Technology
Haivision Announces Results for the Three Months and Full Year Ended October 31, 2024
Published
2 years agoon
By
MONTREAL, Jan. 15, 2025 /PRNewswire/ – Haivision Systems Inc. (“Haivision” or the “Company”) (TSX: HAI), a leading global provider of mission critical, real-time video networking and visual collaboration solutions, today announced its results for the fourth quarter and full year ended October 31, 2024.
We are very happy about our 2024 performance and the completion of our 2-year plan to significantly increase our EBITDA performance,” said Mirko Wicha, President and CEO of Haivision. “With the impact of the US Navy contract and preparing for some exciting new product introductions throughout fiscal 2025, we expect to revert back to our historical revenue growth of 15+% in 2026.” added Mr. Wicha.
Fiscal 2024 Financial Results
Revenue of $129.6 million, down $10.3 million from the prior fiscal year, partially the result of delays in the U.S. federal budget approvals and resulting changes in buying behavior, but also reflects our transformation from the system integrator to manufacturer in the control room market, our departure from the house of worship business, and our success in long-term rentals.Gross Margins* were 73.1%, a notable improvement from 70.5% for the prior fiscal year.Total expenses were $89.2 million, a decrease of $8.2 million from prior fiscal year.Operating profit was $5.5 million, a $4.3 million or 346% improvement from the prior fiscal year.Adjusted EBITDA* was $17.3 million, a $2.6 million or 17% improvement from the prior fiscal year.Adjusted EBITDA Margins* was 13.4%, a significant improvement when compared to 10.6% for the same prior year period.Net income was $4.7 million, a $6.0 million or 371% improvement from prior fiscal year.
Q4 2024 Financial Results
Revenue of $30.1 million, down $5.6 million from the prior year comparative period, partially the result of delays in the U.S. budget approval, but also reflects our transformation from the system integrator to manufacturer in the control room market.Gross Margins* were 73.0%, compared to 74.4% for the same prior year period.Total expenses were $21.8 million, a decrease of $1.2 million, from the same prior year period.Operating profit was $0.2 million, compared to 3.6 million from the same prior year period.Adjusted EBITDA* was $2.9 million, compared to $5.7 million from the prior year period.Adjusted EBITDA Margins* was 9.8%, compared to 15.9% for the same prior year period.Net income was $2.1 million, compared to $2.5 million for the same prior year period.
Recent Company Highlights
Awarded the IBC Innovation Award for its live video contribution solution over private 5G networks at the summer games in Paris.Haivision joins consortium with Airbus Defense and Space to develop new technologies for rapid, secure, and reliable communications.Haivision MCS awarded US$61.2 million (CAD$82 million) production agreement by U.S. Navy for next-generation combat visualization and video distribution systems.Haivision collaborates with Shield AI to bring together full-motion video with AI object detection for defense and ISR applications.France Television provides exclusive coverage of the Paris 2024 Olympic surfing competition with Haivision’s private 5G video transmission ecosystem.Celebrated its 20-years anniversary as a leader and innovator in mission critical live video.Unveiled Hub 360, a cloud-based master control solution that streamlines live production workflows.Published its fifth annual Broadcast Transformation Report, highlighting the state of technology adoption in the broadcast industry.Awarded “Single/Dual-Stream Encoding Hardware” and “Best On-Prem Encoding/ Transcoding Solution” for the Makito X4 by Streaming Media Readers’ Choice Awards.Joined the Panasonic Partner Alliance for live video production workflows with Kairos; joined the Sony Cloud Production Platform for low latency live video in the cloud; and partnered with Grabyo, a London-based live cloud production platform, enabling integrated solution for live multi-camera productions.
“We didn’t see the typical ‘bounce’ in fourth quarter revenue that we typically see from the U.S. Government year-end spending. There seems to be significant changes in the buying behavior of the Department of Defense and the U.S. Government which is likely related to to the U.S. Congress’ need for continuing resolutions. Said Dan Rabinowitz, Chief Financial Officer and EVP, Operations. Fortunately, our restructuring efforts have resulted in a cost structure that can ‘weather’ these changing buying behaviors. Despite the changing nature of our product offering and delays in typical government purchases, Haivision’s Adjusted EBITDA in FY2024 grew by over 17%.”
Financial Results
Revenue for the three months and full-year ended October 31, 2024 was $30.1 million and $129.5 million, respectively modest decrease when compared to the prior year comparative periods. Revenues were impacted by delays in the approval of a U.S. Federal spending bill which, in turn, delayed certain procurement process; our transition away from the integrator model in the control room space, which historically offered lower-margined, third-party components; the long-term rental program which offers a recurring revenue model and enhanced margins in our transmitter business; and the departure from the house of worship market in fiscal 2023, all of which may make direct comparisons of year-over-year performance more difficult.
Gross Margin* for the three months and full year ended October 31, 2024 was 73.0% and 73.1%, respectively compared to 74.4% and 70.5% for the prior year comparable periods. Gross Margin* were positively impacted by our decision to exit the managed services business; transitioning away from the integrator model in the control room market, decreases in the incremental costs of components procured during the worldwide component shortage, and general supply chain improvements – particularly related to Aviwest and Haivision MCS.
Total expenses for the three months and full year ended October 31, 2024 were $21.8 million and $89.2 million, respectively representing decrease of $1.2 million and $8.2 million when compared to from the prior year comparative periods, largely the result of recently completed restructuring efforts.
