Technology

Harmonic Announces Fourth Quarter and Fiscal 2024 Results

Published

1 year ago

February 10, 2025

Record total quarterly revenue, up 33% year over year, and record quarterly Adjusted EBITDA

Doubles previous stock repurchase program to $200 million

SAN JOSE, Calif., Feb. 10, 2025 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the fourth quarter and fiscal year ended December 31, 2024.

“Harmonic achieved record quarterly 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. “The strong performance in Broadband demonstrates our ability to scale to our customers’ needs and our technology leadership has never been stronger, leaving us well-positioned to take advantage of expected long-term growth in broadband DOCSIS 4.0 and Fiber.”

“Our prudent 2025 Broadband revenue guidance reflects shifts in customer deployment timing as operators transition to Unified DOCSIS 4.0. These trends are industry-wide and we believe they are short-term in nature,” said Walter Jankovic, chief financial officer of Harmonic. “We remain confident in our long-term outlook and expect to resume above market growth in 2026 as adoption of DOCSIS 4.0 accelerates and cable capital spending returns to its long-term growth trajectory. Additionally, our board of directors has authorized a new three-year, $200 million share repurchase program, reflecting our confidence in the Company’s strong continued profitability and free cash flow generation. We intend to opportunistically repurchase our shares when we believe that our stock is undervalued relative to the strength of our business, thereby creating value for our long-term shareholders.”

Q4 Financial and Business Highlights

Financial

Revenue: $222.2 million, compared to $167.1 million in the prior year periodBroadband segment revenue: $171.0 million, compared to $115.2 million in the prior year periodVideo segment revenue: $51.1 million, compared to $51.9 million in the prior year periodGross margin: 56.1% for both GAAP and non-GAAP, compared to GAAP 49.0% and non-GAAP 49.3% in the prior year periodBroadband segment non-GAAP gross margin: 52.7% compared to 42.4% in the prior year periodVideo segment non-GAAP gross margin: 67.4% compared to 64.6% in the prior year periodOperating income: GAAP income $52.9 million and non-GAAP income $63.1 million, compared to GAAP income $9.6 million and non-GAAP income $18.9 million in the prior year periodNet income: GAAP net income $38.1 million and non-GAAP net income of $52.4 million, compared to GAAP net income $83.8 million and non-GAAP net income $14.7 million in the prior year periodNon-GAAP adjusted EBITDA: $71.8 million income compared to $21.7 million income in the prior year periodNet income per share: GAAP net income per share of $0.32 and non-GAAP net income per share of $0.45, compared to GAAP net income per share of $0.72 and non-GAAP net income per share of $0.13 in the prior year periodCash: $101.5 million, compared to $84.3 million in the prior year period

Business

Commercially deployed our cOS™ solution with 127 customers, serving 33.3 million cable modemsLargest installed base of DOCSIS 4.0 and now engaged with 10 Tier 1 operators on Unified DOCSIS 4.0Increased Q4 2024 rest-of-world Broadband sales by over 50% from prior quarter, and won five new customers including Blue Stream Fiber (USA) and IPKO (Europe)Formed exclusive technology collaboration with Sercomm to advance DOCSIS 4.0 unified technologiesVideo SaaS (VOS360) is now qualified on a fourth cloud platform with Akamai Cloud Computing; additionally, Akamai has selected Harmonic as the technology vendor for one of their video streaming services

Share Repurchase Program

Harmonic also announced today that its board of directors has terminated the Company’s existing stock repurchase program and authorized a new program under which the Company may repurchase up to $200 million of its outstanding shares of common stock through February 2028. The Company intends to fund the share repurchases from cash on hand and cash generated from operations. Repurchases under the program may be made from time to time through open market purchases and 10b5-1 trading plans, in accordance with applicable securities laws. The timing and amount of any repurchases will depend on a variety of factors, including the price of Harmonic’s common stock, business and market conditions, corporate regulatory requirements, strategic opportunities and other factors. The stock repurchase program does not commit Harmonic to acquire any particular amounts of its common stock, and the program may be amended, suspended or discontinued at any time at the Company’s discretion.

