Technology

Harmonic Announces Third Quarter 2024 Results

Published

2 years ago

October 28, 2024

Record revenue with Broadband revenue up 92% year over year

Video returned to profitability with greater than 10% Adjusted EBITDA margin

SAN JOSE, Calif., Oct. 28, 2024 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the third quarter of 2024.

“Our third quarter results demonstrated strong execution as we achieved record total company revenue and Adjusted EBITDA, with both broadband and video revenue exceeding expectations,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “This strong quarterly performance coupled with our market leading technology solutions leaves us well-positioned for further future growth.”

Q3 Financial and Business Highlights

Financial

Revenue: $195.8 million, up 54% compared to $127.2 million in the prior year periodBroadband segment revenue: $145.3 million, compared to $75.8 million in the prior year periodVideo segment revenue: $50.4 million, compared to $51.4 million in the prior year periodGross margin: GAAP 53.5% and non-GAAP 53.7%, both higher compared to GAAP 48.5% and non-GAAP 49.5% in the prior year periodBroadband segment non-GAAP gross margin: 48.3% compared to 44.5% in the prior year periodVideo segment non-GAAP gross margin: 69.0% compared to 56.9% in the prior year periodOperating income (loss): GAAP income $35.4 million and non-GAAP income $44.5 million, compared to GAAP loss $8.6 million and non-GAAP income $0.1 million in the prior year periodNet income (loss): GAAP net income $21.7 million and non-GAAP net income of $29.9 million, compared to GAAP net loss $6.5 million and non-GAAP net income $0.0 million in the prior year periodNon-GAAP adjusted EBITDA: $43.4 million income compared to $3.5 million income in the prior year periodNet income (loss) per share: GAAP net income per share of $0.19 and non-GAAP net income per share of $0.26, compared to GAAP net loss per share of $0.06 and non-GAAP net income per share of $0.00 in the prior year periodBacklog and deferred revenue of $584.7 millionCash: $58.2 million, compared to $75.6 million in the prior year period

Business

Commercially deployed our cOSTM solution with 121 customers, serving 32.0 million cable modemsComcast and Harmonic demonstrated the industry’s first Unified DOCSIS 4.0 and fiber solution at SCTE TechExpo24, with Unified DOCSIS 4.0 technology now available for all MSOsIncreased Broadband customer diversification with 7 new customer wins, including Bluepeak Fiber and Tribal Ready selecting Harmonic’s cOS broadband platformFurther progress on Video sales pipeline of larger Appliance and Tier 1 SaaS opportunities

Select Financial Information

GAAP

Non-GAAP

Key Financial Results

Q3 2024

Q2 2024

Q3 2023

Q3 2024

Q2 2024

Q3 2023

(Unaudited, in millions, except per share data)

Net revenue

$ 195.8

$ 138.7

$ 127.2

Net income (loss)

$ 21.7

$ (12.5)

$ (6.5)

$ 29.9

$ 9.3

$ —

Net income (loss) per share

$ 0.19

$ (0.11)

$ (0.06)

$ 0.26

$ 0.08

$ 0.00

Other Financial Information

Q3 2024

Q2 2024

Q3 2023

(Unaudited, in millions)

Adjusted EBITDA for the quarter (1)

$ 43.4

$ 16.1

$ 3.5

Bookings for the quarter

$ 171.4

$ 72.4

$ 96.3

Backlog and deferred revenue as of quarter end

$ 584.7

$ 613.1

$ 627.2

Cash and cash equivalents as of quarter end

$ 58.2

$ 45.9

$ 75.6

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

* Not applicable

Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and Non-GAAP measures, are provided in the sections below entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations”.

