Technology
Harmonic Announces Second Quarter 2024 Results
Published
5 months agoon
By
Revenue of $138.7 million up 14% quarter over quarter at high end of guidance
Reaffirming Broadband and Video Full Year Revenue Guidance
SAN JOSE, Calif., July 29, 2024 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2024.
“Our second quarter revenue was at the high end of our guidance range while profitability in both businesses exceeded our expectations,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “These results demonstrate strong execution in both our Broadband and Video businesses as we continue to implement our 2024 and long-term growth plans.”
Q2 Financial and Business Highlights
Financial
Revenue: $138.7 million, compared to $156.0 million in the prior year periodBroadband segment revenue: $92.9 million, compared to $97.1 million in the prior year periodVideo segment revenue: $45.8 million, compared to $58.9 million in the prior year periodGross margin: GAAP 52.9% and non-GAAP 53.1%, compared to GAAP 54.5% and non-GAAP 54.7% in the prior year periodBroadband segment non-GAAP gross margin: 47.6% compared to 50.5% in the prior year periodVideo segment non-GAAP gross margin: 64.4% compared to 61.7% in the prior year periodOperating income (loss): GAAP loss $15.6 million and non-GAAP income $12.2 million, compared to GAAP income $10.0 million and non-GAAP income $18.2 million in the prior year periodNet income (loss): GAAP net loss $12.5 million and non-GAAP net income of $9.3 million, compared to GAAP net income $1.6 million and non-GAAP net income $14.0 million in the prior year periodNon-GAAP adjusted EBITDA: $16.1 million income compared to $21.1 million income in the prior year periodNet income (loss) per share: GAAP net loss per share of $0.11 and non-GAAP net income per share of $0.08, compared to GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12 in the prior year periodBacklog and deferred revenue of $613.1 millionCash: $45.9 million, compared to $71.0 million in the prior year period
Business
Commercially deployed our cOS™ solution with 118 customers, serving 30.1 million cable modemsContinuing to diversify our Broadband customer base with the recent announcement that Telecentro, a leading telecommunications operator in Argentina, has selected Harmonic’s industry-leading cOS broadband platformFirst production shipments of our new high-density Pier optical line terminal (OLT) shelf for PON applicationsIncreasing Video sales pipeline of larger Appliance and Tier 1 SaaS opportunities
Select Financial Information
GAAP
Non-GAAP
Key Financial Results
Q2 2024
Q1 2024
Q2 2023
Q2 2024
Q1 2024
Q2 2023
(Unaudited, in millions, except per share data)
Net revenue
$ 138.7
$ 122.1
$ 156.0
*
*
*
Net income (loss)
$ (12.5)
$ (8.1)
$ 1.6
$ 9.3
$ 0.4
$ 14.0
Net income (loss) per share
$ (0.11)
$ (0.07)
$ 0.01
$ 0.08
$ 0.00
$ 0.12
Other Financial Information
Q2 2024
Q1 2024
Q2 2023
(Unaudited, in millions)
Adjusted EBITDA for the quarter (1)
$ 16.1
$ 4.1
$ 21.1
Bookings for the quarter
$ 72.4
$ 146.1
$ 194.7
Backlog and deferred revenue as of quarter end
$ 613.1
$ 677.8
$ 663.8
Cash and cash equivalents as of quarter end
$ 45.9
$ 84.3
$ 71.0
(1) Adjusted EBITDA is a Non-GAAP financial measure. Refer to “Preliminary Adjusted EBITDA Reconciliation” below for a reconciliation to net income (loss), the most comparable GAAP measure.
* Not applicable
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and Non-GAAP measures, are provided in the sections below entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations”.
Financial Guidance
Q3 2024 GAAP Financial Guidance
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total GAAP
Broadband
Video
Total GAAP
Net revenue
$ 130
$ 45
$ 175
$ 140
$ 50
$ 190
Gross margin %
51.9 %
52.9 %
Gross profit
$ 91
$ 101
Tax rate
24 %
24 %
Net income
$ 16
$ 22
Net income per share
$ 0.14
$ 0.19
Shares (1)
117.0
117.0
(1) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).
2024 GAAP Financial Guidance
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total GAAP
Broadband
Video
Total GAAP
Net revenue
$ 460
$ 185
$ 645
$ 500
$ 195
$ 695
Gross margin %
51.4 %
53.1 %
Gross profit
$ 332
$ 369
Tax rate
24 %
24 %
Net income
$ 23
$ 45
Net income per share
$ 0.19
$ 0.38
Shares (1)
117.3
117.3
(1) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).
Q3 2024 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total
Broadband
Video
Total
Gross margin %
48.0 %
63.0 %
51.9 %
49.0 %
64.0 %
52.9 %
Gross profit
$ 63
$ 28
$ 91
$ 69
$ 32
$ 101
Adjusted EBITDA(2)
$ 34
$ —
$ 34
$ 39
$ 3
$ 42
Tax rate
21 %
21 %
Net income per share
$ 0.19
$ 0.24
Shares (3)
117.0
117.0
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below.
(2) Refer to “Net Income to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.
(3) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).
2024 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total
Broadband
Video
Total
Gross margin %
47.0 %
63.0 %
51.6 %
49.0 %
64.0 %
53.2 %
Gross profit
$ 216
$ 117
$ 333
$ 245
$ 125
$ 370
Adjusted EBITDA(2)
$ 102
$ —
$ 102
$ 126
$ 5
$ 131
Tax rate
21 %
21 %
Net income per share (3)
$ 0.56
$ 0.75
Shares (3)
117.3
117.3
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below.
