Technology
Harmonic Announces Second Quarter 2026 Results
Published
1 hour agoon
By
Broadband revenue increased 54% year over year, including 44% growth in Rest-of-Market
Company raises full-year outlook to reflect Broadband revenue of $505 million – $525 million
Cash increased to $232 million with the completed sale of the Video business
SAN JOSE, Calif., Aug. 12, 2026 /PRNewswire/ — Harmonic Inc. (Nasdaq: HLIT) today announced its unaudited results for the second quarter ended July 3, 2026.
“Our strong business momentum continued in the second quarter, with Broadband revenue growth accelerating to 54% year over year, including 44% growth in Rest-of-Market,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “Equally important, it was another quarter of strong bookings, led by Rest-of-Market, enabling us to once again raise our full-year 2026 outlook. With the sale of the Video business now complete, we have the capital and focus to further accelerate our broadband growth.”
Financial and Business Highlights
Total Company Financial Results
Q2 2026
GAAP
Non-GAAP
(Unaudited, in millions, except per share data)
Net revenue
$
173.0
$
n/a
Operating profit
18.4
35.6
Net income (loss) per share
$
(0.02)
$
0.24
Continuing Operations Financial Results – Broadband
Q2 2026
GAAP
Non-GAAP
(Unaudited, in millions, except per share data)
Net revenue
$
133.5
$
n/a
Operating profit (1)
23.6
31.3
Net income per share (1)
$
0.16
$
0.21
Backlog and deferred revenue of $587.6 million, an increase of 71%, compared to $344.2 million last yearCash: $231.9 million at July 3, 2026, compared to $124.1 million at December 31, 2025
Continuing Operations Business Highlights – Broadband
Commercially deployed our cOS™ solution with 161 customers, serving 48.2 million CPE devices, with ongoing expansion across all tier-1 accounts and new customer winsRest-of-Market bookings represented approximately 60% of total Q2 bookings, reflecting meaningful progress in customer diversificationAchieved first SeaStar MDU deployment and secured multi-million dollar orders for the recently announced Pearl-1XL and Oyster+ fiber products
__________________________________
(1) Includes approximately $2.3 million of stranded costs associated with the Video divestiture for Q2 2026.
Discontinued Operations – Video Business
The results of the Company’s Video Business are presented as held-for-sale and discontinued operations in the condensed consolidated statements of operations and condensed consolidated balance sheets for all periods presented in this press release. As previously announced, on December 8, 2025, the Company entered into a Put Option Agreement to sell its Video business to Leone Media Inc. (d/b/a MediaKind) for a purchase price of $145 million in cash (the “Disposition”). On March 20, 2026, MediaKind and the Company executed the Asset Purchase Agreement (the “APA”) for the Disposition.
On June 16, 2026, the Company and MediaKind completed the Disposition. Proceeds from the sale were $137.9 million paid at closing, subject to final post-closing adjustments under the terms of the APA. Following the Disposition, Harmonic operates as a pure-play broadband company with a single reportable segment: Broadband. As such, and unless stated otherwise, all results presented in the following table reflect those of continuing operations.
Select Financial Information from Continuing Operations – Broadband
GAAP
Non-GAAP
Key Financial Results
Q2 2026
Q1 2026
Q2 2025
Q2 2026
Q1 2026
Q2 2025
(Unaudited, in millions, except per share data)
Net revenue
$
133.5
$
121.7
$
86.9
n/a
n/a
n/a
Operating profit (loss) (1)
$
23.6
$
20.4
$
(0.8)
$
31.3
$
26.0
$
7.0
Net income (loss) per share
$
0.16
$
0.09
$
(0.01)
$
0.21
$
0.17
$
0.03
Other Financial Information
Q2 2026
Q1 2026
Q2 2025
(Unaudited, in millions)
Bookings for the quarter
$
144.3
$
115.9
$
131.0
Backlog and deferred revenue as of quarter end
$
587.6
$
582.1
$
344.2
Cash and cash equivalents as of quarter end
$
231.9
$
109.0
$
123.9
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.”
___________________________________
(1) Includes stranded costs of approximately $2.3 million in Q2 2026, $2.3 million in Q1 2026, and $1.7 million in Q2 2025.
GAAP Financial Guidance for Continuing Operations – Broadband
Q3 2026 GAAP Financial Guidance (1)
(Unaudited, in millions, except percentages and per share data)
Low
High
Net revenue
$
125
$
135
Gross margin %
51.0 %
52.0 %
Operating profit (2)
$
17
$
22
Tax rate
30.0 %
30.0 %
Net income per share
$
0.10
$
0.14
Shares (3)
110.4
110.4
2026 GAAP Financial Guidance (1)
(Unaudited, in millions, except percentages and per share data)
Low
High
Net revenue
$
505
$
525
Gross margin %
50.9 %
51.8 %
Operating profit (2)
$
74
$
86
Tax rate
30.0 %
30.0 %
Net income per share
$
0.44
$
0.53
Shares (3)
110.4
110.4
Non-GAAP Financial Guidance for Continuing Operations – Broadband
Q3 2026 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except percentages and per share data)
Low
High
Gross margin %
51.0 %
52.0 %
Gross profit
$
64
$
70
Operating profit (2)
$
23
$
28
Tax rate
23.0 %
23.0 %
Net income per share
$
0.15
$
0.19
Shares (3)
110.4
110.4
2026 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except percentages and per share data)
Low
High
Gross margin %
51.0 %
52.0 %
Gross profit
$
258
$
273
Operating profit (2)
$
99
$
111
Tax rate
23.0 %
23.0 %
Net income per share
$
0.67
$
0.75
Shares (3)
110.4
110.4
________________________________
(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) Includes approximately $2.3 million and $10.0 million of stranded costs associated with the Video business divestiture for Q3 and FY 2026, respectively.
