Technology
Harmonic Announces Second Quarter 2024 Results
Published
2 years agoon
By
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 %
24 %
Net income
$ 16
$ 22
Net income per share
$ 0.14
$ 0.19
Shares (1)
117.0
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 %
24 %
Net income
$ 23
$ 45
Net income per share
$ 0.19
$ 0.38
Shares (1)
117.3
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 %
21 %
Net income per share
$ 0.19
$ 0.24
Shares (3)
117.0
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 %
21 %
Net income per share (3)
$ 0.56
$ 0.75
Shares (3)
117.3
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
83
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
88
—
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
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
11
3,508
Non-recurring advisory fees
—
—
(349)
349
—
349
Non-cash interest expense related to convertible notes
—
—
—
—
229
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
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
11
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
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)
83
—
83
Non-recurring advisory fees
—
—
(2,135)
2,135
—
2,135
Non-cash interest expense related to convertible notes
—
—
—
—
446
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
83
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
to
$ 190
$ 91
to
$ 101
$ 67
to
$ 69
$ 24
to
$ 32
$ 16
to
$ 22
Stock-based compensation expense
—
—
(5)
5
5
Restructuring and related charges
—
—
(1)
1
1
Lease-related impairment and other charges
—
—
(1)
1
1
Tax effect of non-GAAP adjustments
—
—
—
—
(1)
to
—
Total adjustments
—
—
(7)
7
6
to
7
Non-GAAP
$ 175
to
$ 190
$ 91
to
$ 101
$ 60
to
$ 62
$ 31
to
$ 39
$ 22
to
$ 29
As a % of revenue (GAAP)
51.9 %
to
52.9 %
38.3 %
to
36.3 %
13.7 %
to
16.8 %
9.3 %
to
11.6 %
As a % of revenue (Non-GAAP)
51.9 %
to
52.9 %
34.3 %
to
32.6 %
17.7 %
to
20.3 %
12.8 %
to
15.3 %
Diluted net income per share:
GAAP
$ 0.14
to
$ 0.19
Non-GAAP
$ 0.19
to
$ 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
to
$ 695
$ 332
to
$ 369
$ 296
to
$ 304
$ 36
to
$ 65
$ 23
to
$ 45
Stock-based compensation expense
—
1
(25)
26
26
Restructuring and related charges
—
—
(15)
15
15
Non-recurring advisory fees
—
—
(1)
1
1
Lease-related impairment and other charges
—
—
(11)
(11)
11
Non-cash interest expense related to convertible
notes
—
—
—
—
1
Tax effect of non-GAAP adjustments
—
—
—
—
(12)
to
(11)
Total adjustments
—
1
(52)
31
42
to
43
Non-GAAP
$ 645
to
$ 695
$ 333
to
$ 370
$ 244
to
$ 252
$ 89
to
$ 118
$ 65
to
$ 88
As a % of revenue (GAAP)
51.4 %
to
53.1 %
45.9 %
to
43.7 %
5.6 %
to
9.4 %
3.6 %
to
6.5 %
As a % of revenue (Non-GAAP)
51.6 %
to
53.2 %
37.8 %
to
36.3 %
13.7 %
to
16.9 %
10.1 %
to
12.7 %
Diluted net income per share:
GAAP
$ 0.19
to
$ 0.38
Non-GAAP
$ 0.56
to
$ 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
to
$ 37
$ (1)
to
$ 2
Depreciation
2
2
1
1
Segment adjusted EBITDA(3)
$ 34
to
$ 39
$ —
to
$ 3
2024 Financial Guidance
Broadband
Video
Income (loss) from operations (2)
$ 93
to
$ 117
$ (4)
to
$ 1
Depreciation
9
9
4
4
Segment adjusted EBITDA(3)
$ 102
to
$ 126
$ —
to
$ 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
to
$ 22
$ 23
to
$ 45
Provision for income taxes
5
7
7
14
Interest expense, net
2
2
6
6
Depreciation
3
3
13
13
EBITDA
26
to
34
49
to
78
Adjustments
Stock-based compensation
6
6
26
26
Restructuring and related charges
1
1
15
15
Lease-related impairment and other charges
1
1
11
11
Non-recurring advisory fees
—
—
1
1
Total consolidated segment adjusted EBITDA (Non-GAAP) (2)
$ 34
to
$ 42
$ 102
to
$ 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.