(2) Refer to “Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.
(3) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 29, 2024. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI0a4873336ead4b6c81df331d35635fb3. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry’s first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Broadband businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOS™ and VOS product solutions; dependence on various broadband and video industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the impact on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic’s filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2023, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic’s results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), Adjusted EBITDA (including those amounts as a percentage of revenue) and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation – Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges – Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense expenses related to convertible notes and other debt – We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors’ ability to view the Company’s results from management’s perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Discrete tax items and tax effect of non-GAAP adjustments – The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation – Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
Non-recurring advisory fees – There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives.
Lease-related asset impairment and other charges – There were lease-related asset impairment and other charges that we excluded from non-GAAP results relating to the reduction of our leased office space, as we continue to adapt to the changing dynamics of work and seek to optimize value for our business. These charges primarily consist of right-of-use asset impairment and related leasehold improvement impairment, and the fair value of other unrecoverable facility costs due to the intended change in use of certain leased space.
Harmonic Inc.
Preliminary Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
June 28, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$ 45,850
$ 84,269
Restricted cash
2,827
—
Accounts receivable, net
119,999
141,531
Inventories
84,133
83,982
Prepaid expenses and other current assets
31,742
20,950
Total current assets
284,551
330,732
Property and equipment, net
29,603
36,683
Operating lease right-of-use assets
15,244
20,817
Goodwill
237,884
239,150
Deferred income taxes
112,906
104,707
Other non-current assets
33,508
36,117
Total assets
$ 713,696
$ 768,206
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Convertible debt
$ —
$ 114,880
Current portion of long-term debt
944
—
Current portion of other borrowings
8,348
4,918
Accounts payable
30,017
38,562
Deferred revenue
53,142
46,217
Operating lease liabilities
6,166
6,793
Other current liabilities
53,284
61,024
Total current liabilities
151,901
272,394
Long-term debt
113,805
—
Other long-term borrowings
5,245
10,495
Operating lease liabilities, non-current
16,594
18,965
Other non-current liabilities
33,343
29,478
Total liabilities
320,888
331,332
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding
—
—
Common stock, $0.001 par value, 150,000 shares authorized; 115,998 and 112,407 shares issued and outstanding at June 28, 2024 and December 31, 2023, respectively
116
112
Additional paid-in capital
2,416,152
2,405,043
Accumulated deficit
(2,013,333)
(1,962,575)
Accumulated other comprehensive loss
(10,127)
(5,706)
Total stockholders’ equity
392,808
436,874
Total liabilities and stockholders’ equity
$ 713,696
$ 768,206
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three Months Ended
Six Months Ended
June 28, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Revenue:
Appliance and integration
$ 94,184
$ 111,127
$ 175,779
$ 225,921
SaaS and service
44,556
44,836
85,021
87,691
Total net revenue
138,740
155,963
260,800
313,612
Cost of revenue:
Appliance and integration
50,878
57,437
93,952
117,185
SaaS and service
14,405
13,586
30,310
27,433
Total cost of revenue
65,283
71,023
124,262
144,618
Total gross profit
73,457
84,940
136,538
168,994
Operating expenses:
Research and development
28,784
32,205
59,489
65,714
Selling, general and administrative
39,821
42,773
78,686
82,055
Lease-related asset impairment and other charges
9,000
—
9,000
—
Restructuring and related charges
11,482
—
14,519
83
Total operating expenses
89,087
74,978
161,694
147,852
Income (loss) from operations
(15,630)
9,962
(25,156)
21,142
Interest expense, net
(1,424)
(800)
(2,147)
(1,506)
Other income (expense), net
619
(136)
330
(429)
Income (loss) before income taxes
(16,435)
9,026
(26,973)
19,207
Provision for (benefit from) income taxes
(3,903)
7,471
(6,352)
12,559
Net income (loss)
$ (12,532)
$ 1,555
$ (20,621)
$ 6,648
Net income (loss) per share:
Basic
$ (0.11)
$ 0.01
$ (0.18)
$ 0.06
Diluted
$ (0.11)
$ 0.01
$ (0.18)
$ 0.06
Weighted average shares outstanding:
Basic
115,030
111,462
113,705
111,130
Diluted
115,030
119,255
113,705
118,508
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended
June 28, 2024
June 30, 2023
Cash flows from operating activities:
Net income (loss)
$ (20,621)
$ 6,648
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation
6,311
6,089
Lease related asset impairment and other charges
9,000
—
Stock-based compensation
13,877
13,483
Foreign currency remeasurement
2,469
991
Deferred income taxes, net
(8,897)
1,321
Provision for excess and obsolete inventories
2,152
3,383
Other adjustments
354
1,292
Changes in operating assets and liabilities:
Accounts receivable, net
20,765
(10,392)
Inventories
(3,929)
6,894
Other assets
(6,761)
2,060
Accounts payable
(8,680)
(30,527)
Deferred revenues
6,179
1,223
Other liabilities
(7,553)
(12,717)
Net cash provided by (used in) operating activities
4,666
(10,252)
Cash flows from investing activities:
Purchases of property and equipment
(3,856)
(3,833)
Net cash used in investing activities
(3,856)
(3,833)
Cash flows from financing activities:
Proceeds from long-term debt
115,000
—
Repayment of convertible debt
(115,500)
—
Payments for debt issuance costs
(332)
—
Repurchase of common stock
(30,047)
—
Proceeds from other borrowings
—
3,829
Repayment of other borrowings
(1,334)
(4,721)
Proceeds from common stock issued to employees
3,542
3,084
Taxes paid related to net share settlement of equity awards
(6,252)
(7,643)
Net cash used in financing activities
(34,923)
(5,451)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(1,391)
981
Net decrease in cash and cash equivalents and restricted cash
(35,504)
(18,555)
Cash and cash equivalents and restricted cash at beginning of period
84,269
89,586
Cash and cash equivalents and restricted cash at end of period
$ 48,765
$ 71,031
Cash and cash equivalents and restricted cash at end of period
Cash and cash equivalents
$ 45,850
$ 71,031
Restricted cash included in prepaid expenses and other current assets
2,827
—
Restricted cash included in other non-current assets
88
—
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows
$ 48,765
$ 71,031
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended
June 28, 2024
June 30, 2023
Supplemental cash flow disclosure:
Net cash paid for income taxes
$ 11,407
$ 5,008
Cash paid for interest
$ 1,895
$ 1,015
Supplemental schedule of non-cash investing activities:
Capital expenditures incurred but not yet paid
$ 282
$ 1,189
Supplemental schedule of non-cash financing activities:
Shares of common stock issued upon redemption of the 2024 Notes
4,578
—
Harmonic Inc.
