Technology

Harmonic Announces Second Quarter 2026 Results

Published

2 hours ago

August 12, 2026

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

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)

Tax rate

30.0 %

Net income per share

0.10

0.14

Shares (3)

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)

Tax rate

30.0 %

Net income per share

0.44

0.53

Shares (3)

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

Operating profit (2)

Tax rate

23.0 %

Net income per share

0.15

0.19

Shares (3)

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)

111

Tax rate

23.0 %

Net income per share

0.67

0.75

Shares (3)

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

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

(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

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

—

Non-recurring advisory fees

—

3,359

—

Divestiture related employee compensation
costs

—

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

113,392

Non-GAAP

109,682

113,493

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

—

Asset impairment and related charges

428

—

428

1,637

—

1,637

Divestiture related employee compensation
costs

—

1,765

—

Loss on held for sale and disposal of
discontinued operations

—

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

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

135

Stock-based
compensation

—

(6)

Total adjustments

—

(6)

Non-GAAP

125

135

As a % of revenue (GAAP)

51.0 %

52.0 %

37.6 %

35.6 %

13.6 %

16.3 %

8.8 %

11.1 %

As a % of revenue (Non-
GAAP)

51.0 %

52.0 %

32.8 %

31.1 %

18.4 %

20.7 %

13.6 %

15.6 %

Diluted net income per
share:

GAAP

0.10

0.14

Non-GAAP

0.15

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

525

257

272

183

186

Stock-based
compensation

—

(24)

Tax effect of Non-GAAP
adjustments

—

(1)

—

Total adjustments

—

(24)

Non-GAAP

505

525

258

273

159

162

111

As a % of revenue (GAAP)

50.9 %

51.8 %

36.2 %

35.4 %

14.7 %

16.4 %

9.7 %

11.0 %

As a % of revenue (Non-
GAAP)

51.0 %

52.0 %

31.5 %

30.9 %

19.6 %

21.1 %

14.5 %

15.8 %

Diluted net income per
share:

GAAP

0.44

0.53

Non-GAAP

0.67

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.

Technology

How TruTrade Is Making Advanced Trading Technology More Accessible

Published

25 minutes ago

August 12, 2026

TruTrade is focused on simplifying how traders interact with advanced AI-driven technology while providing flexibility and control over the trading experience

SCOTTSDALE, Ariz., Aug. 12, 2026 /PRNewswire/ — Advanced trading technology does not have to mean a complicated trading experience. TruTrade, a software company specializing in AI-driven trading technology, is focused on making sophisticated trading tools easier to understand, configure, and use for traders with different levels of experience and different approaches to the markets.

As trading technology has evolved, traders have gained access to increasingly sophisticated tools for automation, market analysis, strategy execution, and risk management. However, more advanced technology can also introduce additional complexity. TruTrade develops its software with an emphasis on simplifying the way users interact with these capabilities, allowing the technology to handle complex processes while providing traders with straightforward controls over their experience.

Through TruTrade’s AI-driven software, users can establish trading preferences and risk parameters while maintaining control over when the technology operates. This approach is designed to reduce the amount of manual interaction required during a trading session without removing the trader from the process. Users can start, pause, or stop the software based on their individual preferences.

TruTrade also recognizes that accessibility means providing different ways to interact with trading technology. RipperONE AI offers a chartless AI-driven trading experience for users who prefer greater automation and less interaction with traditional charts. TruTrade’s Interactive AI Chart-Based Suite provides a more hands-on environment for traders who prefer to engage directly with charts and trading tools.

QuickFund AI complements TruTrade’s software by helping traders obtain funded proprietary trading accounts through compatible third-party proprietary trading firms. The service provides eligible traders with a pathway to access funded trading capital for use with compatible TruTrade technology. Funding decisions are made solely by the selected proprietary trading firm.

As AI continues to influence the development of trading software, TruTrade remains focused on combining advanced technology with an approachable user experience. By simplifying how traders interact with AI-driven tools while preserving flexibility and user control, TruTrade aims to make sophisticated trading technology easier to incorporate into a wider range of trading approaches.

For more information about TruTrade and its AI-driven trading solutions, visit TruTrade.io.