Select Financial Information

GAAP

Non-GAAP

Key Financial Results

Q4 2024

Q3 2024

Q4 2023

Q4 2024

Q3 2024

Q4 2023

(Unaudited, in millions, except per share data)

Net revenue

$ 222.2

$ 195.8

$ 167.1

Net income

$ 38.1

$ 21.7

$ 83.8

$ 52.4

$ 29.9

$ 14.7

Net income per share

$ 0.32

$ 0.19

$ 0.72

$ 0.45

$ 0.26

$ 0.13

Other Financial Information

Q4 2024

Q3 2024

Q4 2023

(Unaudited, in millions)

Adjusted EBITDA for the quarter (1)

$ 71.8

$ 43.4

$ 21.7

Bookings for the quarter

$ 150.0

$ 171.4

$ 196.5

Backlog and deferred revenue as of quarter end

$ 496.3

$ 584.7

$ 653.2

Cash and cash equivalents as of quarter end

$ 101.5

$ 58.2

$ 84.3

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

Q1 2025 GAAP Financial Guidance

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Net revenue

$ 80

$ 40

$ 120

$ 90

$ 45

$ 135

Gross margin %

55.8 %

57.0 %

Gross profit

$ 67

$ 77

Tax rate

19 %

Net income (loss)

$ (6)

$ 1

Net income (loss) per share

$ (0.05)

$ 0.01

Shares (1)

117.4

118.5

(1) Diluted shares assumes stock price at $13.07 (Q4 2024 average price).

2025 GAAP Financial Guidance

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Net revenue

$ 400

$ 185

$ 585

$ 450

$ 195

$ 645

Gross margin %

54.5 %

57.1 %

Gross profit

$ 319

$ 368

Tax rate

19 %

Net income

$ 22

$ 53

Net income per share

$ 0.19

$ 0.45

Shares (1)

119.1

(1) Diluted shares assumes stock price at $13.07 (Q4 2024 average price).

Q1 2025 Non-GAAP Financial Guidance (1)

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Gross margin %

52.0 %

64.0 %

56.0 %

54.0 %

65.0 %

57.7 %

Gross profit

$ 42

$ 26

$ 68

$ 49

$ 29

$ 78

Adjusted EBITDA(2)

$ 9

$ —

$ 9

$ 15

$ 2

$ 17

Tax rate

20 %

Net income per share

$ 0.02

$ 0.08

Shares (3)

118.5

(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 (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income (loss), the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $13.07 (Q4 2024 average price).

2025 Non-GAAP Financial Guidance (1)

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Gross margin %

51.0 %

63.0 %

54.8 %

54.0 %

65.0 %

57.3 %

Gross profit

$ 204

$ 117

$ 321

$ 243

$ 127

$ 370

Adjusted EBITDA(2)

$ 77

$ 8

$ 85

$ 106

$ 17

$ 123

Tax rate

20 %

Net income per share

$ 0.43

$ 0.68

Shares (3)

119.1

(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 (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income (loss), the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $13.07 (Q4 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, February 10, 2025. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register-conf.media-server.com/register/BI2f09f965b0ef4108b66aaee0197cd4f5. 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 stock repurchase program and our expectations regarding net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: stock repurchases may not be conducted in the timeframe or in the manner we expect, or at all; 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 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 related to convertible notes – We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors’ ability to view the Company’s results from management’s perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.

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)

December 31, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

$ 101,457

$ 84,269

Restricted cash

332

—

Accounts receivable, net

178,013

141,531

Inventories

64,004

83,982

Prepaid expenses and other current assets

22,270

20,950

Total current assets

366,076

330,732

Property and equipment, net

26,823

36,683

Operating lease right-of-use assets

12,411

20,817

Goodwill

236,876

239,150

Deferred income taxes

121,028

104,707

Other non-current assets

33,292

36,117

Total assets

$ 796,506

$ 768,206

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Convertible debt

$ —

$ 114,880

Current portion of long-term debt

2,194

—

Current portion of other borrowings

4,941

4,918

Accounts payable

35,250

38,562

Deferred revenue

47,069

46,217

Operating lease liabilities

5,675

6,793

Other current liabilities

72,440

61,024

Total current liabilities

167,569

272,394

Long-term debt

112,084

—

Other long-term borrowings

8,694

10,495

Operating lease liabilities, non-current

14,727

18,965

Other non-current liabilities

28,174

29,478

Total liabilities

331,248

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; 116,735 and 112,407 shares
issued and outstanding at December 31, 2024 and December 31, 2023, respectively

117

112

Additional paid-in capital

2,432,733

2,405,043

Accumulated deficit

(1,953,495)

(1,962,575)

Accumulated other comprehensive loss

(14,097)

(5,706)

Total stockholders’ equity

465,258

436,874

Total liabilities and stockholders’ equity

$ 796,506

$ 768,206

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

Three Months Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Revenue:

Appliance and integration

$ 177,914

$ 125,197

$ 507,378

$ 435,878

SaaS and service

44,252

41,895

171,344

172,029

Total net revenue

222,166

167,092

678,722

607,907

Cost of revenue:

Appliance and integration

84,072

70,596

255,707

236,773

SaaS and service

13,443

14,629

57,094

58,589

Total cost of revenue

97,515

85,225

312,801

295,362

Total gross profit

124,651

81,867

365,921

312,545

Operating expenses:

