Harmonic Inc. · NASDAQ:HLIT
Harmonic — Investor Day (2026)
52 slides from Harmonic's investor day presentation, 2026
Slide 1: Investor Day
harmonic Investor Day
Slide 2: Today's Speakers
Today’s Speakers Nimrod Ben-Natan Walter Jankovic Asaf Matatyaou Yaniv Bensoussan Jeff Glahn President & Chief Financial Officer SVP, Product SVP, Cloud & Intelligence SVP, Global Sales Chief Executive Officer Platform 2
Slide 3: Welcome and Agenda
Welcome and Agenda Topic Presenter Welcome & Agenda Walter Jankovic The New Harmonic Nimrod Ben-Natan Connectivity DOCSIS & Fiber Asaf Matatyaou SensAI – Intelligence Fabric Yaniv Bensoussan Edge AI Asaf Matatyaou Financial Overview Walter Jankovic Customer Panel Jeff Glahn Q&A All Wrap Up Nimrod Be
Slide 4: Forward-Looking Statements
Forward-Looking Statements During the course of this presentation, we will provide projections and other forward-looking statements regarding future events and our financial performance, including expectations concerning our markets and industry trends, and our business strategy for 2026 and beyond.
Slide 5: The New Harmonic
The New Harmonic Turning Broadband into the real-time edge for AI Nimrod Ben-Natan President & Chief Executive Officer 5
Slide 6: Turning Broadband into the Real-time Edge for AI
Turning Broadband into the Real-time Edge for AI Today is about the rest… I Compute Edge A Bigger TAM Opportunity ~$7B++ Telco Fiber by 2030 e igenc ll Edge AI Compute e TBD Int Cable You know us for one market DOCSIS Intelligence $1B-$2B PON Beyond FTTH Connectivity Connectivity $5.4B 6
Slide 7: Turning Broadband into the Real-time Edge for AI
Turning Broadband into the Real-time Edge for AI Today is about the rest… I Compute Edge A Bigger TAM Opportunity ~$7B++ Telco Fiber by 2030 e igenc ll Edge AI Compute e TBD Int Cable DOCSIS Intelligence $1B-$2B PON Beyond FTTH Connectivity Connectivity $5.4B 7
Slide 8: Our Ambition: The Broadband AI Edge
Our Ambition: The Broadband AI Edge T HE N E W HA RMO NI C • T HE A M BI T IO N THE FUTURE THE AMBITION AI is produced in data centers, but it is experienced over broadband The broadband platform of the AI Edge: The network changes shape connectivity, intelligence and compute on one cOS Demand for I
Slide 9: What We Said and How We Executed
What We Said and How We Executed Two years: Q2'24 → Q2'26 DIV ERS IFICA TIO N CO RE DOC SIS LE AD ER SHIP WE SAID Grow Rest-of-Market WE SAID Grow the core, extend leadership 20% → 37% 194K → 350K Rest-of-Market share of revenue Remote devices deployed, +80% RoM revenue growth, Q2'26 +44% YoY vCMTS
Slide 10: Broadband is Becoming the Real-time Edge for AI
Broadband is Becoming the Real-time Edge for AI AI is produced in data centers. It is experienced over broadband L AN D S C A PE IS T RA F FI C IS M A C HI NE A C T IV ITY H Y PE R -C O M PE T IT IVE C H A NG IN G S H A P E IS M U LT IP L YI NG Faster upstream growth 50+% of internet traffic is alre
Slide 11: Future Platform Evolution
Future Platform Evolution One cOS platform, expanding missions as networks evolve EDGE AI COMPUTE $1.3B TAM INTELLIGENCE Modernization frees FIBER/PON space and power CABLE Across any network cOS Edge AI orchestration Any vendor. Any access (*) Enabling edge inferencing for We virtualized cable acce
Slide 12: Proven OSS Layer for Fiber – Action Layer for SensAI
Proven OSS Layer for Fiber – Action Layer for SensAI A focused tuck-in brings operating scale, multi-vendor reach and real subscriber workflows FIBER Complete the operating solution Provisioning, management and operation of Add provisioning, service assurance and CPE management to our Fiber/PON mult
Slide 13: Expanding Our Addressable Market to $6.4B – $7.4B++