View original content to download multimedia:https://www.prnewswire.com/news-releases/how-trutrade-is-making-advanced-trading-technology-more-accessible-302850174.html

SOURCE TruTrade

Technology

Nauticus Robotics, Inc. Reports Second Quarter 2026 Results and Advances Commercialization Strategy

Published

25 minutes ago

August 12, 2026

Nauticus ToolKITT™ Commercial Release, Market Diversification and Defense Opportunities Expand Growth Pathways

HOUSTON, Aug. 12, 2026 /PRNewswire/ — Nauticus Robotics, Inc. (“Nauticus” or “Company”) (NASDAQ: KITT), a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended June 30, 2026.

John Gibson, Nauticus President and CEO, stated, “During the second quarter, we continued adapting our business to current market conditions while making important progress toward a more diversified and technology-driven revenue model. We advanced opportunities across key sectors and successfully demonstrated our capabilities in customer operations.

The commercial release of Nauticus ToolKITT™ represents an important step in our strategy to build recurring technology revenue alongside our services business. As we move through the second half of the year, our focus remains on converting these capabilities into commercial opportunities while maintaining disciplined execution and financial flexibility.”

STRATEGIC AND OPERATIONAL HIGHLIGHTS

Nauticus ToolKITT Commercialization

During the quarter, Nauticus successfully deployed a Comanche ROV integrated with Nauticus ToolKITT in customer operations. The system demonstrated improved operating efficiency and reduced pilot workload, providing additional field validation of the Company’s software-enabled approach to subsea operations.

Nauticus also released its Nauticus ToolKITT software for ROVs. The platform is now being marketed to underwater fleet operators across energy and defense markets.

Expanding Market Reach

While offshore oil and gas activity off the US Gulf Coast remained challenging, Nauticus continued diversifying its commercial pipeline.

The Company expanded its presence in offshore wind along the US East Coast, completed work with a major global subsea cable-laying company, and is pursuing additional opportunities on the US West Coast and Internationally.

Nauticus is also evolving its international commercial model to pursue opportunities where the Company can serve as the primary contractor and capture more of the economic benefit created by its autonomous technology.

Defense and Government Opportunities

Nauticus increased its near-term focus on defense and government markets during the quarter, where demand for autonomous systems, subsea awareness and infrastructure security aligns closely with the Company’s existing technology portfolio.

The Company completed an initial scope of work intended to support the evaluation of a broader multiphase defense opportunity. If awarded, the Company anticipates the potential for associated revenue in 2026 and 2027.

Nauticus is also participating in collaborative proposal efforts involving government, commercial, defense, and academic organizations evaluating autonomous approaches to persistent subsea sensing infrastructure.

Technical Development

The Company completed the prototype of its next-generation electric manipulator and began functional and load testing. Nauticus believes the system can provide a lower-cost manufacturing pathway while supporting future commercial and defense applications requiring autonomous subsea interaction.

Aquanaut® also completed the planned freshwater phase of autonomous mooring line and riser inspection workflows at the Company’s Florida test location. Further testing will require access to an appropriate intermediate offshore environment and will depend on customer budget cycles and site availability.

CUSTOMER DEMAND AND OUTLOOK

Nauticus is working to build a broader and more predictable revenue model by increasing pipeline coverage, expanding geographically, growing direct contracting opportunities, and adding software and technology revenue alongside its services business.

The Company is increasing sales activity across International and defense markets while pursuing opportunities designed to better capture the operational efficiencies generated by its autonomous technology.

Management expects Nauticus ToolKITT commercialization, international expansion, defense and government opportunities, and continued technology validation to provide additional pathways for future bookings and backlog growth.

FINANCIAL HIGHLIGHTS

Revenue: Nauticus reported second-quarter revenue of $0.9 million, compared to $2.1 million for the prior-year period and $0.2 million for the prior quarter.

Operating Expenses: Total expenses during the second quarter were $6.9 million, a $1.6 million decrease from the prior-year period and a $1 million increase from Q1 2026.

