Earnings release
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(1) Includes stranded costs of approximately $1.5 million for Q3 2026. 1 Exhibit 99.1 FOR IMMEDIATE RELEASE Harmonic Announces Third Quarter 2026 Results Revenue increased 64% year over year to $148.8 million, well above the high end of guidance Rest-of-Market revenue more than doubled year over year to a record 46% of total revenue Company raises full-year 2026 revenue outlook to $545 million - $555 million SAN JOSE, California, November 2, 2026 - Harmonic Inc. (Nasdaq: HLIT) today announced its unaudited results for the third quarter ended October 2, 2026. “Our accelerating momentum led to a breakout third quarter with revenue growing 64% year over year, driven mainly by Rest-of-Market growth which more than doubled year over year,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “Additionally, we continued executing on our strategy by introducing new fiber and intelligence products including our Recon platform, Oyster+, cOS LoopTM and cOS SensAITM. We remain confident in our ability to deliver sustainable, profitable growth while simultaneously investing to significantly increase our addressable markets as outlined in our recent Investor Day.” Financial and Business Highlights for Continuing Operations1 Q3 2026 GAAP Non-GAAP (Unaudited, in millions, except per share data) Net revenue $ 148.8 $ n/a Operating profit 26.2 33.0 Net income per share $ 0.16 $ 0.23 • Backlog and deferred revenue of $534.0 million, an increase of 58%, compared to $338 million last year • Cash: $142.8 million at October 2, 2026, compared to $124.1 million at December 31, 2025 • $160 million available under our revolving credit facility at October 2, 2026, compared to $85 million at July 3, 2026, due to a $75 million repayment in the third quarter Business Highlights • Commercially deployed our cOS™ solution with 167 customers, serving 52.6 million CPE devices, with ongoing expansion across all tier-1 accounts and new customer wins • Rest-of-Market bookings represented over 60% of total Q3 bookings, reflecting meaningful progress in customer diversification • Launched cOS SensAI, a recurring revenue service, in September following extended trials; secured first customer wins and began migrating existing cloud customers to the platform • Unveiled Recon, developed in collaboration with Comcast, extending Harmonic’s intelligence portfolio to fiber reliability and helping operators detect and resolve network issues before subscribers are affected • Acquired a vendor-agnostic fiber management and provisioning platform company (1) (1)
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(1) Includes stranded costs of approximately $1.5 million in Q3 2026, $2.3 million in Q2 2026, and $2.2 million in Q3 2025. 2 Discontinued Operations - Video Business The results of the Company's Video Business are presented as held-for-sale and discontinued operations in the condensed consolidated statements of operations and condensed consolidated balance sheets for all periods presented in this press release. As previously announced, on December 8, 2025, the Company entered into a Put Option Agreement to sell its Video business to Leone Media Inc. (d/b/a MediaKind) for a purchase price of $145 million in cash (the "Disposition"). On March 20, 2026, MediaKind and the Company executed the Asset Purchase Agreement (the "APA") for the Disposition. On June 16, 2026, the Company and MediaKind completed the Disposition. Proceeds from the sale were $137.9 million paid at closing, subject to final post-closing adjustments under the terms of the APA. Following the Disposition, Harmonic operates as a pure-play broadband company with a single reportable segment: Broadband. As such, and unless stated otherwise, all results presented in the following table reflect those of continuing operations. The Company and MediaKind are in the process of finalizing the post-closing adjustments, which are currently expected to be completed in the first quarter of 2027. Select Financial Information for Continuing Operations 2 GAAP Non-GAAP Key Financial Results Q3 2026 Q2 2026 Q3 2025 Q3 2026 Q2 2026 Q3 2025 (Unaudited, in millions, except per share data) Net revenue $ 148.8 $ 133.5 $ 90.5 n/a n/a n/a Operating profit $ 26.2 $ 23.6 $ 4.0 $ 33.0 $ 31.3 $ 10.1 Net income (loss) per share $ 0.16 $ 0.16 $ (0.00) $ 0.23 $ 0.21 $ 0.07 Other Financial Information Q3 2026 Q2 2026 Q3 2025 (Unaudited, in millions) Bookings for the quarter $ 105.9 $ 144.3 $ 97.4 Backlog and deferred revenue as of quarter end $ 534.0 $ 587.6 $ 338.0 Cash and cash equivalents as of quarter end $ 142.8 $ 231.9 $ 127.4 Explanations regarding our use of Non-GAAP financial measures and related definitions, and reconciliations of our GAAP and Non- GAAP measures, are provided in the sections below entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations.” (1)