The result of these Gross Margin* improvements and lower total expenses was operating profits for the three months and full year ended October 31,, 2024 of $0.2 million and $5.5 million, respectively. Whereas operating profit for the three months ended October 31, 2024 decreased $3.4 million from the prior year comparative period, for fiscal 2024, operating profit was $5,5 million representing an improvement of $4.3 million (or 345%) when compared to fiscal 2023. Adjusted EBITDA* for the three months ended October 31, 2024 was $2.9 million a decrease of $2.8 million from the prior year comparative period. However, Adjusted EBITDA* for fiscal 2024 was $17.3 million an increase of $2.6 million (or 17%) from prior fiscal year. Adjusted EBITDA Margins* for the three months ended October 31, 2024, was 9.8% compared to 15.9% in the prior year comparative period. Adjusted EBITDA Margins* for fiscal 2024, was 13.4% compared to 10.6% for fiscal 2023.
Net income for the three months ended October 31, 2024, was $2.1 million, a modest $9,5 million decrease from the prior year comparative period, but net income for the full fiscal year was $4.7 million an increase of $6.0 million from the prior year loss of $1.3 million.
*Measures followed by the suffix “*” in this press release are non-IFRS measures. For the relevant definition, see “Non-IFRS Measures” below. As applicable, a reconciliation of this non-IFRS measure to the most directly comparable IFRS financial measure is included in the tables at the end of this press release and in the Company’s management’s discussion and analysis for the three months and full year ended October 31, 2024.
Conference Call Notification
Haivision will hold a conference call to discuss its fourth quarter and full year financial results on Wednesday, January 15, 2025 at 5:15 pm (ET). To register for the call, please use this link https://registrations.events/direct/Q4I334142. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry.
Financial Statements, Management’s Discussion and Analysis and Additional Information
Haivision’s consolidated financial statements for the full year ended October 31, 2024 (the “2024 Financial Statements”), the management’s discussion and analysis thereon and additional information relating to Haivision and its business can be found under Haivision’s profile on SEDAR+ at www.sedarplus.ca. The financial information presented in this release was derived from the 2024 Financial Statements.
Forward-Looking Statements
This release includes “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including, without limitation, statements regarding the Company’s growth opportunities and its ability to execute on its growth strategy. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on opinions, assumptions and estimates that, while considered reasonable by Haivision as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in the Company’s latest annual information form, and in other periodic filings that the Company has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect Haivision. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Haivision undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws.
Non-IFRS Measures
Haivision’s consolidated financial statements for the fourth quarter and full year ended October 31, 2024 are prepared in accordance with International Financial Reporting Standards (“IFRS”). As a compliment to results provided in accordance with IFRS, this press release makes reference to certain (i) non-IFRS financial measures, including “EBITDA”, and “Adjusted EBITDA”, (ii) non-IFRS ratios including “Adjusted EBITDA Margin”, and (iii) supplementary financial measures including “Gross Margins” (collectively “non-IFRS measures”). These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. For information on the most directly comparable financial measure disclosed in the primary financial statements of Haivision, composition of the non-IFRS measures, a description of how Haivision uses these measures and an explanation of how these measures provide useful information to investors, refer to the “Non-IFRS Measures” section of the Company’s management’s discussion and analysis for the three months and full year ended October 31, 2024, dated January 15, 2025, available on the Company’s SEDAR+ profile at www.sedarplus.ca, which is incorporated by reference into this press release. As applicable, the reconciliations for each non-IFRS measure are outlined below. Non-IFRS measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of the Company’s performance, liquidity, cash flow and profitability.
About Haivision
Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com.
Thousands of Canadian dollars (except per share amounts)
Three months ended
October 31,
Full year ended
October 31,
2024
2023
2024
2023
($)
($)
($)
($)
Revenue
30,144
35,724
129,537
139,857
Cost of sales
8,142
9,139
34,851
41,272
Gross profit
22,002
26,585
94,686
98,585
Expenses
Sales and marketing
6,955
6,978
27,332
30,318
Operations and support
3,982
4,184
15,886
15,593
Research and development
6,782
6,292
27,521
28,834
General and administrative
3,389
4,867
16,177
18,902
Share-based payment
663
617
2,290
2,162
Restructuring costs
—
—
—
1,546
21,771
22,938
89,205
97,355
Operating Profit (loss)
231
3,647
5,481
1,230
Financial expenses
202
401
951
1,738
Income (loss) before income taxes
29
3,246
4,530
(508)
Income taxes (recovery)
Current
(1,593)
1,755
2,845
1,512
Deferred
(433)
(1,038)
(3,013)
(754)
(2,026)
717
(168)
757
Net income (loss)
2,055
2,529
4,699
(1,265)
Other comprehensive income (loss)
Foreign currency translation adjustment
1,036
3,251
811
3,248
Comprehensive income (loss)
3.091
5,780
5,510
1,983
Net income (loss) per share:
Basic
$0.07
$0.09
$0.16
$(0.04)
Diluted
$0.07
$0.08
$0.16
$(0.04)
Weighted average number of shares outstanding
Basic
28,595,978
29,004,453
28,954,290
28,974,325
Diluted
