Technology

Harmonic Announces Second Quarter 2024 Results

Published

2 years ago

July 29, 2024

Revenue of $138.7 million up 14% quarter over quarter at high end of guidance

Reaffirming Broadband and Video Full Year Revenue Guidance

SAN JOSE, Calif., July 29, 2024 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2024.

“Our second quarter revenue was at the high end of our guidance range while profitability in both businesses exceeded our expectations,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “These results demonstrate strong execution in both our Broadband and Video businesses as we continue to implement our 2024 and long-term growth plans.”

Q2 Financial and Business Highlights

Financial

Revenue: $138.7 million, compared to $156.0 million in the prior year periodBroadband segment revenue: $92.9 million, compared to $97.1 million in the prior year periodVideo segment revenue: $45.8 million, compared to $58.9 million in the prior year periodGross margin: GAAP 52.9% and non-GAAP 53.1%, compared to GAAP 54.5% and non-GAAP 54.7% in the prior year periodBroadband segment non-GAAP gross margin: 47.6% compared to 50.5% in the prior year periodVideo segment non-GAAP gross margin: 64.4% compared to 61.7% in the prior year periodOperating income (loss): GAAP loss $15.6 million and non-GAAP income $12.2 million, compared to GAAP income $10.0 million and non-GAAP income $18.2 million in the prior year periodNet income (loss): GAAP net loss $12.5 million and non-GAAP net income of $9.3 million, compared to GAAP net income $1.6 million and non-GAAP net income $14.0 million in the prior year periodNon-GAAP adjusted EBITDA: $16.1 million income compared to $21.1 million income in the prior year periodNet income (loss) per share: GAAP net loss per share of $0.11 and non-GAAP net income per share of $0.08, compared to GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12 in the prior year periodBacklog and deferred revenue of $613.1 millionCash: $45.9 million, compared to $71.0 million in the prior year period

Business

Commercially deployed our cOS™ solution with 118 customers, serving 30.1 million cable modemsContinuing to diversify our Broadband customer base with the recent announcement that Telecentro, a leading telecommunications operator in Argentina, has selected Harmonic’s industry-leading cOS broadband platformFirst production shipments of our new high-density Pier optical line terminal (OLT) shelf for PON applicationsIncreasing Video sales pipeline of larger Appliance and Tier 1 SaaS opportunities

Select Financial Information

GAAP

Non-GAAP

Key Financial Results

Q2 2024

Q1 2024

Q2 2023

Q2 2024

Q1 2024

Q2 2023

(Unaudited, in millions, except per share data)

Net revenue

$ 138.7

$ 122.1

$ 156.0

Net income (loss)

$ (12.5)

$ (8.1)

$ 1.6

$ 9.3

$ 0.4

$ 14.0

Net income (loss) per share

$ (0.11)

$ (0.07)

$ 0.01

$ 0.08

$ 0.00

$ 0.12

Other Financial Information

Q2 2024

Q1 2024

Q2 2023

(Unaudited, in millions)

Adjusted EBITDA for the quarter (1)

$ 16.1

$ 4.1

$ 21.1

Bookings for the quarter

$ 72.4

$ 146.1

$ 194.7

Backlog and deferred revenue as of quarter end

$ 613.1

$ 677.8

$ 663.8

Cash and cash equivalents as of quarter end

$ 45.9

$ 84.3

$ 71.0

(1) Adjusted EBITDA is a Non-GAAP financial measure. Refer to “Preliminary 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 2024 GAAP Financial Guidance

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

Low

High

Broadband

Video

Total GAAP

Broadband

Video

Total GAAP

Net revenue

$ 130

$ 45

$ 175

$ 140

$ 50

$ 190

Gross margin %

51.9 %

52.9 %

Gross profit

$ 91

$ 101

Tax rate

24 %

Net income

$ 16

$ 22

Net income per share

$ 0.14

$ 0.19

Shares (1)

117.0

(1) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).

2024 GAAP Financial Guidance

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

Low

High

Broadband

Video

Total GAAP

Broadband

Video

Total GAAP

Net revenue

$ 460

$ 185

$ 645

$ 500

$ 195

$ 695

Gross margin %

51.4 %

53.1 %

Gross profit

$ 332

$ 369

Tax rate

24 %

Net income

$ 23

$ 45

Net income per share

$ 0.19

$ 0.38

Shares (1)

117.3

(1) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).

Q3 2024 Non-GAAP Financial Guidance (1)

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Gross margin %

48.0 %

63.0 %

51.9 %

49.0 %

64.0 %

52.9 %

Gross profit

$ 63

$ 28

$ 91

$ 69

$ 32

$ 101

Adjusted EBITDA(2)

$ 34

$ —

$ 34

$ 39

$ 3

$ 42

Tax rate

21 %

Net income per share

$ 0.19

$ 0.24

Shares (3)

117.0

(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below.