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LG ELECTRONICS SHOWCASES COMPLETE PREMIUM RGB LINEUP WITH TÜV RHEINLAND CERTIFICATION FOR HIGH PURITY COLOR AT IFA 2026
Published
44 minutes agoon
September 5, 2026By
Powered by the α11 AI Processor, LG Micro RGB evo Sets a New Standard for High-Purity RGB Spectrum Display
News Summary:
LG Electronics showcases Micro RGB evo, an ultra-large LCD TV delivering high-purity RGB color performance, certified by TÜV Rheinland with its ‘High Purity RGB Spectrum Display’ certification, at IFA 2026.LG’s award-winning α11 AI Processor[1], recognized for enhancing picture and audio quality, is featured not only in flagship OLED models but also in Micro RGB evo.LG expands its RGB display lineup, now extending to Mini RGB evo models for a wider range of customer choice.
SEOUL, South Korea, Sept. 5, 2026 /PRNewswire/ — LG Electronics (LG) is showcasing LG Micro RGB evo (model MRGB95), a premium ultra-large-screen LCD TV featuring exceptional color purity, at IFA 2026, taking place in Berlin, Germany, from September 4-8. Leveraging LG’s proprietary Micro RGB technology and the α (Alpha) 11 AI Processor Gen3, the advanced TV delivers high-purity red, green, and blue separation, earning TÜV Rheinland’s High Purity RGB Spectrum Display certification.
Premium LCD Color with Independently Verified RGB Purity
LG Micro RGB evo and Mini RGB evo leverage LG’s proprietary high-purity RGB spectrum display technology, enhancing the purity of red, green and blue to deliver more natural and expressive color reproduction. Featuring clear color separation between red, green and blue colors and high purity of each color, the TVs deliver remarkably pure and lifelike colors.
This outstanding color performance has been independently certified by TÜV Rheinland, which has awarded its High Purity RGB Spectrum Display certification to LG’s Micro RGB evo MRGB95 and Mini RGB evo MRGB9M and MRGB85 models.[2]
Highlighting the significance of the certification, Hüseyin Derman, Regional Sales Manager of Products Europe at TÜV Rheinland, stated, “The TÜV Rheinland certification confirms that LG’s Micro RGB evo has passed a rigorous evaluation of its capacity to deliver physically and optically high-purity colors by completely preventing the intermixing of RGB wavelengths.”
Award-winning AI Processing for Pure Color and Precise Contrast
At the heart of Micro RGB evo is the α11 AI Processor Gen3, LG’s most advanced smart TV processor and the same platform used in the company’s flagship OLED models. The processor’s Dual AI Engine analyzes texture and edge simultaneously to produce more cohesive and lifelike images across movies, shows and games.
Precision Color Enhancer, also enabled by the powerful α11 Gen3, preserves the purity of each primary color while enacting fine control over gradation and tonal transitions. Complementing this is Micro Dimming Ultra, which precisely manages brightness across thousands of dimming zones to reveal subtle detail in both deep shadows and bright highlights. These technologies, combined with the immense scale of the Micro RGB evo’s screen, create an immersive and impactful viewing experience.
As part of its premium LCD lineup strategy, LG offers the industry-leading level of color with the ultra-large Micro RGB evo, alongside the new Mini RGB evo. These TVs leverage LG’s unique light source technology to precisely implement red, green, and blue, earning the ‘High Purity RGB Spectrum Display’ certification from TÜV Rheinland and expanding consumer choice.
“LG Micro RGB evo brings together the exceptional color purity of our proprietary Micro RGB technology and the advanced intelligence of the α11 AI Processor Gen3 to deliver an ultra-large viewing experience like no other,” said Park Hyoung‑sei, president of the LG Media Entertainment Solution Company. “Its independently validated, high-purity RGB color performance reflects our dedication to setting new standards in premium LCD picture quality. By completing our RGB display lineup with Mini RGB evo, we are proud to broaden the range of high-performance choices available to our customers.”
