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Harmonic Inc

Harmonic Inc. provides broadband access solutions worldwide through its subsidiaries. Its offerings include software-based solutions such as cOS broadband access software and cOS central cloud services, as well as hardware products including Oyster, Ripple, and SeaStar DAA nodes; Reef and Wave PHY shelf products; pebble remote PHY devices; and fin, pearl, and pier OLT modules. The company also offers technical support and professional services, including maintenance, consulting, integration, and training. It sells through a direct sales force, independent resellers, and systems integrators, serving cable and telco operators. Harmonic was incorporated in 1988 and is headquartered in San Jose, California.

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Cloud & Digital Infrastructure

Harmonic Launches cOS SensAI for Broadband Networks

Harmonic unveiled cOS SensAI on September 8, a vendor-agnostic software layer that pulls scattered network data from routers, modems, and in-home devices into one coherent operational picture for broadband providers. Analysys Mason estimates the addressable market for such a tool at roughly $2.2 billion a year among tier two and smaller operators, though Harmonic has disclosed no revenue attached to SensAI yet and the only customers named publicly, Hotwire Communications and GCI, are early reference accounts. The launch follows a quarter in which Harmonic reported Broadband revenue up 54% year over year for the period ended July 3, with the Rest-of-Market segment growing 44% and supplying about 60% of bookings, while backlog and deferred revenue reached $587.6 million, up 71%, and cash climbed to $231.9 million after the $145 million sale of its Video business to MediaKind on June 16. The cOS platform was running across 161 customers and 48.2 million connected devices by that point. Skepticism remains: the stock fell 6.25% on the launch, the top two customers accounted for 63% of Broadband revenue in the quarter, up from 58% the prior quarter, and the company posted a GAAP net loss of $0.02 per share, weighed down by a $19.4 million loss from discontinued operations tied to winding down the divested Video business.
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Cloud & Digital Infrastructure
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Harmonic raises 2026 broadband revenue outlook to $505M-$525M

Harmonic raised its full-year 2026 broadband revenue guidance to between $505 million and $525 million after reporting second-quarter results and completing the sale of its Video business. The company posted broadband revenue of $133.5 million, up 54% year-over-year and above its prior guidance of $115 million to $125 million, with EPS of $0.21 and operating profit of $31.3 million. For the third quarter, Harmonic expects broadband revenue between $125 million and $135 million and EPS between $0.15 and $0.19. Full-year EPS guidance was also raised to between $0.67 and $0.75, and gross margin guidance was lifted to between 51% and 52%. The company said broadband backlog and deferred revenue reached a record $587.6 million, with 73% expected to convert to revenue within the next 12 months.
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Harmonic Stock Lags Industry but Transformation Offers Long-Term Opportunity

Harmonic shares have risen 60.5% over the past year, significantly underperforming the industry's 349.9% gain and peers like Ciena, which surged 497.8%, and Viavi Solutions, up 366.4%. The underperformance reflects investor concerns over the company's transition to a pure-play broadband infrastructure provider, including the divestiture of its Video business, which has created near-term revenue pressure amid cautious service-provider spending. Harmonic's Broadband segment continues to benefit from demand for next-generation infrastructure, with its cloud-native cOS platform and Distributed Access Architecture solutions gaining traction as cable operators adopt DOCSIS 4.0 technology and expand fiber networks. The planned Video divestiture is expected to sharpen focus on higher-margin broadband opportunities, while growing recurring software and SaaS revenues improve visibility and support margin expansion. The company currently holds a Zacks Rank #1 (Strong Buy).
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Zacks Adds Five Stocks to Strong Buy List on June 26th

Zacks Investment Research added five stocks to its Zacks Rank Number 1 Strong Buy list on June 26th. ATI Inc. saw its current-year earnings consensus estimate rise 5.5% over the last 60 days. Harmonic Inc. saw a 14% increase, LyondellBasell Industries N.V. a 60.5% increase, Localiza Rent a Car a 13.3% increase, and HCI Group, Inc. a 7.1% increase.
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Harmonic vs. Belden: Which Connectivity Stock is a Better Buy Now?

Harmonic and Belden both carry a Zacks Rank #2 (Buy), but Harmonic is seen as the better investment option at the moment due to slightly better operating metrics. Harmonic has surged 57.2% over the past year, outperforming Belden's 3.5% gain, though both trail the industry's 325.3% growth. The Zacks Consensus Estimate for Harmonic's 2026 EPS indicates 38.3% growth, with estimates revised upward 14% over the past 60 days, while Belden's 2026 EPS growth is pegged at 7.6% with a 0.4% upward revision. From a valuation standpoint, Belden trades at a forward price-to-earnings ratio of 13.09, which is more attractive than Harmonic's 20.81. Harmonic's 2026 sales are expected to decline 14.8% year-over-year.
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