(3) Diluted shares assumes stock price of $12.95 (Q2 2026 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 Wednesday, August 12, 2026. 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/BI6b44bd6531a743fb82a359cc25e46844. 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 solutions, is transforming multi-gigabit connectivity. The company’s industry-leading cOS™ virtualized broadband platform, suite of solutions for fiber and DOCSIS, and a growing portfolio of AI-powered network intelligence solutions, enable broadband service providers to simplify operations, deliver exceptional subscriber experiences and expand revenue streams. With thousands of vCMTS servers and hundreds of thousands of RPDs deployed globally, Harmonic powers next-generation broadband services with five-nines reliability. Anchored with a customer-first approach and driven by a legacy of innovation, Harmonic supports broadband service providers at every stage of their network evolution. 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, but not limited to, statements related to our expectations regarding: net revenue; gross margins; operating expenses; operating income (loss), including stranded costs associated with the disposition of the Video business; 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, but are not limited to, 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 or telco 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 business will not continue to develop in their current direction or pace; the impact of tariffs and 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™ product solutions; dependence on various broadband 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; stock repurchases may not be conducted in the timeframe or in the manner we expect, or at all; and the impact on our business of natural disasters. In some cases, you can identify forward-looking statements by terminology such as, “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “believes,” “intends,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other comparable terminology. 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, 2025, 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, provide 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), 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.
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.
Divestiture related employee compensation costs – There were non-recurring costs that we excluded from Non-GAAP results relating to employee compensation costs resulting from the divestiture.
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. This non-recurring adjustment has been excluded from the Company’s non-GAAP tax rate and non-GAAP financial measures, as management believes exclusion of this item provides more meaningful period-to-period comparisons of ongoing operating performance
Harmonic Inc.
Preliminary Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
July 3, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
231,862
$
124,105
Accounts receivable, net of allowances for credit losses of $136 and $227 as of
July 3, 2026 and December 31, 2025, respectively
89,906
85,935
Inventories
66,473
47,840
Prepaid expenses and other current assets
28,948
12,530
Assets held for sale
—
223,961
Total current assets
417,189
494,371
Property and equipment, net
23,478
25,648
Operating lease right-of-use assets
13,142
13,687
Goodwill
61,092
60,900
Deferred income taxes, net
99,425
104,043
Other non-current assets
18,319
19,834
Total assets
$
632,645
$
718,483
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
2,944
$
2,944
Accounts payable
39,263
23,093
Deferred revenue
20,775
31,519
Operating lease liabilities
5,988
6,433
Other current liabilities
67,962
48,288
Liabilities to be disposed of
—
85,671
Total current liabilities
136,932
197,948
Long-term debt
107,667
109,140
Operating lease liabilities, non-current
13,524
14,664
Other non-current liabilities
14,176
13,485
Total liabilities
272,299
335,237
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; 109,024 and
111,186 shares issued and outstanding at July 3, 2026 and December 31, 2025,
respectively
109
111
Additional paid-in capital
2,483,251
2,466,177
Accumulated deficit
(2,114,668)
(2,076,406)
Accumulated other comprehensive loss
(8,346)
(6,636)
Total stockholders’ equity
360,346
383,246
Total liabilities and stockholders’ equity
$
632,645
$
718,483
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three Months Ended
Six Months Ended
July 3, 2026
June 27, 2025
July 3, 2026
June 27, 2025
Revenue:
Appliance and integration
$
117,016
$
72,601
$
220,775
$
144,126
SaaS and service
16,446
14,317
34,382
27,670
Total net revenue
133,462
86,918
255,157
171,796
Cost of revenue:
Appliance and integration
56,413
41,652
107,271
74,086
SaaS and service
7,161
5,480
14,383
11,444
Total cost of revenue
63,574
47,132
121,654
85,530
Total gross profit
69,888
39,786
133,503
86,266
Operating expenses:
Research and development
21,199
17,992
42,080
37,656
Selling, general and administrative
24,630
20,483
46,915
40,263
Asset impairment and related charges
428
1,637
428
1,637
Restructuring and related charges
—
428
—
428
Total operating expenses
46,257
40,540
89,423
79,984
Income from operations
23,631
(754)
44,080
6,282
Interest expense, net
(1,082)
(1,090)
(2,161)
(2,401)
Other expense, net
(579)