29,715,509
30,099,686
30,017,186
28,974,325
Thousands of Canadian dollars
As at
October 31,
2024
October 31,
2023
$
$
Assets
Current assets
Cash
16,471
8,285
Trade and other receivables
23,843
26,113
Investment tax credits receivable
1,941
2,238
Inventories
14,926
18,930
Prepaid expenses and deposits
4,035
4,043
61,216
59,609
Property and equipment
4,241
3,900
Right-of-use assets
4,669
7,494
Intangible assets
11,241
17,668
Goodwill
46,721
46,219
Non-refundable investment tax credits receivable
6,523
5,602
Deferred income taxes
6,704
3,599
80,099
84,482
141,315
144,091
Liabilities
Current liabilities
Line of credit
2,227
4,685
Trade and other payables
16,371
17,534
Restructuring costs payable
—
240
Purchase price payable
—
204
Income taxes payable
625
659
Current portion of lease liabilities
1,380
1,688
Current portion of term loans
1,150
964
Deferred revenue
14,245
12,104
35,998
38,078
Lease liabilities
4,047
6,738
Long term debt
1,463
2,101
Deferred revenue
3,011
3,021
44,520
49,938
Equity
Share capital
88,742
90,902
Retained earnings
(6,110)
(9,997)
Share-based compensation and other reserves
5,399
5,295
Cumulative translation adjustment
8,764
7,953
96,796
94,153
141,315
144,091
Thousands of Canadian dollars
Three months ended
October 31,
Full year ended
October 31,
2024
2023
2024
2023
($)
($)
($)
($)
Net Income (loss)
2,055
2,529
4,699
1,265
Income Taxes
(2,026)
717
(168)
757
Income (loss) before income taxes
29
3,246
4,531
(508)
Depreciation
727
772
3,289
3,087
Amortization
1,320
660
6,267
6,750
Financial expenses
202
401
951
1,738
EBITDA(1)
2,278
5,079
15,038
11,067
Share-based payments (LTIP)
663
617
2,290
2,162
Restructuring costs
—
—
—
1,546
Adjusted EBITDA(1)
2,941
5,696
17,328
14,775
Adjusted EBITDA Margin(1)
9.8 %
15.9 %
13.4 %
10.6 %
____________________________
Note:
(1) Non-IFRS measure. See “Non-IFRS Measures.”
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SOURCE Haivision Systems Inc.
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Technology
Cooper Standard Adopts Tax Benefits Preservation Plan to Protect its Tax Benefits and Shareholder Value
Published
30 seconds agoon
November 2, 2026By
NORTHVILLE, Mich., Nov. 2, 2026 /PRNewswire/ — Cooper-Standard Holdings Inc. (“Cooper Standard” or the “Company”) (NYSE: CPS) today announced that its Board of Directors (the “Board”) adopted a tax benefits preservation plan (the “Rights Agreement”) in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its net operating loss carryforwards, any loss or deduction attributable to a “net unrealized built-in loss” and other tax attributes (collectively, “Tax Benefits”) under the Internal Revenue Code (the “Code”).
As of September 30, 2026, Cooper Standard’s estimated U.S. Tax Benefits are approximately $215 million, which may be available to offset its future taxable income. The Company views its Tax Benefits as highly valuable assets, which are likely to inure to the benefit of the Company and its stockholders. However, if the Company experiences an “ownership change,” as defined in Section 382 of the Code, its ability to use the Tax Benefits could be substantially limited, and the timing of the usage of the Tax Benefits could be substantially delayed, which could significantly impair the value of the Tax Benefits. Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more “five percent stockholders” increases by more than fifty percentage points over the lowest percentage of stock owned by such stockholders at any time during the prior three-year period or, if sooner, since the last “ownership change” experienced by the Company.
The Rights Agreement is intended to act as a deterrent to any person acquiring 4.9% or more of the outstanding shares (an “acquiring person”) of the Company’s common stock without the approval of the Board. This would protect the Tax Benefits because changes in ownership by a person owning less than 4.9% of the common stock are not included in the calculation of “ownership change” for purposes of Section 382 of the Code.
The record date for the distribution of the rights is November 12, 2026. Under the Rights Agreement, the rights will initially trade with the Company’s common stock and will generally become exercisable only if a person (or any persons acting as a group) acquires 4.9% or more of the Company’s outstanding common stock. If the rights become exercisable, all holders of rights (other than any triggering person) will be entitled to acquire shares of common stock at a 50% discount. Under the Rights Agreement, any person who currently owns 4.9% or more of the Company’s common stock may continue to own its shares of common stock but may not acquire any additional shares without triggering the Rights Agreement. Under the Rights Agreement, the Board has the discretion to exempt any transaction and to exempt any person (or group of persons) from the provisions of the Rights Agreement.
The rights expire, unless earlier terminated, on the earliest to occur of: (i) the close of business on November 1, 2029; (ii) the time at which the Rights are redeemed; (iii) the time at which all exercisable Rights are exchanged; (iv) the close of business on November 1, 2027, if the approval of the Company’s stockholders of the Rights Agreement has not been obtained by that date; (v) the repeal of Section 382 of the Code if the Board determines that the Rights Agreement is no longer necessary or desirable for the preservation of the Tax Benefits; or (vii) the time at which the Board determines that the Tax Benefits are fully utilized or no longer available under Section 382 of the Code or that an ownership change under Section 382 of the Code would not adversely impact in any material respect the time period in which the Company could use the Tax Benefits, or materially impair the amount of the Tax Benefits that could be used by the Company in any particular time period, for applicable tax purposes.
