Technology

Harmonic Announces Second Quarter 2026 Results

Published

3 months 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

Sanya hosts side event of the 7th Symposium on Global Maritime Cooperation and Ocean Governance

Published

53 minutes ago

November 11, 2026

Report on Southeast Asian Youth Perceptions of Maritime Issues released

BEIJING, Nov. 10, 2026 /PRNewswire/ — A side event of the 7th Symposium on Global Maritime Cooperation and Ocean Governance was held at China Media Group (CMG) Sanya Studio on November 8. More than 10 Chinese and international participants discussed how to put into practice the Agreement under the United Nations Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas beyond National Jurisdiction (BBNJ Agreement), and how to communicate ideas about ocean conservation to audiences worldwide.

Experts at the event described the BBNJ Agreement, which entered into force in January this year, as a landmark victory for multilateralism in global ocean governance. They said it charts a course for all parties to work together to protect marine biodiversity.

Jiao Nianzhi, an academician of the Chinese Academy of Sciences, described marine biodiversity as a toolbox for humanity, saying that protecting it means safeguarding humanity’s future. Aileen Tan, chairperson of the Sub-Commission for the Western Pacific of UNESCO’s Intergovernmental Oceanographic Commission, said the BBNJ Agreement gives the ocean “breathing space” and stressed the need for scientists from different countries to work together on ocean conservation. She cited Malaysia-China cooperation in marine scientific research as a good example and expressed hope that China would play a greater leadership role. Ronán Long, director of the WMU-Sasakawa Global Ocean Institute at the World Maritime University in Sweden, said China’s strong data capabilities could help accelerate the implementation of the Agreement’s provisions on sharing non-monetary benefits arising from marine genetic resources.

Participants also highlighted China’s efforts and achievements in promoting maritime cooperation and advancing marine ecological restoration, among other areas. The side event was jointly hosted by CMG’s Chinese Language Programming Center, the Huayang Center for Maritime Cooperation and Ocean Governance, the National Institute for South China Sea Studies and other organizations.

During the symposium, CMG’s Chinese Language Programming Center and CMG Institute jointly released the Report on Southeast Asian Youth Perceptions of Maritime Issues. The report presents the concerns and expectations of young people in Southeast Asian countries, including Indonesia, Malaysia, Singapore and Thailand, regarding ocean-related issues.

The report finds that Southeast Asian youth have a positive outlook on maritime cooperation with China. Nearly 80 percent of respondents are willing to take part in China-ASEAN youth exchanges on ocean-related issues. The report also notes that Southeast Asian youth are concerned about broader issues of ocean governance and look to China to shoulder greater responsibilities and play a larger role in global ocean governance.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sanya-hosts-side-event-of-the-7th-symposium-on-global-maritime-cooperation-and-ocean-governance-302935814.html

SOURCE China Media Group (CMG)

Technology

Why Brisbane Airport selected LG for its landmark digital infrastructure upgrade

Published

53 minutes ago

November 11, 2026

Australia’s third-largest airport now runs passenger information across 950 LG displays monitored centrally via LG SuperSign CMS

News summary

Brisbane Airport manages approximately 950 LG commercial displays from a single platform LG SuperSign CMS deployed on-premise to meet strict security and operational controls for critical infrastructureLG SuperSign CMS offers leadership, operations and ICT team remote visibility and control of entire display fleetLG’s embedded System-on-Chip allows real-time flight information (FIDS), gate information, wayfinding and operational messaging to be directly pushed to display screens without external media playersBrisbane Airport’s transition to LG’s SuperSign CMS has driven down operational costs significantlyDeployed in partnership with Australian integrator Programmed, this digital overhaul forms a key part of Brisbane Airport’s ongoing $5 billion Future BNE transformation

SYDNEY, Nov. 11, 2026 /PRNewswire/ — LG Electronics (LG) has partnered with Brisbane Airport Corporation (BAC), replacing a previously fragmented digital signage system with a modern network of approximately 950 LG commercial displays centrally managed by LG SuperSign CMS. Covering the domestic and international terminals, baggage handling areas, and car parks, these LG screens deliver real-time flight information displays (FIDS), gate information, passenger wayfinding, and operational communications reliably across a 24/7 environment.

As Australia’s third largest airport preparing for a forecast surge in passenger numbers ahead of the major event in 2032, Brisbane Airport needed to replace an increasingly unreliable, ageing network with a simplified, scalable solution that its lean ICT team could operate day-to-day.

“The reliability of the displays is essential. Without them working, people are lost — quite literally,” says Michael Kerr, Integrated Operations Manager at BAC.

To address these critical demands, LG worked alongside local integrator Programmed to deploy a centralised digital signage network driven by LG SuperSign CMS. The platform provides ICT and operations teams with comprehensive visibility across the entire display fleet remotely, replacing an otherwise manual process of physical, daily check-ups.