(1,192)
(621)
(1,813)
Income before income taxes
21,970
(3,036)
41,298
2,068
Provision for income taxes
4,919
(2,179)
14,599
556
Income (loss) from continuing operations, net of tax
17,051
(857)
26,699
1,512
Income (loss) from discontinued operations, net of tax
(19,375)
3,728
(21,714)
7,299
Net income (loss)
$
(2,324)
$
2,871
$
4,985
$
8,811
Net income (loss) per share:
Basic:
Continuing operations
$
0.16
$
(0.01)
$
0.24
$
0.01
Discontinued operations
(0.18)
0.04
(0.19)
0.07
Basic net income (loss) per share
$
(0.02)
$
0.03
$
0.05
$
0.08
Diluted:
Continuing operations
$
0.16
$
(0.01)
$
0.24
$
0.01
Discontinued operations
(0.18)
0.04
(0.19)
0.07
Diluted net income (loss) per share
$
(0.02)
$
0.03
$
0.05
$
0.08
Weighted average common shares:
Basic
108,654
113,392
109,186
114,855
Diluted
109,682
113,392
110,176
115,256
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended
July 3, 2026
June 27, 2025
Cash flows from Continuing and Discontinued Operations
Cash flows from operating activities:
Net income
$
4,985
$
8,811
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
5,193
5,392
Asset impairment and related charges
428
1,637
Stock-based compensation
21,467
16,162
Foreign currency remeasurement
(88)
596
Deferred income taxes, net
2,917
(2,718)
Loss on divestiture
6,251
—
Provision for excess and obsolete inventories
1,441
1,988
Other
18
(9)
Changes in operating assets and liabilities:
Accounts receivable, net
(8,152)
58,067
Inventories
(23,567)
(6,607)
Prepaid expenses and other assets
(4,334)
(492)
Accounts payable
16,729
3,030
Deferred revenues
(5,979)
2,202
Other liabilities
8,951
(16,151)
Net cash provided by operating activities
26,260
71,908
Cash flows from investing activities:
Proceeds from divestiture, net of cash retained and transaction costs (1)
131,963
—
Purchases of property and equipment
(3,005)
(5,672)
Net cash provided by (used in) investing activities
128,958
(5,672)
Cash flows from financing activities:
Proceeds from long-term debt
170,000
40,000
Repayment of long-term debt and other borrowings
(171,519)
(42,466)
Repurchase of common stock
(42,950)
(50,102)
Proceeds from other borrowings
—
3,835
Proceeds from common stock issued to employees
4,534
3,056
Taxes paid related to net share settlement of equity awards
(6,025)
(3,206)
Net cash used in financing activities
(45,960)
(48,883)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(1,479)
5,132
Net increase (decrease) in cash and cash equivalents and restricted cash
107,779
22,485
Cash and cash equivalents and restricted cash at beginning of period (2)
124,461
101,789
Cash and cash equivalents and restricted cash at end of period
$
232,240
$
124,274
Cash and cash equivalents and restricted cash at end of period
Cash and cash equivalents
$
231,862
$
123,918
Restricted cash included in other current assets
378
356
Total cash, cash equivalents and restricted cash as shown in the condensed
consolidated statement of cash flows
$
232,240
$
124,274
__________________________
1 Proceeds from divestiture includes transaction costs of $3.8 million and cash retained in the business sold of $2.1 million.
2 Restricted cash included in other current assets was $356 and $332 as of December 31, 2025 and 2024 respectively.
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended
July 3, 2026
June 27, 2025
Supplemental cash flow disclosure:
Income tax payments, net
$
4,914
$
13,764
Interest payments, net
$
2,162
$
2,715
Supplemental schedule of non-cash investing activities:
Capital expenditures incurred but not yet paid
$
591
$
1,141
Harmonic Inc.
Preliminary GAAP Revenue Information
(Unaudited, in thousands, except percentages)
Three Months Ended
July 3, 2026
April 3, 2026
June 27, 2025
Geography
Americas
$
120,603
91 %
$
106,430
87 %
$
80,283
92 %
EMEA
8,421
6 %
10,459
9 %
5,776
7 %
APAC
4,438
3 %
4,806
4 %
859
1 %
Total
$
133,462
100 %
$
121,695
100 %
$
86,918
100 %
Customer
Top 2 customers (1)
$
84,053
63 %
$
71,101
58 %
$
52,611
61 %
Rest-of-Market
49,409
37 %
50,594
42 %
34,307
39 %
Total
$
133,462
100 %
$
121,695
100 %
$
86,918
100 %
Six Months Ended
July 3, 2026
June 27, 2025
Geography
Americas
$
227,033
89 %
$
155,306
91 %
EMEA
18,880
7 %
14,396
8 %
APAC
9,244
4 %
2,094
1 %
Total
$
255,157
100 %
$
171,796
100 %
Customer
Top 2 customers (1)
$
155,154
61 %
$
109,114
64 %
Rest-of-Market
100,003
39 %
62,682
36 %
Total
$
255,157
100 %
$
171,796
100 %
__________________________________
(1) Based on largest subscriber footprint
Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
Three Months Ended July 3, 2026
Revenue
Gross
Profit
Total
Operating
Expense
Operating Profit
Total
Non-
operating
Expense, net
Net Income
GAAP
$
133,462
$
69,888
$
46,257
$
23,631
$
(1,661)
$
17,051
Stock-based compensation
—
808
(6,476)
7,284
—
7,284
Lease-related asset impairment and other
charges (1)
—
—
(428)
428
—
428
Discrete tax items and tax effect of Non-
GAAP adjustments
—
—
—
—
—
(1,908)
Total adjustments
—
808
(6,904)
7,712
—
5,804
Non-GAAP
$
133,462
$
70,696
$
39,353
$
31,343
$
(1,661)
$
22,855
As a % of revenue (GAAP)
52.4 %
34.7 %
17.7 %
(1.2) %
12.8 %
As a % of revenue (Non-GAAP)
53.0 %
29.5 %
23.5 %
(1.2) %
17.1 %
Diluted net income per share:
GAAP
$
0.16
Non-GAAP
$
0.21
Shares used in per share calculation:
GAAP and Non-GAAP
109,682
(1) Includes impairment charges of $0.1 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs.