(2) Refer to “Net Income to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).

2024 Non-GAAP Financial Guidance (1)

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Gross margin %

47.0 %

63.0 %

51.6 %

49.0 %

64.0 %

53.2 %

Gross profit

$ 216

$ 117

$ 333

$ 245

$ 125

$ 370

Adjusted EBITDA(2)

$ 102

$ —

$ 102

$ 126

$ 5

$ 131

Tax rate

21 %

Net income per share (3)

$ 0.56

$ 0.75

Shares (3)

117.3

(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below.

(2) Refer to “Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $11.29 (Q2 2024 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 29, 2024. 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.vevent.com/register/BI0a4873336ead4b6c81df331d35635fb3. A replay will be available after 5:00 p.m. PT on the same web site.

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 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: the market and technology trends underlying our Video and Broadband businesses will not continue to develop in their current direction or pace; 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 impact of 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; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOS™ 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; 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, 2023, 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 expenses related to convertible notes and other debt – 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.

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.

Depreciation – Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are 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.

Lease-related asset impairment and other charges – There were lease-related asset impairment and other charges that we excluded from non-GAAP results relating to the reduction of our leased office space, as we continue to adapt to the changing dynamics of work and seek to optimize value for our business. These charges primarily consist of right-of-use asset impairment and related leasehold improvement impairment, and the fair value of other unrecoverable facility costs due to the intended change in use of certain leased space.

Harmonic Inc.

Preliminary Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value)

June 28, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

$ 45,850

$ 84,269

Restricted cash

2,827

—

Accounts receivable, net

119,999

141,531

Inventories

84,133

83,982

Prepaid expenses and other current assets

31,742

20,950

Total current assets

284,551

330,732

Property and equipment, net

29,603

36,683

Operating lease right-of-use assets

15,244

20,817

Goodwill

237,884

239,150

Deferred income taxes

112,906

104,707

Other non-current assets

33,508

36,117

Total assets

$ 713,696

$ 768,206

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Convertible debt

$ —

$ 114,880

Current portion of long-term debt

944

—

Current portion of other borrowings

8,348

4,918

Accounts payable

30,017

38,562

Deferred revenue

53,142

46,217

Operating lease liabilities

6,166

6,793

Other current liabilities

53,284

61,024

Total current liabilities

151,901

272,394

Long-term debt

113,805

—

Other long-term borrowings

5,245

10,495

Operating lease liabilities, non-current

16,594

18,965

Other non-current liabilities

33,343

29,478

Total liabilities

320,888

331,332

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; 115,998 and 112,407 shares issued and outstanding at June 28, 2024 and December 31, 2023, respectively

116

112

Additional paid-in capital

2,416,152

2,405,043

Accumulated deficit

(2,013,333)

(1,962,575)

Accumulated other comprehensive loss

(10,127)

(5,706)

Total stockholders’ equity

392,808

436,874

Total liabilities and stockholders’ equity

$ 713,696

$ 768,206

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

Three Months Ended

Six Months Ended

June 28, 2024

June 30, 2023

June 28, 2024

June 30, 2023

Revenue:

Appliance and integration

$ 94,184

$ 111,127

$ 175,779

$ 225,921

SaaS and service

44,556

44,836

85,021

87,691

Total net revenue

138,740

155,963

260,800

313,612

Cost of revenue:

Appliance and integration

50,878

57,437

93,952

117,185

SaaS and service

14,405

13,586

30,310

27,433

Total cost of revenue

65,283

71,023

124,262

144,618

Total gross profit

73,457

84,940

136,538

168,994

Operating expenses:

Research and development

28,784

32,205

59,489

65,714

Selling, general and administrative

39,821

42,773

78,686

82,055

Lease-related asset impairment and other charges

9,000

—

9,000

—

Restructuring and related charges

11,482

—

14,519

Total operating expenses

89,087

74,978

161,694

147,852

Income (loss) from operations

(15,630)

9,962

(25,156)

21,142

Interest expense, net

(1,424)

(800)

(2,147)

(1,506)

Other income (expense), net

619

(136)

330

(429)

Income (loss) before income taxes

(16,435)

9,026

(26,973)

19,207

Provision for (benefit from) income taxes

(3,903)

7,471

(6,352)

12,559

Net income (loss)

$ (12,532)

$ 1,555

$ (20,621)

$ 6,648

Net income (loss) per share:

Basic

$ (0.11)

$ 0.01

$ (0.18)

$ 0.06

Diluted

$ (0.11)

$ 0.01

$ (0.18)

$ 0.06

Weighted average shares outstanding:

Basic

115,030

111,462

113,705

111,130

Diluted

115,030

119,255

113,705

118,508

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Six Months Ended

June 28, 2024

June 30, 2023

Cash flows from operating activities:

Net income (loss)

$ (20,621)

