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Harmonic Inc., together with its subsidiaries, provides broadband access solutions worldwide. The company provides software-based broadband access solution, including cOS software-based broadband access solutions to broadband operators, an end-to-end solution consisting of virtualized cloud-native software; hardware products include Oyster, Ripple and SeaStar DAA nodes; Reef and Wave PHY shelf products; pebble remote PHY Devices; and fin, pearl and pier OLT modules and devices; and cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers. It also provides technical support and professional services, such as maintenance and support, consulting, implementation, integration services, program management, technical design and planning, building and site preparation, integration and equipment installation, end-to-end system testing, and training, as well as SaaS-related support and deployment. It sells its products through its direct sales force, as well as through independent resellers and systems integrators. It also serves cable and telco operators. The company was incorporated in 1988 and is headquartered in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $361M | $24M | $-43M | $97M | -11.3% | -26.2% | -210.4% |
| 2024 | $488M | $90M | $39M | $53M | 8.4% | 25.7% | -53.3% |
| 2023 | $388M | $42M | $84M | $-1M | 19.2% | -37.8% | 198.0% |
| 2022 | $625M | $62M | $28M | $-4M | 8.7% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 624.96 | 388.48 | 488.20 | 360.52 |
| Operating Revenue | - | 624.96 | 388.48 | 488.20 | 360.52 |
| Cost Of Revenue | - | 309.07 | 210.36 | 248.09 | 185.78 |
| Gross Profit | - | 315.88 | 178.12 | 240.11 | 174.74 |
| Operating Expense | - | 267.02 | 147.98 | 151.74 | 157.71 |
| Research And Development | - | 120.31 | 69.71 | 72.57 | 76.33 |
| Selling General And Administration | - | 146.72 | 78.27 | 79.17 | 81.38 |
| Total Expenses | - | 576.10 | 358.34 | 399.84 | 343.49 |
| Operating Income | - | 48.86 | 30.14 | 88.36 | 17.03 |
| Total Operating Income As Reported | - | 45.52 | 30.03 | 74.73 | 14.08 |
| EBITDA | - | 61.78 | 42.13 | 90.14 | 23.74 |
| Normalized EBITDA | - | 65.13 | 42.24 | 103.77 | 26.69 |
| EBIT | - | 49.52 | 29.87 | 78 | 12.66 |
| Interest Expense | - | 5.04 | 2.03 | 6.46 | 3.80 |
| Net Interest Income | - | -5.04 | -2.03 | -6.46 | -3.80 |
| Other Non Operating Income Expenses | - | 4.01 | -0.16 | 3.27 | -1.42 |
| Other Income Expense | - | 0.66 | -0.27 | -10.36 | -4.37 |
| Interest Expense Non Operating | - | 5.04 | 2.03 | 6.46 | 3.80 |
| Net Non Operating Interest Income Expense | - | -5.04 | -2.03 | -6.46 | -3.80 |
| Pretax Income | - | 44.48 | 27.84 | 71.54 | 8.86 |
| Tax Provision | - | 16.30 | -60.49 | 20.82 | 7.64 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.24 | -0.02 | -3.95 | -0.62 |
| Net Income Continuous Operations | - | 28.18 | 88.34 | 50.72 | 1.22 |
| Net Income From Continuing And Discontinued Operation | - | 28.18 | 83.99 | 39.22 | -43.31 |
| Net Income From Continuing Operation Net Minority Interest | - | 28.18 | 88.34 | 50.72 | 1.22 |
| Net Income | - | 28.18 | 83.99 | 39.22 | -43.31 |
| Net Income Common Stockholders | - | 28.18 | 83.99 | 39.22 | -43.31 |
| Net Income Including Noncontrolling Interests | - | 28.18 | 83.99 | 39.22 | -43.31 |
| Normalized Income | - | 30.29 | 88.42 | 60.40 | 3.55 |
| Diluted NI Availto Com Stockholders | - | 28.18 | 83.99 | 39.22 | -43.31 |
| Basic Average Shares | - | 105.08 | 111.65 | 115.12 | 113.66 |
| Diluted Average Shares | - | 112.38 | 117.36 | 117.48 | 114.18 |
| Reconciled Depreciation | - | 12.26 | 12.26 | 12.14 | 11.08 |
| Reconciled Cost Of Revenue | - | 309.07 | 210.36 | 248.09 | 185.78 |
| Total Unusual Items | - | -3.34 | -0.11 | -13.63 | -2.95 |
| Total Unusual Items Excluding Goodwill | - | -3.34 | -0.11 | -13.63 | -2.95 |
| Net Income Discontinuous Operations | - | - | -4.34 | -11.50 | -44.53 |
| Special Income Charges | - | -3.34 | -0.11 | -13.63 | -2.95 |
| Impairment Of Capital Assets | - | 0 | 0 | 10.89 | 1.64 |
| Restructuring And Mergern Acquisition | - | 3.34 | 0.11 | 2.74 | 1.32 |
| Depreciation Amortization Depletion Income Statement | 0.51 | 0 | 0 | - | - |
| Depreciation And Amortization In Income Statement | 0.51 | 0 | 0 | - | - |
| Amortization | 0.51 | 0 | 0 | - | - |
| Amortization Of Intangibles Income Statement | 0.51 | 0 | 0 | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Harmonic Inc.this co. | HLIT | $1.6B | -36.60 | 4.14 | -11.3% | 67.15 |
| Marqeta, Inc. | MQ | $1.7B | -122.72 | 2.24 | -1.8% | -52.72 |
| Vishay Precision Group, Inc. | VPG | $1.7B | 322.26 | 5.07 | 1.6% | 62.39 |
| BlackLine, Inc. | BL | $1.7B | 68.68 | 5.07 | 7.4% | 17.41 |
| EverCommerce Inc. | EVCM | $1.7B | 95.62 | 2.35 |
| - |
| - |
| - |
| - |
| 2.5% |
| 16.25 |
| Aeva Technologies, Inc. | AEVA | $1.5B | - | 116.35 | -1100.1% | - |
| C3.ai, Inc. | AI | $1.5B | -5.32 | 1.83 | -34.4% | -4.42 |
| Allient Inc. | ALNT | $1.5B | 69.27 | 5.06 | 7.3% | 25.08 |
| Alpha and Omega Semiconductor Limited | AOSL | $1.5B | -15.51 | 1.83 | -11.8% | 37.64 |
| Peer Median | - | 68.68 | 3.71 | -0.1% | 17.41 | |