Three Months Ended April 3, 2026
Revenue
Gross
Profit
Total
Operating
Expense
Operating Profit
Total
Non-
operating
Expense, net
Net Income
GAAP
$
121,695
$
63,615
$
43,166
$
20,449
$
(1,121)
$
9,648
Stock-based compensation
—
265
(5,299)
5,564
—
5,564
Discrete tax items and tax effect of Non-
GAAP adjustments
—
—
—
—
—
3,581
Total adjustments
—
265
(5,299)
5,564
—
9,145
Non-GAAP
$
121,695
$
63,880
$
37,867
$
26,013
$
(1,121)
$
18,793
As a % of revenue (GAAP)
52.3 %
35.5 %
16.8 %
(0.9) %
7.9 %
As a % of revenue (Non-GAAP)
52.5 %
31.1 %
21.4 %
(0.9) %
15.4 %
Diluted net income per share:
GAAP
$
0.09
Non-GAAP
$
0.17
Shares used in per share calculation:
GAAP and Non-GAAP
110,617
Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
Three Months Ended June 27, 2025
Revenue
Gross
Profit
Total
Operating
Expense
Operating
Profit (Loss)
Total
Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$
86,918
$
39,786
$
40,540
$
(754)
$
(2,282)
$
(857)
Stock-based compensation
—
358
(5,297)
5,655
—
5,655
Restructuring and related charges
—
—
(428)
428
—
428
Asset impairment and related charges (1)
—
—
(1,637)
1,637
—
1,637
Discrete tax items and tax effect of Non-
GAAP adjustments
—
—
—
—
—
(3,163)
Total adjustments
—
358
(7,362)
7,720
—
4,557
Non-GAAP
$
86,918
$
40,144
$
33,178
$
6,966
$
(2,282)
$
3,700
As a % of revenue (GAAP)
45.8 %
46.6 %
(0.9) %
(2.6) %
(1.0) %
As a % of revenue (Non-GAAP)
46.2 %
38.2 %
8.0 %
(2.6) %
4.3 %
Diluted net income (loss) per share:
GAAP
$
(0.01)
Non-GAAP
$
0.03
Shares used in per share calculation:
GAAP
113,392
Non-GAAP
113,493
(1) Includes impairment charges of $0.4 million for right-of-use assets, $0.3 million for leasehold improvements, and $0.9 million related to the fair value of other unrecoverable facility costs.
Six Months Ended July 3, 2026
Revenue
Gross
Profit
Total
Operating
Expense
Income from
Operations
Total
Non-
operating
Expense, net
Net Income
GAAP
$
255,157
$
133,503
$
89,423
$
44,080
$
(2,782)
$
26,699
Stock-based compensation
—
1,073
(11,775)
12,848
—
12,848
Lease-related asset impairment and other
charges (2)
—
—
(428)
428
—
428
Discrete tax items and tax effect of non-
GAAP adjustments
—
—
—
—
—
1,673
Total adjustments
—
1,073
(12,203)
13,276
—
14,949
Non-GAAP
$
255,157
$
134,576
$
77,220
$
57,356
$
(2,782)
$
41,648
As a % of revenue (GAAP)
52.3 %
35.0 %
17.3 %
(1.1) %
10.5 %
As a % of revenue (Non-GAAP)
52.7 %
30.3 %
22.5 %
(1.1) %
16.3 %
Diluted net income per share:
GAAP
$
0.24
Non-GAAP
$
0.38
Shares used in per share calculation:
GAAP and Non-GAAP
110,176
(2) Includes impairment charges of $0.1 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs.
Six Months Ended June 27, 2025
Revenue
Gross
Profit
Total
Operating
Expense
Income from
Operations
Total
Non-
operating
Expense, net
Net Income
GAAP
$
171,796
$
86,266
$
79,984
$
6,282
$
(4,214)
$
1,512
Stock-based compensation
—
618
(10,054)
10,672
—
10,672
Restructuring and related charges
—
—
(428)
428
—
428
Asset impairment and related charges (1)
—
—
(1,637)
1,637
—
1,637
Discrete tax items and tax effect of non-
GAAP adjustments
—
—
—
—
—
(2,552)
Total adjustments
—
618
(12,119)
12,737
—
10,185
Non-GAAP
$
171,796
$
86,884
$
67,865
$
19,019
$
(4,214)
$
11,697
As a % of revenue (GAAP)
50.2 %
46.6 %
3.7 %
(2.5) %
0.9 %
As a % of revenue (Non-GAAP)
50.6 %
39.5 %
11.1 %
(2.5) %
6.8 %
Diluted net income per share:
GAAP
$
0.01
Non-GAAP
$
0.10
Shares used in per share calculation:
GAAP and Non-GAAP
115,256
(1) Includes impairment charges of $0.4 million for right-of-use assets, $0.3 million for leasehold improvements, and $0.9 million related to the fair value of other unrecoverable facility costs.