Financial Guidance

Q4 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

$ 160

$ 45

$ 205

$ 170

$ 50

$ 220

Gross margin %

55.4 %

56.7 %

Gross profit

$ 114

$ 125

Tax rate

26 %

Net income

$ 30

$ 36

Net income per share

$ 0.26

$ 0.31

Shares (1)

117.8

(1) Diluted shares assumes stock price at $13.34 (Q3 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 (1)

$ 477

$ 184

$ 662

$ 487

$ 189

$ 677

Gross margin %

53.6 %

54.0 %

Gross profit

$ 354

$ 366

Tax rate

26 %

Net income

$ 31

$ 37

Net income per share

$ 0.27

$ 0.32

Shares (2)

117.5

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

(2) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).

Q4 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 %

53.0 %

64.0 %

55.4 %

54.0 %

66.0 %

56.7 %

Gross profit

$ 85

$ 29

$ 114

$ 92

$ 33

$ 125

Adjusted EBITDA(2)

$ 54

$ 2

$ 55

$ 59

$ 5

$ 64

Tax rate

21 %

Net income per share

$ 0.33

$ 0.39

Shares (3)

117.8

(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below. Components may not sum to total due to rounding.

(2) 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 $13.34 (Q3 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 %

49.6 %

64.9 %

53.9 %

50.0 %

65.4 %

54.3 %

Gross profit

$ 237

$ 120

$ 356

$ 244

$ 124

$ 368

Adjusted EBITDA(2)

$ 118

$ 1

$ 119

$ 123

$ 4

$ 127

Tax rate

21 %

Net income per share (3)

$ 0.67

$ 0.73

Shares (3)

117.5

(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below. Components may not sum to total due to rounding.

(2) 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 $13.34 (Q3 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, October 28, 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/BI24dc955b30d3439abf656ef581cfa35c. A replay will be available after 5:00 p.m. PT on the same website.

About Harmonic Inc.

Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry’s first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: customer concentration and consolidation; loss of one or more key customers; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the market and technology trends underlying our Broadband and Video businesses will not continue to develop in their current direction or pace; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOSTM 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.

Asset impairment and related charges – We exclude asset impairment and related charges due to the nature of such expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of impairments of fixed assets, right-of-use assets and related leasehold improvements, and other unrecoverable facility costs due to the intended change in use of certain leased space.

Harmonic Inc.

Preliminary Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value)

September 27,
2024

December 31,
2023

ASSETS

Current assets:

Cash and cash equivalents

$ 58,174

$ 84,269

Restricted cash

327

—

Accounts receivable, net

173,730

141,531

Inventories

73,864

83,982

Prepaid expenses and other current assets

30,273

20,950

Total current assets

336,368

330,732

Property and equipment, net

28,396

36,683

Operating lease right-of-use assets

13,471

20,817

Goodwill

239,597

239,150

Deferred income taxes

107,380

104,707

Other non-current assets

34,649

36,117

Total assets

$ 759,861

$ 768,206

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Convertible debt

$ —

$ 114,880

Current portion of long-term debt

1,944

—

Current portion of other borrowings

5,285

4,918

Accounts payable

42,480

38,562

Deferred revenue

50,891

46,217

Operating lease liabilities

5,971

6,793

Other current liabilities

55,091

61,024

Total current liabilities

161,662

272,394

Long-term debt

112,819

—

Other long-term borrowings

9,458

10,495

Operating lease liabilities, non-current

15,647

18,965

Other non-current liabilities

31,338

29,478

Total liabilities

330,924

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; 116,511 and 112,407 shares
issued and outstanding at September 27, 2024 and December 31, 2023, respectively

117

112

Additional paid-in capital

2,424,322

2,405,043

Accumulated deficit

(1,991,615)

(1,962,575)

Accumulated other comprehensive loss

(3,887)

(5,706)

Total stockholders’ equity

428,937

436,874

Total liabilities and stockholders’ equity

$ 759,861

$ 768,206

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 27, 2024

September 29, 2023

September 27, 2024

September 29, 2023

Revenue:

Appliance and integration

$ 153,685

$ 84,760

$ 329,464

$ 310,681

SaaS and service

42,071

42,443

127,092

130,134

Total net revenue

195,756

127,203

456,556

440,815

Cost of revenue:

Appliance and integration

77,683

48,992

171,635

166,177

SaaS and service

13,341

16,527

43,651

43,960

Total cost of revenue

91,024

65,519

215,286

210,137

Total gross profit

104,732

61,684

241,270

230,678

Operating expenses:

Research and development

30,073

30,316

89,562

96,030

Selling, general and administrative

35,851

39,245

114,537

121,300

Asset impairment and related charges

3,103

—

12,103

—

Restructuring and related charges

281

726

14,800

809

Total operating expenses

69,308

70,287

231,002

218,139

Income (loss) from operations

35,424

(8,603)

10,268

12,539

Interest expense, net

(2,686)

(619)

(4,833)

(2,125)

Other income (expense), net

(3,932)

343

(3,602)

(86)

Income (loss) before income taxes

28,806

(8,879)

1,833

10,328

Provision for (benefit from) income taxes

7,088

(2,384)

736

10,175

Net income (loss)

$ 21,718

$ (6,495)

$ 1,097

$ 153

Net income (loss) per share:

Basic

$ 0.19

$ (0.06)

$ 0.01

$ —

Diluted

$ 0.19

$ (0.06)

$ 0.01

$ —

Weighted average shares outstanding:

Basic

116,403

112,031

114,594

111,431

Diluted

117,358

112,031

117,385

117,910

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Nine Months Ended

September 27, 2024

September 29, 2023

Cash flows from operating activities:

Net income

$ 1,097

$ 153

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

Depreciation

9,171

9,178

Asset impairment and related charges

12,103

—

Stock-based compensation

19,587

20,724

Foreign currency remeasurement

6,513

(814)

Deferred income taxes, net

(2,673)

2,026

Provision for excess and obsolete inventories

3,135

6,514

Other adjustments

435

1,689

Changes in operating assets and liabilities:

Accounts receivable, net

(31,611)

(2,558)

Inventories

6,592

14,532

Other assets

(3,489)

6,164

Accounts payable

1,787

(20,606)

Deferred revenues

2,062

(9,208)

Other liabilities

(11,323)

(27,002)

Net cash provided by operating activities

13,386

792

Cash flows from investing activities:

Purchases of short-term investments

—

(6,305)

Purchases of property and equipment

(6,840)

(5,749)

Net cash used in investing activities

(6,840)

(12,054)

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

3,943

3,829

Repayment of other borrowings

(4,797)

(4,721)

Proceeds from common stock issued to employees

6,628

6,552

Taxes paid related to net share settlement of equity awards

(6,877)

(8,643)

Net cash used in financing activities

(31,982)

(2,983)

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

(332)

281

Net decrease in cash and cash equivalents and restricted cash

(25,768)

(13,964)

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

$ 58,501

$ 75,622

Cash and cash equivalents and restricted cash at end of period

Cash and cash equivalents

$ 58,174

$ 75,622

Restricted cash

327

—

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

$ 58,501

$ 75,622

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Nine Months Ended

September 27, 2024

September 29, 2023

Supplemental cash flow disclosure:

Income tax payments, net

$ 12,894

$ 6,376

Interest payments, net

$ 4,363

$ 1,921

Supplemental schedule of non-cash investing activities:

Capital expenditures incurred but not yet paid

$ 709

$ 1,802

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

September 27, 2024

June 28, 2024

September 29, 2023

Geography

Americas

$ 167,720

86 %

$ 109,597

79 %

$ 91,221

72 %

EMEA

20,269

10 %

22,680

16 %

28,465

22 %

APAC

7,767

4 %

6,463

5 %

7,517

6 %

Total

$ 195,756

100 %

$ 138,740

100 %

$ 127,203

100 %

Market

Service Provider

$ 159,993

82 %

$ 104,429

75 %

$ 87,747

69 %

Broadcast and Media

35,763

18 %

34,311

25 %

39,456

31 %

Total

$ 195,756

100 %

$ 138,740

100 %

$ 127,203

100 %

Nine Months Ended

September 27, 2024

September 29, 2023

Geography

Americas

$ 370,348

81 %

$ 318,294

72 %

EMEA

66,509

15 %

97,648

22 %

APAC

19,699

4 %

24,873

6 %

Total

$ 456,556

100 %

$ 440,815

100 %

Market

Service Provider

$ 351,115

77 %

$ 314,439

71 %

Broadcast and Media

105,441

23 %

126,376

29 %

Total

$ 456,556

100 %

$ 440,815

100 %

Harmonic Inc.

Preliminary Segment Information

(Unaudited, in thousands, except percentages)

Three Months Ended September 27, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 145,338

$ 50,418

$ 195,756

$ —

$ 195,756

Gross profit

70,256

(1)

34,770

(1)

105,026

(1)

(294)

104,732

Gross margin %

48.3 %

(1)

69.0 %

(1)

53.7 %

(1)

53.5 %

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 September 29, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 75,806

$ 51,397

$ 127,203

$ —

$ 127,203

Gross profit

33,763

(1)

29,241

(1)

63,004

(1)

(1,320)

61,684

Gross margin %

44.5 %

(1)

56.9 %

(1)

49.5 %

(1)

48.5 %

Nine Months Ended September 27, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 317,172

$ 139,384

$ 456,556

$ —

$ 456,556

Gross profit

151,986

(1)

90,833

(1)

242,819

(1)

(1,549)

241,270

Gross margin %

47.9 %

(1)

65.2 %

(1)

53.2 %

(1)

52.8 %

Nine Months Ended September 29, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 273,253

$ 167,562

$ 440,815

$ —

$ 440,815

Gross profit

133,129

(1)

100,158

(1)

233,287

(1)

(2,609)

230,678

Gross margin %

48.7 %

(1)

59.8 %

(1)

52.9 %

(1)

52.3 %

(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 September 27, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 195,756

$ 104,732

$ 69,308

$ 35,424

$ (6,618)

$ 21,718

Stock-based compensation

—

294

(5,416)

5,710

—

5,710

Restructuring and related charges

—

(281)

281

—

281

Asset impairment and related charges (1)

—

(3,103)

3,103

—

3,103

Discrete tax items and tax effect of non-GAAP adjustments

—

(871)

Total adjustments

—

294

(8,800)

9,094

—

8,223

Non-GAAP

$ 195,756

$ 105,026

$ 60,508

$ 44,518

$ (6,618)

$ 29,941

As a % of revenue (GAAP)

53.5 %

35.4 %

18.1 %

(3.4) %

11.1 %

As a % of revenue (Non-GAAP)

53.7 %

30.9 %

22.7 %

(3.4) %

15.3 %

Diluted net income per share:

GAAP

$ 0.19

Non-GAAP

$ 0.26

Shares used in per share calculation:

GAAP and Non-GAAP

117,358

(1) Includes write-off of $1.8 million for internally developed capitalized software, and impairment charges of $0.8 million for right-of-use assets, $0.1 million for leasehold improvements and $0.4 million related to the fair value of other unrecoverable facility costs.

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

Asset impairment and related charges (1)

—

(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

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

Three Months Ended September 29, 2023

Revenue

Gross Profit

Total
Operating
Expense

Income
(Loss) from
Operations

Total Non-
operating
Expense, net

Net Income
(Loss)

GAAP

$ 127,203

$ 61,684

$ 70,287

$ (8,603)

$ (276)

$ (6,495)

Stock-based compensation

—

606

(6,635)

7,241

—

7,241

Restructuring and related charges

—

714

(362)

1,076

—

1,076

Non-recurring advisory fees

—

(364)

