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Harmonic Inc. (HLIT-0.38%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total net revenue of $678.7 million, an increase from $607.9 million in the previous year. The revenue growth was primarily driven by the Broadband segment, which saw a 26% increase to $488.2 million.
The Video segment, however, experienced a decrease in revenue to $190.5 million, down from $219.4 million in the prior year, attributed to project delays by customers.
Harmonic's gross profit improved to $365.9 million, with a gross margin of 53.9%, up from 51.4% in the previous year. This improvement was due to a favorable product mix in the Broadband segment.
Research and development expenses decreased to $121.0 million, primarily due to headcount reductions and resource reallocation.
Selling, general, and administrative expenses also decreased to $153.1 million, reflecting cost-saving measures and lower advisory fees.
The company reported an operating income of $63.1 million, up from $22.2 million in the previous year, driven by increased revenue and improved margins.
Net income for the year was $39.2 million, compared to $84.0 million in the previous year, with the prior year's results benefiting from a significant tax benefit.
Harmonic's cash and cash equivalents increased to $101.5 million, and the company repurchased approximately 2.4 million shares for $30.0 million during the year.
The company anticipates continued growth in its Broadband segment and is focused on expanding its software-based solutions and SaaS platforms in the Video segment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Harmonic Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.