Harmonic Inc. (Nasdaq: HLIT) reported unaudited financial results for the third quarter ended October 2, 2026, showing a significant increase in revenue compared to the prior year. Net revenue for the quarter was $148.8 million, representing a 64% year-over-year increase. This figure exceeded the high end of the company's prior guidance.
Operating profit for the quarter was $26.2 million on a GAAP basis, with net income per share of $0.16. The company also reported backlog and deferred revenue of $534.0 million, which is an increase of 58% compared to the same period last year. As of October 2, 2026, Harmonic held $142.8 million in cash and $160 million available under its revolving credit facility.
Harmonic announced that Rest-of-Market revenue more than doubled year over year, reaching a record 46% of total revenue. The company noted that Rest-of-Market bookings represented over 60% of total bookings for the quarter. In terms of product deployment, the company's cOS solution is commercially deployed with 167 customers, serving 52.6 million CPE devices.
Regarding full-year guidance, Harmonic raised its outlook for 2026 net revenue to a range of $545 million to $555 million. The company also provided guidance for the fourth quarter of 2026, projecting net revenue between $141 million and $151 million. Harmonic will host a conference call to discuss these results on November 2, 2026, at 2:00 p.m. PT.