Research and development

31,413

30,252

120,975

126,282

Selling, general and administrative

38,587

41,982

153,124

163,282

Asset impairment and related charges

610

—

12,713

—

Restructuring and related charges

1,173

—

15,973

809

Total operating expenses

71,783

72,234

302,785

290,373

Income from operations

52,868

9,633

63,136

22,172

Interest expense, net

(2,493)

(571)

(7,326)

(2,696)

Other income (expense), net

5,725

(249)

2,123

(335)

Income before income taxes

56,100

8,813

57,933

19,141

Provision for (benefit from) income taxes

17,980

(75,028)

18,716

(64,853)

Net income

$ 38,120

$ 83,841

$ 39,217

$ 83,994

Net income per share:

Basic

$ 0.33

$ 0.75

$ 0.34

$ 0.75

Diluted

$ 0.32

$ 0.72

$ 0.33

$ 0.72

Weighted average shares outstanding:

Basic

116,619

112,294

115,120

111,651

Diluted

117,699

115,691

117,482

117,359

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Year Ended

December 31, 2024

December 31, 2023

Cash flows from operating activities:

Net income

$ 39,217

$ 83,994

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

Depreciation

12,139

12,255

Asset impairment and related charges

12,036

—

Stock-based compensation

28,073

27,329

Foreign currency remeasurement

315

1,453

Deferred income taxes, net

(16,436)

(92,856)

Provision for excess and obsolete inventories

10,971

7,396

Other adjustments

569

1,920

Changes in operating assets and liabilities:

Accounts receivable, net

(38,241)

(32,695)

Inventories

8,374

35,403

Other assets

3,199

25,483

Accounts payable

(3,107)

(29,358)

Deferred revenues

(2,210)

(20,823)

Other liabilities

7,018

(12,442)

Net cash provided by operating activities

61,917

7,059

Cash flows from investing activities:

Purchases of investments

—

(6,305)

Proceeds from maturities of investments

—

6,305

Purchases of property and equipment

(9,186)

(8,475)

Net cash used in investing activities

(9,186)

(8,475)

Cash flows from financing activities:

Proceeds from long-term debt

115,000

—

Repayment of convertible debt

(115,500)

—

Payments for debt issuance costs

(332)

(1,025)

Proceeds from other borrowings

3,943

3,835

Repayment of other borrowings

(5,447)

(4,865)

Repurchase of common stock

(30,047)

—

Proceeds from common stock issued to employees

6,628

6,558

Taxes paid related to net share settlement of equity awards

(7,514)

(9,493)

Net cash used in financing activities

(33,269)

(4,990)

Effect of exchange rate changes on cash and cash equivalents

(1,942)

1,089

Net increase (decrease) in cash and cash equivalents

17,520

(5,317)

Cash and cash equivalents at beginning of period

84,269

89,586

Cash and cash equivalents at end of period

$ 101,789

$ 84,269

Cash and cash equivalents and restricted cash at end of period

Cash and cash equivalents

$ 101,457

$ 84,269

Restricted cash

332

—

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

$ 101,789

$ 84,269

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Year Ended

December 31, 2024

December 31, 2023

Supplemental cash flow disclosure:

Income tax payments, net

$ 27,308

$ 18,128

Interest payments, net

$ 6,283

$ 1,626

Supplemental schedule of non-cash investing activities:

Capital expenditures incurred but not yet paid

$ 488

$ 618

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

December 31, 2024

September 27, 2024

December 31, 2023

Geography

Americas

$ 186,907

84 %

$ 167,720

86 %

$ 129,406

77 %

EMEA

26,044

12 %

20,269

10 %

30,041

18 %

APAC

9,215

4 %

7,767

4 %

7,645

5 %

Total

$ 222,166

100 %

$ 195,756

100 %

$ 167,092

100 %

Market

Service Provider

$ 178,266

80 %

$ 159,993

82 %

$ 128,566

77 %

Broadcast and Media

43,900

20 %

35,763

18 %

38,526

23 %

Total

$ 222,166

100 %

$ 195,756

100 %

$ 167,092

100 %

Twelve Months Ended

December 31, 2024

December 31, 2023

Geography

Americas

$ 557,255

82 %

$ 447,700

74 %

EMEA

92,553

14 %

127,689

21 %

APAC

28,914

4 %

32,518

5 %

Total

$ 678,722

100 %

$ 607,907

100 %

Market

Service Provider

$ 529,381

78 %

$ 443,005

73 %

Broadcast and Media

149,341

22 %

164,902

27 %

Total

$ 678,722

100 %

$ 607,907

100 %

Harmonic Inc.