364

—

364

Non-cash interest expense related to convertible notes

—

226

Discrete tax items and tax effect of non-GAAP adjustments

—

(2,390)

Total adjustments

—

1,320

(7,361)

8,681

226

6,517

Non-GAAP

$ 127,203

$ 63,004

$ 62,926

$ 78

$ (50)

$ 22

As a % of revenue (GAAP)

48.5 %

55.3 %

(6.8) %

(0.2) %

(5.1) %

As a % of revenue (Non-GAAP)

49.5 %

0.1 %

— %

Diluted net income (loss) per share:

GAAP

$ (0.06)

Non-GAAP

$ 0.00

Shares used in per share calculation:

GAAP

112,031

Non-GAAP

116,710

Nine Months Ended September 27, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 456,556

$ 241,270

$ 231,002

$ 10,268

$ (8,435)

$ 1,097

Stock-based compensation

—

1,089

(18,498)

19,587

—

19,587

Restructuring and related charges

—

460

(14,800)

15,260

15,271

Non-recurring advisory fees

—

(755)

755

—

755

Asset impairment and related charges (1)

—

(12,103)

12,103

—

12,103

Non-cash interest expense related to convertible notes

—

567

Discrete tax items and tax effect of non-GAAP adjustments

—

(9,778)

Total adjustments

—

1,549

(46,156)

47,705

578

38,505

Non-GAAP

$ 456,556

$ 242,819

$ 184,846

$ 57,973

$ (7,857)

$ 39,602

As a % of revenue (GAAP)

52.8 %

50.6 %

2.2 %

(1.8) %

0.2 %

As a % of revenue (Non-GAAP)

53.2 %

40.5 %

12.7 %

(1.7) %

8.7 %

Diluted net income per share:

GAAP

$ 0.01

Non-GAAP

$ 0.34

Shares used in per share calculation:

GAAP and Non-GAAP

117,385

(1) Includes write-off of $1.8 million for internally developed capitalized software, and impairment charges of $3.7 million for right-of-use assets, $4.3 million for leasehold improvements, and $2.3 million related to the fair value of other unrecoverable facility costs.

Nine Months Ended September 29, 2023

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 440,815

$ 230,678

$ 218,139

$ 12,539

$ (2,211)

$ 153

Stock-based compensation

—

1,895

(18,829)

20,724

—

20,724

Restructuring and related charges

—

714

(445)

1,159

—

1,159

Non-recurring advisory fees

—

(2,499)

2,499

—

2,499

Non-cash interest expense related to convertible notes

—

672

Discrete tax items and tax effect of non-GAAP adjustments

—

3,099

Total adjustments

—

2,609

(21,773)

24,382

672

28,153

Non-GAAP

$ 440,815

$ 233,287

$ 196,366

$ 36,921

$ (1,539)

$ 28,306

As a % of revenue (GAAP)

52.3 %

49.5 %

2.8 %

(0.5) %

— %

As a % of revenue (Non-GAAP)

52.9 %

44.5 %

8.4 %

(0.3) %

6.4 %

Diluted net income per share:

GAAP

$ —

Non-GAAP

$ 0.24

Shares used in per share calculation:

GAAP and Non-GAAP

117,910

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment (Unaudited)

(In thousands, except percentages)

Three Months Ended September 27, 2024

Broadband

Video

Income from operations (1)

$ 38,192

$ 6,326

Depreciation

2,001

859

Other non-operating expense, net

(2,733)

(1,199)

Adjusted EBITDA(2)

$ 37,460

$ 5,986

Revenue

$ 145,338

$ 50,418

Adjusted EBITDA margin % (2)

25.8 %

11.9 %

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 September 29, 2023

Broadband

Video

Income (loss) from operations (1)

$ 6,128

$ (6,050)

Depreciation

1,746

1,343

Other non-operating income, net

211

132

Adjusted EBITDA(2)

$ 8,085

$ (4,575)

