *(0.3) %* | *6.7 %* |
| **Diluted net income (loss) per share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP |  |  |  |  |  | $(0.11) |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  | $0.08 |
| **Shares used in per share calculation:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP |  |  |  |  |  | 115030 |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  | 116690 |

---

(1) Includes impairment charges of $2.9 million for right-of-use assets, $4.2 million for leasehold improvements, and $1.9 million related to the fair value of other

unrecoverable facility costs.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** |
| | **Revenue** | **Gross Profit** | **Total Operating Expense** | **Income from Operations** | **Total Non-operating Expense, net** | **Net Income** |
| **GAAP** | $271162 | $152367 | $138370 | $13997 | $(2540) | $8811 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 1429 | (14733) | 16162 |  | 16162 |
| &nbsp;&nbsp;&nbsp;Restructuring and related charges |  |  | (650) | 650 |  | 650 |
| &nbsp;&nbsp;&nbsp;Non-recurring advisory fees |  |  | (78) | 78 |  | 78 |
| &nbsp;&nbsp;Lease-related asset impairment and other charges <sup>(1)</sup> |  |  | (1637) | 1637 |  | 1637 |
| &nbsp;&nbsp;&nbsp;Discrete tax items and tax effect of non-GAAP adjustments |  |  |  |  |  | (3651) |
| **Total adjustments** |  | 1429 | (17098) | 18527 |  | 14876 |
| **Non-GAAP** | $271162 | $153796 | $121272 | $32524 | $(2540) | $23687 |
| *As a % of revenue (GAAP)* |  | *56.2 %* | *51.0 %* | *5.2 %* | *(0.9) %* | *3.2 %* |
| *As a % of revenue (Non-GAAP)* |  | *56.7 %* | *44.7 %* | *12.0 %* | *(0.9) %* | *8.7 %* |
| **Diluted net income per share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP |  |  |  |  |  | $0.08 |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  | $0.21 |
| **Shares used in per share calculation:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP and Non-GAAP |  |  |  |  |  | 115256 |

---

(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.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** |
| | **Revenue** | **Gross Profit** | **Total Operating Expense** | **Income (Loss) from Operations** | **Total Non-operating Expense, net** | **Net Income (Loss)** |
| **GAAP** | $260800 | $136538 | $161694 | $(25156) | $(1817) | $(20621) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 795 | (13082) | 13877 |  | 13877 |
| &nbsp;&nbsp;&nbsp;Restructuring and related charges |  | 460 | (14519) | 14979 | 11 | 14990 |
| &nbsp;&nbsp;&nbsp;Non-recurring advisory fees |  |  | (755) | 755 |  | 755 |
| &nbsp;&nbsp;Lease-related asset impairment and other charges <sup>(1)</sup> |  |  | (9000) | 9000 |  | 9000 |
| &nbsp;&nbsp;&nbsp;Non-cash interest expense related to convertible notes |  |  |  |  | 567 | 567 |
| &nbsp;&nbsp;&nbsp;Discrete tax items and tax effect of non-GAAP adjustments |  |  |  |  |  | (8907) |
| **Total adjustments** |  | 1255 | (37356) | 38611 | 578 | 30282 |
| **Non-GAAP** | $260800 | $137793 | $124338 | $13455 | $(1239) | $9661 |
| *As a % of revenue (GAAP)* |  | *52.4 %* | *62.0 %* | *(9.6) %* | *(0.7) %* | *(7.9) %* |
| *As a % of revenue (Non-GAAP)* |  | *52.8 %* | *47.7 %* | *5.2 %* | *(0.5) %* | *3.7 %* |
| **Diluted net income per share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP |  |  |  |  |  | $(0.18) |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  | $0.08 |
| **Shares used in per share calculation:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP and Non-GAAP |  |  |  |  |  | 113705 |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  | 117419 |

---

(1) Includes impairment charges of $2.9 million for right-of-use assets, $4.2 million for leasehold improvements, and $1.9 million related to the fair value of other unrecoverable facility costs.

