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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 |
| 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 |
| Operating Income | - | 48.86 | 30.14 | 88.36 | 17.03 |
| EBITDA | - | 61.78 | 42.13 | 90.14 | 23.74 |
| EBIT | - | 49.52 | 29.87 | 78 | 12.66 |
| Pretax Income | - | 44.48 | 27.84 | 71.54 | 8.86 |
| Tax Provision | - | 16.30 | -60.49 | 20.82 | 7.64 |
| Net Income | - | 28.18 | 83.99 | 39.22 | -43.31 |
| Net Income Common Stockholders | - | 28.18 | 83.99 | 39.22 | -43.31 |
| Total Expenses | - | 576.10 | 358.34 | 399.84 | 343.49 |
| Interest Expense | - | 5.04 | 2.03 | 6.46 | 3.80 |
| Research And Development | - | 120.31 | 69.71 | 72.57 | 76.33 |
| Selling General And Administration | - | 146.72 | 78.27 | 79.17 | 81.38 |
| Normalized EBITDA | - | 65.13 | 42.24 | 103.77 | 26.69 |
| Normalized Income | - | 30.29 | 88.42 | 60.40 | 3.55 |
| Market Cap | 1,185.18 | 1,185.18 | 1,185.18 | 1,185.18 | 1,185.18 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Harmonic Inc.this co. | HLIT | - | -27.37 | 3.09 | -11.3% | 50.30 |
| KULR Technology Group, Inc. | KULR | $111M | - | 0.91 | -50.9% | -2.45 |
| Expensify, Inc. | EXFY | $106M | - | 0.74 | -16.1% | -2.34 |
| SunPower Inc. | SPWR | $105M | - | -1.02 | 50.3% | -16.16 |
| CSP Inc. | CSPI | $103M | - | 2.29 | -0.2% |
| - |
| - |
| - |
| - |
| -30.63 |
| SoundThinking, Inc. | SSTI | $89M | - | 1.22 | -13.1% | 45.14 |
| Airship AI Holdings, Inc. | AISP | $76M | 2.91 | -10.63 | -410.1% | -9.02 |
| Neonode Inc. | NEON | $26M | 3.27 | 1.07 | 34.4% | -0.11 |
| zSpace, Inc. | ZSPC | $1M | - | -0.34 | 112.8% | -0.78 |
| Peer Median | - | 3.09 | 0.82 | -6.6% | -2.40 | |