Additional information about the Rights Agreement is available on a Form 8-K filed by Cooper Standard with the U.S. Securities and Exchange Commission.
About Cooper Standard
Cooper Standard, headquartered in Northville, Mich., with locations in 20 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing our materials science and manufacturing expertise, we create innovative and sustainable engineered solutions for diverse transportation and industrial markets. Cooper Standard’s approximately 22,000 team members (including contingent workers) are at the heart of our success, continuously improving our business and surrounding communities. Learn more at www.cooperstandard.com or follow us on LinkedIn, X, Facebook, Instagram or YouTube.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “outlook,” “guidance,” “forecast,” or future or conditional verbs, such as “will,” “should,” “could,” “would,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: volatility or decline of the Company’s stock price, or absence of stock price appreciation; impacts and disruptions related to the wars in Ukraine and the Middle East; escalating pricing pressures; our ability to achieve commercial recoveries and to offset the adverse impact of higher commodity and other costs through pricing and other negotiations with our customers; work stoppages or other labor disruptions with our employees or our customers’ employees; prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruptions in our supply base or our customers’ supply base; competitive threats and commercial risks associated with our diversification strategy; possible variability of our working capital requirements; risks associated with our international operations, including changes in laws, regulations, and policies governing the terms of foreign trade such as increased trade restrictions and tariffs; our ability to collect tariff recoveries from our customers; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness and rates of interest; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; significant costs related to manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers’ needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal and regulatory proceedings, claims or investigations against us; the potential impact of any future public health events on our financial condition and results of operations; the ability of our intellectual property to withstand legal challenges; cyber-attacks, data privacy concerns, other disruptions in, or the inability to implement upgrades to, our information technology systems; the possible volatility of our annual effective tax rate; the possibility of a failure to maintain effective controls and procedures; the possibility of future impairment charges to our goodwill and long-lived assets; our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce; our ability to procure insurance at reasonable rates; and our dependence on our subsidiaries for cash to satisfy our obligations; and other risks and uncertainties, including those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.
Contact for Analysts:
Roger Hendriksen
Cooper Standard
(248) 596-6465
roger.hendriksen@cooperstandard.com
Contact for Media:
Chris Andrews
Cooper Standard
(248) 596-6217
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SOURCE Cooper Standard
Technology
Harmonic Announces Third Quarter 2026 Results
Published
33 seconds agoon
November 2, 2026By
Revenue increased 64% year over year to $148.8 million, well above the high end of guidance
Rest-of-Market revenue more than doubled year over year to a record 46% of total revenue
Company raises full-year 2026 revenue outlook to $545 million – $555 million
SAN JOSE, Calif., Nov. 2, 2026 /PRNewswire/ — Harmonic Inc. (Nasdaq: HLIT) today announced its unaudited results for the third quarter ended October 2, 2026.
“Our accelerating momentum led to a breakout third quarter with revenue growing 64% year over year, driven mainly by Rest-of-Market growth which more than doubled year over year,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “Additionally, we continued executing on our strategy by introducing new fiber and intelligence products including our Recon platform, Oyster+, cOS Loop™ and cOS SensAI™. We remain confident in our ability to deliver sustainable, profitable growth while simultaneously investing to significantly increase our addressable markets as outlined in our recent Investor Day.”
Financial and Business Highlights for Continuing Operations
Q3 2026
GAAP
Non-GAAP
(Unaudited, in millions, except per share data)
Net revenue
$
148.8
$
n/a
Operating profit (1)
26.2
33.0
Net income per share (1)
$
0.16
$
0.23
Backlog and deferred revenue of $534.0 million, an increase of 58%, compared to $338 million last yearCash: $142.8 million at October 2, 2026, compared to $124.1 million at December 31, 2025$160 million available under our revolving credit facility at October 2, 2026, compared to $85 million at July 3, 2026, due to a $75 million repayment in the third quarter
Business Highlights
Commercially deployed our cOS™ solution with 167 customers, serving 52.6 million CPE devices, with ongoing expansion across all tier-1 accounts and new customer winsRest-of-Market bookings represented over 60% of total Q3 bookings, reflecting meaningful progress in customer diversificationLaunched cOS SensAI, a recurring revenue service, in September following extended trials; secured first customer wins and began migrating existing cloud customers to the platformUnveiled Recon, developed in collaboration with Comcast, extending Harmonic’s intelligence portfolio to fiber reliability and helping operators detect and resolve network issues before subscribers are affectedAcquired a vendor-agnostic fiber management and provisioning platform company
_________________________________
(1) Includes stranded costs of approximately $1.5 million for Q3 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. The Company and MediaKind are in the process of finalizing the post-closing adjustments, which are currently expected to be completed in the first quarter of 2027.