Revenue

$ 75,806

$ 51,397

Adjusted EBITDA margin % (2)

10.7 %

(8.9) %

Nine Months Ended September 27, 2024

Broadband

Video

Income (loss) from operations (1)

$ 60,567

$ (2,594)

Depreciation

6,120

3,051

Other non-operating expense, net

(2,506)

(1,085)

Adjusted EBITDA(2)

$ 64,181

$ (628)

Revenue

$ 317,172

$ 139,384

Adjusted EBITDA margin % (2)

20.2 %

(0.5) %

Nine Months Ended September 29, 2023

Broadband

Video

Income (loss) from operations (1)

$ 44,307

$ (7,386)

Depreciation

5,061

4,117

Other non-operating expense, net

(44)

(42)

Adjusted EBITDA(2)

$ 49,324

$ (3,311)

Revenue

$ 273,253

$ 167,562

Adjusted EBITDA margin % (2)

18.1 %

(2.0) %

(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

September 27, 2024

June 28, 2024

September 29, 2023

Net income (loss) (GAAP)

$ 21,718

$ (12,532)

$ (6,495)

Provision for (benefit from) income taxes

7,088

(3,903)

(2,384)

Interest expense, net

2,686

1,424

619

Depreciation

2,860

3,226

3,089

EBITDA

34,352

(11,785)

(5,171)

Adjustments

Stock-based compensation

5,710

6,954

7,241

Restructuring and related charges

281

11,482

1,076

Non-recurring advisory fees

—

406

364

Asset impairment and related charges

3,103

9,000

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 43,446

$ 16,057

$ 3,510

Revenue

$ 195,756

$ 138,740

$ 127,203

Net income (loss) margin (GAAP)

11.1 %

(9.0) %

(5.1) %

Consolidated segment Adjusted EBITDA margin (Non-GAAP)

22.2 %

11.6 %

2.8 %

Nine Months Ended

September 27, 2024

September 29, 2023

Net income (GAAP)

$ 1,097

$ 153

Provision for income taxes

736

10,175

Interest expense, net

4,833

2,125

Depreciation

9,171

9,178

EBITDA

15,837

21,631

Adjustments

Stock-based compensation

19,587

20,724

Restructuring and related charges

15,271

1,159

Non-recurring advisory fees

755

2,499

Asset impairment and related charges

12,103

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 63,553

$ 46,013

Revenue

$ 456,556

$ 440,815

Net income margin (GAAP)

0.2 %

— %

Consolidated segment Adjusted EBITDA margin (Non-GAAP)

13.9 %

10.4 %

Harmonic Inc.

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

(In millions, except percentages and per share data)

Q4 2024 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income from
Operations

Net Income

GAAP

$ 205

$ 220

$ 114

$ 125

$ 70

$ 73

$ 44

$ 52

$ 30

$ 36

Stock-based compensation expense

—

(9)

Tax effect of non-GAAP adjustments

—

Total adjustments

—

(9)

Non-GAAP

$ 205

$ 220

$ 114

$ 125

$ 61

$ 64

$ 53

$ 61

$ 39

$ 46

As a % of revenue (GAAP)

55.4 %

56.7 %

34.1 %

33.2 %

21.5 %

23.6 %

14.6 %

16.4 %

As a % of revenue (Non-GAAP)

55.4 %

56.7 %

29.8 %

29.1 %

25.7 %

27.6 %

19.0 %

20.9 %

Diluted net income per share:

GAAP

$ 0.26

$ 0.31

Non-GAAP

$ 0.33

$ 0.39

Shares used in per share calculation:

GAAP and Non-GAAP

117.8

(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

$ 662

$ 677

$ 354

$ 366

$ 301

$ 304

$ 54

$ 62

$ 31

$ 37

Stock-based compensation expense

—

(27)

Restructuring and related charges

—

(15)

Non-recurring advisory fees

—

(1)

Asset impairment and related charges

—

(12)