LG Micro RGB evo will be on display at the LG booth in Hall 18 at Messe Berlin throughout IFA 2026.
[1] Tom’s Guide’s AI Awards 2026 Winner
[2] LG RGB TVs have been certified as “High Purity RGB Spectrum Display” by TÜV Rheinland.
About LG Electronics Media Entertainment Solution Company
The LG Media Entertainment Solution Company (MS) is a recognized innovator in televisions, audio, displays and smart TV platforms. The MS Company enhances the media entertainment experience with its OLED TVs, renowned for perfect black and perfect color, the newest Micro RGB TVs and Mini-LED QNED TVs, all powered by the personalized webOS smart TV platform. The MS Company also offers Information Technology solutions (gaming monitors, business monitors, laptops, projectors, cloud devices and medical displays) as well as Signage solutions (Micro LED signage, digital signage, hospitality displays and signage software solutions) that are designed to maximize customers’ work efficiency and deliver strong value. For more news on LG, visit www.LG.com/global/newsroom/.
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/lg-electronics-showcases-complete-premium-rgb-lineup-with-tuv-rheinland-certification-for-high-purity-color-at-ifa-2026-302870723.html
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Rally and the American Team Pickleball League Announce National Growth Partnership Focused on Team-based Pickleball
Published
44 minutes agoon
September 5, 2026By
Partnership pairs ATPL’s national affiliate network with Rally’s pickleball league management software to standardize team-based pickleball leagues across the country.
CHICAGO, Sept. 5, 2026 /PRNewswire-PRWeb/ — Rally and the American Team Pickleball League (ATPL) today announced a national growth partnership to expand standardized, team-based pickleball leagues across the United States. Rally’s pickleball league management software for league admins and pickleball league management app for players power several of the largest pickleball leagues in North America on a platform trusted for 28 years. Under the partnership, ATPL affiliates nationwide will run on that platform, and the two organizations will co-invest in marketing, onboarding, and league infrastructure to support ATPL’s national expansion.
ATPL has built one of the fastest-growing team-based pickleball networks in the country, offering local affiliates a proven format, a structured competitive pathway, and a national championship. Rally acquired Pickleballscores in July 2026 as part of its acquisition of the Tenniscores platform, and brings modern technology, national marketing capabilities, and investment to fuel ATPL’s growth.
“ATPL has spent years building the infrastructure, format, and community that make team pickleball work at a local level. Rally’s team pickleball app helps that model scale nationally. Every new affiliate ATPL brings on strengthens the network for everyone in it.”
— Ross Freedman, Founder and CEO, Rally
“We’ve always believed team-based pickleball needed the same kind of national structure that tennis has had for decades. Partnering with Rally gives our affiliates a pickleball team app built for exactly that, and gives us the resources to bring more leagues into the fold.”
— Greg Mather, Founder, American Team Pickleball League
As part of the partnership, Rally will serve as the title sponsor for the ATPL National Championship. The event is scheduled for November 5-8, 2026, hosted at Pictona at Holly Hill in Holly Hill, Florida. ATPL will continue to lead affiliate recruitment, league format, and the national championship pathway, while standardizing on Rally’s pickleball league management platform across its network.
Pickleball has become the fastest-growing sport in the country, with participation reaching 24.3 million players in 2025, according to the Sports & Fitness Industry Association. Despite that growth, team-based league play remains fragmented, with no single national organization providing the standardized format, ratings structure, and championship pathway that sports like tennis have relied on for decades. ATPL was built to close that gap, giving local affiliates a proven format and a clear path from community play to a national championship. This partnership gives ATPL the platform and resources to bring that structure to leagues nationwide as the sport continues to scale.
About Rally
Rally is the leading pickleball league management software and team pickleball app, trusted by pickleball leagues nationwide. Serving over 800 racquet sports leagues and over 1M players in North America, Rally brings scores, standings, schedules, lineups, and messaging into one place for admins, captains, and players. The Rally platform turns pickleball, tennis, platform tennis, and padel leagues into vibrant communities. Learn more at lovetorally.com.
About ATPL
The American Team Pickleball League (ATPL) is a national network of independent, team-based pickleball affiliates, offering a standardized competitive format, training and onboarding support, and a pathway to the ATPL National Championship. Learn more at atplnation.org.