Select Financial Information for Continuing Operations
GAAP
Non-GAAP
Key Financial Results
Q3 2026
Q2 2026
Q3 2025
Q3 2026
Q2 2026
Q3 2025
(Unaudited, in millions, except per share data)
Net revenue
$
148.8
$
133.5
$
90.5
n/a
n/a
n/a
Operating profit (1)
$
26.2
$
23.6
$
4.0
$
33.0
$
31.3
$
10.1
Net income (loss) per share
$
0.16
$
0.16
$
(0.00)
$
0.23
$
0.21
$
0.07
Other Financial Information
Q3 2026
Q2 2026
Q3 2025
(Unaudited, in millions)
Bookings for the quarter
$
105.9
$
144.3
$
97.4
Backlog and deferred revenue as of quarter end
$
534.0
$
587.6
$
338.0
Cash and cash equivalents as of quarter end
$
142.8
$
231.9
$
127.4
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 $1.5 million in Q3 2026, $2.3 million in Q2 2026, and $2.2 million in Q3 2025.
GAAP Financial Guidance for Continuing Operations
Q4 2026 GAAP Financial Guidance (1)
(Unaudited, in millions, except percentages and per share data)
Low
High
Net revenue
$
141
$
151
Gross margin %
51.0 %
52.0 %
Operating profit (2)
$
22
$
28
Tax rate
31.0 %
31.0 %
Net income per share
$
0.13
$
0.16
Shares (3)
109.2
109.2
2026 GAAP Financial Guidance (1)
(Unaudited, in millions, except percentages and per share data)
Low
High
Net revenue
$
545
$
555
Gross margin %
51.9 %
52.3 %
Operating profit (2)
$
93
$
99
Tax rate
31.0 %
31.0 %
Net income per share
$
0.54
$
0.57
Shares (3)
110.2
110.2
Non-GAAP Financial Guidance for Continuing Operations
Q4 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
$
72
$
79
Operating profit (2)
$
28
$
34
Tax rate
23.0 %
23.0 %
Net income per share
$
0.19
$
0.23
Shares (3)
109.2
109.2
2026 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except percentages and per share data)
Low
High
Gross margin %
52.1 %
52.4 %
Gross profit
$
284
$
291
Operating profit (2)
$
118
$
124
Tax rate
23.0 %
23.0 %
Net income per share
$
0.80
$
0.84
Shares (3)
110.2
110.2
_________________________________
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below. Components may not sum due to rounding.
(2) Includes approximately $1.5 million and $7.6 million of stranded costs associated with the Video business divestiture for Q4 2026 and FY 2026, respectively.
(3) Diluted shares assume stock price of $11.98 (Q3 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 Monday, November 2, 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/BI3ab9c6deda3a4df08222bd943609a117. 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, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.
The Non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), 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.
Asset impairment and related charges – We exclude impairment and related charges due to the nature of such expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of impairments of goodwill, fixed assets, right-of-use assets and related leasehold improvements, and other unrecoverable facility costs due to the intended change in use of certain leased space.
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.
Restructuring and related charges – Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
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)
October 2, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
142,841
$
124,105
Accounts receivable, net of allowances for credit losses of $413 and $227 as of
October 2, 2026 and December 31, 2025, respectively
117,110
85,935
Inventories
94,825
47,840
Prepaid expenses and other current assets
24,856
12,530
Assets held for sale
—
223,961
Total current assets
379,632
494,371
Property and equipment, net
23,577
25,648
Operating lease right-of-use assets
11,596
13,687
Goodwill
64,587
60,900
Deferred income taxes, net
90,910
104,043
Other non-current assets
18,801
19,834
Total assets
$
589,103
$
718,483
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
2,944
$
2,944
Accounts payable
56,435
23,093
Deferred revenue
20,435
31,519
Operating lease liabilities
5,563
6,433
Other current liabilities
70,781
48,288
Liabilities to be disposed of
—
85,671
Total current liabilities
156,158
197,948
Long-term debt
33,410
109,140
Operating lease liabilities, non-current
12,208
14,664
Other non-current liabilities
11,771
13,485
Total liabilities
213,547
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; 108,965 and
111,186 shares issued and outstanding at October 2, 2026 and December 31,
2025, respectively
109
111
Additional paid-in capital
2,488,443
2,466,177
Accumulated deficit
(2,103,595)
(2,076,406)
Accumulated other comprehensive loss
(9,401)
(6,636)
Total stockholders’ equity
375,556
383,246
Total liabilities and stockholders’ equity
$
589,103
$
718,483
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three Months Ended
Nine Months Ended
October 2, 2026
September 26, 2025
October 2, 2026
September 26, 2025
Revenue:
Appliance and integration
$
137,187
$
76,179
$
357,962
$
220,305
SaaS and service
11,651
14,313
46,033
41,983
Total net revenue
148,838
90,492
403,995
262,288
Cost of revenue:
Appliance and integration
67,726
42,253
174,997
116,339
SaaS and service
3,993
5,940
18,376
17,384
Total cost of revenue
71,719
48,193
193,373
133,723
Total gross profit
77,119
42,299
210,622
128,565
Operating expenses:
Research and development
23,558
18,701
65,638
56,357
Selling, general and administrative
27,300
18,681
74,215
58,944
Asset impairment and related charges
205
—
633
1,637
Restructuring and related charges
(103)
887
(103)
1,315
Total operating expenses
50,960
38,269
140,383
118,253
Income from operations