Expanding Our Addressable Market to $6.4B – $7.4B++ Three Engines: An Expanding Connectivity Market, A New Intelligence Category, and Edge AI Compute Upside CONNECTIVITY DOCSIS Expanding Access spend: vCMTS & RPDs $1.0B opportunity Our Traditional Markets R-OLT Fiber in cable $0.3B Telco FTTH Expand
Slide 14: DOCSIS vCMTS + DAA
CONNECTIVITY DOCSIS vCMTS + DAA The foundations of our future growth Asaf Matatyaou SVP, Product 14
Slide 15: Harmonic Leads Market Share & Will Continue to Maintain It
Harmonic Leads Market Share & Will Continue to Maintain It CON NE CT IV I TY • DOC SI S v CMT S + DA A • THE MA RKE T 1 T H E M A R K E T T H R O U G H 2 0 30 D OC S IS A CC E SS S P EN D ($M ) 954 $0.86B today, $0.95B by 2030 858 867 2 O U R C R E D I B IL IT Y vCMTS + DAA 675 Legacy chassis Market
Slide 16: cOS Core is a Durable Investment
cOS Core is a Durable Investment CON NE CT IV I TY • DOC SI S v CMT S • T HE MOA T 1 NO CHASSIS CYCLE A D EC A D E O F LE A DE R SH IP, S T ILL C O M PO U ND IN G New standard used to mean new hardware. Now it's software. 90%+ >350K 160+ of deployed remote devices operators in 2 R E T E N TI O N vCM
Slide 17: QoE Delights and Retains Subscribers
QoE Delights and Retains Subscribers CON NE CT IV I TY • DOC SI S v CMT S • RA IS I NG T HE B AR 1 N E W C A PA B IL I TI E S , S A M E PL AT FO R M U NIQ U E CA PA B ILIT IE S, AL L IN S OF TWA R E Faster speeds, simpler operations, lower lag, BEACON ISM improved QoE all in software Adapts to plant
Slide 18: Fastest and Most Economical Way to Fiber-like Speeds
Fastest and Most Economical Way to Fiber-like Speeds CON NE CT IV I TY • CA SE S T UDY : THE OUTDOOR THE CHALLENGE P L AT FO R M Symmetric multi-gig from the existing plant, with no new hub space W H Y H A RM O N IC 1 Symmetric multi-gig speeds to real customers 2 PTP-less simplifies DAA and acceler
Slide 19: Fiber / PON
CONNECTIVITY Fiber / PON Expanding portfolio + expanding and new market segments 19
Slide 20: Expanding Fiber Segments; PON Beyond FTTH is New
Expanding Fiber Segments; PON Beyond FTTH is New CON NE CT IV I TY • F IB ER / PON • T HE MA RKE T 1 F IB E R I N C A B L E A DD R E SS A BL E FIB E R/P O N BY SE G M EN T ( $B ) We are already the vCMTS in those facilities, so fiber is 2025 2030 a Remote OLT decision with the same cOS software. $2.
Slide 21: Diverse Fiber Portfolio Differentiates in all Fiber Segments
Diverse Fiber Portfolio Differentiates in all Fiber Segments CON NE CT IV I TY • F IB ER / PON • VE RS AT I LI T Y 1 A N Y F O R M FA C TO R O NE cO S S OF TWA R E , EV E RY F OR M FA C TO R Outdoor node, indoor shelf, module, remote switch. 2 E V E RY P O N G E N E R AT IO N Pier-2 Jetty-3 Oyster+
Slide 22: Cable's Evolution to Fiber Is Our Tailwind, Not Our Threat
Cable’s Evolution to Fiber Is Our Tailwind, Not Our Threat CON NE CT IV I TY • F IB ER / PON • F IB ER I N C ABL E 1 T H E T R A N S IT IO N IS A C C E L E R ATI N G O NE P LATF OR M , TW O AC C ES S N ET W O RK S Remote OLT in cable: about 24%/yr to 2030. cOS virtualized 2 O U R A D VA N TA G E bro
Slide 23: Remote OLT Unlocks a National HFC-to-PON Migration
Remote OLT Unlocks a National HFC-to-PON Migration CON NE CT IV I TY • CA SE S T UDY : R E U S I N G IN S TA L L E D FI B E R THE CHALLENGE EXISTING TRUNK Most of the HFC base to FTTH, with no hub space, reusing installed fiber. HFC NODE HUB REMOTE OLT HOMES Only new construction: the ODN to homes W
Slide 24: Disruptive New Entrant in Big Telco Market Segment
Disruptive New Entrant in Big Telco Market Segment CON NE CT IV I TY • F IB ER / PON • T EL CO F TT H 1 THE DEMAND IS REAL A DD R E SS A BL E 50G O LT SP E ND ($ M) 586 174M → 326M PON subscribers by 2030 379 2 W H Y A T E L C O L E TS U S IN 197 Open ONT, hardened for outdoor, differentiated 50G 0
Slide 25: We Supply the Platform. The Operator Picks the ONT.