“LG SuperSign has been a game changer for my team. We just don’t have the arms and legs to go around and check those 950 screens on a daily basis. The monitoring capabilities really give us that eyes-on view of what’s across our infrastructure,” says Anthony Tully-Smith, ICT Applications Manager at BAC.

One system, diverse displays

BAC’s new estate involves a range of LG display solutions tailored to specific passenger zones. This includes:

43- and 49-inch LG commercial panelsLG Ultra Stretch displays in totemsLG 49XE-series high-brightness outdoor displays110-inch LG UM5K indoor screensA 136-inch LG LAPA-series All-in-One LED in international arrivals

With LG’s embedded System-on-Chip (SoC) platform and internal web page player, real-time flight information and content now play directly on the screens. This removes the need for external media players, simplifying the network architecture.

“We’ve taken what was a fragmented digital signage system, not very visible to management, now to an integrated modern solution with centralised management and health visibility,” says Graham Wands, Business Development Manager at Programmed. “LG SuperSign enables us to take a proactive stance and make sure that the FIDS and other signage are highly available and always visible to passengers.”

Built for critical infrastructure

As a privately owned critical infrastructure operator, BAC needed full control of its content. LG SuperSign CMS is deployed on-premise to meet the airport’s security and operational-control requirements. LG’s device hardening helps reduce the risk of unauthorised content, such as USB sideloading.

The project also supports the airport’s ESG goals; LG UH series screens carry Carbon Trust footprint-reduction certification, LG offers a free e-waste program, and power consumption can be monitored and optimised from LG SuperSign CMS.

“At an airport, a screen is only as useful as the information on it, and how quickly someone knows when it stops working. Brisbane Airport shows what happens when displays and management software are planned together as operational infrastructure, with a local integrator who knows the site. We’re grateful to Brisbane Airport and Programmed for the partnership, and we look forward to supporting the airport as it grows,” says Chris Wilson, Sales General Manager – Information Display at LG Electronics Australia.

Looking ahead

BAC sees LG as a long-term partner as it progresses its $5 billion Future BNE transformation, paving the way for the expansion of Terminal 3 and more LED and messaging capabilities ahead of the 2032 games. By transitioning from a fragmented legacy setup, BAC has unlocked a foundation built for long-term operational efficiency.

“For me, managing an ageing infrastructure before we moved to the new LG digital displays was costing us quite a lot from a maintenance and an ongoing perspective,” says Tully-Smith, “The move to the new LG SuperSign, but also the new LG screens, has driven down my operational cost significantly across the airport.”

This newfound efficiency has helped BAC focus on what’s most critical – passenger experience.

“It’s important for us to have a partner like LG. The innovation and the fresh thought that team brings has really helped me accelerate the digital experience across all of our terminals,” says Tully-Smith.

Read the full case study: LG Displays and SuperSign CMS power Brisbane Airport’s digital transformation

LG SuperSign CMS is purchased separately.

About LG Electronics
LG Electronics is focused on developing new innovations across information displays. We are committed to providing commercial electronic products that help businesses perform better. We offer a wide range of products, including information displays, digital signage for advertising, commercial system air conditioners, VRF systems and tailored solutions for different vertical markets.

About Brisbane Airport Corporation
Brisbane Airport Corporation (BAC), the operator of Brisbane Airport (BNE), is a private, unlisted Queensland company that proudly takes on the challenge of connecting Australia to the world. BAC’s passion and perseverance have cemented BNE as Queensland’s most important gateway, a leading hub for Australia, and an award-winning source of pride for its communities.

About Programmed
Programmed is a leading provider of Facility Management, Maintenance, and Staffing solutions across Australia and New Zealand. Programmed employs over 32,000 people every year across a broad range of industries and partners with more than 10,000 customers, small and large.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/why-brisbane-airport-selected-lg-for-its-landmark-digital-infrastructure-upgrade-302935816.html

SOURCE LG Electronics

Technology

Advantech Powers High-Density Edge Infrastructure with the Intel Atom P6900 Processor-Based SOM-5994 Module

Published

53 minutes ago

November 11, 2026

TAIPEI, Nov. 10, 2026 /PRNewswire/ — Advantech, a global leader in embedded computing and edge AI solutions, has announced the launch of the SOM-5994, a COM Express Basic Type 7 module powered by Intel Atom P6900 processors. Designed for compute-intensive edge networking, 5G infrastructure, and next-generation telecommunication applications, the SOM-5994 delivers high-core-density processing, advanced networking connectivity, and flexible expansion capabilities in a standardized COM Express form factor. The module supports up to 24 server class efficient- cores, PCIe Gen4 expansion, DDR5 SODIMM memory, and integrated Intel Ethernet technology supporting 10GBASE-KR connectivity. An extended operating temperature range of -40°C to 85°C is available as an option for industrial deployments. Combined with Advantech’s Computer On Module (COM) Design-In Services—which include carrier board design support, BIOS customization, thermal design guidance, system validation, and lifecycle management—the SOM-5994 enables OEMs and system integrators to accelerate product development, reduce engineering complexity, and shorten time-to-market. Optimized for packet-processing and data-intensive networking workloads, it provides a scalable foundation for next-generation network edge appliances.