26,159
4,030
70,239
10,312
Interest income (expense), net
231
(1,001)
(1,930)
(3,402)
Other income (expense), net
(591)
440
(1,212)
(1,373)
Income before income taxes
25,799
3,469
67,097
5,537
Provision for income taxes
7,705
3,984
22,304
4,540
Income (loss) from continuing operations, net of tax
18,094
(515)
44,793
997
Income (loss) from discontinued operations, net of tax
(3,456)
3,209
(25,170)
10,508
Net income
$
14,638
$
2,694
$
19,623
$
11,505
Net income (loss) per share:
Basic:
Continuing operations
$
0.17
$
(0.00)
$
0.41
$
0.01
Discontinued operations
(0.04)
0.02
(0.23)
0.09
Basic net income per share
$
0.13
$
0.02
$
0.18
$
0.10
Diluted:
Continuing operations
$
0.16
$
(0.00)
$
0.41
$
0.01
Discontinued operations
(0.03)
0.02
(0.23)
0.09
Diluted net income per share
$
0.13
$
0.02
$
0.18
$
0.10
Weighted average common shares:
Basic
109,111
112,982
109,161
114,221
Diluted
110,259
112,982
110,433
114,602
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Nine Months Ended
October 2, 2026
September 26, 2025
Cash flows from Continuing and Discontinued Operations
Cash flows from operating activities:
Net income
$
19,623
$
11,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
8,315
8,215
Asset impairment and related charges
633
1,637
Stock-based compensation
27,524
23,486
Foreign currency remeasurement
(88)
446
Deferred income taxes, net
21,875
(3,120)
Loss on divestiture
6,566
—
Provision for excess and obsolete inventories
1,429
2,789
Other
95
61
Changes in operating assets and liabilities:
Accounts receivable, net
(35,481)
74,121
Inventories
(51,525)
(3,944)
Prepaid expenses and other assets
(11,021)
10,359
Accounts payable
34,264
(13,785)
Deferred revenues
(4,252)
1,173
Other liabilities
5,992
(17,265)
Net cash provided by operating activities
23,949
95,678
Cash flows from investing activities:
Net proceeds from divestiture, net of cash retained and transaction costs (1)
131,963
—
Acquisitions of businesses, net of cash acquired
(1,809)
—
Purchases of property and equipment
(5,831)
(8,404)
Net cash provided by (used in) investing activities
124,323
(8,404)
Cash flows from financing activities:
Proceeds from long-term debt
170,000
95,000
Repayment of long-term debt and other borrowings
(248,644)
(101,897)
Repurchase of common stock
(46,582)
(65,757)
Proceeds from other borrowings
—
3,835
Proceeds from common stock issued to employees
4,534
5,983
Taxes paid related to net share settlement of equity awards
(6,740)
(3,795)
Net cash used in financing activities
(127,432)
(66,631)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(2,089)
5,283
Net increase in cash and cash equivalents and restricted cash
18,751
25,926
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
$
143,212
$
127,715
Cash and cash equivalents and restricted cash at end of period
Cash and cash equivalents
$
142,841
$
127,376
Restricted cash included in other current assets
371
339
Total cash, cash equivalents and restricted cash as shown in the condensed
consolidated statement of cash flows
$
143,212
$
127,715
_________________________________
1 Net 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 $0.4 million and $0.3 million as of December 31, 2025 and 2024 respectively.
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Nine Months Ended
October 2, 2026
September 26, 2025
Supplemental cash flow disclosure:
Income tax payments, net
$
5,532
$
14,496
Interest payments, net
1,999
2,897
Supplemental schedule of non-cash investing activities:
Capital expenditures incurred but not yet paid
934
968
Acquisition holdback consideration not yet paid
$
1,631
$
—
Harmonic Inc.
Preliminary GAAP Revenue Information
(Unaudited, in thousands, except percentages)
Three Months Ended
October 2, 2026
July 3, 2026
September 26, 2025
Geography
Americas
$
133,063
90 %
$
120,603
91 %
$
80,040
88 %
EMEA
10,993
7 %
8,421
6 %
9,717
11 %
APAC
4,782
3 %
4,438
3 %
735
1 %
Total
$
148,838
100 %
$
133,462
100 %
$
90,492
100 %
Customer
Top 2 customers (1)
$
80,103
54 %
$
84,053
63 %
$
56,306
62 %
Rest-of-Market
68,735
46 %
49,409
37 %
34,186
38 %
Total
$
148,838
100 %
$
133,462
100 %
$
90,492
100 %
Nine Months Ended
October 2, 2026
September 26, 2025
Geography
Americas
$
360,096
89 %
$
235,346
90 %
EMEA
29,873
7 %
24,113
9 %
APAC
14,026
4 %
2,829
1 %
Total
$
403,995
100 %
$
262,288
100 %
Customer
Top 2 customers (1)
$
235,257
58 %
$
165,420
63 %
Rest-of-Market
168,738
42 %
96,868
37 %
Total
$
403,995
100 %
$
262,288
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 October 2, 2026
Revenue
Gross
Profit
Total
Operating
Expense
Income from
Operations
Total
Non-
operating
Expense, net
Net Income
GAAP
$
148,838
$
77,119
$
50,960
$
26,159
$
(360)
$
18,094
Stock-based compensation
—
402
(5,655)
6,057
—
6,057
Restructuring and related charges
—
—
103
(103)
—
(103)
Non-recurring advisory fees
—
—
(214)
214
—
214
Divestiture related employee compensation costs
—
—
(450)
450
—
450
Lease-related asset impairment and other charges (1)
—
—
(205)
205
—
205
Discrete tax items and tax effect of Non-GAAP adjustments
—
—
—
—
—
202
Total adjustments
—
402
(6,421)
6,823
—
7,025
Non-GAAP
$
148,838
$
77,521
$
44,539
$
32,982
$
(360)
$
25,119
As a % of revenue (GAAP)
51.8 %
34.2 %
17.6 %
(0.2) %
12.2 %
As a % of revenue (Non-GAAP)
52.1 %
29.9 %
22.2 %
(0.2) %
16.9 %
Diluted net income per share:
GAAP
$
0.16
Non-GAAP
$
0.23
Shares used in per share calculation:
GAAP and Non-GAAP
110,259
(1) Includes impairment charges of $0.2 million for right-of-use assets.