Preliminary GAAP Revenue Information
(Unaudited, in thousands, except percentages)
Three Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
Geography
Americas
$ 109,597
79 %
$ 93,031
76 %
$ 111,407
72 %
EMEA
22,680
16 %
23,560
19 %
36,242
23 %
APAC
6,463
5 %
5,469
5 %
8,314
5 %
Total
$ 138,740
100 %
$ 122,060
100 %
$ 155,963
100 %
Market
Service Provider
$ 104,429
75 %
$ 86,693
71 %
$ 108,703
70 %
Broadcast and Media
34,311
25 %
35,367
29 %
47,260
30 %
Total
$ 138,740
100 %
$ 122,060
100 %
$ 155,963
100 %
Six Months Ended
June 28, 2024
June 30, 2023
Geography
Americas
$ 202,628
78 %
$ 227,073
72 %
EMEA
46,240
18 %
69,183
22 %
APAC
11,932
4 %
17,356
6 %
Total
$ 260,800
100 %
$ 313,612
100 %
Market
Service Provider
$ 191,122
73 %
$ 226,692
72 %
Broadcast and Media
69,678
27 %
86,920
28 %
Total
$ 260,800
100 %
$ 313,612
100 %
Harmonic Inc.
Preliminary Segment Information
(Unaudited, in thousands, except percentages)
Three Months Ended June 28, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 92,937
$ 45,803
$ 138,740
$ —
$ 138,740
Gross profit
44,236
(1)
29,494
(1)
73,730
(1)
(273)
73,457
Gross margin %
47.6 %
(1)
64.4 %
(1)
53.1 %
(1)
52.9 %
Three Months Ended March 29, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 78,897
$ 43,163
$ 122,060
$ —
$ 122,060
Gross profit
37,494
(1)
26,569
(1)
64,063
(1)
(982)
63,081
Gross margin %
47.5 %
(1)
61.6 %
(1)
52.5 %
(1)
51.7 %
Three Months Ended June 30, 2023
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 97,096
$ 58,867
$ 155,963
$ —
$ 155,963
Gross profit
49,076
(1)
36,303
(1)
85,379
(1)
(439)
84,940
Gross margin %
50.5 %
(1)
61.7 %
(1)
54.7 %
(1)
54.5 %
Six Months Ended June 28, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 171,834
$ 88,966
$ 260,800
$ —
$ 260,800
Gross profit
81,730
(1)
56,063
(1)
137,793
(1)
(1,255)
136,538
Gross margin %
47.6 %
(1)
63.0 %
(1)
52.8 %
(1)
52.4 %
Six Months Ended June 30, 2023
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 197,447
$ 116,165
$ 313,612
$ —
$ 313,612
Gross profit
99,366
(1)
70,917
(1)
170,283
(1)
(1,289)
168,994
Gross margin %
50.3 %
(1)
61.0 %
(1)
54.3 %
(1)
53.9 %
(1) Segment gross margin and segment gross profit are Non-GAAP financial measures. Refer to “Use of Non-GAAP Financial Measures” above and “GAAP to Non-GAAP Reconciliations” below.
Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
Three Months Ended June 28, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income
(Loss) from
Operations
Total Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$ 138,740
$ 73,457
$ 89,087
$ (15,630)
$ (805)
$ (12,532)
Stock-based compensation
—
273
(6,681)
6,954
—
6,954
Restructuring and related charges
—
—
(11,482)
11,482
—
11,482
Non-recurring advisory fees
—
—
(406)
406
—
406
Lease-related asset impairment and other charges
—
—
(9,000)
9,000
—
9,000
Non-cash interest expense related to convertible notes
—
—
—
—
338
338
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(6,369)
Total adjustments
—
273
(27,569)
27,842
338
21,811
Non-GAAP
$ 138,740
$ 73,730
$ 61,518
$ 12,212
$ (467)
$ 9,279
As a % of revenue (GAAP)
52.9 %
64.2 %
(11.3) %
(0.6) %
(9.0) %
As a % of revenue (Non-GAAP)
53.1 %
44.3 %
8.8 %
(0.3) %
6.7 %
Diluted net income (loss) per share:
GAAP
$ (0.11)
Non-GAAP
$ 0.08
Shares used in per share calculation:
GAAP
115,030
Non-GAAP
116,690
Three Months Ended March 29, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income
(Loss) from
Operations
Total Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$ 122,060
$ 63,081
$ 72,607
$ (9,526)
$ (1,012)
$ (8,089)
Stock-based compensation
—
522
(6,401)
6,923
—
6,923
Restructuring and related charges
—
460
(3,037)
3,497
11
3,508
Non-recurring advisory fees
—
—
(349)
349
—
349
Non-cash interest expense related to convertible notes
—
—
—
—
229
229
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(2,538)
Total adjustments
—
982
(9,787)
10,769
240
8,471
Non-GAAP
$ 122,060
$ 64,063
$ 62,820
$ 1,243
$ (772)
$ 382
As a % of revenue (GAAP)
51.7 %
59.5 %
(7.8) %
(0.8) %
(6.6) %
As a % of revenue (Non-GAAP)
52.5 %
51.5 %
1.0 %
(0.6) %
0.3 %
Diluted net income (loss) per share:
GAAP
$ (0.07)
Non-GAAP
$ 0.00
Shares used in per share calculation:
GAAP
112,350
Non-GAAP
118,107
Three Months Ended June 30, 2023
Revenue
Gross Profit
Total
Operating
Expense
Income from
Operations
Total Non-
operating
Expense, net
Net Income
GAAP
$ 155,963
$ 84,940
$ 74,978
$ 9,962
$ (936)
$ 1,555
Stock-based compensation
—
439
(5,620)
6,059
—
6,059
Non-recurring advisory fees
—
—
(2,135)
2,135
—
2,135
Non-cash interest expense related to convertible notes
—
—
—
—
223
223
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
3,982
Total adjustments
—
439
(7,755)
8,194
223
12,399
Non-GAAP
$ 155,963
$ 85,379
$ 67,223
$ 18,156
$ (713)
$ 13,954
As a % of revenue (GAAP)
54.5 %
48.1 %
6.4 %
(0.6) %
1.0 %
As a % of revenue (Non-GAAP)
54.7 %
43.1 %
11.6 %
(0.5) %
8.9 %
Diluted net income per share:
GAAP
$ 0.01
Non-GAAP
$ 0.12
Shares used in per share calculation:
GAAP and Non-GAAP
119,255
Six Months Ended June 28, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income
(Loss) from
Operations
Total Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$ 260,800
$ 136,538
$ 161,694
$ (25,156)
$ (1,817)
$ (20,621)
Stock-based compensation
—
795
(13,082)
13,877
—
13,877
Restructuring and related charges
—
460
(14,519)
14,979
11
14,990
Non-recurring advisory fees
—
—
(755)
755
—
755
Lease-related asset impairment and other charges
—
—
(9,000)
9,000
—
9,000
Non-cash interest expense related to convertible notes
—
—
—
—
567
567
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(8,907)
Total adjustments
—
1,255
(37,356)
38,611
578
30,282
Non-GAAP
$ 260,800
$ 137,793
$ 124,338
$ 13,455
$ (1,239)
$ 9,661
As a % of revenue (GAAP)
52.4 %
62.0 %
(9.6) %
(0.7) %
(7.9) %
As a % of revenue (Non-GAAP)
52.8 %
47.7 %
5.2 %
(0.5) %
3.7 %
Diluted net income (loss) per share:
GAAP
$ (0.18)
Non-GAAP
$ 0.08
Shares used in per share calculation:
GAAP
113,705
Non-GAAP
117,419
Six Months Ended June 30, 2023
Revenue
Gross Profit
Total
Operating
Expense
Income from
Operations
Total Non-
operating
Expense, net
Net Income
GAAP
$ 313,612
$ 168,994
$ 147,852
$ 21,142
$ (1,935)
$ 6,648
Stock-based compensation
—
1,289
(12,194)
13,483
—
13,483
Restructuring and related charges
—
—
(83)
83
—
83
Non-recurring advisory fees
—
—
(2,135)
2,135
—
2,135
Non-cash interest expense related to convertible notes
—
—
—
—
446
446
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
5,488
Total adjustments
—
1,289
(14,412)
15,701
446
21,635
Non-GAAP
$ 313,612
$ 170,283
$ 133,440
$ 36,843
$ (1,489)
$ 28,283
As a % of revenue (GAAP)
53.9 %
47.1 %
6.7 %
(0.6) %
2.1 %
As a % of revenue (Non-GAAP)
54.3 %
42.5 %
11.7 %
(0.5) %
9.0 %
Diluted net income per share:
GAAP
$ 0.06
Non-GAAP
$ 0.24
Shares used in per share calculation:
GAAP and Non-GAAP
118,508
Harmonic Inc.
