Here are the 10-K annual reports from Harmonic Inc (HLIT) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow HLIT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HLIT filings page.
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.