Three Months Ended
Three Months Ended
July 3, 2026
June 27, 2025
Continuing
Operations
Discontinued
Operations
Total
Company
Continuing
Operations
Discontinued
Operations
Total
Company
Net income (loss) – GAAP
$
17,051
$
(19,375)
$
(2,324)
$
(857)
$
3,728
$
2,871
Stock-based compensation
7,284
4,373
11,657
5,655
2,042
7,697
Restructuring and related charges
—
—
—
428
222
650
Asset impairment and related charges
428
—
428
1,637
—
1,637
Loss on held for sale and disposal of
discontinued operations
—
6,251
6,251
—
—
—
Non-recurring advisory fees
—
3,359
3,359
—
78
78
Divestiture related employee compensation
costs
—
1,765
1,765
Discrete tax items and tax effect of Non-
GAAP adjustments
(1,908)
6,790
4,882
(3,163)
530
(2,633)
Total adjustments
5,804
22,538
28,342
4,557
2,872
7,429
Net income – Non-GAAP
$
22,855
$
3,163
$
26,018
$
3,700
$
6,600
$
10,300
As a % of revenue (GAAP)
12.8 %
(49.1) %
(1.3) %
(1.0) %
7.3 %
2.1 %
As a % of revenue (Non-GAAP)
17.1 %
8.0 %
15.0 %
4.3 %
12.9 %
7.5 %
Diluted net income (loss) per share:
GAAP
$
0.16
$
(0.18)
$
(0.02)
$
(0.01)
$
0.04
$
0.03
Non-GAAP
$
0.21
$
0.03
$
0.24
$
0.03
$
0.06
$
0.09
Shares used in per share calculation:
GAAP
109,682
109,682
109,682
113,392
113,392
113,392
Non-GAAP
109,682
109,682
109,682
113,493
113,493
113,493
Six Months Ended
Six Months Ended
July 3, 2026
June 27, 2025
Continuing
Operations
Discontinued
Operations
Total
Company
Continuing
Operations
Discontinued
Operations
Total
Company
Net income (loss) – GAAP
$
26,699
$
(21,714)
$
4,985
$
1,512
$
7,299
$
8,811
Stock-based compensation
12,848
8,619
21,467
10,672
5,490
16,162
Restructuring and related charges
—
—
—
428
222
650
Non-recurring advisory fees
—
7,343
7,343
—
78
78
Asset impairment and related charges
428
—
428
1,637
—
1,637
Divestiture related employee compensation
costs
—
1,765
1,765
—
—
—
Loss on held for sale and disposal of
discontinued operations
—
6,251
6,251
—
—
—
Discrete tax items and tax effect of Non-
GAAP adjustments
1,673
4,993
6,666
(2,552)
(1,099)
(3,651)
Total adjustments
14,949
28,971
43,920
10,185
4,691
14,876
Net income – Non-GAAP
$
41,648
$
7,257
$
48,905
$
11,697
$
11,990
$
23,687
As a % of revenue (GAAP)
10.5 %
(24.2) %
1.4 %
0.9 %
7.3 %
3.2 %
As a % of revenue (Non-GAAP)
16.3 %
8.1 %
14.2 %
6.8 %
12.1 %
8.7 %
Diluted net income (loss) per share:
GAAP
$
0.24
$
(0.19)
$
0.05
$
0.01
$
0.07
$
0.08
Non-GAAP
$
0.38
$
0.06
$
0.44
$
0.10
$
0.11
$
0.21
Shares used in per share calculation:
GAAP and Non-GAAP
110,176
110,176
110,176
115,256
115,256
115,256
Harmonic Inc.
GAAP to Non-GAAP Reconciliations on Financial Guidance for Continuing Operations (Unaudited)(1)
(In millions, except percentages and per share data)
Q3 2026 Financial Guidance
Revenue
Gross Profit
Total Operating
Expense
Operating Profit
Net Income
GAAP
$
125
to
$
135
$
64
to
$
70
$
47
to
$
48
$
17
to
$
22
$
11
to
$
15
Stock-based
compensation
—
—
(6)
6
6
Total adjustments
—
—
(6)
6
6
to
6
Non-GAAP
$
125
to
$
135
$
64
to
$
70
$
41
to
$
42
$
23
to
$
28
$
17
to
$
21
As a % of revenue (GAAP)
51.0 %
to
52.0 %
37.6 %
to
35.6 %
13.6 %
to
16.3 %
8.8 %
to
11.1 %
As a % of revenue (Non-
GAAP)
51.0 %
to
52.0 %
32.8 %
to
31.1 %
18.4 %
to
20.7 %
13.6 %
to
15.6 %
Diluted net income per
share:
GAAP
$
0.10
to
$
0.14
Non-GAAP
$
0.15
to
$
0.19
Shares used in per share
calculation:
GAAP and Non-GAAP
110.4
FY 2026 Financial Guidance
Revenue
Gross Profit
Total Operating
Expense
Operating Profit
Net Income
GAAP
$
505
to
$
525
$
257
to
$
272
$
183
to
$
186
$
74
to
$
86
$
49
to
$
58
Stock-based
compensation
—
1
(24)
25
25
Tax effect of Non-GAAP
adjustments
—
—
—
—
(1)
to
—
Total adjustments
—
1
(24)
25
24
to
25
Non-GAAP
$
505
to
$
525
$
258
to
$
273
$
159
to
$
162
$
99
to
$
111
$
73
to
$
83
As a % of revenue (GAAP)
50.9 %
to
51.8 %
36.2 %
to
35.4 %
14.7 %
to
16.4 %
9.7 %
to
11.0 %
As a % of revenue (Non-
GAAP)
51.0 %
to
52.0 %
31.5 %
to
30.9 %
19.6 %
to
21.1 %
14.5 %
to
15.8 %
Diluted net income per
share:
GAAP
$
0.44
to
$
0.53
Non-GAAP
$
0.67
to
$
0.75
Shares used in per share
calculation:
GAAP and non-GAAP
110.4
____________________________________
(1) Components may not sum to total due to rounding.
View original content to download multimedia:https://www.prnewswire.com/news-releases/harmonic-announces-second-quarter-2026-results-302849112.html
SOURCE Harmonic Inc.
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Direct Digital Holdings Reports Second Quarter 2026 Financial Results
Published
27 minutes agoon
August 12, 2026By
HOUSTON, Aug. 12, 2026 /PRNewswire/ — Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital Holdings” or the “Company”), a leading advertising and marketing technology platform operating through its companies Orange 142, LLC (“Orange 142”) and Colossus Media, LLC (“Colossus SSP”), today announced financial results for the second quarter ended June 30, 2026.
Mark D. Walker, Chairman and Chief Executive Officer, commented, “The progress we’re seeing in our core business reinforces the effectiveness of our growth strategy. While revenue decreased $3.8 million, or 21%, during the first six months of 2026 compared to the corresponding period in 2025, excluding the impact of business with demand side platform (“DSP”) customers, revenue increased approximately $0.7 million, or 5%, during the first six months of 2026 compared to the corresponding period in 2025, reflecting strong renewal rates. Our focus on building a diversified pipeline, broadening customer relationships, and enhancing our product capabilities positions us to pursue sustainable growth and create long-term shareholder value. In fact, we are seeing strong customer and prospect interest in our AI search and generative engine optimization (“GEO”) offerings as well as our AI support and web technology services which will expand our addressable market.”