Preliminary Segment Information

(Unaudited, in thousands, except percentages)

Three Months Ended December 31, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 171,028

$ 51,138

$ 222,166

$ —

$ 222,166

Gross profit

90,200

(1)

34,451

(1)

124,651

(1)

—

124,651

Gross margin %

52.7 %

(1)

67.4 %

(1)

56.1 %

(1)

56.1 %

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 December 31, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 115,229

$ 51,863

$ 167,092

$ —

$ 167,092

Gross profit

48,803

(1)

33,491

(1)

82,294

(1)

(427)

81,867

Gross margin %

42.4 %

(1)

64.6 %

(1)

49.3 %

(1)

49.0 %

Twelve Months Ended December 31, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 488,200

$ 190,522

$ 678,722

$ —

$ 678,722

Gross profit

242,186

(1)

125,284

(1)

367,470

(1)

(1,549)

365,921

Gross margin %

49.6 %

(1)

65.8 %

(1)

54.1 %

(1)

53.9 %

Twelve Months Ended December 31, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 388,482

$ 219,425

$ 607,907

$ —

$ 607,907

Gross profit

181,932

(1)

133,649

(1)

315,581

(1)

(3,036)

312,545

Gross margin %

46.8 %

(1)

60.9 %

(1)

51.9 %

(1)

51.4 %

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

Harmonic Inc.

GAAP to Non-GAAP Reconciliations (Unaudited)

(in thousands, except percentages and per share data)

Three Months Ended December 31, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Income, net

Net Income

GAAP

$ 222,166

$ 124,651

$ 71,783

$ 52,868

$ 3,232

$ 38,120

Stock-based compensation

—

(8,486)

8,486

—

8,486

Restructuring and related charges

—

(1,173)

1,173

—

1,173

Asset impairment and related charges (1)

—

(610)

610

—

610

Discrete tax items and tax effect of non-GAAP adjustments

—

4,043

Total adjustments

—

(10,269)

10,269

—

14,312

Non-GAAP

$ 222,166

$ 124,651

$ 61,514

$ 63,137

$ 3,232

$ 52,432

As a % of revenue (GAAP)

56.1 %

32.3 %

23.8 %

1.5 %

17.2 %

As a % of revenue (Non-GAAP)

56.1 %

27.7 %

28.4 %

1.5 %

23.6 %

Diluted net income per share:

GAAP

$ 0.32

Non-GAAP

$ 0.45

Shares used in per share calculation:

GAAP and Non-GAAP

117,699

(1) Includes impairment charges of $0.2 million for right-of-use assets and $0.4 million related to the fair value of other unrecoverable facility costs.

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 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 December 31, 2023

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$167,092

$81,867

$72,234

$9,633

$(820)

$83,841

Stock-based compensation

—

454

(6,151)

6,605

—

6,605

Restructuring and related charges

—

(27)

—

(27)

—

(27)

Non-recurring advisory fee

—

(2,702)

2,702

—

2,702

Non-cash interest expense related to convertible notes

—

233

Discrete tax items and tax effect of non-GAAP adjustments

—

(78,693)

Total adjustments

—

427

(8,853)

9,280

233

(69,180)

Non-GAAP

$167,092

$82,294

$63,381

$18,913

$(587)

$14,661

As a % of revenue (GAAP)

49.0 %

43.2 %

5.8 %

(0.5) %

50.2 %

As a % of revenue (Non-GAAP)

49.3 %

37.9 %

11.3 %

(0.4) %

8.8 %

Diluted net income per share:

GAAP

$0.72

Non-GAAP

$0.13

Shares used in per share calculation:

GAAP and Non-GAAP

115,691

Twelve Months Ended December 31, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 678,722

$ 365,921

$ 302,785

$ 63,136

$ (5,203)

$ 39,217

Stock-based compensation

—

1,089

(26,984)

28,073

—

28,073

Restructuring and related charges

—

460

(15,973)

16,433

16,444

Non-recurring advisory fees

—

(755)

755

—

755

Asset impairment and related charges (1)

—

(12,713)

12,713

—

12,713

Non-cash interest expense related to convertible notes

—

567

Discrete tax items and tax effect of non-GAAP adjustments

—

(5,736)

Total adjustments

—

1,549

(56,425)

57,974

578

52,816

Non-GAAP

$ 678,722

$ 367,470

$ 246,360

$ 121,110

$ (4,625)

$ 92,033

As a % of revenue (GAAP)

53.9 %

44.6 %

9.3 %

(0.8) %

5.8 %

As a % of revenue (Non-GAAP)

54.1 %

36.3 %

17.8 %

(0.7) %

13.6 %

Diluted net income per share:

GAAP

$ 0.33

Non-GAAP

$ 0.78

Shares used in per share calculation:

GAAP and Non-GAAP

117,482

(1) Includes write-off of $1.8 million for internally capitalized software, and impairment charges of $3.9 million for right-of-use assets, $4.3 million for leasehold improvements, and $2.7 million related to the fair value of other unrecoverable facility costs.