$ 6,648

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation

6,311

6,089

Lease related asset impairment and other charges

9,000

—

Stock-based compensation

13,877

13,483

Foreign currency remeasurement

2,469

991

Deferred income taxes, net

(8,897)

1,321

Provision for excess and obsolete inventories

2,152

3,383

Other adjustments

354

1,292

Changes in operating assets and liabilities:

Accounts receivable, net

20,765

(10,392)

Inventories

(3,929)

6,894

Other assets

(6,761)

2,060

Accounts payable

(8,680)

(30,527)

Deferred revenues

6,179

1,223

Other liabilities

(7,553)

(12,717)

Net cash provided by (used in) operating activities

4,666

(10,252)

Cash flows from investing activities:

Purchases of property and equipment

(3,856)

(3,833)

Net cash used in investing activities

(3,856)

(3,833)

Cash flows from financing activities:

Proceeds from long-term debt

115,000

—

Repayment of convertible debt

(115,500)

—

Payments for debt issuance costs

(332)

—

Repurchase of common stock

(30,047)

—

Proceeds from other borrowings

—

3,829

Repayment of other borrowings

(1,334)

(4,721)

Proceeds from common stock issued to employees

3,542

3,084

Taxes paid related to net share settlement of equity awards

(6,252)

(7,643)

Net cash used in financing activities

(34,923)

(5,451)

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

(1,391)

981

Net decrease in cash and cash equivalents and restricted cash

(35,504)

(18,555)

Cash and cash equivalents and restricted cash at beginning of period

84,269

89,586

Cash and cash equivalents and restricted cash at end of period

$ 48,765

$ 71,031

Cash and cash equivalents and restricted cash at end of period

Cash and cash equivalents

$ 45,850

$ 71,031

Restricted cash included in prepaid expenses and other current assets

2,827

—

Restricted cash included in other non-current assets

—

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

$ 48,765

$ 71,031

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Six Months Ended

June 28, 2024

June 30, 2023

Supplemental cash flow disclosure:

Net cash paid for income taxes

$ 11,407

$ 5,008

Cash paid for interest

$ 1,895

$ 1,015

Supplemental schedule of non-cash investing activities:

Capital expenditures incurred but not yet paid

$ 282

$ 1,189

Supplemental schedule of non-cash financing activities:

Shares of common stock issued upon redemption of the 2024 Notes

4,578

—

Harmonic Inc.

Preliminary GAAP Revenue Information

(Unaudited, in thousands, except percentages)

Three Months Ended

June 28, 2024

March 29, 2024

June 30, 2023

Geography

Americas

$ 109,597

79 %

$ 93,031

76 %

$ 111,407

72 %

EMEA

22,680

16 %

23,560

19 %

36,242

23 %

APAC

6,463

5 %

5,469

5 %

8,314

5 %

Total

$ 138,740

100 %

$ 122,060

100 %

$ 155,963

100 %

Market

Service Provider

$ 104,429

75 %

$ 86,693

71 %

$ 108,703

70 %

Broadcast and Media

34,311

25 %

35,367

29 %

47,260

30 %

Total

$ 138,740

100 %

$ 122,060

100 %

$ 155,963

100 %

Six Months Ended

June 28, 2024

June 30, 2023

Geography

Americas

$ 202,628

78 %

$ 227,073

72 %

EMEA

46,240

18 %

69,183

22 %

APAC

11,932

4 %

17,356

6 %

Total

$ 260,800

100 %

$ 313,612

100 %

Market

Service Provider

$ 191,122

73 %

$ 226,692

72 %

Broadcast and Media

69,678

27 %

86,920

28 %

Total

$ 260,800

100 %

$ 313,612

100 %

Harmonic Inc.

Preliminary Segment Information

(Unaudited, in thousands, except percentages)

Three Months Ended June 28, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 92,937

$ 45,803

$ 138,740

$ —

$ 138,740

Gross profit

44,236

(1)

29,494

(1)

73,730

(1)

(273)

73,457

Gross margin %

47.6 %

(1)

64.4 %

(1)

53.1 %

(1)

52.9 %

Three Months Ended March 29, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 78,897

$ 43,163

$ 122,060

$ —

$ 122,060

Gross profit

37,494

(1)

26,569

(1)

64,063

(1)

(982)

63,081

Gross margin %

47.5 %

(1)

61.6 %

(1)

52.5 %

(1)

51.7 %

Three Months Ended June 30, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 97,096

$ 58,867

$ 155,963

$ —

$ 155,963

Gross profit

49,076

(1)

36,303

(1)

85,379

(1)

(439)

84,940

Gross margin %

50.5 %

(1)

61.7 %

(1)

54.7 %

(1)

54.5 %

Six Months Ended June 28, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 171,834

$ 88,966

$ 260,800

$ —

$ 260,800

Gross profit

81,730

(1)

56,063

(1)

137,793

(1)

(1,255)

136,538

Gross margin %

47.6 %

(1)