Non-cash interest expense related to convertible notes

—

Tax effect of non-GAAP adjustments

—

(10)

(9)

Total adjustments

—

(55)

Non-GAAP

$ 662

$ 677

$ 356

$ 368

$ 246

$ 249

$ 111

$ 119

$ 79

$ 86

As a % of revenue (GAAP)

53.6 %

54.0 %

45.5 %

44.9 %

8.2 %

9.2 %

4.7 %

5.5 %

As a % of revenue (Non-GAAP)

53.9 %

54.3 %

37.2 %

36.8 %

16.7 %

17.6 %

11.9 %

12.7 %

Diluted net income per share:

GAAP

$ 0.27

$ 0.32

Non-GAAP

$ 0.67

$ 0.73

Shares used in per share calculation:

GAAP and Non-GAAP

117.5

(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)

Q4 2024 Financial Guidance

Broadband

Video

Income from operations (2)

$ 52

$ 57

$ 1

$ 4

Depreciation

Segment adjusted EBITDA(3)

$ 54

$ 59

$ 2

$ 5

2024 Financial Guidance

Broadband

Video

Income (loss) from operations (2)

$ 112

$ 117

$ (2)

$ 1

Depreciation

Other non-operating expense, net

(3)

(1)

Segment adjusted EBITDA(3)

$ 118

$ 123

$ 1

$ 4

(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)

Q4 2024 Financial Guidance

2024 Financial Guidance

Net income (GAAP)

$ 30

$ 36

$ 31

$ 37

Provision for income taxes

Interest expense, net

Depreciation

EBITDA

Adjustments

Stock-based compensation

Restructuring and related charges

—

Asset impairment and related charges

—

Non-recurring advisory fees

—

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

$ 55

$ 64

$ 119

$ 127

(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-third-quarter-2024-results-302288744.html

SOURCE Harmonic Inc.

Technology

Axon Announces Body 5: Next-Generation Camera Built for the AI Era

Published

4 hours ago

October 24, 2026

Axon Body 5 delivers 25x the AI processing power of earlier-generation cameras, with upgraded connectivity, audio and battery life to support real-time situational awareness in the field

SCOTTSDALE, Ariz., Oct. 24, 2026 /PRNewswire/ — Axon (Nasdaq: AXON), the global leader in public safety technology, today announced Axon Body 5, its newest body-worn camera designed to bring more powerful intelligence, connectivity and real-time support directly to officers in the field.

For years, Axon body cameras have helped agencies capture critical evidence and create greater transparency. Body 5 is built to help officers during the call, with information, assistance and backup on the spot.

“Officers shouldn’t have to choose between getting information and watching the scene. With Axon Body 5, they don’t,” said Rick Smith, Axon Founder and CEO. “They capture a license or document with the camera, keep their hands free and eyes up, and get information faster than writing it down and calling it in by radio. An officer fully engaged with the person in front of them, not down at a notepad, is a safer officer and a better-served community.”

Axon Body 5: Built for the AI Era

Built from the ground up for the AI era, Axon Body 5 delivers 25x the AI processing power than earlier generation Axon body cameras, alongside advancements in connectivity, audio, video and battery life. Together, these upgrades give the camera the physical power to run smarter AI features — both today and as new AI tools are developed in the future — while also making it more dependable for officers to use every day.

For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.

Both models feature several key advancements, including:

25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.

The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:

A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.

Bringing More of Axon’s AI Era Into the Field

Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.

Increasingly, Axon is also bringing AI into real-time operations.

Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:

Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.

Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.

Innovating Responsibly

Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.

General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.

About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility.

Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.

Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.

Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/axon-announces-body-5-next-generation-camera-built-for-the-ai-era-302918553.html

SOURCE Axon

Technology

In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design

Published

5 hours ago

October 24, 2026

The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.

ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.

The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.

The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.

Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.

The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.

Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.

Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.

Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.

The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.

As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.

