Broadband Beat with Improved FY26 Visibility

研报英文原文证据摘录

Broadband Beat with Improved FY26 Visibility

Guam (USA) | Telecom & Networking Equipment

Harmonic Inc. EquityMayResearch12, 2026

TARGET | ESTIMATE CHANGEBroadband Beat with Improved FY26 Visibility

Strong beat & raise with FY26 revenue guidance of $485M at the midpoint RATING HOLD

supported by improved visibility tied to record $582M backlog. Mild supply PRICE $12.83^

caution around pass-through hardware to smaller customers likely contained PRICE TARGET | % TO PT $15.00 ($10.00) | +17%

at less than 5% of revenue. 52W HIGH-LOW $13.09 - $7.80

FLOAT (%) | ADV MM (USD) 95.6% | 15.94

Harmonic delivered a strong Q1 print and raised full-year 2026 broadband guidance with Rest-of- MARKET CAP $1.4B

market revenue +78% YoY representing 42% of total revenue. Bookings strength drove an 87% YoY TICKER HLIT

increase in backlog and deferred revenue to a record $582M with 60% expected to convert within ^Prior trading day's closing price unless otherwise

twelve months. The improved visibility anchors the new FY26 revenue outlook of $475-495M and noted.

Price: After-hours trading price

provides some cushion against the ~$6M 2H26 memory headwind and potential product-ramp

dilution embedded in the lower 50-51.5% gross margin range. Fiber continues to develop as a

genuine secondary growth vector at more than 14% of trailing appliance and integration revenue, FY (Dec) CHANGE TO JEFe JEF vs CONS

supported by new wins at KBRO (Taiwan) and Vyve Broadband alongside a sizable SeaStar MDU 2026 2027 2026 2027

booking with a leading European operator. Meanwhile, the newly broadened intelligence portfolio REV +6% +1% +4% -8%

(Beacon, Pathfinder, and now Amply) opens an incremental software-attached lane that should EPS +20% +8% +14% -8%

complement the underlying hardware cycle.