Harmonic Inc SEC Filings

Harmonic Inc. outlines a major shift in its 2025 annual report, driven by a pending sale of its Video business. The company signed a Put Option Agreement giving it the right to sell this segment to Leone Media for $145 million in cash, and now reports Video as discontinued operations.

The Video business generated approximately 37% of 2025 revenue, so future results will depend solely on the Broadband segment, which provides software-based access solutions and related services. In 2025, about 89% of revenue came from the Americas, with significant customer concentration: the top 10 customers represented 84% of net revenue and one customer accounted for 54%.

Harmonic reports backlog and deferred revenue of $573.8 million as of December 31, 2025, up from $332.3 million a year earlier, with roughly 53% expected to convert within a year. The company spent $76.3 million on research and development, or about 21% of revenue, and employed 534 people worldwide. The filing emphasizes risks from geopolitical tensions in Israel and Ukraine, supply-chain and tariff pressures, cybersecurity threats, and covenants and leverage under its credit facility.

Harmonic Inc. Chief Financial Officer Walter Jankovic reported equity award activity involving restricted stock units and common shares. On February 22, 2026, 6,644 restricted stock units were exercised into 6,644 shares of common stock at no cost. To cover tax obligations, 2,338 common shares were disposed of at $10.90 per share, leaving Jankovic with 140,595 directly owned common shares.

Harmonic Inc. reported preliminary unaudited results showing mixed trends for the fourth quarter and fiscal 2025. Total company net revenue was $157.3 million in Q4 and $570.8 million for 2025, while GAAP net loss per share was $(0.49) for Q4 and $(0.38) for the year, driven largely by discontinued Video operations and a $57.5 million goodwill impairment.

Broadband continuing operations generated net revenue of $98.2 million in Q4 and $360.5 million for 2025, with Q4 GAAP net income of $0.2 million, non-GAAP net income of $7.2 million and Adjusted EBITDA of $12.1 million. Bookings in Q4 were $346.9 million, producing a 3.5 book‑to‑bill ratio and lifting backlog and deferred revenue to $573.8 million, up 73% year over year.

Cash and cash equivalents were $124.1 million at December 31, 2025, compared with $101.5 million a year earlier, and the company repurchased about 1.3 million shares for $13.3 million in Q4. Harmonic reiterated plans to sell its Video business to MediaKind for $145 million in cash, expected to close in the first half of 2026, and issued 2026 Broadband guidance calling for GAAP net revenue of $440‑$480 million and non‑GAAP net income per share of $0.46‑$0.63.

HARMONIC INC. director Daniel T. Whalen reported exercising restricted stock units into common shares. He converted 16,143 restricted stock units, with each unit representing a contingent right to receive one share of HLIT common stock, into 16,143 shares of common stock at a stated price of $0.00 per share.

Following this derivative exercise and related issuance, his directly held common stock position increased to 29,983 shares. The filing reflects an equity award settlement rather than an open-market purchase or sale.

Harmonic Inc. director David Krall reported an equity award transaction involving restricted stock units that converted into common shares. On February 15, 2026, he exercised 16,143 restricted stock units, each representing a right to receive one share of Harmonic common stock, and acquired 16,143 shares of common stock at a stated price of $0.00 per share. Following this conversion, his directly held Harmonic common stock position increased to 239,268 shares.

HARMONIC INC. director Dana L. Crandall acquired common shares through an internal equity award event. On February 15, 2026, 16,143 restricted stock units were exercised or converted into 16,143 shares of common stock at a stated price of $0.00 per share. After this derivative exercise/conversion, Crandall directly owned 25,052 shares of Harmonic common stock.

Harmonic Inc. director Stephanie Copeland exercised 16,143 restricted stock units into 16,143 shares of common stock at no cost. After this derivative exercise on February 15, 2026, her directly held common stock position increased to 25,052 shares.

Harmonic Inc. Chief Financial Officer Walter Jankovic reported multiple equity award transactions involving restricted stock units and common stock. On February 15, 2026, he exercised restricted stock units that each represent a right to receive one share of HLIT common stock, resulting in the acquisition of 45,273 shares of common stock through derivative exercises at a stated price of $0.00 per share. On the same date, 16,456 shares of common stock were disposed of at $10.68 per share in a tax-withholding transaction used to satisfy tax obligations. After these transactions, Jankovic directly owned 136,289 shares of Harmonic common stock.

HARMONIC INC. executive Neven Haltmayer reported equity award activity involving both acquisitions and a tax-related share disposal. On February 15, 2026, he exercised or converted several blocks of restricted stock units, which each represent a contingent right to receive one share of HLIT common stock. These derivative exercises covered 5,049, 5,852 and 22,090 restricted stock units, along with 32,991 shares of common stock acquired through derivative exercise or conversion. To cover the exercise price or tax liability, 18,144 shares of common stock were disposed of at a price per share of 10.68 in a tax-withholding transaction. After these transactions, Haltmayer directly owned 164,417 shares of Harmonic common stock.