HARMONIC Business Summary

Harmonic Inc. (HLIT) is a global leader in virtualized broadband and video delivery solutions, currently undergoing a strategic transformation into a pure-play broadband infrastructure provider following the 2026 divestiture of its Video business to MediaKind. The company generates revenue through a mix of hardware sales, software licensing, and high-margin Software-as-a-Service (SaaS) subscriptions, with recurring service revenue accounting for approximately 16% of its core broadband business. Its primary business segment, Broadband, is anchored by the cOS™ (formerly CableOS) virtualized platform, which enables cable and telecommunications operators to deploy multi-gigabit services via cloud-native architectures. Harmonic competes directly with industry giants such as Cisco Systems, Calix, Adtran, and Arista Networks, maintaining a dominant market position as the pioneer of virtualized Cable Modem Termination Systems (vCMTS) and a leader in the global transition to Unified DOCSIS 4.0 and fiber-to-the-home (FTTH) technologies. Originally founded in 1988 by Moshe Nazarathy and Josef Berger, Harmonic is currently led by President and CEO Nimrod Ben-Natan, a 25-year company veteran who previously spearheaded the development of the transformative CableOS business. The executive leadership team includes CFO Walter Jankovic, CTO Adi Bonen, and General Counsel Timothy Chu, all of whom are focused on scaling the company’s software-centric broadband roadmap and expanding its international footprint. The company’s strategic direction is overseen by a board chaired by Patrick Gallagher and includes independent directors with executive backgrounds from firms such as S&P Global and TiVo. Harmonic maintains a robust institutional investor base, with major stakeholders including BlackRock, Inc., The Vanguard Group, and State Street Global Advisors, who collectively hold over 90% of the company's outstanding shares.