63.0 %

(1)

52.8 %

(1)

52.4 %

Six Months Ended June 30, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 197,447

$ 116,165

$ 313,612

$ —

$ 313,612

Gross profit

99,366

(1)

70,917

(1)

170,283

(1)

(1,289)

168,994

Gross margin %

50.3 %

(1)

61.0 %

(1)

54.3 %

(1)

53.9 %

(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 28, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income
(Loss) from
Operations

Total Non-
operating
Expense, net

Net Income
(Loss)

GAAP

$ 138,740

$ 73,457

$ 89,087

$ (15,630)

$ (805)

$ (12,532)

Stock-based compensation

—

273

(6,681)

6,954

—

6,954

Restructuring and related charges

—

(11,482)

11,482

—

11,482

Non-recurring advisory fees

—

(406)

406

—

406

Lease-related asset impairment and other charges

—

(9,000)

9,000

—

9,000

Non-cash interest expense related to convertible notes

—

338

Discrete tax items and tax effect of non-GAAP adjustments

—

(6,369)

Total adjustments

—

273

(27,569)

27,842

338

21,811

Non-GAAP

$ 138,740

$ 73,730

$ 61,518

$ 12,212

$ (467)

$ 9,279

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:

GAAP

$ (0.11)

Non-GAAP

$ 0.08

Shares used in per share calculation:

GAAP

115,030

Non-GAAP

116,690

Three Months Ended March 29, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income
(Loss) from
Operations

Total Non-
operating
Expense, net

Net Income
(Loss)

GAAP

$ 122,060

$ 63,081

$ 72,607

$ (9,526)

$ (1,012)

$ (8,089)

Stock-based compensation

—

522

(6,401)

6,923

—

6,923

Restructuring and related charges

—

460

(3,037)

3,497

3,508

Non-recurring advisory fees

—

(349)

349

—

349

Non-cash interest expense related to convertible notes

—

229

Discrete tax items and tax effect of non-GAAP adjustments

—

(2,538)

Total adjustments

—

982

(9,787)

10,769

240

8,471

Non-GAAP

$ 122,060

$ 64,063

$ 62,820

$ 1,243

$ (772)

$ 382

As a % of revenue (GAAP)

51.7 %

59.5 %

(7.8) %

(0.8) %

(6.6) %

As a % of revenue (Non-GAAP)

52.5 %

51.5 %

1.0 %

(0.6) %

0.3 %

Diluted net income (loss) per share:

GAAP

$ (0.07)

Non-GAAP

$ 0.00

Shares used in per share calculation:

GAAP

112,350

Non-GAAP

118,107

Three Months Ended June 30, 2023

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 155,963

$ 84,940

$ 74,978

$ 9,962

$ (936)

$ 1,555

Stock-based compensation

—

439

(5,620)

6,059

—

6,059

Non-recurring advisory fees

—

(2,135)

2,135

—

2,135

Non-cash interest expense related to convertible notes

—

223

Discrete tax items and tax effect of non-GAAP adjustments

—

3,982

Total adjustments

—

439

(7,755)

8,194

223

12,399

Non-GAAP

$ 155,963

$ 85,379

$ 67,223

$ 18,156

$ (713)

$ 13,954

As a % of revenue (GAAP)

54.5 %

48.1 %

6.4 %

(0.6) %

1.0 %

As a % of revenue (Non-GAAP)

54.7 %

43.1 %

11.6 %

(0.5) %

8.9 %

Diluted net income per share:

GAAP

$ 0.01

Non-GAAP

$ 0.12

Shares used in per share calculation:

GAAP and Non-GAAP

119,255

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

$ 260,800

$ 136,538

$ 161,694

$ (25,156)

$ (1,817)

$ (20,621)

Stock-based compensation

—

795

(13,082)

13,877

—

13,877

Restructuring and related charges

—

460

(14,519)

14,979

14,990

Non-recurring advisory fees

—

(755)

755

—

755

Lease-related asset impairment and other charges

—

(9,000)

9,000

—

9,000

Non-cash interest expense related to convertible notes

—

567

Discrete tax items and tax effect of non-GAAP adjustments

—

(8,907)

Total adjustments

—

1,255

(37,356)

38,611

578

30,282

Non-GAAP

$ 260,800

$ 137,793

$ 124,338

$ 13,455

$ (1,239)

$ 9,661

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 (loss) per share:

GAAP

$ (0.18)

Non-GAAP

$ 0.08

Shares used in per share calculation:

GAAP

113,705

Non-GAAP

117,419

Six Months Ended June 30, 2023

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 313,612

$ 168,994

$ 147,852

$ 21,142

$ (1,935)

$ 6,648

Stock-based compensation

—

1,289

(12,194)

13,483

—

13,483

Restructuring and related charges

—

(83)

—

Non-recurring advisory fees

—

(2,135)