------

**Harmonic Inc.**

**Calculation of Adjusted EBITDA by Segment (Unaudited)**

**(In thousands, except percentages)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** |
| | **Broadband** | **Video** |
| Income from operations | $8585 | $5347 |
| &nbsp;&nbsp;&nbsp;Depreciation | 1929 | 743 |
| &nbsp;&nbsp;&nbsp;Other non-operating income, net | 255 | 104 |
| **Adjusted EBITDA**<sup>(1)</sup> | $10769 | $6194 |
| Revenue | $86918 | $51109 |
| *Adjusted EBITDA margin %* <sup>(1)</sup> | *12.4 %* | *12.1 %* |
|  | **Three Months Ended March 28, 2025** | **Three Months Ended March 28, 2025** |
|  | **Broadband** | **Video** |
| Income from operations | $14021 | $4571 |
| &nbsp;&nbsp;&nbsp;Depreciation | 1964 | 756 |
| &nbsp;&nbsp;&nbsp;Other non-operating expense, net | (124) | (48) |
| **Adjusted EBITDA**<sup>(1)</sup> | $15861 | $5279 |
| Revenue | $84878 | $48257 |
| *Adjusted EBITDA margin %* <sup>(1)</sup> | *18.7 %* | *10.9 %* |
|  | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** |
|  | **Broadband** | **Video** |
| Income (loss) from operations | $13781 | $(1569) |
| &nbsp;&nbsp;&nbsp;Depreciation | 2133 | 1093 |
| &nbsp;&nbsp;&nbsp;Other non-operating income, net | 406 | 213 |
| **Adjusted EBITDA**<sup>(1)</sup> | $16320 | $(263) |
| Revenue | $92937 | $45803 |
| *Adjusted EBITDA margin %* <sup>(1)</sup> | *17.6 %* | *(0.6) %* |
|  | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** |
|  | **Broadband** | **Video** |
| Income from operations <sup>(1)</sup> | $22606 | $9918 |
| &nbsp;&nbsp;&nbsp;Depreciation | 3893 | 1499 |
| &nbsp;&nbsp;&nbsp;Other non-operating income, net | 131 | 56 |
| **Adjusted EBITDA**<sup>(1)</sup> | $26630 | $11473 |
| Revenue | $171796 | $99366 |
| *Adjusted EBITDA margin %* <sup>(1)</sup> | *15.5 %* | *11.5 %* |
|  | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** |
|  | **Broadband** | **Video** |
| Income (loss) from operations <sup>(1)</sup> | $22375 | $(8920) |
| &nbsp;&nbsp;&nbsp;Depreciation | 4119 | 2192 |
| &nbsp;&nbsp;&nbsp;Other non-operating income, net | 227 | 114 |
| **Adjusted EBITDA**<sup>(1)</sup> | $26721 | $(6614) |
| Revenue | $171834 | $88966 |
| *Adjusted EBITDA margin %* <sup>(1)</sup> | *15.6 %* | *(7.4) %* |

---

(1) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. Refer below for the "Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation."

------

**Harmonic Inc.**

**Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation (Unaudited)**

**(In thousands, except percentages)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 27, 2025** | **March 28, 2025** | **June 28, 2024** |
| **Net income (loss) (GAAP)** | $2871 | $5940 | $(12532) |
| &nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | 105 | 2541 | (3903) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 1253 | 1474 | 1424 |
| &nbsp;&nbsp;&nbsp;Depreciation | 2672 | 2720 | 3226 |
| **EBITDA** | 6901 | 12675 | (11785) |
| *Adjustments* |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 7697 | 8465 | 6954 |
| &nbsp;&nbsp;&nbsp;Restructuring and related charges | 650 |  | 11482 |
| &nbsp;&nbsp;&nbsp;Non-recurring advisory fees | 78 |  | 406 |
| &nbsp;&nbsp;&nbsp;Lease-related asset impairment and other charges | 1637 |  | 9000 |
| **Total consolidated segment adjusted EBITDA (Non-GAAP)** | $16963 | $21140 | $16057 |
| **Revenue** | $138027 | $133135 | $138740 |
| *Net income (loss) margin (GAAP)* | *2.1 %* | *4.5 %* | *(9.0) %* |
| *Consolidated segment Adjusted EBITDA margin (Non-GAAP)* | *12.3 %* | *15.9 %* | *11.6 %* |