Adjusted Net Loss: Nauticus reported adjusted net loss of $7.0 million for the second quarter, compared to an adjusted net loss of $7.46 million for the same period in 2025 and an adjusted net loss of $6.4 million for Q1 2026. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.

Net Loss: For the second quarter, Nauticus recorded a net loss of $11.1 million, or basic loss per share of $2.30. This compares with a net loss of $7.4 million from the same period in 2025, and a net loss of $9.3 million in the prior quarter.

G&A Cost: Nauticus reported G&A second-quarter costs of $3.3 million, which is a decrease of $1.1 million compared to the same period in 2025 and a $0.1 million increase from the first quarter in 2026.

Balance Sheet and Liquidity

As of June 30, 2026, the Company had cash, cash equivalents, and restricted cash of $2.0 million, compared to $7.6 million as of December 31, 2025.

CONFERENCE CALL DETAILS

Nauticus will host a conference call on August 13, 2026 at 9:00 a.m. Central Time to discuss its results for the quarter ended June 30, 2026. To participate in the earnings conference call, participants should dial toll free at +1-833-461-5787, conference ID: 989 652 904, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/989652904. A link to the webcast will also be available on the Company’s IR website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company’s website.

About Nauticus Robotics, Inc.

Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision-making allowing the robot to adapt to changing environments. The company’s business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus’ services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. www.nauticusrobotics.com

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and such statements are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ most recent Annual Report on Form 10-K filed with the SEC and Quarterly Reports on Form 10-Q filed with the SEC from time to time. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov

NAUTICUS ROBOTICS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

June 30,
2026 (Unaudited)

December 31,
2025

(Unaudited)

Assets

Current Assets:

Cash and cash equivalents

$1,372,758

$7,016,610

Restricted cash

604,291

600,342

Accounts receivable, net

841,071

378,683

Prepaid expenses

1,059,171

1,055,324

Other current assets

188,739

203,025

Total Current Assets

4,066,030

9,253,984

Property and equipment, net

20,600,075

21,827,769

Operating lease right-of-use assets, net

373,183

559,005

Other assets

110,360

91,276

Goodwill

9,600,745

Intangible assets, net

1,179,116

1,276,916

Total Assets

$35,929,509

$42,609,695

Liabilities and Stockholders’ Equity

Current Liabilities:

Accounts payable

$1,853,702

$3,128,459

Accrued liabilities

6,411,373

9,807,668

Operating lease liabilities – current

418,606

434,200

Notes payable – current

2,540,250

2,628,234

November 2024 Debentures – current, fair value option (related
party)

2,729,000

163,672

Senior Secured Convertible Term Loan – current, net of discount
(related party)

14,988,777

14,113,871

Senior Secured Convertible Term Loan – current, net of discount

1,351,260

4,939,247

Other liabilities

192,473

160,110

Total Current Liabilities

30,485,441

35,375,461

Warrant liabilities

1,938

11,281

Operating lease liabilities – long-term

9,364

203,547

Derivative liability

251,000

–

Total Liabilities

$30,747,743

$35,590,289

Stockholders’ Equity:

Preferred Stock – Series A

Preferred Stock – Series B

–

Preferred Stock – Series C

–

Common stock*

688

360

Additional paid-in capital

349,531,016

330,581,384

Accumulated other comprehensive loss

(42,229)

Accumulated deficit

(344,307,710)

(323,520,110)

Total Stockholders’ Equity

5,181,766

7,019,406

Total Liabilities and Stockholders’ Equity

$35,929,509

$42,609,695

*Reflects the 1-for-8 effected April 21, 2026.

NAUTICUS ROBOTICS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

Six Months Ended

6/30/2026

3/31/2026

6/30/2025

6/30/2026

6/30/2025

Revenue:

Service

$885,947

$159,575

$2,075,566

$1,045,521

$2,240,822

Total revenue

885,947

159,575

2,075,566

1,045,521

2,240,822

Costs and expenses:

Cost of revenue
(exclusive of items
shown separately below)

2,867,556

1,993,894

3,504,043

4,861,449

4,743,000

Depreciation and
amortization

702,418

624,791

574,563

1,327,210

1,054,939

General and
administrative

3,324,365

3,224,907

4,418,187

6,549,272

8,777,873

Total costs and expenses

6,894,339

5,843,592

8,496,793

12,737,931

14,575,812

Operating loss

(6,008,392)

