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Jun 27, 2025
Harmonic Q2 2025 Earnings Report
Harmonic posted solid Q2 2025 results, with revenue and profit surpassing guidance, driven by strong Video segment performance.
Key Takeaways
Harmonic exceeded the high end of its guidance in both revenue and profitability during Q2 2025, supported by robust momentum in its Video segment and early positive signs in Broadband upgrades.
Total revenue reached $138.0 million, slightly below the prior year but above guidance.
Video segment saw strong growth with revenue of $51.1 million and 67.0% gross margin.
Non-GAAP net income rose to $10.3 million, with adjusted EPS of $0.09.
Cash balance improved significantly to $123.9 million, up from $45.9 million a year ago.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Harmonic forecasts Q3 2025 revenue between $120M and $135M, with EPS ranging from -$0.04 (GAAP) to $0.07 (Non-GAAP), and adjusted EBITDA guidance between $7M and $14M.
Positive Outlook
- Total revenue guidance up to $135 million.
- Video gross margin expected to reach as high as 67.0%.
- Adjusted EBITDA forecasted to potentially double from the low end to $14 million.
- Positive tax rate assumptions at 21% for Non-GAAP outlook.
- Continued strength in Video SaaS, particularly in sports streaming.
Challenges Ahead
- GAAP net income potentially negative at -$4 million.
- Broadband revenue guidance as low as $75 million suggests caution.
- Gross margin range has a low end of 52.5%, indicating possible margin pressure.
- Free cash flow not forecasted, limiting visibility into liquidity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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