2,135

—

2,135

Non-cash interest expense related to convertible notes

—

446

Discrete tax items and tax effect of non-GAAP adjustments

—

5,488

Total adjustments

—

1,289

(14,412)

15,701

446

21,635

Non-GAAP

$ 313,612

$ 170,283

$ 133,440

$ 36,843

$ (1,489)

$ 28,283

As a % of revenue (GAAP)

53.9 %

47.1 %

6.7 %

(0.6) %

2.1 %

As a % of revenue (Non-GAAP)

54.3 %

42.5 %

11.7 %

(0.5) %

9.0 %

Diluted net income per share:

GAAP

$ 0.06

Non-GAAP

$ 0.24

Shares used in per share calculation:

GAAP and Non-GAAP

118,508

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment (Unaudited)

(In thousands, except percentages)

Three Months Ended June 28, 2024

Broadband

Video

Income (loss) from operations (1)

$ 13,781

$ (1,569)

Depreciation

2,133

1,093

Other non-operating income, net

406

213

Adjusted EBITDA(2)

$ 16,320

$ (263)

Revenue

$ 92,937

$ 45,803

Adjusted EBITDA margin % (2)

17.6 %

(0.6) %

Three Months Ended March 29, 2024

Broadband

Video

Income (loss) from operations (1)

$ 8,594

$ (7,351)

Depreciation

1,986

1,099

Other non-operating expenses, net

(179)

(99)

Adjusted EBITDA(2)

$ 10,401

$ (6,351)

Revenue

$ 78,897

$ 43,163

Adjusted EBITDA margin % (2)

13.2 %

(14.7) %

Three Months Ended June 30, 2023

Broadband

Video

Income from operations (1)

$ 18,066

$ 90

Depreciation

1,671

1,388

Other non-operating expenses, net

(84)

(52)

Adjusted EBITDA(2)

$ 19,653

$ 1,426

Revenue

$ 97,096

$ 58,867

Adjusted EBITDA margin % (2)

20.2 %

2.4 %

Six Months Ended June 28, 2024

Broadband

Video

Income (loss) from operations (1)

$ 22,375

$ (8,920)

Depreciation

4,119

2,192

Other non-operating income, net

227

114

Adjusted EBITDA(2)

$ 26,721

$ (6,614)

Revenue

$ 171,834

$ 88,966

Adjusted EBITDA margin % (2)

15.6 %

(7.4) %

Six Months Ended June 30, 2023

Broadband

Video

Income (loss) from operations (1)

$ 38,179

$ (1,336)

Depreciation

3,315

2,774

Other non-operating expenses, net

(255)

(174)

Adjusted EBITDA(2)

$ 41,239

$ 1,264

Revenue

$ 197,447

$ 116,165

Adjusted EBITDA margin % (2)

20.9 %

1.1 %

(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” above.

(2) 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

June 28, 2024

March 29, 2024

June 30, 2023

Net income (loss) (GAAP)

$ (12,532)

$ (8,089)

$ 1,555

Provision for (benefit from) income taxes

(3,903)

(2,449)

7,471

Interest expense, net

1,424

723

800

Depreciation

3,226

3,085

3,059

EBITDA

(11,785)

(6,730)

12,885

Adjustments

Stock-based compensation

6,954

6,923

6,059

Restructuring and related charges

11,482

3,508

—

Non-recurring advisory fees

406

349

2,135

Lease-related asset impairment and other charges

9,000

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 16,057

$ 4,050

$ 21,079

Revenue

$ 138,740

$ 122,060

$ 155,963

Net income (loss) margin (GAAP)

(9.0) %

(6.6) %

1.0 %

Consolidated segment Adjusted EBITDA margin (Non-GAAP)

11.6 %

3.3 %

13.5 %

Six Months Ended

June 28, 2024

June 30, 2023

Net income (loss) (GAAP)

$ (20,621)

$ 6,648

Provision for (benefit from) income taxes

(6,352)

12,559

Interest expense, net

2,147

1,506

Depreciation

6,311

6,089

EBITDA

(18,515)

26,802

Adjustments

Stock-based compensation

13,877

13,483

Restructuring and related charges

14,990

Non-recurring advisory fees

755

2,135

Lease-related asset impairment and other charges

9,000

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 20,107

$ 42,503

Revenue

$ 260,800

$ 313,612

Net income (loss) margin (GAAP)

(7.9) %

2.1 %

Consolidated segment Adjusted EBITDA margin (Non-GAAP)

7.7 %

13.6 %

Harmonic Inc.