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(1) Refer to "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations on Financial Guidance" below. Components may not sum due to rounding. (2) Includes approximately $1.5 million and $7.6 million of stranded costs associated with the Video business divestiture for Q4 2026 and FY 2026, respectively. (3) Diluted shares assume stock price of $11.98 (Q3 2026 average price). 3 GAAP Financial Guidance for Continuing Operations3 Q4 2026 GAAP Financial Guidance (Unaudited, in millions, except percentages and per share data) Low High Net revenue $ 141 $ 151 Gross margin % 51.0% 52.0% Operating profit $ 22 $ 28 Tax rate 31.0% 31.0% Net income per share $ 0.13 $ 0.16 Shares 109.2 109.2 2026 GAAP Financial Guidance (Unaudited, in millions, except percentages and per share data) Low High Net revenue $ 545 $ 555 Gross margin % 51.9% 52.3% Operating profit $ 93 $ 99 Tax rate 31.0% 31.0% Net income per share $ 0.54 $ 0.57 Shares 110.2 110.2 Non-GAAP Financial Guidance for Continuing Operations Q4 2026 Non-GAAP Financial Guidance (Unaudited, in millions, except percentages and per share data) Low High Gross margin % 51.0% 52.0% Gross profit $ 72 $ 79 Operating profit $ 28 $ 34 Tax rate 23.0% 23.0% Net income per share $ 0.19 $ 0.23 Shares 109.2 109.2 2026 Non-GAAP Financial Guidance (Unaudited, in millions, except percentages and per share data) Low High Gross margin % 52.1% 52.4% Gross profit $ 284 $ 291 Operating profit $ 118 $ 124 Tax rate 23.0% 23.0% Net income per share $ 0.80 $ 0.84 Shares 110.2 110.2 (1) (2) (3) (1) (2) (3) (1) (2) (3) (1) (2) (3)
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4 Conference Call Information Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, November 2, 2026. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register-conf.media-server.com/register/BI3ab9c6deda3a4df08222bd943609a117. A replay will be available after 5:00 p.m. PT on the same website. About Harmonic Inc. Harmonic (Nasdaq: HLIT), the worldwide leader in virtualized broadband solutions, is transforming multi-gigabit connectivity. The company's industry-leading cOS™ virtualized broadband platform, suite of solutions for fiber and DOCSIS, and a growing portfolio of AI-powered network intelligence solutions, enable broadband service providers to simplify operations, deliver exceptional subscriber experiences and expand revenue streams. With thousands of vCMTS servers and hundreds of thousands of RPDs deployed globally, Harmonic powers next-generation broadband services with five-nines reliability. Anchored with a customer-first approach and driven by a legacy of innovation, Harmonic supports broadband service providers at every stage of their network evolution. More information is available at www.harmonicinc.com. Legal Notice Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements related to our expectations regarding: net revenue; gross margins; operating expenses; operating income (loss), including stranded costs associated with the disposition of the Video business; tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, but are not limited to, in no particular order, the following: customer concentration and consolidation; loss of one or more key customers; delays or decreases in capital spending in the cable or telco industries; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the market and technology trends underlying our Broadband business will not continue to develop in their current direction or pace; the impact of tariffs and general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOS™ product solutions; dependence on various broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; stock repurchases may not be conducted in the timeframe or in the manner we expect, or at all; and the impact on our business of natural disasters. In some cases, you can identify forward-looking statements by terminology such as, “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “believes,” “intends,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2025, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements. Use of Non-GAAP Financial Measures The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). However, management believes that certain Non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
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5 These Non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from Non-GAAP measures used by other companies. In addition, these Non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures. The Company believes that the presentation of Non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP. The Non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), and net income (loss) per diluted share. The presentation of Non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to Non-GAAP results published by other companies. A reconciliation of the historical Non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The Non-GAAP adjustments described below have historically been excluded from our GAAP financial measures. Our Non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects: Stock-based compensation - Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a Non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies. Asset impairment and related charges - We exclude impairment and related charges due to the nature of such expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of impairments of goodwill, fixed assets, right- of-use assets and related leasehold improvements, and other unrecoverable facility costs due to the intended change in use of certain leased space. Non-recurring advisory fees - There were non-recurring costs that we excluded from Non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives. Divestiture related employee compensation costs - There were non-recurring costs that we excluded from Non-GAAP results relating to employee compensation costs resulting from the divestiture. Restructuring and related charges - Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results. Discrete tax items and tax effect of Non-GAAP adjustments - The income tax effect of Non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into Non-GAAP financial measures in order to provide a more meaningful measure of Non-GAAP net income. This non-recurring adjustment has been excluded from the Company’s non-GAAP tax rate and non-GAAP financial measures, as management believes exclusion of this item provides more meaningful period-to-period comparisons of ongoing operating performance. CONTACTS: Walter Jankovic David Hanover Chief Financial Officer Investor Relations Harmonic Inc. Harmonic Inc. +1.408.490.6152 +1.212.896.1220
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6 Harmonic Inc. Preliminary Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value) October 2, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 142,841 $ 124,105 Accounts receivable, net of allowances for credit losses of $413 and $227 as of October 2, 2026 and December 31, 2025, respectively 117,110 85,935 Inventories 94,825 47,840 Prepaid expenses and other current assets 24,856 12,530 Assets held for sale — 223,961 Total current assets 379,632 494,371 Property and equipment, net 23,577 25,648 Operating lease right-of-use assets 11,596 13,687 Goodwill 64,587 60,900 Deferred income taxes, net 90,910 104,043 Other non-current assets 18,801 19,834 Total assets $ 589,103 $ 718,483 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 2,944 $ 2,944 Accounts payable 56,435 23,093 Deferred revenue 20,435 31,519 Operating lease liabilities 5,563 6,433 Other current liabilities 70,781 48,288 Liabilities to be disposed of — 85,671 Total current liabilities 156,158 197,948 Long-term debt 33,410 109,140 Operating lease liabilities, non-current 12,208 14,664 Other non-current liabilities 11,771 13,485 Total liabilities 213,547 335,237 Stockholders’ equity: Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding — — Common stock, $0.001 par value, 150,000 shares authorized; 108,965 and 111,186 shares issued and outstanding at October 2, 2026 and December 31, 2025, respectively 109 111 Additional paid-in capital 2,488,443 2,466,177 Accumulated deficit (2,103,595) (2,076,406) Accumulated other comprehensive loss (9,401) (6,636) Total stockholders’ equity 375,556 383,246 Total liabilities and stockholders’ equity $ 589,103 $ 718,483