Calculation of Adjusted EBITDA by Segment (Unaudited)
(In thousands, except percentages)
Three Months Ended June 28, 2024
Broadband
Video
Income (loss) from operations (1)
$ 13,781
$ (1,569)
Depreciation
2,133
1,093
Other non-operating income, net
406
213
Adjusted EBITDA(2)
$ 16,320
$ (263)
Revenue
$ 92,937
$ 45,803
Adjusted EBITDA margin % (2)
17.6 %
(0.6) %
Three Months Ended March 29, 2024
Broadband
Video
Income (loss) from operations (1)
$ 8,594
$ (7,351)
Depreciation
1,986
1,099
Other non-operating expenses, net
(179)
(99)
Adjusted EBITDA(2)
$ 10,401
$ (6,351)
Revenue
$ 78,897
$ 43,163
Adjusted EBITDA margin % (2)
13.2 %
(14.7) %
Three Months Ended June 30, 2023
Broadband
Video
Income from operations (1)
$ 18,066
$ 90
Depreciation
1,671
1,388
Other non-operating expenses, net
(84)
(52)
Adjusted EBITDA(2)
$ 19,653
$ 1,426
Revenue
$ 97,096
$ 58,867
Adjusted EBITDA margin % (2)
20.2 %
2.4 %
Six Months Ended June 28, 2024
Broadband
Video
Income (loss) from operations (1)
$ 22,375
$ (8,920)
Depreciation
4,119
2,192
Other non-operating income, net
227
114
Adjusted EBITDA(2)
$ 26,721
$ (6,614)
Revenue
$ 171,834
$ 88,966
Adjusted EBITDA margin % (2)
15.6 %
(7.4) %
Six Months Ended June 30, 2023
Broadband
Video
Income (loss) from operations (1)
$ 38,179
$ (1,336)
Depreciation
3,315
2,774
Other non-operating expenses, net
(255)
(174)
Adjusted EBITDA(2)
$ 41,239
$ 1,264
Revenue
$ 197,447
$ 116,165
Adjusted EBITDA margin % (2)
20.9 %
1.1 %
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” above.
(2) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. Refer below for the “Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation”.
Harmonic Inc.
Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation (Unaudited)
(In thousands, except percentages)
Three Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
Net income (loss) (GAAP)
$ (12,532)
$ (8,089)
$ 1,555
Provision for (benefit from) income taxes
(3,903)
(2,449)
7,471
Interest expense, net
1,424
723
800
Depreciation
3,226
3,085
3,059
EBITDA
(11,785)
(6,730)
12,885
Adjustments
Stock-based compensation
6,954
6,923
6,059
Restructuring and related charges
11,482
3,508
—
Non-recurring advisory fees
406
349
2,135
Lease-related asset impairment and other charges
9,000
—
—
Total consolidated segment adjusted EBITDA (Non-GAAP)
$ 16,057
$ 4,050
$ 21,079
Revenue
$ 138,740
$ 122,060
$ 155,963
Net income (loss) margin (GAAP)
(9.0) %
(6.6) %
1.0 %
Consolidated segment Adjusted EBITDA margin (Non-GAAP)
11.6 %
3.3 %
13.5 %
Six Months Ended
June 28, 2024
June 30, 2023
Net income (loss) (GAAP)
$ (20,621)
$ 6,648
Provision for (benefit from) income taxes
(6,352)
12,559
Interest expense, net
2,147
1,506
Depreciation
6,311
6,089
EBITDA
(18,515)
26,802
Adjustments
Stock-based compensation
13,877
13,483
Restructuring and related charges
14,990
83
Non-recurring advisory fees
755
2,135
Lease-related asset impairment and other charges
9,000
—
Total consolidated segment adjusted EBITDA (Non-GAAP)
$ 20,107
$ 42,503
Revenue
$ 260,800
$ 313,612
Net income (loss) margin (GAAP)
(7.9) %
2.1 %
Consolidated segment Adjusted EBITDA margin (Non-GAAP)
7.7 %
13.6 %
Harmonic Inc.
GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)
(In millions, except percentages and per share data)
Q3 2024 Financial Guidance (1)
Revenue
Gross Profit
Total Operating
Expense
Income from
Operations
Net Income
GAAP
$ 175
to
$ 190
$ 91
to
$ 101
$ 67
to
$ 69
$ 24
to
$ 32
$ 16
to
$ 22
Stock-based compensation expense
—
—
(5)
5
5
Restructuring and related charges
—
—
(1)
1
1
Lease-related impairment and other charges
—
—
(1)
1
1
Tax effect of non-GAAP adjustments
—
—
—
—
(1)
to
—
Total adjustments
—
—
(7)
7
6
to
7
Non-GAAP
$ 175
to
$ 190
$ 91
to
$ 101
$ 60
to
$ 62
$ 31
to
$ 39
$ 22
to
$ 29
As a % of revenue (GAAP)
51.9 %
to
52.9 %
38.3 %
to
36.3 %
13.7 %
to
16.8 %
9.3 %
to
11.6 %
As a % of revenue (Non-GAAP)
51.9 %
to
52.9 %
34.3 %
to
32.6 %
17.7 %
to
20.3 %
12.8 %
to
15.3 %
Diluted net income per share:
GAAP
$ 0.14
to
$ 0.19
Non-GAAP
$ 0.19
to
$ 0.24
Shares used in per share calculation:
GAAP and Non-GAAP
117.0
(1) Components may not sum to total due to rounding.