(5,684,017)

(6,421,227)

(11,692,410)

(12,334,990)

Other (income) expense,
net:

Other (income) expense,
net

10,142

(3,145)

2,461

6,994

(134,936)

Foreign currency
transaction loss

6,514

970

274

7,484

3,541

Loss on extinguishment
of debt

4,629,822

929,508

–

5,559,330

–

Change in fair value of
derivative

(264,827)

515,827

–

251,000

–

Change in fair value of
warrant liabilities

(6,325)

(3,019)

8,757

(9,344)

(42,131)

Change in fair value of
November 2024
Debentures

(94,728)

1,188,840

(187,866)

1,094,112

536,060

Interest expense, net

826,982

953,083

1,209,323

1,780,066

2,323,839

Total other expense, net

5,107,580

3,582,064

1,032,949

8,689,642

2,686,373

Net loss

$(11,115,972)

$(9,266,081)

$(7,454,176)

$(20,382,052)

$(15,021,363)

Basic and diluted loss per
share*

(2.30)

(2.46)

(18.50)

(4.51)

(38.31)

Basic and diluted
weighted average shares
outstanding*

5,367,986

3,840,563

402,876

4,608,495

392,105

* Reflects the 1-for-9 reverse split effected September 5, 2025 and the 1-for-8 effected April 21, 2026.

NAUTICUS ROBOTICS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended June 30,

2026

2025

Cash flows from operating activities:

Net loss

$(20,382,052)

$(15,021,363)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

1,327,210

1,054,939

Accretion of debt discount

24,329

19,920

Amortization of debt issuance cost

244,023

350,303

Capitalized paid-in-kind (PIK) interest

365,288

338,782

Accretion of exit fee, net of amount settled on conversion

(59,824)

48,624

Stock-based compensation

541,413

570,015

Change in fair value of warrant liabilities

(9,344)

(42,131)

Change in fair value of November 2024 Debentures

1,094,112

536,060

Loss on extinguishment of debt

5,559,330

–

Change in fair value of derivative

251,000

–

Non-cash lease expense

185,822

205,688

Loss on disposal of assets

8,057

–

Changes in operating assets and liabilities:

Accounts receivable

(462,388)

(1,906,246)

Inventories

–

42,553

Other assets

(8,647)

2,207

Accounts payable, accrued and other liabilities

(2,593,881)

20,083

Contract liabilities

–

(2,786)

Operating lease liabilities

(209,777)

(222,228)

Net cash used in operating activities

(14,125,329)

(14,005,580)

Cash flows from investing activities:

Capital expenditures

(14,287)

(47,239)

Acquisition of business, net of cash acquired

–

(3,871,992)

Proceeds from sale of property and equipment

4,515

(500)

Net cash used in investing activities

(9,772)

(3,919,731)

Cash flows from financing activities:

Proceeds from At the Market (ATM) offering, net

4,063,929

19,438,121

Proceeds from November 2024 Debentures

4,485,000

–

Repayment on AmeriState Loan

(53,731)

(34,581)

Net cash provided by financing activities

8,495,198

19,403,540

Net change in cash and cash equivalents

(5,639,903)

1,478,229

Cash, cash equivalents and restricted cash, beginning of period

7,616,952

1,238,198

Cash, cash equivalents and restricted cash, end of period

$1,977,049

$2,716,427

NAUTICUS ROBOTICS, INC.
UNAUDITED RECONCILIATION OF NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS (GAAP) TO ADJUSTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS (NON-GAAP)

Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net loss attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.

Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net loss attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net loss attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net loss attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.

