Harmonic Inc (NASDAQ: HLIT) Announces $2.1 Million in Income During The Second Quarter of 2021

Harmonic Inc (NASDAQ: HLIT) recently announced its unaudited results in 2Q2021. The company reported a revenue of $113.4 million, a 53% year-over-year increase.

Financial summary

According to Patrick Harshman, Harmonic president, and CEO, the company delivered another successful quarter with revenues and earnings driven by solid demand in both its video and cable access segments. In addition, the company’s book-to-bill ratio was 1.6, enabling it to have a record backlog and deferred revenue. This momentum positions the company well for the balance of the year and into next year as it continues to execute its strategic growth initiatives.

The company’s gross margin GAAP  was 53.3% and non-GAAP 53.9% in the second quarter of 2021, compared to GAAP 51.0% and non-GAAP 51.6% in the second quarter of 2020. In addition, the company’s operating income (loss) non-GAAP revenue was $6.6 million, while GAAP income was $2.1 million in 2Q2021, compared to GAAP loss of $9.6  million and non-GAAP loss of $5.1 million in the same period last year.

Adjusted EBITDA in the three months ending on June 30, 2021, was $9.5 million, a remarkable increase from the $2.8 million loss in 2Q2020. Net income (loss) GAAP net loss was $2.0 million with non-GAAP net income of$4.8 million, a decrease from last year’s $15.4 million in GAAP net loss and a non-GAAP net loss of $5.9 million.

The company’s EPS: GAAP net loss in the second quarter of 2021 was $0.02 per share and $0.05 in GAAP net income per share. This is compared to $0.16 in GAAP net loss per share and a non-GAAP net loss of $0.06 per share in a similar period last year.

On June 30, 2021, Harmonic had $113.2 million in cash and cash equivalents, up from $27.5 million at the end of the second quarter in 2020.

Harmonic’s business

CableOS solution deployed commercially with 62 customers, a 114% increase from a similar period last year. In addition, the business deployments rose to over 3 million served cable modems, a 94% increase from 2020.

VOS streaming SaaS customer base scaled to 102, a 55% year over year increase, with SaaS revenue increasing 68% from a similar period in 2020.