2024 Financial Guidance (1)
Revenue
Gross Profit
Total Operating
Expense
Income from
Operations
Net Income
GAAP
$ 645
to
$ 695
$ 332
to
$ 369
$ 296
to
$ 304
$ 36
to
$ 65
$ 23
to
$ 45
Stock-based compensation expense
—
1
(25)
26
26
Restructuring and related charges
—
—
(15)
15
15
Non-recurring advisory fees
—
—
(1)
1
1
Lease-related impairment and other charges
—
—
(11)
(11)
11
Non-cash interest expense related to convertible
notes
—
—
—
—
1
Tax effect of non-GAAP adjustments
—
—
—
—
(12)
to
(11)
Total adjustments
—
1
(52)
31
42
to
43
Non-GAAP
$ 645
to
$ 695
$ 333
to
$ 370
$ 244
to
$ 252
$ 89
to
$ 118
$ 65
to
$ 88
As a % of revenue (GAAP)
51.4 %
to
53.1 %
45.9 %
to
43.7 %
5.6 %
to
9.4 %
3.6 %
to
6.5 %
As a % of revenue (Non-GAAP)
51.6 %
to
53.2 %
37.8 %
to
36.3 %
13.7 %
to
16.9 %
10.1 %
to
12.7 %
Diluted net income per share:
GAAP
$ 0.19
to
$ 0.38
Non-GAAP
$ 0.56
to
$ 0.75
Shares used in per share calculation:
GAAP and Non-GAAP
117.3
(1) Components may not sum to total due to rounding.
Harmonic Inc.
Calculation of Adjusted EBITDA by Segment on Financial Guidance (Unaudited) (1)
(In millions)
Q3 2024 Financial Guidance
Broadband
Video
Income (loss) from operations (2)
$ 32
to
$ 37
$ (1)
to
$ 2
Depreciation
2
2
1
1
Segment adjusted EBITDA(3)
$ 34
to
$ 39
$ —
to
$ 3
2024 Financial Guidance
Broadband
Video
Income (loss) from operations (2)
$ 93
to
$ 117
$ (4)
to
$ 1
Depreciation
9
9
4
4
Segment adjusted EBITDA(3)
$ 102
to
$ 126
$ —
to
$ 5
(1) Components may not sum to total due to rounding.
(2) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” above.
(3) Segment Adjusted EBITDA is a Non-GAAP financial measure. Refer below for the “Net income to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance”.
Harmonic Inc.
Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited) (1)
(In millions)
Q3 2024 Financial Guidance
2024 Financial Guidance
Net income (GAAP)
$ 16
to
$ 22
$ 23
to
$ 45
Provision for income taxes
5
7
7
14
Interest expense, net
2
2
6
6
Depreciation
3
3
13
13
EBITDA
26
to
34
49
to
78
Adjustments
Stock-based compensation
6
6
26
26
Restructuring and related charges
1
1
15
15
Lease-related impairment and other charges
1
1
11
11
Non-recurring advisory fees
—
—
1
1
Total consolidated segment adjusted EBITDA (Non-GAAP) (2)
$ 34
to
$ 42
$ 102
to
$ 131
(1) Components may not sum to total due to rounding.
(2) Consolidated Segment adjusted EBITDA is a Non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” above.
View original content to download multimedia:https://www.prnewswire.com/news-releases/harmonic-announces-second-quarter-2024-results-302208726.html
SOURCE Harmonic Inc.
You may like
Technology
JinkoSolar’s Perovskite Tandem Solar Cell Based on N-type TOPCon Sets New Record with Conversion Efficiency of 33.84%
Published
10 minutes agoon
January 6, 2025By
SHANGRAO, China, Jan. 6, 2025 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it has achieved a significant breakthrough in the development of its N-type TOPCon-based perovskite tandem solar cell. Independently tested by the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, the cell achieved an impressive conversion efficiency of 33.84%, surpassing JinkoSolar’s previous record of 33.24%. This achievement marks the 27th time JinkoSolar has set a world record for efficiency and power output for PV products.
The record-breaking perovskite tandem solar cell utilizes JinkoSolar’s N-type high-efficiency monocrystalline TOPCon solar cell as the bottom cell, enhanced by significant advancements across multiple key technologies. Innovations such as full-area passivated contact technology, perovskite interfacial defect passivation technology, and bulk defect passivation technology have contributed to the enhanced efficiency of the perovskite/TOPCon tandem cell. The results once again break the conversion efficiency limit of single-junction crystalline silicon cells. This achievement highlights the compatibility of TOPCon as a mainstream solar cell technology with the next-generation perovskite/silicon tandem cell technology, paving the way for new possibilities in the future development of the photovoltaic industry.
Dr. Jin Hao, CTO of Jinko Solar Co., Ltd., said, “Once again, we have achieved remarkable progress in solar cell efficiency as a result of our ongoing investments in R&D and steadfast commitment to excellence. This milestone strengthens our confidence in our ability to achieve further technological breakthroughs as we work toward building a greener and more sustainable energy future.”
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2024.
To find out more, please see: www.jinkosolar.com
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: pr@jinkosolar.com
View original content:https://www.prnewswire.com/news-releases/jinkosolars-perovskite-tandem-solar-cell-based-on-n-type-topcon-sets-new-record-with-conversion-efficiency-of-33-84-302342846.html
SOURCE JinkoSolar Holding Co., Ltd.
Technology
City of Philadelphia Transforms Right-of-Way Management with New INRIX Road Rules Products
Published
10 minutes agoon
January 6, 2025By
KIRKLAND, Wash. and PHILADELPHIA , Jan. 6, 2025 /PRNewswire/ — The City of Philadelphia announced today it has selected INRIX, a leading provider of transportation data and analytics, to help the City revolutionize curb and right-of-way (ROW) management using NEW products offered in the INRIX IQ suite.