Optimized for High-Performance Networking Workloads

Powered by Intel Atom P6900 processors specifically designed for networking and telecommunications applications, the SOM-5994 combines high core density, advanced I/O connectivity, and flexible scalability within a compact COM Express Basic Type 7 module.

When compared to the Intel Xeon D-1700 processor family, the SOM-5994 with Intel Atom P6900 processors delivers higher overall performance. Offerings range from efficient 8-core to 24-core SoCs with thermal design power (TDP) spanning 50W to 86W, enabling system designers to balance compute density, power consumption, and thermal budgets to meet specific application requirements.

The module supports up to 128GB of DDR5-5600 memory and provides up to 16 PCIe Gen4 lanes and 16 PCIe Gen3/Gen2 lanes, delivering the bandwidth required for virtualization, packet inspection, software-defined networking (SDN), network security, and other data-intensive networking workloads. For networking connectivity, the SOM-5994 integrates four 10GBASE-KR Ethernet interfaces for backplane applications alongside an integrated Ethernet controller supporting up to 2.5GbE, enabling flexible deployment across a wide range of networking architectures.

Comprehensive Software and Design-In Support

Beyond hardware performance, the SOM-5994 is backed by Advantech’s comprehensive Embedded Solutions and Design-In Services, helping customers accelerate product development and reduce engineering risks. These services include carrier board design support, BIOS customization, thermal solution consultation, Linux development resources, system validation, and long-term lifecycle management. Together, they enable OEMs to streamline development while ensuring platform reliability across the entire operating lifespan.

The module also supports Advantech SUSI APIs, Yocto project integration, and customizable BIOS features, providing developers with a flexible software framework for hardware monitoring, system management, and Linux deployment. Furthermore, when paired with the optional SOM-RM10 BMC carrier card, the platform enables robust out-of-band (OOB) management—delivering secure real-time monitoring, remote debugging, and automated system recovery.

Accelerating Next-Generation Edge Networking Deployment

As edge computing, AI services, and industrial networking demand higher throughput, lower latency, and greater power efficiency, OEMs face mounting pressure to innovate under tight schedules and budgets. Powered by Intel Atom P6900 Series processors, the SOM-5994 COM Express Basic Type 7 module offers a modular, ready-to-integrate solution. By leveraging existing carrier board designs across multiple product generations, customers can drastically cut NRE costs, streamline validation, and lower design risks. Supported by Advantech’s global ecosystem and design-in services, the SOM-5994 delivers a scalable foundation that empowers OEMs to bring robust networking and edge infrastructure solutions to market faster.

Key Features

Intel Atom P6900 ProcessorsCOM Express R3.1 Basic Module Type 7 pinout8~24 Efficient-cores, with Max. TDP 86WDual-Channel DDR5-5600MT/s up to 128GB SODIMMHigh speed Intel Ethernet (4 x 10GBASE-KR interfaces, one 2.5GbE)Multiple Expansions (16x PCIe Gen4, 16x PCIe Gen3/2, 4x USB3.0, SATA3)Supports Yocto, Embedded BIOS, SUSI API and DeviceOn

The Advantech SOM-5994 will be available in Q2, 2027. For more information regarding SOM-5994 or other Advantech products and services, please contact Advantech’s sales support team or visit our website at https://www2.advantech.com/embedded-boards-design-in-services/com/

About Embedded Solutions & Design-in Service

Advantech Embedded Solutions & Design-in Service offers a one-stop service model for the integration of embedded boards, systems, software, displays, and peripherals. This model uses customer-centric design-in services to accelerate AI and IoT deployment. Solution providers expect to reduce the time and resources required for system integration by collaborating with reliable professional embedded partners. We offer the latest embedded technology and value-added software that customers can leverage to integrate their end application software. Our comprehensive range of peripherals free customers from worrying about compatibility and longevity issues. Advantech Embedded Design-in Services provide a value-added service that eliminates complex integration difficulties.
https://www.advantech.com/en-us/solutions/embedded-modules-and-design-in-services

About Advantech

Advantech’s corporate vision is to enable an intelligent planet. The company is a global leader in the fields of IoT intelligent systems and embedded platforms. To embrace the trends of IoT, big data, and artificial intelligence, Advantech promotes IoT hardware and software solutions with the Edge Intelligence WISE-PaaS core to assist business partners and clients in connecting their industrial chains. Advantech is also working with business partners to co-create business ecosystems that accelerate the goal of industrial intelligence. (www.advantech.com)

View original content to download multimedia:https://www.prnewswire.com/news-releases/advantech-powers-high-density-edge-infrastructure-with-the-intel-atom-p6900-processor-based-som-5994-module-302935828.html

SOURCE Advantech

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