Keith Smith, President, commented, “Over the past several quarters, we have taken deliberate steps to streamline our operations and sharpen our focus on the areas where we believe we can create the greatest value. As a result, we are operating from a stronger foundation while retaining the flexibility to evaluate strategic partnerships and other opportunities that may complement our platform. Our priority remains disciplined execution, customer success, and the long-term growth of the business.”
Second Quarter 2026 Financial Results
Revenue of $7.8 million decreased 23% compared to $10.1 million in the second quarter of 2025. The decrease in revenue was driven primarily by a $2.5 million decrease in spending by DSP customers during the second quarter of 2026. Excluding revenue from DSP customers of $0 and $2.5 million for the second quarters of 2026 and 2025, respectively, revenue grew $0.2 million or 3%.Gross profit was $2.7 million, or 34% of revenue, compared to $3.6 million, or 35% of revenue, in the second quarter of 2025.Operating expenses of $5.6 million decreased 7% compared to $6.0 million in the second quarter of 2025.Operating loss was $2.9 million, compared to $2.4 million in the second quarter of 2025.Net loss was $3.6 million compared to net loss of $4.2 million in the second quarter of 2025.Adjusted EBITDA(1) loss was $2.3 million in the second quarter of 2026 compared to Adjusted EBITDA loss of $1.5 million in the second quarter of 2025.As of June 30, 2026, the Company held cash and cash equivalents of $0.5 million compared to $0.7 million as of December 31, 2025.
Six Months Ended June 30, 2026 Financial Results
Revenue of $14.5 million decreased 21% compared to $18.3 million in the six months ended June 30, 2025. The decrease in revenue was driven primarily by a $4.5 million decrease in spending by DSP customers during the six months ended June 30, 2026. Excluding revenue from DSP customers of less than $0.1 million and $4.5 million for the six months ended June 30, 2026 and 2025, respectively, revenue grew $0.7 million, or 5%, during the first half of 2026.Gross profit was $4.9 million, or 34% of revenue, compared to $6.0 million, or 33% of revenue, in the first half of 2025.Operating expenses of $11.1 million decreased 10% compared to $12.3 million in the first half of 2025.Operating loss was $6.2 million, compared to $6.4 million in the first half of 2025.Net loss was $9.2 million compared to net loss of $10.1 million in the first half of 2025.Adjusted EBITDA loss was $4.9 million in the first half of 2026 compared to Adjusted EBITDA loss of $4.5 million in the first half of 2025.
Diana Diaz, Chief Financial Officer, commented, “We continue to manage the business with financial discipline while supporting investments that drive sustainable growth. Our streamlined cost structure and focus on liquidity position us to capitalize on future opportunities while maintaining a prudent approach to capital allocation.”
As of June 30, 2026, the Company was not in compliance with certain financial covenants under its credit facility. Management is working constructively with its lender to obtain a waiver of the covenant noncompliance and believes discussions are progressing appropriately. The Company remains focused on strengthening operating performance, managing liquidity, and executing its strategic growth initiatives which we expect will expand our addressable market.
____________________
(1) “Adjusted EBITDA” is a non-GAAP financial measure. The section titled “Non-GAAP Financial Measures” below describes our usage of non-GAAP financial measures and provides reconciliations between historical GAAP and non-GAAP information contained in this press release.
Conference Call and Webcast Details
Direct Digital Holdings will host a conference call today, Wednesday, August 12, 2026, at 5:00 p.m. Eastern Time to discuss the Company’s second quarter 2026 financial results. The live webcast and replay can be accessed at https://ir.directdigitalholdings.com/news-events/ir-calendar. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. For those who cannot access the webcast, a replay will be available at https://ir.directdigitalholdings.com/.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws that are subject to certain risks, trends and uncertainties. We use words such as “could,” “would,” “may,” “might,” “will,” “expect,” “likely,” “believe,” “continue,” “anticipate,” “estimate,” “intend,” “plan,” “project” and other similar expressions to identify forward-looking statements, but not all forward-looking statements include these words. All of our forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the information described under the caption “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Form 10-K”) and subsequent periodic and or current reports filed with the Securities and Exchange Commission (the “SEC”).
The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions.
Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance expressed in or implied by the forward-looking statements. We believe these factors include, but are not limited to, the following: the ability to realize the benefit of our strategic shift to focusing on driving digital marketing spend among historical buyers of managed advertising campaigns and new enterprise customers; the restrictions and covenants imposed upon us by our credit facilities; the substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing; our ability to secure additional financing to meet our capital needs; our ability to maintain compliance with the listing standards of the Nasdaq Capital Market; any significant fluctuations caused by our high customer concentration; risks related to non-payment by our clients; reputational and other harms caused by our failure to detect advertising fraud; operational and performance issues with our platform, whether real or perceived, including a failure to respond to technological changes or to upgrade our technology systems; restrictions on the use of third-party “cookies,” mobile device IDs or other tracking technologies, which could diminish our platform’s effectiveness; unfavorable publicity and negative public perception about our industry, particularly concerns regarding data privacy and security relating to our industry’s technology and practices, and any perceived failure to comply with laws and industry self-regulation; our failure to manage our growth effectively; the difficulty in identifying and integrating any future acquisitions or strategic investments; any changes or developments in legislative, judicial, regulatory or cultural environments related to information collection, use and processing; challenges related to our clients that are destination marketing organizations and that operate as public/private partnerships; any strain on our resources or diversion of our management’s attention as a result of being a public company; the intense competition of the digital advertising industry and our ability to effectively compete against current and future competitors; any significant inadvertent disclosure or breach of confidential and/or personal information we hold, or of the security of our or our customers’, suppliers’ or other partners’ computer systems; as a holding company, we depend on distributions from Direct Digital Holdings, LLC to pay our taxes, expenses (including payments under the Tax Receivable Agreement) and any amount of any dividends we may pay to the holders of our common stock; any failure by us to maintain or implement effective internal controls or to detect fraud; and other factors and assumptions discussed in our Form 10-K and subsequent periodic and current reports we may file with the SEC.