Three Months Ended July 3, 2026
Revenue
Gross
Profit
Total
Operating
Expense
Income from
Operations
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.
Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
Three Months Ended September 26, 2025
Revenue
Gross
Profit
Total
Operating
Expense
Income from
Operations
Total
Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$
90,492
$
42,299
$
38,269
$
4,030
$
(561)
$
(515)
Stock-based compensation
—
125
(5,032)
5,157
—
5,157
Restructuring and related charges
—
—
(887)
887
—
887
Discrete tax items and tax effect of Non-GAAP adjustments
—
—
—
—
—
1,986
Total adjustments
—
125
(5,919)
6,044
—
8,030
Non-GAAP
$
90,492
$
42,424
$
32,350
$
10,074
$
(561)
$
7,515
As a % of revenue (GAAP)
46.7 %
42.3 %
4.5 %
(0.6) %
(0.6) %
As a % of revenue (Non-GAAP)
46.9 %
35.7 %
11.1 %
(0.6) %
8.3 %
Diluted net income (loss) per share:
GAAP
$
(0.00)
Non-GAAP
$
0.07
Shares used in per share calculation:
GAAP
112,982
Non-GAAP
113,323
Nine Months Ended October 2, 2026
Revenue
Gross
Profit
Total
Operating
Expense
Income from
Operations
Total
Non-
operating
Expense, net
Net Income
GAAP
$
403,995
$
210,622
$
140,383
$
70,239
$
(3,142)
$
44,793
Stock-based compensation
—
1,475
(17,430)
18,905
—
18,905
Restructuring and related charges
—
—
103
(103)
—
(103)
Non-recurring advisory fees
—
—
(214)
214
—
214
Divestiture related employee compensation costs
—
—
(450)
450
—
450
Lease-related asset impairment and other charges (1)
—
—
(633)
633
—
633
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
1,875
Total adjustments
—
1,475
(18,624)
20,099
—
21,974
Non-GAAP
$
403,995
$
212,097
$
121,759
$
90,338
$
(3,142)
$
66,767
As a % of revenue (GAAP)
52.1 %
34.7 %
17.4 %
(0.8) %
11.1 %
As a % of revenue (Non-GAAP)
52.5 %
30.1 %
22.4 %
(0.8) %
16.5 %
Diluted net income per share:
GAAP
$
0.41
Non-GAAP
$
0.60
Shares used in per share calculation:
GAAP and Non-GAAP
110,433
(1) Includes impairment charges of $0.3 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs.
Nine Months Ended September 26, 2025
Revenue
Gross
Profit
Total
Operating
Expense
Income from
Operations
Total
Non-
operating
Expense, net
Net Income
GAAP
$
262,288
$
128,565
$
118,253
$
10,312
$
(4,775)
$
997
Stock-based compensation
—
743
(15,086)
15,829
—
15,829
Restructuring and related charges
—
—
(1,315)
1,315
—
1,315
Lease-related asset impairment and other charges (1)
—
—
(1,637)
1,637
—
1,637
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(566)
Total adjustments
—
743
(18,038)
18,781
—
18,215
Non-GAAP
$
262,288
$
129,308
$
100,215
$
29,093
$
(4,775)
$
19,212
As a % of revenue (GAAP)
49.0 %
45.1 %
3.9 %
(1.8) %
0.4 %
As a % of revenue (Non-GAAP)
49.3 %
38.2 %
11.1 %
(1.8) %
7.3 %
Diluted net income per share:
GAAP
$
0.01
Non-GAAP
$
0.17
Shares used in per share calculation:
GAAP and Non-GAAP
114,221
(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.
Harmonic Inc.
GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)(1)
(In millions, except percentages and per share data)
Q4 2026 Financial Guidance
Revenue
Gross Profit
Total Operating
Expense
Income from
Operations
Net Income
GAAP
$
141
to
$
151
$
72
to
$
79
$
50
to
$
51
$
22
to
$
28
$
14
to
$
18
Stock-based compensation
—
—
(6)
6
6
Tax effect of Non-GAAP adjustments
—
—
—
—
1
Total adjustments
—
—
(6)
6
7
7
Non-GAAP
$
141
to
$
151
$
72
to
$
79
$
44
to
$
45
$
28
to
$
34
$
21
to
$
25
As a % of revenue (GAAP)
51.0 %
to
52.0 %
35.5 %
to
33.8 %
15.6 %
to
18.5 %
9.9 %
to
11.9 %
As a % of revenue (Non-GAAP)
51.0 %
to
52.0 %
31.2 %
to
29.8 %
19.9 %
to
22.5 %
14.9 %
to
16.6 %
Diluted net income per share:
GAAP
$
0.13
to
$
0.16
Non-GAAP
$
0.19
to
$
0.23
Shares used in per share calculation:
GAAP and Non-GAAP
109.2
FY 2026 Financial Guidance
Revenue
Gross Profit
Total Operating
Expense
Income from
Operations
Net Income
GAAP
$
545
to
$
555
$
283
to
$
290
$
190
to
$
191
$
93
to
$
99
$
59
to
$
63
Stock-based compensation
—
1
(23)
24
24
Lease-related asset impairment and related charges
—
—
(1)
1
1
Tax effect of Non-GAAP adjustments
—
—
—
—
4
Total adjustments
—
1
(24)
25
29
to
29
Non-GAAP
$
545
to
$
555
$
284
to
$
291
$
166
to
$
167
$
118
to
$
124
$
88
to
$
92
As a % of revenue (GAAP)
51.9 %
to
52.3 %
34.9 %
to
34.4 %
17.1 %
to
17.8 %
10.8 %
to
11.4 %
As a % of revenue (Non-GAAP)
52.1 %
to
52.4 %
30.5 %
to
30.1 %
21.7 %
to
22.3 %
16.1 %
to
16.6 %
Diluted net income per share:
GAAP
$
0.54
to
$
0.57
Non-GAAP
$
0.80
to
$
0.84
Shares used in per share calculation:
GAAP and non-GAAP
110.2
_________________________________
(1) Components may not sum to total due to rounding.
View original content to download multimedia:https://www.prnewswire.com/news-releases/harmonic-announces-third-quarter-2026-results-302925916.html
SOURCE Harmonic Inc.
Technology
POMDOCTOR LIMITED Announces Receipt of Nasdaq Notifications Regarding Continued Listing Requirements
Published
36 seconds agoon
November 2, 2026By
GUANGZHOU, China, Nov. 2, 2026 /PRNewswire/ — POMDOCTOR LIMITED (“Pomdoctor” or the “Company”) (Nasdaq: POM), a digital healthcare company focused on advancing AI-enabled healthcare solutions and predictive healthcare capabilities, today announced that on October 28, 2026, it received two letters (the “Letters”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) regarding deficiencies with respect to certain continued listing requirements of The Nasdaq Global Market.
The first Letter notified the Company that, based upon the Company’s MVLS for the 30 consecutive business days from September 16, 2026 through October 27, 2026, the Company no longer meets the requirement under Nasdaq Listing Rule 5450(b)(2)(A) to maintain market value of listed securities (“MVLS”) of at least $50 million (the “MVLS Requirement”). The Staff also noted that the Company does not meet the requirements under Nasdaq Listing Rule 5450(b)(3) (A).
Pursuant to Nasdaq Listing Rule 5810(c)(3)(C), the Company has a compliance period of 180 calendar days, or until April 26, 2027, to regain compliance with the MVLS Requirement. If at any time during the compliance period the Company’s MVLS closes at $50 million or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and the matter will be closed.
The second Letter notified the Company that, based upon the Company’s MVPHS for the 30 consecutive business days from September 16, 2026 through October 27, 2026, the Company no longer meets the requirement under Nasdaq Listing Rule 5450(b)(2&3)(C) to maintain a minimum market value of publicly held shares (“MVPHS”) of $15 million (the “MVPHS Requirement”).
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has a compliance period of 180 calendar days, or until April 26, 2027, to regain compliance with the MVPHS Requirement. If at any time during the compliance period the Company’s MVPHS closes at $15 million or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and the matter will be closed.
If the Company does not regain compliance prior to the expiration of the applicable compliance period, the Company will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel.
The Company intends to monitor its MVLS and MVPHS and evaluate available options to regain compliance with the applicable continued listing requirements within the compliance period.
There can be no assurance that the Company will regain compliance with the applicable Nasdaq continued listing requirements within the compliance period or otherwise maintain compliance with Nasdaq’s other continued listing requirements.
About POMDOCTOR LIMITED
POMDOCTOR LIMITED (Nasdaq: POM) is a digital healthcare company focused on advancing AI-enabled healthcare solutions and expanding predictive healthcare capabilities. The Company leverages physician resources, wearable technologies, artificial intelligence, healthcare payment networks and real-world healthcare data to support more personalized, continuous and data-driven healthcare services.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements include, without limitation, statements concerning the Company’s ability and plans to regain and maintain compliance with Nasdaq’s continued listing requirements, including the MVLS Requirement and the MVPHS Requirement, the Company’s evaluation of alternatives available to regain compliance, and the continued listing of the Company’s Class A ordinary shares on Nasdaq.
Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially include, among others, the Company’s ability to regain and maintain compliance with the MVLS Requirement, the MVPHS Requirement and other Nasdaq continued listing requirements, fluctuations in the market price of the Company’s Class A ordinary shares, and the other risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission.
The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release, except as required by applicable law.
Investor Relations Contact
POMDOCTOR LIMITED
Investor Relations Department
Email: ir@7lk.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
View original content:https://www.prnewswire.com/news-releases/pomdoctor-limited-announces-receipt-of-nasdaq-notifications-regarding-continued-listing-requirements-302925899.html
SOURCE POMDOCTOR LIMITED
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POMDOCTOR LIMITED Announces Receipt of Nasdaq Notifications Regarding Continued Listing Requirements
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