The City of Philadelphia received USDOT Strengthening Mobility and Revolutionizing Transportation (SMART) grant funding to optimize the use of the limited space in the ROW by creating a clear way to organize and communicate its rules and policies. The new cloud-based product, INRIX IQ Road Rules, will hold digital twin information about the City’s streets, sidewalks, and curbs. It allows staff to communicate temporary and permanent rule changes across internal departments and externally to stakeholders such as digital mapping companies (e.g., Apple, Google, HERE, Mapbox, TomTom) and fleet operators (e.g., autonomous vehicles, delivery companies, rideshare).
“Road Rules gives the City more capacity to improve ROW management through data and technology,” said Akshay Malik, Smart Cities Director, City of Philadelphia. “We can leverage existing data standards from the Open Mobility Foundation to map the ROW in more detail and test new ways to digitally manage it through our pilot in Center City, improving safety for drivers, cyclists, and pedestrians.”
INRIX enables agency staff to take a data-driven approach to curb and ROW management to improve safety, reduce congestion, and improve access to local businesses. Road Rules provides the City of Philadelphia several key capabilities:
Creation of a building-face-to-building-face digital twin of the ROW — including travel lanes, curbs, and sidewalks — in the pilot zonePre-loaded inventory of curb rules in the entire city centerDeep insights into use of the curb, including real-time and historic information on occupancyAdvanced tools for digital editing and coordination of ROW regulationsStandardized communication of digital ROW rules through state of the practice versions of the Curb Data Specification (CDS) and Mobility Data Specification (MDS) APIs
“The building-face-to-building-face ROW is utilized by a myriad of stakeholders, including people walking, biking, waiting for and riding public transportation, driving, and freight deliveries. In recent years, the public ROW has become a laboratory for new uses such as shared scooters, ride hail drop-offs and pick-ups, parklets, play streets, food delivery, autonomous vehicles, and sidewalk robots. This experimentation will only increase in upcoming years and cities need tools to steer these initiatives towards their long-held goals,” said Ahmed Darrat, Chief Product Officer at INRIX. “Urban areas are complex ecosystems that require meticulous planning and management. INRIX IQ’s robust insights across traffic, incident, parking, and safety management provide a comprehensive digital view while our Road Rules products allow staff to it intuitively and seamlessly act on emerging initiatives and digitally communicate rules to the wide array of stakeholders as they happen.”
“The open-source standards stewarded by the Open Mobility Foundation (OMF) give local government more effective tools to address policy priorities. We’re excited to see member organizations INRIX and the City of Philadelphia further the state of the practice by using the Mobility Data Specification and Curb Data Specification to digitally manage the full public right of way,” said Andrew Glass-Hastings, Executive Director, Open Mobility Foundation. “This SMART grant – and the partnerships and learnings it will produce – represents the next step in OMF’s mission of transforming how cities manage public space using well-designed, open-source technology.”
Philadelphia joins innovative cities like Portland, San Francisco, and Minneapolis in deploying INRIX cutting-edge digital infrastructure management solutions as part of their SMART grant projects. Other cities like Nashville are leveraging the same tools and pre-loaded parking data for day-to-day curb management. Through its data-as-a service and software-as-a-service applications, INRIX collects and maintains information about the full ROW, including APIs consumed by private sector stakeholders through the INRIX ecosystem of enterprise customers, all while minimizing the need for large up-front costs and efforts and eliminating the need for ongoing contractor services.
For more information about Philadelphia’s Smart City initiatives, visit https://www.phila.gov/programs/smartcityphl/.
About INRIX
Founded in 2004, INRIX pioneered intelligent mobility solutions by transforming big data from connected devices and vehicles into mobility insights. This revolutionary approach enabled INRIX to become one of the leading providers of data and analytics into how people move. By empowering cities, businesses, and people with valuable insights, INRIX is helping to make the world smarter, safer, and greener. With partners and solutions spanning across the entire mobility ecosystem, INRIX is uniquely positioned at the intersection of technology and transportation – whether keeping road users safe, improving traffic signal timing to reduce delay and greenhouse gasses, optimizing last mile delivery, or helping uncover market insights. Learn more at INRIX.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/city-of-philadelphia-transforms-right-of-way-management-with-new-inrix-road-rules-products-302342562.html
SOURCE INRIX
Technology
Under the patronage of the UAE President, Abu Dhabi Sustainability Week 2025 (ADSW 2025) to take place in the emirate
Published
10 minutes agoon
January 6, 2025By
ABU DHABI, UAE, Jan. 6, 2025 /CNW/ — Under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, the 2025 edition of Abu Dhabi Sustainability Week (ADSW) will take place from 12-18 January in Abu Dhabi, bringing together global leaders to accelerate sustainable development and advance socioeconomic progress.
As the first major event in the global sustainability calendar, ADSW 2025, themed ‘The Nexus of Next. Supercharging Sustainable Progress’, will connect and empower policymakers and business and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and spark a new era of prosperity for all.
The event will showcase how the convergence of advanced technologies including artificial intelligence (AI), energy and human expertise can supercharge sustainable development and unlock a potential US$10 trillion economic transformation opportunity.
His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said: “Abu Dhabi Sustainability Week 2025 will act as a nexus for global business leaders, policymakers and entrepreneurs, leveraging interconnected solutions that build a more prosperous future for all. With three megatrends shaping our world – the rise of the Global South and emerging markets, the transformation of energy systems, and the exponential growth of AI – advanced technologies now provide an unprecedented opportunity for socioeconomic and environmental development. ADSW 2025 must be the launchpad not just for policy but for action, building the connections to supercharge sustainable progress.”