We Supply the Platform. The Operator Picks the ONT. CON NE CT IV I TY • F IB ER / PON • T HE E COS YS TE M cOS HA RM ON IC DE VICE P OR TFO LIO A picture containing text, indoor Description automatically R-OLT SHELVES REMOTE SWITCHES R-OLT NODE MODULES AN Y ON T, ANY V END OR • 20+ VE NDO RS , 75 +
Slide 26: Differentiating in the Newest Segment
Differentiating in the Newest Segment CON NE CT IV I TY • F IB ER / PON • PO N BE YOND FT TH 1 IN TH E D ATA C E N T E R P ON B E YO N D FT TH ($B ): 2 02 5 vs 20 30 Fewer devices, less power and longer reach for Data Center Management out-of-band management 2025 $0.02B 2030 $0.82B 2 IN TH E E N TE
Slide 27: Connectivity – Intelligence – Compute
Connectivity – Intelligence – Compute The cOS platform is built. The markets it addresses keep growing. 27
Slide 28: The Broadband Intelligence Fabric
I N T EL L I G EN C E The Broadband Intelligence Fabric Yaniv Bensoussan SVP, Cloud & Intelligence Platform 28
Slide 29: Operators Must Do More - For the Same Revenue
Operators Must Do More - For the Same Revenue Secure the base Growth adds cost Subscribers' expectations Defend a competitive base An expanding, multi-vendor footprint Always-on, AI-era demand Churn is the enemy Multi-vendor and fiber expansion Reliability beats speed ARPU challenge with 3-5 years p
Slide 30: $1-2B Market, Priced per Sub Against Cost We Cut
$1-2B Market, Priced per Sub Against Cost We Cut The independent research The savings The subscriber value What operators pay for software today OPEX we take out - our model Why each one you keep pays off more over time ~$2.2B /yr $72B network operating cost Years of lifetime value (LTV) Software ma
Slide 31: SensAI - The Broadband Intelligence Fabric
SensAI - The Broadband Intelligence Fabric EXPERIENCE Delivered to every Subscriber Care Network Ops Field Ops Marketing Finance / Planning department - inside the tools ServiceNow · Care console NOC / BSS Field dispatch Salesforce · CRM BI · ERP they already use AGENTS The 7 Sentinels - agents by f
Slide 32: Operators tell us: no one else does it all
Operators tell us: no one else does it all Generalist AI The vendors In-house build Horizontal AI platforms Network-equipment makers Do it yourself Brilliant, but they don't speak broadband Each manages its own gear Sees only its own network Fiber-first or cable-only No cross-operator learning T H E
Slide 33: Success Story – GCI
Success Story – GCI Field Ops Agent Scout Ticket fault classification and severity What NOC engineer Analytics Beacon PNM Amply the problem is Where Network Ops Agent location + network element Dash How Network engineer what to do to fix it 33
Slide 34: Hotwire Communications now finds and isolates service issues
Hotwire Communications now finds and isolates service issues before subscribers report them. Detect Proactive detection against defined parameters Learn Continuous improvement from AI training on events Automate The foundation for a self-healing network Home Drop Access Transport Service Edge Root C
Slide 35: Land the Base, Win New Operators, Sell More Services
Land the Base, Win New Operators, Sell More Services Upsell the installed base Win new operators Run it for them ~160 cloud subscribers, already paying On anyone's network Managed service - Optional On cOS cloud, paying monthly Vendor-agnostic, telco and cable We operate it Upsell SensAI to the base
Slide 36: A Second Engine – Intelligence Platform
A Second Engine – Intelligence Platform CONNECTIVITY INTELLIGENCE + What we provide today What SensAI adds Software and hardware solutions Intelligence platform Project, cyclical revenue Recurring revenue per subscriber 36
Slide 37: Connectivity – Intelligence – Compute
Connectivity – Intelligence – Compute It's not a roadmap - it's running today. 37
Slide 38: Edge AI
COMPUTE Edge AI The footprint becomes compute. cOS Edge AI turns freed space and power into revenue. Asaf Matatyaou SVP, Product 38
Slide 39: cOS Frees Power & Space, Then Orchestrates Edge AI
cOS Frees Power & Space, Then Orchestrates Edge AI HU B 100M+ robots by 2030, Mobile Experts PHYSICAL AI FROM THE CLOUD? Distance, congestion, variable latency, HEA DEN D HOMES humanoids, cameras, sensors uncertain GPU placement cOS GPU CELL TOWERS BACKHAUL SPACE + POWER FREED Same fiber, same low l
Slide 40: Edge AI Needs Sites. Our Software Runs in Thousands.