Twelve Months Ended December 31, 2023

Revenue

Gross Profit

Total
Operating

Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 607,907

$ 312,545

$ 290,373

$ 22,172

$ (3,031)

$ 83,994

Stock-based compensation

—

2,349

(24,980)

27,329

—

27,329

Restructuring and related charges

—

687

(445)

1,132

—

1,132

Non-recurring advisory fees

—

(5,201)

5,201

—

5,201

Non-cash interest expense related to convertible notes

—

905

Discrete tax items and tax effect of non-GAAP adjustments

—

(75,595)

Total adjustments

—

3,036

(30,626)

33,662

905

(41,028)

Non-GAAP

$ 607,907

$ 315,581

$ 259,747

$ 55,834

$ (2,126)

$ 42,966

As a % of revenue (GAAP)

51.4 %

47.8 %

3.6 %

(0.5) %

13.8 %

As a % of revenue (Non-GAAP)

51.9 %

42.7 %

9.2 %

(0.3) %

7.1 %

Diluted net income per share:

GAAP

$ 0.72

Non-GAAP

$ 0.37

Shares used in per share calculation:

GAAP and Non-GAAP

117,359

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment (Unaudited)

(In thousands)

Three Months Ended December 31, 2024

Broadband

Video

Income from operations

$ 57,787

$ 5,350

Depreciation

2,133

835

Other non-operating expenses, net

4,130

1,595

Adjusted EBITDA(1)

$ 64,050

$ 7,780

Revenue

$ 171,028

$ 51,138

Adjusted EBITDA margin % (1)

37.5 %

15.2 %

Three Months Ended September 27, 2024

Broadband

Video

Income from operations

$ 38,192

$ 6,326

Depreciation

2,001

859

Other non-operating expenses, net

(2,733)

(1,199)

Adjusted EBITDA(1)

$ 37,460

$ 5,986

Revenue

$ 145,338

$ 50,418

Adjusted EBITDA margin % (1)

25.8 %

11.9 %

Three Months Ended December 31, 2023

Broadband

Video

Income (loss) from operations

$ 20,268

$ (1,355)

Depreciation

1,794

1,283

Other non-operating expenses, net

(160)

(89)

Adjusted EBITDA(1)

$ 21,902

$ (161)

Revenue

$ 115,229

$ 51,863

Adjusted EBITDA margin % (1)

19.0 %

(0.3) %

Twelve Months Ended December 31, 2024

Broadband

Video

Income from operations

$ 118,354

$ 2,756

Depreciation

8,253

3,886

Other non-operating expenses, net

1,624

510

Adjusted EBITDA(1)

$ 128,231

$ 7,152

Revenue

$ 488,200

$ 190,522

Adjusted EBITDA margin % (1)

26.3 %

3.8 %

Twelve Months Ended December 31, 2023

Broadband

Video

Income (loss) from operations

$ 64,575

$ (8,741)

Depreciation

6,855

5,400

Other non-operating expenses, net

(204)

(131)

Adjusted EBITDA(1)

$ 71,226

$ (3,472)

Revenue

$ 388,482

$ 219,425

Adjusted EBITDA margin % (1)

18.3 %

(1.6) %

(1) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures.
Refer below for the reconciliation of consolidated adjusted EBITDA to net income (loss), the most directly comparable GAAP measure.

Harmonic Inc.

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

(In thousands)

Three Months Ended

December 31, 2024

September 27, 2024

December 31, 2023

Net income (GAAP)

$ 38,120

$ 21,718

$ 83,841

Provision for (benefit from) income taxes

17,980

7,088

(75,028)

Interest expense, net

2,493

2,686

571

Depreciation

2,968

2,860

3,077

EBITDA

61,561

34,352

12,461

Adjustments

Stock-based compensation

8,486

5,710

6,605

Restructuring and related charges

1,173

281

(27)

Non-recurring advisory fees

—

2,702

Asset impairment and related charges

610

3,103

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 71,830

$ 43,446

$ 21,741

Revenue

$ 222,166

$ 195,756

$ 167,092

Net income margin (GAAP)

17.2 %

11.1 %

50.2 %

Consolidated segment adjusted EBITDA margin (Non-GAAP)

32.3 %

22.2 %

13.0 %

Twelve Months Ended

December 31, 2024

December 31, 2023

Net income (GAAP)

$ 39,217

$ 83,994

Provision for (benefit from) income taxes

18,716

(64,853)

Interest expense, net

7,326

2,696

Depreciation

12,139

12,255

EBITDA

77,398

34,092

Adjustments

Stock-based compensation

28,073

27,329

Restructuring and related charges

16,444

1,132

Non-recurring advisory fees

755

5,201

Asset impairment and related charges

12,713

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 135,383

$ 67,754

Revenue

$ 678,722

$ 607,907

Net income margin (GAAP)

5.8 %

13.8 %

Consolidated segment adjusted EBITDA margin (Non-GAAP)

19.9 %

11.1 %

Harmonic Inc.

