Harmonic Inc. ended fiscal year 2025 with a strong Q4 driven by record Broadband bookings, leading to a significant increase in backlog and improved visibility for 2026. The company is preparing for the sale of its Video business, which is proceeding as anticipated and expected to close in the first half of 2026.
Record quarterly Broadband bookings drove a 3.5 book-to-bill ratio in Q4.
positiveBacklog and deferred revenue increased 73% year-over-year to $573.8 million.
positiveCash and cash equivalents increased to $124.1 million at year-end 2025, up from $101.5 million in the prior year.
positiveThe Video business, presented as discontinued operations, exceeded revenue and profitability expectations for the quarter.
positiveNet revenue for Q4 2025 was $98.2 million, a significant decrease from $171.0 million in Q4 2024.
negativeNet loss for Q4 2025 was $54.8 million, compared to a net income of $38.1 million in Q4 2024.
negativeDiluted loss per share was $0.49 in Q4 2025, a substantial decline from diluted earnings per share of $0.32 in Q4 2024.
negativeAdjusted EBITDA for Q4 2025 was $12.1 million, a sharp decrease from $65.7 million in Q4 2024.
negativeThe company reported a net loss of $43.3 million for FY 2025, compared to a net income of $39.2 million for FY 2024.
negativeDiluted loss per share for FY 2025 was $0.38, compared to diluted earnings per share of $0.33 for FY 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Broadband | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Ended the year with extremely strong quarterly bookings across our Broadband business.
These bookings drove a 3.5 book-to-bill for the quarter and a substantial year-over-year increase in backlog, which significantly improves our visibility for 2026.
We expect this momentum, combined with Unified DOCSIS 4.0 ramps, large customer deployment plans and Rest-of-World accelerated adoption, will contribute to strong Broadband revenue growth this year.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.