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7 Harmonic Inc. Preliminary Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per share data) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Revenue: Appliance and integration $ 137,187 $ 76,179 $ 357,962 $ 220,305 SaaS and service 11,651 14,313 46,033 41,983 Total net revenue 148,838 90,492 403,995 262,288 Cost of revenue: Appliance and integration 67,726 42,253 174,997 116,339 SaaS and service 3,993 5,940 18,376 17,384 Total cost of revenue 71,719 48,193 193,373 133,723 Total gross profit 77,119 42,299 210,622 128,565 Operating expenses: Research and development 23,558 18,701 65,638 56,357 Selling, general and administrative 27,300 18,681 74,215 58,944 Asset impairment and related charges 205 — 633 1,637 Restructuring and related charges (103) 887 (103) 1,315 Total operating expenses 50,960 38,269 140,383 118,253 Income from operations 26,159 4,030 70,239 10,312 Interest income (expense), net 231 (1,001) (1,930) (3,402) Other income (expense), net (591) 440 (1,212) (1,373) Income before income taxes 25,799 3,469 67,097 5,537 Provision for income taxes 7,705 3,984 22,304 4,540 Income (loss) from continuing operations, net of tax 18,094 (515) 44,793 997 Income (loss) from discontinued operations, net of tax (3,456) 3,209 (25,170) 10,508 Net income $ 14,638 $ 2,694 $ 19,623 $ 11,505 Net income (loss) per share: Basic: Continuing operations $ 0.17 $ (0.00) $ 0.41 $ 0.01 Discontinued operations (0.04) 0.02 (0.23) 0.09 Basic net income per share $ 0.13 $ 0.02 $ 0.18 $ 0.10 Diluted: Continuing operations $ 0.16 $ (0.00) $ 0.41 $ 0.01 Discontinued operations (0.03) 0.02 (0.23) 0.09 Diluted net income per share $ 0.13 $ 0.02 $ 0.18 $ 0.10 Weighted average common shares: Basic 109,111 112,982 109,161 114,221 Diluted 110,259 112,982 110,433 114,602
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1 Net proceeds from divestiture includes transaction costs of $3.8 million and cash retained in the business sold of $2.1 million. 2 Restricted cash included in other current assets was $0.4 million and $0.3 million as of December 31, 2025 and 2024 respectively. 8 Harmonic Inc. Preliminary Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) 4 Nine Months Ended October 2, 2026 September 26, 2025 Cash flows from Continuing and Discontinued Operations Cash flows from operating activities: Net income $ 19,623 $ 11,505 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 8,315 8,215 Asset impairment and related charges 633 1,637 Stock-based compensation 27,524 23,486 Foreign currency remeasurement (88) 446 Deferred income taxes, net 21,875 (3,120) Loss on divestiture 6,566 — Provision for excess and obsolete inventories 1,429 2,789 Other 95 61 Changes in operating assets and liabilities: Accounts receivable, net (35,481) 74,121 Inventories (51,525) (3,944) Prepaid expenses and other assets (11,021) 10,359 Accounts payable 34,264 (13,785) Deferred revenues (4,252) 1,173 Other liabilities 5,992 (17,265) Net cash provided by operating activities 23,949 95,678 Cash flows from investing activities: Net proceeds from divestiture, net of cash retained and transaction costs 131,963 — Acquisitions of businesses, net of cash acquired (1,809) — Purchases of property and equipment (5,831) (8,404) Net cash provided by (used in) investing activities 124,323 (8,404) Cash flows from financing activities: Proceeds from long-term debt 170,000 95,000 Repayment of long-term debt and other borrowings (248,644) (101,897) Repurchase of common stock (46,582) (65,757) Proceeds from other borrowings — 3,835 Proceeds from common stock issued to employees 4,534 5,983 Taxes paid related to net share settlement of equity awards (6,740) (3,795) Net cash used in financing activities (127,432) (66,631) Effect of exchange rate changes on cash and cash equivalents and restricted cash (2,089) 5,283 Net increase in cash and cash equivalents and restricted cash 18,751 25,926 Cash and cash equivalents and restricted cash at beginning of period 124,461 101,789 Cash and cash equivalents and restricted cash at end of period $ 143,212 $ 127,715 Cash and cash equivalents and restricted cash at end of period Cash and cash equivalents $ 142,841 $ 127,376 Restricted cash included in other current assets 371 339 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows $ 143,212 $ 127,715 (1) (2)
