Short answer
HARMONIC INC. (HLIT) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $361M (−46.9% year over year) and net income of −$43M.
- Top risk flagged: Regulatory/legal risk: potential delays and higher costs in completing Video business sale due to employee works council consultation in France and other regulatory approvals
FY2025 key financial metrics · XBRL
- Revenue
- $361M
- −46.9% YoY
- Net income
- −$43M
- −210.4% YoY
- Operating margin
- 3.9%
- −5.4 pp YoY
- Gross margin
- 48.5%
- −5.4 pp YoY
- EPS (diluted)
- −$0.38
- −215.2% YoY
- ROE
- -11.3%
- −19.7 pp YoY
- Operating cash flow
- $108M
- +74.4% YoY
Source: XBRL data from the HARMONIC INC. (HLIT) FY2025 10-K on SEC EDGAR. USD.
HARMONIC INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global provider of software-based broadband access solutions enabling efficient high-speed internet deployment
- New emphasis on cOS Central Cloud Services, a SaaS subscription offering 24x7 support and advanced analytics for cOS platform
- Strategic shift: exited Video business via $145 million put option sale agreement to MediaKind, focusing solely on Broadband operations
- Backlog growth to $573.8 million in 2025 vs $332.3 million in 2024, indicating strong demand and order visibility
- R&D spend increased to $76.3 million (21% of revenue) in 2025, up from $72.6 million (15% of revenue) in 2024, focused on cOS platform innovations
Management Discussion & Analysis
- Revenue $360.5M in 2025, down 26% YoY (−$127.7M) with Appliance and integration down 30% (−$131.0M), SaaS and service up 6% (+$3.3M)
- Gross margin 48.5% in 2025 vs 49.2% in 2024, down 0.7 percentage points due to unfavorable product mix
- Americas segment revenue declined 29% to $320.6M, worst performer; APAC best with 149% growth to $6.1M
- Operating cash flow $108.0M in 2025, up $46.0M YoY; share repurchase $49.0M higher than 2024, $121.0M remaining authorization
- Management expects Video business sale in H1 2026, proceeds to fund operations; highlights risks from geopolitical conflicts, inflation, supply chain, and market volatility
Risk Factors
- Regulatory/legal risk: potential delays and higher costs in completing Video business sale due to employee works council consultation in France and other regulatory approvals
- Geopolitical/macroeconomic threat: Russia-Ukraine and Middle East conflicts causing customer spending delays, longer sales cycles, and revenue reductions
- Operational/supply chain vulnerability: reliance on sole supplier Plexus in Malaysia for contract manufacturing, exposed to tariffs and geopolitical risks affecting Taiwan component sourcing
- Competitive risk: risk of competitors establishing industry standards or faster deployment of superior broadband access solutions potentially making Harmonic's cOS obsolete
- Financial risk: extreme customer concentration with one customer accounting for 54% of 2025 revenue, posing risk to operating results if lost or reduced
Generated from the filing text; verify against the original. How to read a 10-K
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