Three Months Ended

Six Months Ended

6/30/2026

3/31/2026

6/30/2025

6/30/2026

6/30/2025

Net loss attributable to
common stockholders
(GAAP)

$(11,330,270)

$(9,457,331)

$(7,454,176)

$(20,787,600)

$(15,021,363)

Loss on extinguishment
of debt

4,629,822

929,508

–

5,559,330

–

Change in fair value of
derivative

(264,827)

515,827

–

251,000

–

Change in fair value of
warrant liabilities

(6,325)

(3,019)

8,757

(9,344)

(42,131)

Change in fair value of
November 2024
Debentures

(94,728)

1,188,840

(187,866)

1,094,112

536,060

Preferred stock dividend

(214,298)

191,250

–

(405,548)

–

Deemed dividends for
Series A, B and C
Convertible Preferred
Stock

–

Stock compensation
expense

315,861

225,552

257,336

541,413

570,015

Adjusted net loss
attributable to common
stockholders (non-GAAP)

$(6,964,766)

(6,409,373)

$(7,375,949)

$(13,756,638)

(13,957,419)

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SOURCE Nauticus Robotics, Inc.

Technology

The Pudding journalists awarded 2026 Pamela Tobey Award for Excellence in Visual Storytelling

Published

25 minutes ago

August 12, 2026

WASHINGTON, Aug. 12, 2026 /PRNewswire/ — Judges for the Pamela Tobey Award for Excellence in Visual Storytelling have named two journalists at The Pudding as the 2026 recipients of the National Press Club Journalism Institute prize.

The award, which includes a $1,000 cash prize, recognizes work that pushes the boundaries of compelling and creative storytelling through deliberate design choices. They will also be recognized during the National Press Club’s Journalism Awards Dinner on Aug. 26.

The winning project, “Sizing Chaos,” was reported and produced by Amanda Sakuma and Jan Diehm. Judges commended the team for its powerful execution, creativity in presenting in-depth data, the user experience, and strong research. Judges also complimented the project as a practical deep dive into a topic that’s often talked about informally but not well covered by fact-based journalism.

“Women’s clothing sizes reflect an opaque and ever-changing system that routinely keeps consumers in the dark around what we’re actually buying,” said Sakuma. “Our goal was to use hard data to validate a lived experience that so many of us have shared since we were teens, and to deepen our collective understanding of all the ways that modern clothing is not made to fit most of us.”

Sakuma and Diehm will share how they approached the reporting and design of the intensive project in an upcoming National Press Club Journalism Institute training program this fall.

Volunteer judges included award namesake Pamela Tobey, a distinguished graphics editor formerly of The Washington Post; Karen Yourish, a Pulitzer Prize winner and reporter in The New York Times’ graphics department; and Alberto Cuadra, an award-winning journalist who is managing editor of graphics for USA TODAY.

The judges also commended two runners up:

Reuters, “Awaiting Justice: The impact of Hong Kong’s national security laws“ProPublica, “The horrors that could lie ahead if vaccines vanish“

“We were delighted to see the number of truly exceptional submissions this year. Each project showed a commitment to telling complex stories with creativity and care,” said Tobey. “Amanda and Jan’s work at The Pudding stood out by blending the narrative pace with concise and compelling graphics. It’s incredibly well researched and data-driven on a very personal topic for many people.”

This award was made possible through the generosity of Tobey and her husband, Rick Dunham, a former president of both the National Press Club and the Institute. The award honors Tobey’s cutting-edge work in visual journalism and her commitment to advancing innovative storytelling. The Calvert K. Collins Family Foundation has also contributed an initial $10,000 to support the award.

The judges noted the thoughtful design that went into the work of the honorees and other entries, including high school student Veronica Mederos’ visual storytelling for her high school publication, The Royal Courier.

“We hope this award sparks many to experiment with innovative ways to tell stories that are of importance to their communities,” said Tobey.

The National Press Club Journalism Institute promotes First Amendment values by equipping journalists in Washington, D.C., and nationwide with the skills, knowledge, standards, resources, and networks to empower and inform the public. The Institute accomplishes this mission by offering programs to grow the number of people who produce and support journalism; protecting journalists from interference so they can fully and fairly represent the communities they serve; and increasing transparency to keep citizens well-informed and their governments and institutions accountable.

To contribute to the Pamela Tobey Award for Excellence in Visual Storytelling, please use this link.

Contact: Beth Francesco, National Press Club Journalism Institute executive director, bfrancesco@press.org

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SOURCE National Press Club Journalism Institute