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9 Harmonic Inc. Preliminary Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) Nine Months Ended October 2, 2026 September 26, 2025 Supplemental cash flow disclosure: Income tax payments, net $ 5,532 $ 14,496 Interest payments, net 1,999 2,897 Supplemental schedule of non-cash investing activities: Capital expenditures incurred but not yet paid 934 968 Acquisition holdback consideration not yet paid $ 1,631 $ —
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(1) Based on largest subscriber footprint 10 Harmonic Inc. Preliminary GAAP Revenue Information (Unaudited, in thousands, except percentages)5 Three Months Ended October 2, 2026 July 3, 2026 September 26, 2025 Geography Americas $ 133,063 90% $ 120,603 91% $ 80,040 88% EMEA 10,993 7% 8,421 6% 9,717 11% APAC 4,782 3% 4,438 3% 735 1% Total $ 148,838 100% $ 133,462 100% $ 90,492 100% Customer Top 2 customers $ 80,103 54% $ 84,053 63% $ 56,306 62% Rest-of-Market 68,735 46% 49,409 37% 34,186 38% Total $ 148,838 100% $ 133,462 100% $ 90,492 100% Nine Months Ended October 2, 2026 September 26, 2025 Geography Americas $ 360,096 89% $ 235,346 90% EMEA 29,873 7% 24,113 9% APAC 14,026 4% 2,829 1% Total $ 403,995 100% $ 262,288 100% Customer Top 2 customers $ 235,257 58% $ 165,420 63% Rest-of-Market 168,738 42% 96,868 37% Total $ 403,995 100% $ 262,288 100% (1) (1)
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11 Harmonic Inc. GAAP to Non-GAAP Reconciliations (Unaudited) (in thousands, except percentages and per share data) Three Months Ended October 2, 2026 Revenue GrossProfit Total OperatingExpense Income from Operations TotalNon-operatingExpense, net Net Income GAAP $ 148,838 $ 77,119 $ 50,960 $ 26,159 $ (360) $ 18,094 Stock-based compensation — 402 (5,655) 6,057 — 6,057 Restructuring and related charges — — 103 (103) — (103) Non-recurring advisory fees — — (214) 214 — 214 Divestiture related employee compensation costs — — (450) 450 — 450 Lease-related asset impairment and other charges — — (205) 205 — 205 Discrete tax items and tax effect of Non-GAAP adjustments — — — — — 202 Total adjustments — 402 (6,421) 6,823 — 7,025 Non-GAAP $ 148,838 $ 77,521 $ 44,539 $ 32,982 $ (360) $ 25,119 As a % of revenue (GAAP) 51.8% 34.2% 17.6% (0.2)% 12.2% As a % of revenue (Non-GAAP) 52.1% 29.9% 22.2% (0.2)% 16.9% Diluted net income per share: GAAP $ 0.16 Non-GAAP $ 0.23 Shares used in per share calculation: GAAP and Non-GAAP 110,259 (1) Includes impairment charges of $0.2 million for right-of-use assets. Three Months Ended July 3, 2026 Revenue GrossProfit Total OperatingExpense Income from Operations TotalNon-operatingExpense, net Net Income GAAP $ 133,462 $ 69,888 $ 46,257 $ 23,631 $ (1,661) $ 17,051 Stock-based compensation — 808 (6,476) 7,284 — 7,284 Lease-related asset impairment and other charges — — (428) 428 — 428 Discrete tax items and tax effect of Non-GAAP adjustments — — — — — (1,908) Total adjustments — 808 (6,904) 7,712 — 5,804 Non-GAAP $ 133,462 $ 70,696 $ 39,353 $ 31,343 $ (1,661) $ 22,855 As a % of revenue (GAAP) 52.4% 34.7% 17.7% (1.2)% 12.8% As a % of revenue (Non-GAAP) 53.0% 29.5% 23.5% (1.2)% 17.1% Diluted net income per share: GAAP $ 0.16 Non-GAAP $ 0.21 Shares used in per share calculation: GAAP and Non-GAAP 109,682 (1) Includes impairment charges of $0.1 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs. (1) (1)