Should one or more of these risks or uncertainties materialize or should any of these assumptions prove to be incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this press release to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. New factors that could cause our business not to develop as we expect emerge from time to time, and it is not possible for us to predict all of them. Further, we cannot assess the impact of each currently known or new factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
About Direct Digital Holdings
Direct Digital Holdings (Nasdaq: DRCT) is an end-to-end, AI-powered advertising technology and media solutions provider. The Company combines advanced technology with award-winning media and marketing expertise to enhance reach and drive performance for brands, agencies, and publishers of all sizes. Through Orange 142, a leading digital marketing and advertising agency, the Company delivers customized, audience-focused campaigns that enable mid-market and enterprise companies to achieve measurable results across programmatic, search, social, CTV, influencer marketing, and more. The Company also provides curated access to premium digital media inventory through its proprietary media-buying platform. With expertise across high-growth sectors—including Energy, Higher Education, Travel & Tourism, and Financial Services—Direct Digital Holdings helps brands reach and engage audiences more effectively across the evolving digital media ecosystem.
DIRECT DIGITAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and par value amounts)
June 30, 2026
December 31, 2025
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$ 520
$ 728
Accounts receivable, net of provision for credit losses of $944
2,684
3,126
Prepaid expenses and other current assets
1,419
890
Total current assets
4,623
4,744
Property, equipment and software, net
99
166
Goodwill
6,520
6,520
Intangible assets, net
7,025
7,852
Operating lease right-of-use assets
607
702
Other long-term assets
47
172
Total assets
$ 18,921
$ 20,156
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable
$ 9,587
$ 7,820
Accounts payable – related party
538
—
Accrued liabilities
2,406
2,164
Accrued liabilities – related party
1,219
3,663
Liability related to tax receivable agreement, current portion
—
41
Current maturities of long-term debt – related party
17,335
12,003
Deferred revenues
795
513
Operating lease liabilities, current portion
232
221
Total current liabilities
32,112
26,425
Long-term debt, net of current portion
144
146
Operating lease liabilities, net of current portion
490
608
Total liabilities
32,746
27,179
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS’ DEFICIT
Series A Convertible Preferred Stock, $0.001 par value per share, 10,000,000 shares authorized, 27,077
shares issued and outstanding
—
—
Class A Common Stock, $0.001 par value per share, 760,000,000 shares authorized, 740,119 and 331,076
shares issued and outstanding, respectively
1
—
Class B Common Stock, $0.001 par value per share, 20,000,000 shares authorized, 42,160 shares issued and
outstanding
—
—
Additional paid-in capital
27,899
25,812
Accumulated deficit
(36,365)
(27,720)
Noncontrolling interest
(5,360)
(5,115)
Total stockholders’ deficit
(13,825)
(7,023)
Total liabilities and stockholders’ deficit
$ 18,921
$ 20,156
DIRECT DIGITAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenues
7,832
10,144
$ 14,512
$ 18,301
Cost of revenues
5,169
6,583
9,587
12,347
Gross profit
2,663
3,561
4,925
5,954
Operating expenses
Compensation, taxes and benefits
3,215
3,639
6,236
7,303
General and administrative
2,376
2,348
4,868
5,001
Total operating expenses
5,591
5,987
11,104
12,304
Loss from operations
(2,928)
(2,426)
(6,179)
(6,350)
Other income (expense)
Other income
62
19
69
47
Loss on settlement of accounts payable
—
—
(1,247)
—
Loss on debt extinguishment
—
—
(517)
—
Derecognition of tax receivable agreement liability
41
—
41
—
Expenses for Equity Reserve Facility
—
—
—
(198)
Interest expense and amortization of deferred financing cost and debt
discount (premium), net
(764)
(1,789)
(1,327)
(3,635)
Total other expense, net
(661)
(1,770)
(2,981)
(3,786)
Loss before income taxes
(3,589)
(4,196)
(9,160)
(10,136)
Income tax expense
—
—
—
—
Net loss
(3,589)
(4,196)
(9,160)
(10,136)
Net loss attributable to noncontrolling interest
(194)
(1,947)
(515)
(5,532)
Net loss attributable to Direct Digital Holdings, Inc.