---

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 27, 2025** | **June 28, 2024** |
| **Net income (loss) (GAAP)** | $8811 | $(20621) |
| &nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | 2646 | (6352) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 2727 | 2147 |
| &nbsp;&nbsp;&nbsp;Depreciation | 5392 | 6311 |
| **EBITDA** | 19576 | (18515) |
| *Adjustments* |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 16162 | 13877 |
| &nbsp;&nbsp;&nbsp;Restructuring and related charges | 650 | 14990 |
| &nbsp;&nbsp;&nbsp;Non-recurring advisory fees | 78 | 755 |
| &nbsp;&nbsp;&nbsp;Lease-related asset impairment and other charges | 1637 | 9000 |
| **Total consolidated segment adjusted EBITDA (Non-GAAP)** | $38103 | $20107 |
| **Revenue** | $271162 | $260800 |
| *Net income (loss) margin (GAAP)* | *3.2 %* | *(7.9) %* |
| *Consolidated segment Adjusted EBITDA margin (Non-GAAP)* | *14.1 %* | *7.7 %* |

---

------

**Harmonic Inc.**

**GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> | **Q3 2025 Financial Guidance** <sup>(1)</sup> |
| | **Revenue** | **Revenue** | **Revenue** | **Gross Profit** | **Gross Profit** | **Gross Profit** | **Total Operating Expense** | **Total Operating Expense** | **Total Operating Expense** | **Income from Operations** | **Income from Operations** | **Income from Operations** | **Net Income (Loss)** | **Net Income (Loss)** | **Net Income (Loss)** |
| **GAAP** | $120 | to | $135 | $63 | to | $73 | $68 | to | $70 | $(5) | to | $3 | $(4) | to | $— |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  |  |  |  |  | (8) | (8) | (8) | 8 | 8 | 8 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;Restructuring and related charges |  |  |  |  |  |  | (1) | (1) | (1) | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Tax effect of Non-GAAP adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (3) | to | (1) |
| **Total adjustments** |  |  |  |  |  |  | (9) | (9) | (9) | 9 | 9 | 9 | 6 | to | 8 |
| **Non-GAAP** | $120 | to | $135 | $63 | to | $73 | $59 | to | $61 | $4 | to | $11 | $2 | to | $8 |
| *As a % of revenue (GAAP)* |  |  |  | *52.5 %* | *to* | *53.8 %* | *56.7 %* | *to* | *51.9 %* | *(4.2) %* | *to* | *2.2 %* | *(3.3) %* | *to* | *— %* |
| *As a % of revenue (Non-GAAP)* |  |  |  | *52.5 %* | *to* | *53.8 %* | *49.2 %* | *to* | *45.2 %* | *3.3 %* | *to* | *8.1 %* | *1.7 %* | *to* | *5.9 %* |
| **Diluted net income (loss) per share:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP |  |  |  |  |  |  |  |  |  |  |  |  | $(0.04) | to | $— |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  |  |  |  |  |  |  |  | $0.02 | to | $0.07 |
| **Shares used in per share calculation:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP |  |  |  |  |  |  |  |  |  |  |  |  | 113.9 | to | 114.7 |
| &nbsp;&nbsp;&nbsp;Non-GAAP |  |  |  |  |  |  |  |  |  |  |  |  | 114.7 | 114.7 | 114.7 |

---

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

**Harmonic Inc.**

**Calculation of Adjusted EBITDA by Segment on Financial Guidance (Unaudited)** <sup>(1)</sup>

**(In millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q3 2025 Financial Guidance** | **Q3 2025 Financial Guidance** | **Q3 2025 Financial Guidance** | **Q3 2025 Financial Guidance** | **Q3 2025 Financial Guidance** | **Q3 2025 Financial Guidance** |
| | **Broadband** | **Broadband** | **Broadband** | **Video** | **Video** | **Video** |
| Income from operations | $3 | to | $7 | $1 | to | $4 |
| Depreciation | 2 |  | 2 | 1 |  | 1 |
| **Segment adjusted EBITDA**<sup>(2)</sup> | $5 | to | $9 | $2 | to | $5 |

---

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

(2) Segment Adjusted EBITDA is a Non-GAAP financial measure. Refer below for the "Net Income (Loss) to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance."

------

**Harmonic Inc.**

**Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited)** <sup>(1)</sup>

**(In millions)**

---

| | | | |
|:---|:---|:---|:---|
| | **Q3 2025 Financial Guidance** | **Q3 2025 Financial Guidance** | **Q3 2025 Financial Guidance** |
| **Net income (loss) (GAAP)** | $(4) | to | $— |
| &nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | (2) |  | 1 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;Depreciation | 3 |  | 3 |
| **EBITDA** | (2) | to | 5 |
| *Adjustments* |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;Restructuring and related charges | 1 |  | 1 |
| **Total consolidated segment adjusted EBITDA (Non-GAAP)** | $7 | to | $14 |

---

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