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

(In millions, except percentages and per share data)

Q3 2024 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income from
Operations

Net Income

GAAP

$ 175

$ 190

$ 91

$ 101

$ 67

$ 69

$ 24

$ 32

$ 16

$ 22

Stock-based compensation expense

—

(5)

Restructuring and related charges

—

(1)

Lease-related impairment and other charges

—

(1)

Tax effect of non-GAAP adjustments

—

(1)

—

Total adjustments

—

(7)

Non-GAAP

$ 175

$ 190

$ 91

$ 101

$ 60

$ 62

$ 31

$ 39

$ 22

$ 29

As a % of revenue (GAAP)

51.9 %

52.9 %

38.3 %

36.3 %

13.7 %

16.8 %

9.3 %

11.6 %

As a % of revenue (Non-GAAP)

51.9 %

52.9 %

34.3 %

32.6 %

17.7 %

20.3 %

12.8 %

15.3 %

Diluted net income per share:

GAAP

$ 0.14

$ 0.19

Non-GAAP

$ 0.19

$ 0.24

Shares used in per share calculation:

GAAP and Non-GAAP

117.0

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

2024 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income from
Operations

Net Income

GAAP

$ 645

$ 695

$ 332

$ 369

$ 296

$ 304

$ 36

$ 65

$ 23

$ 45

Stock-based compensation expense

—

(25)

Restructuring and related charges

—

(15)

Non-recurring advisory fees

—

(1)

Lease-related impairment and other charges

—

(11)

Non-cash interest expense related to convertible
notes

—

Tax effect of non-GAAP adjustments

—

(12)

(11)

Total adjustments

—

(52)

Non-GAAP

$ 645

$ 695

$ 333

$ 370

$ 244

$ 252

$ 89

$ 118

$ 65

$ 88

As a % of revenue (GAAP)

51.4 %

53.1 %

45.9 %

43.7 %

5.6 %

9.4 %

3.6 %

6.5 %

As a % of revenue (Non-GAAP)

51.6 %

53.2 %

37.8 %

36.3 %

13.7 %

16.9 %

10.1 %

12.7 %

Diluted net income per share:

GAAP

$ 0.19

$ 0.38

Non-GAAP

$ 0.56

$ 0.75

Shares used in per share calculation:

GAAP and Non-GAAP

117.3

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

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment on Financial Guidance (Unaudited) (1)

(In millions)

Q3 2024 Financial Guidance

Broadband

Video

Income (loss) from operations (2)

$ 32

$ 37

$ (1)

$ 2

Depreciation

Segment adjusted EBITDA(3)

$ 34

$ 39

$ —

$ 3

2024 Financial Guidance

Broadband

Video

Income (loss) from operations (2)

$ 93

$ 117

$ (4)

$ 1

Depreciation

Segment adjusted EBITDA(3)

$ 102

$ 126

$ —

$ 5

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

(2) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” above.

(3) Segment Adjusted EBITDA is a Non-GAAP financial measure. Refer below for the “Net income to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance”.

Harmonic Inc.

Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited) (1)

(In millions)

Q3 2024 Financial Guidance

2024 Financial Guidance

Net income (GAAP)

$ 16

$ 22

$ 23

$ 45

Provision for income taxes

Interest expense, net

Depreciation

EBITDA

Adjustments

Stock-based compensation

Restructuring and related charges

Lease-related impairment and other charges

Non-recurring advisory fees

—

Total consolidated segment adjusted EBITDA (Non-GAAP) (2)

$ 34

$ 42

$ 102

$ 131

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

(2) Consolidated Segment adjusted EBITDA is a Non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” above.

View original content to download multimedia:https://www.prnewswire.com/news-releases/harmonic-announces-second-quarter-2024-results-302208726.html

SOURCE Harmonic Inc.

Technology

Hisense Celebrates Earth Day: The Quiet Green Shift Happening Inside Households Through Smarter Appliances

Published

50 minutes ago

April 22, 2026

DUBAI, UAE, April 22, 2026 /PRNewswire/ — There’s something futuristic about a refrigerator that thinks for itself. Not in a science-fiction, take-over-the-world kind of way, but in the everyday miracle of a 620-litre side-by-side unit deciding, on its own, that 3am is the perfect time to run its compressor at minimal power because nobody’s opening the door anyway.

This is the green revolution that nobody talks about at climate summits. While world leaders debate carbon credits and industrial emissions, a quieter transformation is unfolding in kitchens, utility rooms, and living spaces across the UAE and beyond. It happens every time a washing machine calculates the precise amount of water needed for that half-load of towels, or when an air conditioner’s inverter technology throttles down instead of cycling on and off like an energy-guzzling metronome.

Earth Day, falling on 22 April this year, typically conjures images of tree-planting ceremonies and beach clean-ups. Worthy endeavours, certainly. But the environmental impact of what sits in your home, running twenty-four hours a day, seven days a week, fifty-two weeks a year, rarely gets the attention it deserves.

On average, washing machines use 19 gallons of water per load, and the average household runs between 5 and 6 loads per week. Based on those figures, most washers use up to 5,605 gallons of water annually . Swap that for a modern front-load unit with AI wash programs, like Hisense’s models, and that figure can drop by up to 50 percent. Multiply this across the roughly 500,000 households in Dubai alone, and we’re suddenly talking about water savings that would make a desalination plant executive weep with joy.