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12 Harmonic Inc. GAAP to Non-GAAP Reconciliations (Unaudited) (in thousands, except percentages and per share data) Three Months Ended September 26, 2025 Revenue GrossProfit Total OperatingExpense Income from Operations TotalNon-operatingExpense, net Net Income (Loss) GAAP $ 90,492 $ 42,299 $ 38,269 $ 4,030 $ (561) $ (515) Stock-based compensation — 125 (5,032) 5,157 — 5,157 Restructuring and related charges — — (887) 887 — 887 Discrete tax items and tax effect of Non-GAAP adjustments — — — — — 1,986 Total adjustments — 125 (5,919) 6,044 — 8,030 Non-GAAP $ 90,492 $ 42,424 $ 32,350 $ 10,074 $ (561) $ 7,515 As a % of revenue (GAAP) 46.7% 42.3% 4.5% (0.6)% (0.6)% As a % of revenue (Non-GAAP) 46.9% 35.7% 11.1% (0.6)% 8.3% Diluted net income (loss) per share: GAAP $ (0.00) Non-GAAP $ 0.07 Shares used in per share calculation: GAAP 112,982 Non-GAAP 113,323 Nine Months Ended October 2, 2026 Revenue GrossProfit Total OperatingExpense Income from Operations TotalNon-operatingExpense, net Net Income GAAP $ 403,995 $ 210,622 $ 140,383 $ 70,239 $ (3,142) $ 44,793 Stock-based compensation — 1,475 (17,430) 18,905 — 18,905 Restructuring and related charges — — 103 (103) — (103) Non-recurring advisory fees — — (214) 214 — 214 Divestiture related employee compensation costs — — (450) 450 — 450 Lease-related asset impairment and other charges — — (633) 633 — 633 Discrete tax items and tax effect of non-GAAP adjustments — — — — — 1,875 Total adjustments — 1,475 (18,624) 20,099 — 21,974 Non-GAAP $ 403,995 $ 212,097 $ 121,759 $ 90,338 $ (3,142) $ 66,767 As a % of revenue (GAAP) 52.1% 34.7% 17.4% (0.8)% 11.1% As a % of revenue (Non-GAAP) 52.5% 30.1% 22.4% (0.8)% 16.5% Diluted net income per share: GAAP $ 0.41 Non-GAAP $ 0.60 Shares used in per share calculation: GAAP and Non-GAAP 110,433 (1) Includes impairment charges of $0.3 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs. (1)
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13 Nine Months Ended September 26, 2025 Revenue GrossProfit Total OperatingExpense Income from Operations TotalNon-operatingExpense, net Net Income GAAP $ 262,288 $ 128,565 $ 118,253 $ 10,312 $ (4,775) $ 997 Stock-based compensation — 743 (15,086) 15,829 — 15,829 Restructuring and related charges — — (1,315) 1,315 — 1,315 Lease-related asset impairment and other charges — — (1,637) 1,637 — 1,637 Discrete tax items and tax effect of non-GAAP adjustments — — — — — (566) Total adjustments — 743 (18,038) 18,781 — 18,215 Non-GAAP $ 262,288 $ 129,308 $ 100,215 $ 29,093 $ (4,775) $ 19,212 As a % of revenue (GAAP) 49.0% 45.1% 3.9% (1.8)% 0.4% As a % of revenue (Non-GAAP) 49.3% 38.2% 11.1% (1.8)% 7.3% Diluted net income per share: GAAP $ 0.01 Non-GAAP $ 0.17 Shares used in per share calculation: GAAP and Non-GAAP 114,221 (1) Includes impairment charges of $0.4 million for right-of-use assets, $0.3 million for leasehold improvements, and $0.9 million related to the fair value of other unrecoverable facility costs. (1)
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(1) Components may not sum to total due to rounding. 14 Harmonic Inc. GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)(1) (In millions, except percentages and per share data)6 Q4 2026 Financial Guidance Revenue Gross Profit Total Operating Expense Income from Operations Net Income GAAP $ 141 to$ 151 $ 72 to$ 79 $ 50 to $ 51 $ 22 to$ 28 $ 14 to$ 18 Stock-based compensation — — (6) 6 6 Tax effect of Non-GAAP adjustments — — — — 1 Total adjustments — — (6) 6 7 to 7 Non-GAAP $ 141 to$ 151 $ 72 to$ 79 $ 44 to $ 45 $ 28 to$ 34 $ 21 to$ 25 As a % of revenue (GAAP) 51.0%to 52.0% 35.5%to 33.8% 15.6%to 18.5% 9.9%to 11.9% As a % of revenue (Non-GAAP) 51.0%to 52.0% 31.2%to 29.8% 19.9%to 22.5% 14.9%to 16.6% Diluted net income per share: GAAP $ 0.13 to$ 0.16 Non-GAAP $ 0.19 to$ 0.23 Shares used in per share calculation: GAAP and Non-GAAP 109.2 FY 2026 Financial Guidance Revenue Gross Profit Total Operating Expense Income from Operations Net Income GAAP $ 545 to$ 555 $ 283 to $ 290 $ 190 to $ 191 $ 93 to$ 99 $ 59 to$ 63 Stock-based compensation — 1 (23) 24 24 Lease-related asset impairment and related charges — — (1) 1 1 Tax effect of Non-GAAP adjustments — — — — 4 Total adjustments — 1 (24) 25 29 to 29 Non-GAAP $ 545 to$ 555 $ 284 to $ 291 $ 166 to $ 167 $ 118 to$ 124 $ 88 to$ 92 As a % of revenue (GAAP) 51.9%to 52.3% 34.9%to 34.4% 17.1%to 17.8% 10.8%to 11.4% As a % of revenue (Non-GAAP) 52.1%to 52.4% 30.5%to 30.1% 21.7%to 22.3% 16.1%to 16.6% Diluted net income per share: GAAP $ 0.54 to$ 0.57 Non-GAAP $ 0.80 to$ 0.84 Shares used in per share calculation: GAAP and non-GAAP 110.2