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

(In millions, except percentages and per share data)

Q1 2025 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income (Loss)
from Operations

Net Income (Loss)

GAAP

$ 120

$ 135

$ 67

$ 77

$ 71

$ 73

$ (4)

$ 4

$ (6)

$ 1

Stock-based compensation expense

—

(9)

Tax effect of non-GAAP adjustments

—

(1)

(2)

Total adjustments

—

(9)

Non-GAAP

$ 120

$ 135

$ 68

$ 78

$ 62

$ 64

$ 6

$ 14

$ 3

$ 9

As a % of revenue (GAAP)

55.8 %

57.0 %

59.2 %

54.1 %

(3.3) %

3.0 %

(5.0) %

0.7 %

As a % of revenue (Non-GAAP)

56.0 %

57.7 %

51.7 %

47.4 %

5.0 %

10.4 %

2.5 %

6.7 %

Diluted net income (loss) per share:

GAAP

$(0.05)

$0.01

Non-GAAP

$0.02

$0.08

Shares used in per share calculation:

GAAP

117.4

118.5

Non-GAAP

118.5

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

2025 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income from
Operations

Net Income

GAAP

$ 585

$ 645

$ 319

$ 368

$ 281

$ 292

$ 38

$ 76

$22

$53

Stock-based compensation expense

—

(34)

Tax effect of non-GAAP adjustments

—

(7)

(8)

Total adjustments

—

(34)

Non-GAAP

$ 585

$ 645

$ 321

$ 370

$ 247

$ 258

$ 74

$ 112

$51

$81

As a % of revenue (GAAP)

54.5 %

57.1 %

48.0 %

45.3 %

6.5 %

11.8 %

3.8 %

8.2 %

As a % of revenue (Non-GAAP)

54.8 %

57.3 %

42.2 %

40.0 %

12.6 %

17.4 %

8.7 %

12.6 %

Diluted net income per share:

GAAP

$0.19

$0.45

Non-GAAP

$0.43

$0.68

Shares used in per share calculation:

GAAP and Non-GAAP

119.1

(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)

Q1 2025 Financial Guidance

Broadband

Video

Income (loss) from operations

$ 7

$ 13

$ (1)

$ 1

Depreciation

Segment adjusted EBITDA(2)

$ 9

$ 15

$ —

$ 2

2025 Financial Guidance

Broadband

Video

Income from operations

$ 69

$ 98

$ 5

$ 14

Depreciation

Other non-operating expenses

(2)

—

Segment adjusted EBITDA(2)

$ 77

$ 106

$ 8

$ 17

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

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

Harmonic Inc.

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

(In millions)

Q1 2025 Financial
Guidance

2025 Financial Guidance

Net income (loss) (GAAP)

$ (6)

$ 1

$ 22

$ 53

Provision for (benefit from) income taxes

—

Interest expense, net

Depreciation

EBITDA

$ (1)

$ 7

$ 49

$ 87

Adjustments

Stock-based compensation

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

$ 9

$ 17

$ 85

$ 123

(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.

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SOURCE Harmonic Inc.

Technology

VYLIT OPENS ITS CREATOR ADVISORY BOARD, GIVING CREATORS EQUITY IN THE PLATFORM

Published

46 minutes ago

July 23, 2026

Reality star & chef Dom DeAngelis, model & creator Cydney Moreau, and creator-entrepreneur Crystal Jackson named as founding members, with applications now open for creators who want a voice in how the platform is shaped

MIAMI, July 23, 2026 /PRNewswire/ — Vylit, the 18+ creator-first social platform co-founded by Ami Gan, former CEO of OnlyFans, and seasoned entrepreneur Kailey Magder, is opening applications for its Creator Advisory Board, which will include a select group of creators that will have a strong voice in shaping the platform they use and earn on.

Vylit is inviting creators not just to join the platform, but to help build it, with real shares in the company reserved for those who contribute to its growth, culture and direction. The Creator Advisory Board will give creators a direct voice in building Vylit’s community, the platform’s development and creator tools, along with ownership in the business they’re helping grow.

Applications are now open. Creators can apply by emailing vylit@vylitworld.com with their name, bio and social handles.

Vylit is launching the board with three founding members who show the range of creators it’s built for.

Dominic DeAngelis, known from YouTube and Vanderpump Villa, where his culinary skills earned recognition from viewers around the world, has been using the platform to share behind-the-scenes and day-in-the-life content with his subscribers — the kind of direct, monetized relationship with fans that Vylit is designed around.