The same logic applies to electricity consumption, a particularly pressing concern in a region where summer temperatures regularly exceed 45°C and air conditioning is a necessity. The difference between a conventional split AC unit and one equipped with inverter technology isn’t marginal, it’s substantial enough to show up on utility bills within the first month of operation.

Intelligence as an Environmental Strategy

What makes the current generation of home appliances genuinely different isn’t just improved efficiency ratings or eco-labelling. It’s the integration of AI into the very fabric of how these machines operate.

Hisense, a brand that has positioned itself at this intersection of technology and sustainability, describes its approach as a “dual-track strategy of intelligence plus green development.” Its ConnectLife ecosystem, available on select refrigerators, washing machines, dishwashers, and air conditioners, monitors energy consumption in real-time, learns household patterns, and makes AI-driven recommendations that, over time, compound into meaningful resource savings.

A Hisense 14-place setting dishwasher with auto-wash technology, for instance, doesn’t simply run the same cycle regardless of load. It assesses soil levels and adjusts water temperature and duration accordingly. A half-load mode means running appliances at appropriate capacity rather than wasting resources on unnecessary full cycles.

Multi-airflow cooling systems that reduce temperature fluctuation and preserve food longer. No-frost technology that eliminates the energy waste of ice buildup. Inverter compressors that modulate power consumption rather than running at full throttle constantly. These technologies have existed in various forms for years. What’s changed is their integration into accessible price points and mainstream product lines, making efficient living achievable for households beyond the ultra-premium market.

The Gulf region presents a fascinating case study for domestic sustainability. Per capita energy consumption ranks among the highest globally, driven by climate control requirements, water desalination dependencies, and historically subsidised utility costs. Yet the UAE has simultaneously positioned itself as a regional leader in renewable energy investment and sustainability commitments.

This creates a unique environment where smart appliance adoption carries amplified significance. A 1.5-ton inverter split AC running across a typical Abu Dhabi summer doesn’t just save its owner money, it reduces the load on an electrical grid increasingly powered by solar and nuclear generation. The connection between individual choices and collective outcomes becomes tangible in ways that might seem abstract in milder climates.

The rise of connected appliances adds another dimension. Remote diagnostics can extend product lifespans by identifying minor issues before they become terminal failures. Software updates can improve efficiency algorithms years after purchase. Energy monitoring creates accountability loops that encourage conscious consumption patterns.

Steam wash functions on modern washing machines reduce the need for hot-water cycles while improving allergen removal. Anti-bacterial filters in air conditioning units address both health and environmental concerns simultaneously. These convergences suggest that the old tension between convenience and conscience may be resolving itself through engineering rather than requiring consumers to choose sides.

The Household as Climate Actor

There’s something democratic about domestic sustainability. Industrial emissions reductions require policy negotiations, capital investments, and coordination across complex stakeholder ecosystems. Choosing a more efficient refrigerator requires a trip to the appliance store and perhaps a slightly higher upfront cost that will recoup itself over the product’s operational lifetime.

This isn’t to diminish the necessity of systemic change, individual action cannot substitute for structural transformation. But the two approaches complement rather than compete. Households equipped with intelligent appliances consume fewer resources, place less strain on infrastructure, and model consumption patterns that cascade through communities.

The quiet green shift happening inside households won’t make headlines the way renewable energy megaprojects or electric vehicle adoption rates do. But every time that dishwasher calculates optimal water usage, every time that inverter compressor modulates instead of cycles, every time that smart refrigerator adjusts its cooling schedule based on door-opening patterns, something meaningful happens. Millions of these moments, aggregated across millions of households, compound into impact that rivals any single infrastructure project.

Photo – https://mma.prnewswire.com/media/2963033/Hisense_Earth_Day.jpg

View original content:https://www.prnewswire.co.uk/news-releases/hisense-celebrates-earth-day-the-quiet-green-shift-happening-inside-households-through-smarter-appliances-302750078.html

Technology

Dreame Nebula NEXT Auto expands academic collaboration to accelerate AI-driven automotive innovation

Published

50 minutes ago

April 22, 2026

UC Berkeley engagement underscores long-term investment in autonomous systems, engineering depth and intelligent vehicle development

BERKELEY, Calif., April 22, 2026 /PRNewswire/ — Dreame Nebula NEXT Auto has deepened its engagement with leading academic institutions, including the University of California, Berkeley, as it accelerates development of AI-defined vehicles and next-generation autonomous systems. The collaboration signals a long-term commitment to advancing core technologies that will shape the future of intelligent automotive motion.

The engagement brought Nebula NEXT engineers and leadership together with Berkeley researchers specialising in autonomous control systems, AI and intelligent transportation. The sessions focused on translating advanced research into real-world vehicle systems, with particular emphasis on safety, control and full-stack AI integration.