Edge AI Needs Sites. Our Software Runs in Thousands. CON NE CT IV I TY • ED GE A I • T HE A SS ET cO S FO O TP R IN T, N O RT H A ME R IC A TH E S PA CE V IRT U AL IZATIO N FR E ED BEFO RE AFTER Today Future Thousands of operator facilities already run cOS. 20 racks of legacy gear on the left. The c
Slide 41: Financial Overview
Investor Day 2026 Financial Overview Walter Jankovic Chief Financial Officer 41
Slide 42: High Share Maintained. Diversified Growth Delivered.
High Share Maintained. Diversified Growth Delivered. $219M → $515M | 19% 5-YEAR REVENUE CAGR | 2021-20261 Broadband Revenue (in Millions) $488 $515 43% Growth 2026E revenue growth YoY $388 $351 $3612 50%+ ROM Growth $219 $210+ E 2026E ROM revenue growth YOY, ROM3 well-diversified $139 ($ Portion $10
Slide 43: Expanding Our Addressable Market to $6.4B-$7.4B++
Expanding Our Addressable Market to $6.4B-$7.4B++ Three Engines: An Expanding Connectivity Market, A New Intelligence Category, and Edge AI Compute Upside CONNECTIVITY DOCSIS Expanding Access spend: vCMTS & RPDs $1.0B opportunity Our Traditional Markets R-OLT Fiber in cable $0.3B Telco FTTH Expandin
Slide 44: Target 10-13% Organic Revenue CAGR with Upside
Target 10-13% Organic Revenue CAGR with Upside Three-Year Revenue Growth Rate | 2026-2029 2 03 0 T A M P OO L T AM A S SU M P T IO NS 3 -Y E AR C A G R B Y C AT E G O RY DOCSIS IN BA SE $1.0B Flat Growth Assumed Post ‘27/’28 Peak Access spend RE V EN UE CA GR R-OLT IN BA SE $0.3B 40%+1 Fiber in cabl
Slide 45: Upside Drivers not in Our 10-13% CAGR
Upside Drivers not in Our 10-13% CAGR 1. PON Beyond FTTH 2. 50G PON 3. Tier 1 Telco 4. Edge AI Compute Data Center and Enterprise Ready with a differentiated No Tier 1 Revenue Assumed Monetizing Freed Space Markets solution in 2027 in the Core Plan and Power Funding These Investments Organically 45
Slide 46: Our Long-Term Value Creation Targets
Our Long-Term Value Creation Targets1 Building a More Durable Business 55–60% 22–25% ~10% 20%+ ———— ———— ———— ———— ROM Share of Total Recurring Intelligence Operating Revenue Revenue Platform Mix Margin 30%+ growth annually As a % of total Of total company Includes organic investments over the perio
Slide 47: Financial Flexibility to Fund Our Priorities
Financial Flexibility to Fund Our Priorities >$300M in Liquidity Strong Free Cash Flow Cash $232M + Undrawn Credit Facility $85M Expected to continue over next three years C AP I T A L A L L O C AT I O N P R I O R I T I E S : O R G A N IC G R O W T H R E T U R N O F C A P IT A L 1 2 $122M of $200M U
Slide 48: Customer Panel
Customer Panel Jeff Glahn SVP, Sales 48
Slide 49: Customer Panel Participants
Jeff Glahn Cash Hagan Eric Svenson JR Walden Senior Vice President, Chief Operating Officer at Vice President Technology, Chief Technology Officer at Global Sales and Bluepeak Fiber Engineering, and Operations Mediacom Communications “Moderator” at Armstrong 49
Slide 50: Q&A
harmonic. Q&A
Slide 51: Closing Remarks
CLOS ING RE MARK S AI is produced in data centers It is experienced over broadband Expanding Connectivity Entering Intelligence Developing Compute Three Engines. One cOS platform Thank you for joining us 51
Slide 52: Thank You
+ harmonic. THANK YOU.