“Social media sucks right now. The algorithms are negative, you don’t even see the people you follow anymore, and creators are struggling to find real connections with their fans,” said DeAngelis. “I’m thrilled to be part of a platform that’s doing it differently. Vylit is actually listening to creators and building with us, not just for us.”

Cydney Moreau, a Louisiana-born former track athlete turned model and creator with a following across fitness, fashion and lifestyle, balances her work with life as a mom. Vylit is where she’s turning that following into a business for the first time, on her own terms.

“As someone who is monetizing my content for the first time, knowing that I will have a say in how the platform treats other creators means everything,” said Moreau. “It’s not every day a platform actually wants creators in the room while they’re building it. Knowing Vylit is making decisions with our interests at heart gives me the confidence to build here, and I’m excited to help shape where this goes.”

Crystal Jackson, known to millions of followers as Mrs. Poindexter, is the co-founder of EssentL, a company building business infrastructure and benefits for creators. A former engineer turned multi-platform creator and entrepreneur, she brings an operator’s understanding of what creators actually need from the platforms they build on.

“I’ve spent years building an audience and a business across platforms that weren’t built for today’s creator ecosystem,” said Jackson. “What drew me to Vylit is that they’re handing creators actual ownership and a real say in the decisions that affect us. That’s not something I’ve seen anyone else do, and I want to help build it right.”

Since launching, Vylit has positioned itself as the “HBO of social media,” a space between traditional social media and adult subscription platforms, where creators can be expressive, marketable and in control. The Creator Advisory Board takes that further. Rather than building the platform for creators and handing it over, Vylit is building it with them, giving them direct ownership and a say in its direction.

“The users driving value should have a say in the business,” said Ami Gan, Co-Founder and CEO of Vylit. “Creators understand culture and digital monetization better than anyone. At Vylit, that expertise earns them a real seat at the table.”

“We didn’t want to build another platform where creators show up after the fact,” added Kailey Magder, Co-Founder and COO of Vylit. “We want them involved from day one, shaping the product, the community and the direction of the business.”

Vylit truly puts creators in charge, giving them real ownership and a direct say in how the platform evolves. The Creator Advisory Board is just the start.

To learn more, visit https://vylitworld.com/

To access the media kit, click here.

ABOUT VYLIT
Vylit is an 18+ creator-first social platform redefining how adults share, discover and monetize content. Co-founded by Amrapali (Ami) Gan and Kailey Magder, Vylit was created to fill the gap between traditional social media and creator platforms, offering a premium digital experience for expression. Built as “the HBO of social media,” the platform allows topless content while prohibiting explicit material, giving creators greater freedom. Vylit combines social connectivity with built-in monetization, interest-based discovery through its Vybe Matching Engine, and in-house AI Image Generation and Chat tools designed for its users. Learn more at www.vylitworld.com.

FOR PRESS INQUIRIES
pr@vylitworld.com

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SOURCE Vylit World

Technology

CNBC Names PayJoy one of the World’s Top FinTech Companies of 2026

Published

46 minutes ago

July 23, 2026

Recognition highlights PayJoy’s leadership in emerging market consumer finance

SAN FRANCISCO, July 23, 2026 /PRNewswire/ — CNBC and Statista have named PayJoy to the “World’s Top Fintech Companies 2026,” which honors companies providing digital funding and bank-independent lending solutions for individuals and businesses. PayJoy is a leading financial services provider for underserved consumers across emerging markets.

Now in its fourth edition, the ranking identifies 500 leading companies across eight fintech market segments worldwide, including Payments, Neobanking, Wealth Technology, Digital Assets, Enterprise Fintech, Insurtech, Regtech, and Alternative Financing. Companies were evaluated using an aggregated scoring model built on both general and segment-specific KPIs, drawing on desk research from publicly available sources alongside company self-reports submitted through an open application process.

PayJoy’s inclusion reflects its work bringing credit access to the emerging middle class in Mexico, Colombia, Brazil, Panama, Peru, Ecuador, South Africa, the Philippines, and Indonesia, nine countries where traditional financial infrastructure has long excluded first-time borrowers.

“This recognition from CNBC and Statista is a meaningful validation of the work our team does every day,” said Doug Ricket, PayJoy CEO and Co-Founder. “Millions of people across the markets we serve are building credit for the first time through PayJoy. Being named among the world’s top fintech companies reflects the scale and impact of that work.”