A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-custom-fabrication-expert-mark-coyle-explains-a-common-mistake-in-custom-aluminum-design-302918282.html

SOURCE HelloNation

Technology

World Young Scientist Summit 2026 Opens in Wenzhou, Zhejiang

Published

6 hours ago

October 24, 2026

WENZHOU, China, Oct. 24, 2026 /PRNewswire/ — This is a report by China Daily:

On October 24, the World Young Scientist Summit 2026 opened in Wenzhou, Zhejiang. The event is hosted by the China Association for Science and Technology (CAST), the Zhejiang Provincial People’s Government, and the World Association of Young Scientists. Nearly 800 representatives, including scientists, educators, and entrepreneurs from more than 60 countries and regions, are attending the summit.

He Junke, Vice President of CAST in charge of daily work and First Secretary of its Secretariat; Lian Yimin, Chairman and Party Group Secretary of the Zhejiang Provincial Committee of the Chinese People’s Political Consultative Conference; Marcelo Knobel, Executive Director of The World Academy of Sciences; and Zhang Zhenfeng, Member of the Standing Committee of the CPC Zhejiang Provincial Committee and Secretary of the CPC Wenzhou Municipal Committee, attended the summit and delivered remarks. Yao Gaoyuan, Vice Governor of the Zhejiang Provincial People’s Government, presided over the first segment of the plenary session.

With the theme “Gathering Talents Worldwide to Create a Better Future,” the summit’s annual agenda is “Global Youth Action in the AI Era: Building a Sustainable Future.” It aims to draw on the insights of young people around the world, deepen international sci-tech cooperation, and jointly address questions about young people, science, the world and the future.

Efim Zelmanov, Fields Medalist and Foreign Member of the Chinese Academy of Sciences; Chen Yunji, Deputy Director of the Institute of Computing Technology, CAS, and Director of the National Key Laboratory of Processor Chips; Mary Garson, President of the International Union of Pure and Applied Chemistry; and Lu Chaoyang, Member of the Standing Committee of CAST, Executive Dean of the Shanghai Institute of Advanced Study, University of Science and Technology of China, and Chairman of the Council of the World Association of Young Scientists, delivered keynote speeches respectively on education reform in the AI era, AI and processor chips, young women scientists’ participation in science, and quantum computing. They explored new opportunities for scientific research, talent cultivation, and international cooperation in the AI era.

This year’s summit placed greater emphasis on the growth needs of young scientists, with young talents under the age of 45 accounting for 88 percent of participants. It aimed to build a cluster of international journals, bring together young scientific talent, facilitate a batch of international collaborative projects and advance the application and commercialization of scientific and technological achievements. The summit released the Report on the Distribution and Mobility of Young Scientists in the Field of Embodied Intelligence, launched the World Young Scientist Summit Partner Journal Program and the 2026 World Young Scientist Innovation and Entrepreneurship Growth Support Program. It also published the “Young Scientist Pioneers 2035” list and announced the 2026 Sustainable Development Young Scientist Award. The awards were presented to four Chinese and foreign scientists.

Chen Tianrun, Founder of Hangzhou Moxin Technology Co., Ltd.; Yuan Yang, Assistant to the Dean of the Institute for Interdisciplinary Information Sciences at Tsinghua University; and two of the 2026 Sustainable Development Young Scientist Award winners, César de la Fuente and Nicola Segata, among other Chinese and foreign young scientist representatives, spoke at the flash-talk session to share their research practices and reflections.

In addition, the conference focused on fields such as future manufacturing, quantum information, embodied intelligence, brain-computer intelligence, environmental science, deep-sea resources, and life and health, and held 12 parallel forums. It also included the “Gravitation π” Future Technology and Concept Products Exhibition and Exchange, local thematic side events, and sci-tech and humanities study visits, further building an interdisciplinary, cross-regional and cross-sector platform for youth sci-tech exchange and cooperation.

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SOURCE China Daily