실적분석 2026년 8월 12일

Harmonic ($HLIT) Q2 2026 Earnings Analysis — Revenue and Adjusted EPS Beat, Full-Year Guidance Raised

Earnings Scorecard

Revenue: Continuing operations (broadband) $133.5 million (YoY +54%, vs. $120 million estimate) ✅ Beat

EPS (Earnings Per Share): Continuing operations, adjusted basis $0.21 (vs. $0.17 estimate) ✅ Beat

Guidance: Raised — FY2026 broadband revenue $505 million–$525 million, adjusted EPS $0.67–$0.75

Stock Reaction: Extended hours +19.58% ($14.35) — as of 08:05 KST, Aug. 13

What Went Well

Broadband revenue surge: Continuing-operations revenue of $133.5 million, up 54% year-over-year

Adjusted profit beat: Continuing-operations adjusted EPS of $0.21 exceeded the estimate

Backlog expansion: Backlog and deferred revenue of $587.6 million, up 71% year-over-year

Other-market revenue rose 44% year-over-year and accounted for roughly 60% of Q2 new orders, indicating progress in customer diversification. With the video-business divestiture completed, cash at the end of the quarter climbed to $231.9 million, and the installed base broadened to include 161 commercial cOS customers and 48.2 million subscriber devices. The structure is now in place to focus on growth as a pure-play broadband company.

What Fell Short

Consolidated GAAP loss: Including discontinued operations, total-company EPS of -$0.02

Customer concentration: Top two customers accounted for 63% of Q2 revenue

Remaining divestiture costs: Roughly $2.3 million per quarter in fixed costs from the video separation still reflected in results

The midpoint of Q3 revenue guidance ($125 million–$135 million) is somewhat lower than Q2 results, suggesting the pace of near-term growth could take a breather. External variables such as the cable and telecom carrier capex cycle, tariffs, and FX also need to be monitored.

What Management Said

Management cited accelerating broadband growth and solid orders led by other markets as the basis for raising the full-year outlook again. With the video divestiture complete, the company emphasized that its capital and focus can now be channeled into accelerating broadband growth.

Market Reaction and Key Points Ahead

The combination of broadband revenue and adjusted EPS beats along with a raised full-year outlook drove strong buying in extended-hours trading.

Where Q3 revenue and adjusted EPS land within the guidance range

Whether other-market orders convert into revenue and reduce top-customer dependence

Whether remaining fixed costs from the video separation decline as planned