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HLIT

Harmonic Inc.

HLIT

Harmonic Inc. • NASDAQ
$9.56 ▲ 0.21% (+0.02)
Market Cap $1.10 B
52w High $13.75
52w Low $7.80
Dividend Yield 0%
P/E 22.76
Volume 285.46K
Outstanding Shares 114.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $142.382M ▲ $67.31M ▼ $2.694M ▼ 1.892% ▼ $0.024 ▼ $12.755M ▲
Q2-2025 $138.027M ▲ $69.923M ▲ $2.871M ▼ 2.08% ▼ $0.03 ▼ $6.901M ▼
Q1-2025 $133.135M ▼ $68.447M ▼ $5.94M ▼ 4.462% ▼ $0.05 ▼ $12.675M ▼
Q4-2024 $222.166M ▲ $71.783M ▲ $38.12M ▲ 17.158% ▲ $0.33 ▲ $61.561M ▲
Q3-2024 $195.756M $69.308M $21.718M 11.094% $0.19 $34.352M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $127.376M ▲ $758.595M ▼ $315.584M ▼ $443.011M ▼
Q2-2025 $123.918M ▼ $783.347M ▲ $336.945M ▲ $446.402M ▲
Q1-2025 $148.708M ▲ $773.748M ▼ $327.618M ▼ $446.13M ▼
Q4-2024 $101.457M ▲ $796.506M ▲ $331.248M ▲ $465.258M ▲
Q3-2024 $58.174M $759.861M $330.924M $428.937M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.694M ▼ $23.77M ▲ $-2.732M ▲ $-17.748M ▼ $3.441M ▲ $21.038M ▲
Q2-2025 $2.871M ▼ $-11.697M ▼ $-3.8M ▼ $-12.809M ▲ $-24.764M ▼ $-15.497M ▼
Q1-2025 $5.94M ▼ $83.605M ▲ $-1.872M ▲ $-36.074M ▼ $47.249M ▲ $81.733M ▲
Q4-2024 $38.12M ▲ $48.531M ▲ $-2.346M ▲ $-1.287M ▼ $43.288M ▲ $46.185M ▲
Q3-2024 $21.718M $8.72M $-2.984M $2.941M $9.736M $5.736M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Appliance Integration
Appliance Integration
 $180.00M ▲$90.00M ▼$90.00M ▲$100.00M ▲
Product
Product
 $170.00M ▲$0 ▼$80.00M ▲$90.00M ▲
Professional Services
Professional Services
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
SAAS
SAAS
 $20.00M ▲$0 ▼$20.00M ▲$20.00M ▲
SaaS Service
SaaS Service
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲
Support Services
Support Services
 $30.00M ▲$0 ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, moving from a smaller hardware‑heavy base toward a larger, more software‑ and services‑driven profile. Gross profit has improved in step, suggesting better pricing power, product mix, or efficiency. Operating profit has been consistently positive since the pandemic dip, but margins remain moderate rather than high, which is typical for a company still investing heavily in growth and technology. Net income has been solidly positive in recent years, with one year standing out as unusually strong, likely helped by one‑time items or tax effects. Overall, the income statement shows a company that has scaled meaningfully, is clearly profitable, but still balancing growth investments with margin expansion.

Balance Sheet

Balance Sheet The balance sheet looks progressively stronger over time. Total assets have grown at a measured pace, while shareholder equity has increased noticeably, indicating that profits are being retained and the company is building its capital base. Debt levels are moderate and fairly stable, which keeps financial risk in check, though the company is not debt‑free. Cash balances are healthy but not excessive, suggesting room to maneuver without being overly conservative. Overall, the company appears financially sound, with a constructive trend toward a thicker equity cushion and controlled leverage.

Cash Flow

Cash Flow Cash generation has improved over the period. Operating cash flow has been positive each year and has strengthened more recently, which is an important confirmation of the earnings quality. After modest and steady capital spending, free cash flow has generally been positive and has grown, pointing to an asset‑light, software‑oriented model that does not require heavy ongoing investment in physical equipment. This gives management flexibility to fund R&D, sales expansion, or selective acquisitions without relying too heavily on new debt or equity. The main watch‑point is that the cash flow base, while improving, is still not massive, so large strategic missteps would be felt quickly.

Competitive Edge

Competitive Edge Harmonic occupies a strong niche in video delivery and broadband access, especially around virtualized cable infrastructure and cloud‑based platforms. Its leadership in virtual CMTS and distributed access architectures, combined with deep relationships with major cable operators, gives it a meaningful edge and creates switching costs for customers. The installed base and software‑driven platforms provide a network effect: more deployments feed more data and product improvement, which can reinforce its lead. On the risk side, Harmonic operates in markets that move quickly, with intense competition from traditional hardware vendors, fiber specialists, and cloud and software challengers. Customer concentration among large operators and the speed of technology transitions (for example, to fiber or alternative access technologies) are important competitive risks to monitor.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of the company’s strategy. Harmonic has invested early in cloud‑native and virtualized solutions through its VOS360 video platform and cOS broadband platform, positioning itself for the industry shift away from fixed hardware. The integration of AI for tasks like automated captioning, ad optimization, and proactive network management is a key differentiator and could deepen customer lock‑in if it delivers tangible operational benefits. The company is also leaning into future standards such as DOCSIS 4.0 and fiber‑to‑the‑home, providing a migration path that lets existing cable operators evolve gradually rather than rip and replace. The upside is significant if these bets remain aligned with operator needs; the risk is that rapid shifts in technology standards, cloud architectures, or monetization models could require constant reinvestment to stay ahead.

Summary

Overall, Harmonic looks like a steadily growing, profitable technology company that has transitioned from a more hardware‑centric past toward higher‑value, software‑ and cloud‑driven solutions. Its financials show rising revenue, improving profitability, a strengthening balance sheet, and increasingly reliable free cash flow, all consistent with a maturing but still growth‑oriented business. Strategically, the company appears well placed in the modernization of video and broadband networks, with a notable lead in virtualized cable infrastructure and strong ties to large operators. Future outcomes will hinge on its ability to sustain technological leadership in virtualized and AI‑enhanced platforms, manage customer concentration and competitive pressures, and convert its innovation pipeline—DOCSIS 4.0, fiber migration, and SaaS video services—into durable, recurring revenue over time.

NEWS

November 10, 2025 · 4:05 PM UTC

Harmonic to Participate in the 6th Annual Needham Tech Week Conference

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November 3, 2025 · 4:05 PM UTC

Harmonic Announces Third Quarter 2025 Results

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November 3, 2025 · 4:04 PM UTC

Harmonic Expands Broadband Partnership with Spectrum Across Entire Subscriber Base

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October 15, 2025 · 8:00 AM UTC

NESN Redefines Regional Sports Video Delivery with Harmonic

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October 13, 2025 · 6:30 PM UTC

Harmonic Announces Reporting Date for Third Quarter 2025 Results

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