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Investor Relations14 Oct 2025
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Harmonic (HLIT) investor relations material
Harmonic Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary28 Jul, 2025
Executive summary
Q2 2025 revenue reached $138M, exceeding guidance for both Broadband and Video segments, with record Video SaaS revenue and strong rest of world growth.
Returned to profitability with GAAP net income of $2.9M, reversing a prior year loss, and improved gross margin driven by Video segment performance.
Cash and cash equivalents increased to $123.9M from $45.9M a year ago, supporting $14M in Q2 share repurchases and $50.1M year-to-date under a $200M authorization.
Backlog and deferred revenue closed at $504.5M, reflecting robust customer demand and future revenue visibility.
Continued innovation and customer expansion in broadband, including new product launches, high-profile partnerships, and record DOCSIS 4.0 demonstration.
Financial highlights
Q2 2025 revenue was $138M, nearly flat year-over-year; GAAP net income was $2.9M ($0.03 per share), Non-GAAP EPS $0.09, and adjusted EBITDA was $17.0M, up year-over-year.
Gross margin improved to 53.5% GAAP and 54.1% Non-GAAP, up from 52.9% and 53.1% year-over-year.
Free cash flow was negative $15.5M; operating cash flow for the first six months was $71.9M, a $67.2M increase year-over-year.
Bookings surged to $158.4M, up $86M year-over-year, with a book-to-bill ratio of 1.1.
Video SaaS revenue reached a record $15.4M, up 10.1% year-over-year; Video revenue rose 11.6% to $51.1M, while Broadband revenue declined 6.5% to $86.9M.
Outlook and guidance
Q3 2025 revenue guidance: $120M–$135M; GAAP gross margin 52.5%–53.8%; Non-GAAP EPS $0.02–$0.07; adjusted EBITDA $7M–$14M.
Broadband Q3 revenue expected at $75M–$85M, gross margin 45%–46%, adjusted EBITDA $5M–$9M; Video Q3 revenue $45M–$50M, gross margin 65%–67%, adjusted EBITDA $2M–$5M.
No updated full-year 2025 guidance due to tariff and macroeconomic uncertainties; growth expected to resume in 2026 with DOCSIS 4.0 and customer ramps.
Liquidity expected to remain strong, with current sources of funds adequate for at least the next 12 months.
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Q3 20253 Nov, 2025
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Frequently asked questions
Harmonic Inc. provides video delivery software, products, system solutions, and broadband access solutions for media companies, service providers, and operators worldwide. Its offerings include cloud-based video streaming, video processing, and cable access platforms. Harmonic Inc. is headquartered in San Jose, California, and its shares are listed on the NASDAQ.
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