Jake Ma, Executive of Dreame Nebula NEXT Auto, said: “We aren’t building a car. We are building a new brain for the physical world. To us, the car is the only physical mothership capable of carrying the extreme compute required by large AI models today.”

The visit forms part of a broader strategy to anchor Nebula NEXT’s development in deep technical collaboration. By working closely with academic experts, the company is strengthening its approach to autonomous driving, vehicle intelligence and system-level engineering.

Nebula NEXT builds on Dreame Technology’s foundation in precision engineering and AI-driven innovation. This heritage underpins a shift from software-defined vehicles to AI-defined vehicles, where intelligence is embedded across the entire system, from perception and decision-making to chassis and powertrain control.

The company’s technical direction centres on integrating AI into the core dynamics of how vehicles operate. This includes continuous learning systems, multi-agent architectures and high-performance computing platforms designed to support real-time decision-making in complex driving environments.

Nebula NEXT first drew global attention at CES 2026 with the debut of the Nebula NEXT 01, a four-door electric hyper-sedan concept. The vehicle delivers 1.8-second acceleration from 0 to 100 km/h, more than 2,000 horsepower and a lightweight structure built from proprietary Blue Carbon Fiber.

Momentum continued with a high-profile appearance during the Super Bowl LVIII broadcast, extending the brand’s reach across North America and reinforcing its position as an emerging force in automotive technology.

Alongside performance, the company continues to prioritise foundational innovation. Its architecture combines AI-native operating systems, zonal electrical design and high-density computing platforms to enable scalable, intelligent vehicle systems.

Nebula NEXT is now entering a phase focused on system execution, engineering depth and scalable technology development. The company will present further advances at an upcoming Silicon Valley event on 27 April 2026, where it will unveil new products and core technologies.

By combining global market momentum, academic collaboration and a focus on engineering fundamentals, Dreame Nebula NEXT is positioning itself at the centre of the transition to AI-defined mobility.

Media contact:
Li Tong, Dreame Nebula Next Auto PR head, litong2@dreame.tech
Website: https://www.dreametech.com

Photo – https://mma.prnewswire.com/media/2962967/Image_1.jpg
Photo – https://mma.prnewswire.com/media/2962968/Image_3.jpg
Photo – https://mma.prnewswire.com/media/2962966/Image_4.jpg

View original content:https://www.prnewswire.co.uk/news-releases/dreame-nebula-next-auto-expands-academic-collaboration-to-accelerate-ai-driven-automotive-innovation-302750079.html

Technology

Sucden Financial Enables Client Trading in Shanghai Nickel Futures

Published

50 minutes ago

April 22, 2026

LONDON, April 22, 2026 /PRNewswire/ — Sucden Financial, the multi-asset execution, clearing and liquidity provider, announces that clients can now trade nickel futures and options on the Shanghai Futures Exchange (SHFE), following today’s opening of the contract to international participants.

Sucden Financial offers access to SHFE through its Overseas Intermediary status and established Chinese banking relationships. Clients can manage exposure across SHFE, the London Metal Exchange (LME) and more than 20 other global commodities markets through a single account.

In addition to SHFE nickel contracts, Sucden Financial’s clients can access the following Chinese exchanges: the Shanghai International Energy Exchange, the Dalian Commodity Exchange and the Zhengzhou Commodity Exchange.

Lucy Wainman, Head of Sales (China) at Sucden Financial, said:

“We are pleased to offer clients the opportunity to trade Shanghai nickel futures and options contracts, further broadening our access to Chinese markets. This milestone reflects the hard work of our team and the long-standing relationships we have built in China. We would like to thank SHFE and Chinese regulators for their support and constructive engagement.”

Marc Bailey, CEO of Sucden Financial, said:

“Expanding our global exchange coverage to include access to onshore mainland Chinese markets supports our organic growth strategy. By adding access to SHFE, we provide clients with an extended global reach through a single account. Continued investment in technology underpins our long-term commitment to our clients, enabling them to respond quickly to changing market dynamics and capture emerging opportunities.”

About Sucden Financial

With a history and heritage in commodity futures and options trading, Sucden Financial has evolved and diversified to become a leading global multi-asset execution, clearing and liquidity provider across FX, fixed income, and commodities.

Sucden Financial has a proven track record of over 50 years in financial markets. Since its foundation in 1973, it has been supported by its parent, Sucden, one of the world’s leading soft commodity trading groups, while remaining fully independent in its day-to-day trading operations.

Sucden Financial Limited is authorised and regulated by the Financial Conduct Authority.

linkedin.com/company/sucden-financial/
x.com/SucdenFinancial
sucdenfinancial.com

Logo : https://mma.prnewswire.com/media/2508678/5928643/Sucden_Financial_Logo.jpg

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/sucden-financial-enables-client-trading-in-shanghai-nickel-futures-302748869.html