Adjusted EBITDA was $10.8 million for Broadband and $6.2 million for Video.
Backlog and deferred revenue totaled $504.5 million, with 51% expected to ship within 12 months.
Book-to-bill ratio improved to 1.1 in Q2 from 0.9 in Q1 and 0.5 in Q2 2024, driven by strong Broadband bookings.
Broadband revenue was $86.9 million with a gross margin of 46.5%, down 110 basis points year-over-year mainly due to tariff costs.
EPS rose from $0.08 to $0.09 year-over-year.
Free cash flow was negative $15.5 million, with a cash balance of $123.9 million at quarter end, up $78 million year-over-year net of $50 million stock repurchases.
Harmonic reported Q2 2025 revenue of $138 million, exceeding guidance in both Broadband and Video segments.
One customer, Comcast, represented 39% of total revenue.
Video revenue was $51.1 million, up 11.6% year-over-year, with a gross margin of 67%, up 260 basis points year-over-year.
Local Media revenue declined 8% year-over-year due to lack of political advertising in an off-election year, but core advertising outperformed peers driven by local sports rights and NBA/NHL playoffs contributing over $7 million.
Net leverage improved to 4.4x at quarter-end, down 0.5 turns from Q1, reflecting ongoing debt paydown efforts.
Scripps Networks revenue was $206 million, down 1.4% year-over-year, with connected TV revenue up 57%, and segment profit margin improved to 27% from 18% in Q2 2024 due to significant expense reductions.
Second quarter earnings per share was a loss of $0.59, impacted by $38 million in financing transaction costs, a $31 million gain on asset sale, and preferred stock dividend reducing EPS by $0.18.
SSP closed a $750 million senior secured second-lien notes placement, refinancing and extending maturities on $1.7 billion of debt, reducing near-term debt maturities and increasing cost of capital by just over 1%.
Dafinchi