Media Contact
Ross Freedman, Rally LLC — hello@lovetorally.com
Media Contact
Ross Freedman, Rally LLC, 1 7732138911, ross@lovetorally.com, https://www.lovetorally.com/
View original content:https://www.prweb.com/releases/rally-and-the-american-team-pickleball-league-announce-national-growth-partnership-focused-on-team-based-pickleball-302869744.html
SOURCE Rally LLC
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Bringing Local AI Home: UGREEN Introduces Privacy-First HomeAgent for Smarter Living
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September 5, 2026By
BERLIN, Sept. 5, 2026 /PRNewswire/ — UGREEN, a leading global consumer technology brand, announced two new product lineups at a European launch event. The unveiling of the UGREEN HomeAgent series of agentic local AI hubs and a new MagFlow lineup marks UGREEN’s next stage of growth. Building on its established presence in digital accessories and smart storage, the company is now dedicated to a broader spectrum of intelligent consumer electronics designed to enhance everyday life.
UGREEN HomeAgent: Agentic Local AI Hub for Homes
At the center of UGREEN’s broader intelligent consumer electronics vision is UGREEN HomeAgent, a groundbreaking Agentic AI Local Hub unifying local storage, computing, and control into one device. It connects a growing ecosystem of UGREEN AIoT devices, including security cameras, smart speakers, and smart photo frames, as well as third-party devices.
UGOS Pro is UGREEN’s in-house operating system built on a Linux architecture, offering professional storage management, robust data security, easy backup and sync, and extensive expandability.
UGREEN HomeAgent is powered by the all-new UGOS Pro, combining NAS-grade storage and data management with integrated home security features, smart home capabilities, and natural voice interaction to deliver a more complete all-in-one experience.
Traditional surveillance cameras usually only document bad news, and their footage is constantly overwritten, so the moments truly worth keeping quietly disappear. That’s why UGREEN set out to redefine the home camera system, not as a surveillance tool, but as a camera for life.
“HomeAgent proactively recognizes moments that are truly worth remembering and organizes them into a personalized daily briefing for every family. Moments that might otherwise be forgotten can return. We want to help families preserve the precious time they spend together.” – Samuel Zhang, CEO of UGREEN
As an agentic local AI hub integrating on-device intelligence, local storage, AI computing and smart-home control, HomeAgent serves as the AI brain of the connected home. Designed to keep data private and local, it enables intelligent file management, proactive home monitoring, voice-driven automation and unified device control. The ecosystem includes the HomeAgent HA100 and HA100 Pro, the NVIDIA® Jetson Thor™-powered MasterAgent MA100, SynCare smart cameras, the UGREEN Smart Speaker for Uliya, and UGREEN Gallery smart frames, while remaining compatible with third-party Matter-enabled devices. Together, they deliver a private, expandable AI platform that helps users preserve memories, monitor their homes and coordinate devices through natural, context-aware interactions.
MagFlow Pro: Active Heat Dissipation and Sustained Fast Charging
Announced alongside HomeAgent, MagFlow Powerbank is the world’s first liquid-cooled Qi2 25W magnetic power bank, featuring CryoPulse™ micro-pump liquid cooling, active heat dissipation and sustained fast charging.
The launch complements UGREEN’s strong range of charging options, outlining the brand’s commitment to true-rated performance and flagship-quality power.
Availability Timeline
Pre-orders for the UGREEN HomeAgent HA100, HA100 Pro and UGREEN MasterAgent MA100 opened on September 4, 2026, via the UGREEN AIoT Official Store, and remain available until the official Kickstarter crowdfunding campaign launches on October 27, 2026. Other AIoT accessories will be introduced as part of the Kickstarter campaign beginning on October 27. During the pre-order period, customers can place a deposit starting at $50 to reserve the UGREEN HomeAgent HA100, HA100 Pro or UGREEN MasterAgent MA100 and secure 50% off with the Super Early Bird discount.
About UGREEN
UGREEN is a leading global tech brand creating innovative products that make everyday life smarter, easier, and more connected. From smart charging and productivity to smart storage and AIoT, UGREEN designs technology around the needs of modern life.
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