For more information on the full ranking, visit https://www.cnbc.com/worlds-top-fintech-companies-2026/

About PayJoy
PayJoy expands credit access across emerging markets through point-of-sale financing and card offerings. Its proprietary secured-credit technology enables first-time borrowers to responsibly build financial stability and participate fully in the modern economy. Through its cutting-edge machine learning, data science, and anti-fraud AI, PayJoy has financed over $3.5 billion of loans to more than 20 million people and employs over 1,000 people worldwide. For more information, visit https://www.payjoy.com/

Contact
payjoy@thekeypr.com

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SOURCE PayJoy

Technology

Youngstown Innovation Hub Breaks Ground at YBI’s 107 Building

Published

46 minutes ago

July 23, 2026

YOUNGSTOWN, Ohio, July 23, 2026 /PRNewswire/ — As the United States works to strengthen its aerospace and defense manufacturing base, the Youngstown Innovation Hub for Aerospace & Defense broke ground today on YBI‘s 107 Building in downtown Youngstown, positioning the region as a national proving ground for advanced and additive manufacturing. The Hub is managed by the National Center for Defense Manufacturing and Machining (NCDMM).

Youngstown Innovation Hub for Aerospace & Defense breaks ground at YBI’s 107 Building.

The Hub is one of four Innovation Hubs established across Ohio as part of a statewide initiative to strengthen innovation-driven economic growth. Once complete, it is projected to generate approximately $161.6 million in economic impact, create 450 new jobs, and produce 185 new STEM credential opportunities and 40 internship opportunities by 2029.

The groundbreaking comes as Ohio was recently ranked the No. 1 state for business in America by CNBC’s 2026 America’s Top States for Business rankings, up from No. 5 in 2025.

Ohio Lt. Governor Jim Tressel attended and delivered remarks at the ceremony.

“Today is about more than renovating a building. It’s about building opportunity for Ohioans,” said Lt. Governor Tressel. “The Mahoning Valley has always been defined by the people who make things, solve problems, and never stop working toward a better future. This Innovation Hub builds on that proud tradition while preparing the next generation for in-demand careers in manufacturing.”

Hub and YBI leadership also spoke at the ceremony.

“Today’s groundbreaking of the Youngstown Innovation Hub represents much more than the start of a building renovation. It reflects what can happen when state, regional, industry, academic, and community partners come together around a shared vision for the future of manufacturing, aerospace and defense innovation,” said Megan Malara, Ph.D., director of the Youngstown Innovation Hub.

The renovation is made possible in part by a $750,000 state capital investment. Ohio State Sen. Al Cutrona and state Rep. Lauren McNally were credited with helping advance the funding request through the legislative process. YBI also recognized the broader Lake to River legislative delegation, including state Reps. Nick Santucci, Tex Fischer, Monica Robb Blasdel, Dave Thomas, and Sarah Fowler Arthur, for their support, as well as U.S. Sens. Jon Husted and Bernie Moreno for their support of the project in the U.S. Senate.

Speakers at the ceremony included Ohio Lt. Gov. Jim Tressel; Lydia Mihalik, director of the Ohio Department of Development; Mary Mertz, director of the Ohio Department of Natural Resources; Julius Oliver, 1st Ward Councilman for the City of Youngstown; State Sen. Al Cutrona; State Rep. Nick Santucci; State Rep. Lauren McNally; and Megan Malara, Ph.D., director of the Youngstown Innovation Hub. Barb Ewing, CEO of YBI, served as master of ceremonies.

The City of Youngstown, which committed $1.35 million in local matching funds to the project, was represented at the ceremony. John Wilczynski, executive director of America Makes, attended, and Barb Ewing recognized Kimberly Gibson and Alexander Steeb of America Makes for their roles in advancing the project.

Upon completion, the five-story, 130,000-square-foot concrete-framed building will offer flexible space for offices, workspaces, and display areas, along with robust power capacity to support multiple high-demand tenants. The building’s security features, including limited access points and naturally separated manufacturing bays, are designed to meet U.S. Department of War contracting criteria, positioning tenants to compete directly for federal defense work.

“It’s great to finally be transitioning from talking about this project to actually working on it. We appreciate all the support we’ve had from our political leaders and the community. YBI is proud to be a part of the project team that’s changing the trajectory of the Mahoning Valley,” said Barb Ewing, CEO of YBI.

Companies looking to expand, relocate, or enter the aerospace and defense manufacturing sector are encouraged to visit the Youngstown Innovation Hub website at youngstownhub.us.

About the Youngstown Innovation Hub for Aerospace & Defense

Managed by the National Center for Defense Manufacturing and Machining (NCDMM), the Youngstown Innovation Hub is a national proving ground for advanced and additive manufacturing, strengthening U.S. aerospace and defense supply chains and workforce development. Learn more at youngstownhub.us.

About YBI

YBI is a globally recognized economic development nonprofit, advancing innovation and growth across Ohio and beyond. Through a flexible suite of high-quality entrepreneurial services and resources, YBI supports startups, small businesses, and manufacturers at every stage of development. For more information, visit ybi.org.

Media Contact:
Jessica Sprowl, Marketing and Communications Director, YBI
jsprowl@ybi.org

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SOURCE YBI