$ (3,395)
$ (2,249)
$ (8,645)
$ (4,604)
Net loss per common share attributable to Direct Digital Holdings, Inc.:
Basic and diluted
$ (5.78)
$ (49.79)
$ (15.62)
$ (121.69)
Weighted-average number of shares of common stock outstanding:
Basic and diluted
709
45
643
38
DIRECT DIGITAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended June 30,
2026
2025
Cash Flows Used In Operating Activities:
Net loss
$ (9,160)
$ (10,136)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred financing cost and debt discount (premium), net
216
2,900
Amortization of intangible assets
827
977
Reduction in carrying amount of right-of-use assets
95
90
Depreciation and amortization of property, equipment and software
67
145
Stock-based compensation
267
705
Loss on settlement of accounts payable
1,247
—
Loss on debt extinguishment
517
—
Derecognition of tax receivable agreement liability
(41)
—
Interest paid in kind
1,100
—
Expenses for Equity Reserve Facility
—
198
Changes in operating assets and liabilities:
Accounts receivable
442
1,082
Prepaid expenses and other assets
(404)
(842)
Accounts payable
2,406
(1,491)
Accrued liabilities and tax receivable agreement payable
312
962
Income taxes payable
—
41
Deferred revenues
282
63
Operating lease liability
(107)
(92)
Net cash used in operating activities
(1,934)
(5,398)
Cash Flows Used In Investing Activities:
Cash paid for capitalized software and property and equipment
—
(38)
Net cash used in investing activities
—
(38)
Cash Flows Provided by Financing Activities:
Payment of expenses for Equity Reserve Facility
—
(198)
Proceeds from issuance of Class A Common Stock
1,226
5,942
Payment of deferred financing cost
—
(46)
Payments on financed insurance premiums
(36)
(114)
Payments on loans
(2)
—
Advances from related party
538
—
Net cash provided by financing activities
1,726
5,584
Net (decrease) increase in cash and cash equivalents
(208)
148
Cash and cash equivalents, beginning of the period
728
1,445
Cash and cash equivalents, end of the period
$ 520
$ 1,593
Non-cash Financing Activities:
Reclassification of Exit Fee from accrued liabilities to debt
$ 3,608
$ —
Settlement of accounts payable through issuance of common stock
$ 2,028
$ —
Accrued dividends
$ 1,163
$ —
Financed insurance premiums
$ 367
$ 291
NON-GAAP FINANCIAL MEASURES
In addition to our results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), including, in particular operating income, net cash provided by operating activities, and net income, we believe that earnings before interest, taxes, depreciation and amortization, as adjusted for stock-based compensation, expenses for the Equity Reserve Facility, loss on settlement of accounts payable and loss on debt extinguishment (“Adjusted EBITDA”), a non-GAAP measure, is useful in evaluating our operating performance. The most directly comparable GAAP measure to Adjusted EBITDA is net income. The following table (in thousands) presents a reconciliation of Adjusted EBITDA to net loss for each of the periods presented (unaudited):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net loss
$ (3,589)
$ (4,196)
$ (9,160)
$ (10,136)
Add back (deduct):
Interest expense and amortization of deferred financing cost and debt
discount (premium), net
764
1,789
1,327
3,635
Loss on settlement of accounts payable
—
—
1,247
—
Loss on debt extinguishment
—
—
517
—
Derecognition of tax receivable agreement liability
(41)
—
(41)
—
Amortization of intangible assets
413
489
827
977
Stock-based compensation
84
389
267
705
Depreciation and amortization of property, equipment and software
34
77
67
145
Expenses for Equity Reserve Facility
—
—
—
198
Adjusted EBITDA
$ (2,335)
$ (1,452)
$ (4,949)
$ (4,476)
In addition to operating income and net income, we use Adjusted EBITDA as a measure of operational efficiency. We believe that this non-GAAP financial measure is useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:
Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as depreciation and amortization, interest expense, provision for income taxes, stock-based compensation, and certain one-time items such as acquisition transaction costs, losses from financing activities and costs for the Equity Reserve Facility that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired;Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; andAdjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.
Our use of this non-GAAP financial measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP.
Contacts:
Investors:
IMS Investor Relations
Walter Frank/Jennifer Belodeau
(203) 972-9200
investors@directdigitalholdings.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/direct-digital-holdings-reports-second-quarter-2026-financial-results-302850135.html
SOURCE Direct Digital Holdings
Technology
Corvex to Host Second Quarter 2026 Earnings Call on Friday, August 14, 2026
Published
27 minutes agoon
August 12, 2026By
ARLINGTON, Va., Aug. 12, 2026 /PRNewswire/ — Corvex, Inc. (Nasdaq: MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today announced that it will hold its second quarter 2026 earnings call on Friday, August 14, 2026 at 4:30 p.m. ET / 1:30 p.m. PT. Management will host a conference call and live audio webcast to discuss second quarter 2026 results and provide a business update. The call will consist of prepared remarks and will not include a question-and-answer session. Investors and analysts with questions may contact Corvex Investor Relations at investor-relations@corvex.ai.
The live webcast of the earnings conference call can be accessed at the Corvex Investor Relations website at investors.corvex.ai. A replay of the webcast will be available at the same website.
About Corvex, Inc.
Corvex, Inc. (Nasdaq: MOVE) is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads, and a publicly traded pure-play AI compute platform. The company provides secure, scalable and cost-efficient compute resources through GPU-accelerated clusters, high-throughput storage and a layered architecture engineered for reliability, performance and efficiency at scale. Corvex’s product suite includes AI Factories and GPU Clusters, the Assured AI confidential-computing platform, as well as the Corvex Token Factory, an inference platform currently in closed alpha. For more information, visit corvex.ai.
Media Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-to-host-second-quarter-2026-earnings-call-on-friday-august-14-2026-302850107.html
SOURCE Corvex
DOWNERS GROVE, Ill., Aug. 12, 2026 /PRNewswire/ — Dover Corporation (NYSE: DOV) today announced that it has completed the previously reported acquisition of Cloeren Incorporated, which will become part of the MAAG business unit within Dover’s Pumps & Process Solutions segment.
About Dover:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” Additional information is available at dovercorporation.com.
Investor Contact:
Media Contact:
Jack Dickens
Adrian Sakowicz
Vice President – Investor Relations
Vice President – Communications
(630) 743-2566
(630) 743-5039
View original content to download multimedia:https://www.prnewswire.com/news-releases/dover-completes-acquisition-of-cloeren-302850111.html
SOURCE Dover
Direct Digital Holdings Reports Second Quarter 2026 Financial Results
Corvex to Host Second Quarter 2026 Earnings Call on Friday, August 14, 2026
Dover Completes Acquisition of Cloeren
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