ADSW 2025 confirmed partners include the Department of Energy (DoE), Abu Dhabi National Oil Company (ADNOC), Emirates Global Aluminium (EGA), EMSTEEL, Dubai Electricity and Water Authority (DEWA), Mubadala, Huawei, GE Vernova, HSBC, Agility, Abu Dhabi Investment Office (ADIO), TotalEnergies, Fertiglobe, 1PointFive, bp, BEEAH, Emirates Water and Electricity Company (EWEC) and Dii Desert Energy.
For more than 15 years, ADSW has provided a global platform to foster multi-stakeholder collaboration to address global challenges and accelerate growth. It has enabled high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the global sustainability agenda.
Standing at the intersection of bold new ideas and action, ADSW 2025 recognizes the need for widescale systemic change, connecting energy, data, finance, trade, and natural ecosystems to drive exponential, sustainable growth. ADSW 2025 will feature an engaging program of high-profile sessions, forums, partner-led events and high-level networking opportunities.
ADSW 2025 begins with the annual IRENA Assembly, taking place on 12 and 13 January, and the Global Climate Finance Annual Meeting on 13 January. The ADSW Opening Ceremony, held at the Abu Dhabi National Exhibition Centre (ADNEC) on Tuesday, 14 January, will set the scene for the week ahead. The ADSW Summit and the Green Hydrogen Summit will convene global leaders for impactful dialogues focused on fostering collaboration, unlocking investment opportunities and enabling cutting-edge partnerships. As one of the key events under ADSW, the World Future Energy Summit will continue to play a critical role in driving business growth and knowledge sharing. Over the years, the World Future Energy Summit has fostered a remarkable number of transactions, with 450 companies exhibiting in 2024. In 2025, the summit will feature the Innovation Hub, providing space for over 55 entrepreneurs and startups to showcase their breakthrough technologies and inventions to the public.
ADSW 2025 will also feature the annual Women in Sustainability, Environment and Renewable Energy (WiSER) forum, amplifying women’s voices in the sustainability debate and will bring 3,500 young people together with its Youth 4 Sustainability (Y4S) Forum and Hub, actively engaging youth in a three-day program designed to empower them to act, innovate and become climate leaders.
The Zayed Sustainability Prize – the UAE’s pioneering award for innovative solutions to global challenges – will also hold a series of events at ADSW 2025, including the Zayed Sustainability Prize Awards Ceremony on 14 January and the Forum & Investor Connect. The Zayed Sustainability Prize honors and empowers those who are spearheading transformative change across the categories of Health, Food, Energy, Water, Climate Action, and Global High Schools. Over the past 16 years, the 117 Prize winners have positively impacted more than 384 million lives worldwide, creating sustainable economic and social development opportunities, and improving access to affordable and reliable energy, safe drinking water, nutritious food and quality healthcare.
Key dates for ADSW 2025 include the IRENA Assembly on 12-13 January, followed by the Global Climate Finance Annual Meeting on 13 January. The ADSW Opening Ceremony and Zayed Sustainability Prize Awards Ceremony will take place on 14 January, while the ADSW Summit will take place on 14-15 January. The World Future Energy Summit, Youth 4 Sustainability (Y4S) Forum and Hub will take place on 14-16 January. 15 January will feature the Women in Sustainability, Environment and Renewable Energy (WiSER) Forum, while 16 January will host the Green Hydrogen Summit, Zayed Sustainability Prize Forum and Investor Connect. The event will conclude with The Festival at Masdar City on 17-18 January.
For more information, please visit www.adsw.ae.
About Abu Dhabi Sustainability Week
Abu Dhabi Sustainability Week (ADSW) is a global platform supported by the UAE and its clean energy leader, Masdar, to address the world’s most pressing sustainability challenges through crucial conversations accelerating responsible development and fostering inclusive economic, social and environmental progress.
For more than 15 years, ADSW has convened decision-makers from governments, the private sector and civil society to advance the global sustainability agenda through dialogue, cross-sector collaboration and impactful solutions. Throughout the year, ADSW conversations and initiatives facilitate knowledge sharing and collective action that will ensure a sustainable world for future generations.
About Masdar
Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate energy systems transformation and help the world meet its net-zero ambitions. Established in 2006, Masdar developed and invested in projects in over 40 countries with a combined capacity of over 31.5 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.
Contact:
For media inquiries, please contact: press@masdar.ae
For more information, please visit: https://www.masdar.ae and connect: facebook.com/Masdar.ae and twitter.com/Masdar
Video: https://mma.prnewswire.com/media/2591137/ADSW_2025_Announcement.mp4
Photo: https://mma.prnewswire.com/media/2591076/ADSW_Summit.jpg
Photo: https://mma.prnewswire.com/media/2591077/ADSW_Speech.jpg
Photo: https://mma.prnewswire.com/media/2591078/ADSW_Opening_Ceremony.jpg
Photo: https://mma.prnewswire.com/media/2591080/ADSW_Session.jpg
Photo: https://mma.prnewswire.com/media/2591081/ADSW_Session.jpg
Logo: https://mma.prnewswire.com/media/2591075/Abu_Dhabi_Sustainability_Week_Logo.jpg
Logo: https://mma.prnewswire.com/media/2514011/4930165/MASDAR_Logo.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/under-the-patronage-of-the-uae-president-abu-dhabi-sustainability-week-2025-adsw-2025-to-take-place-in-the-emirate-302342875.html
SOURCE Masdar
JinkoSolar’s Perovskite Tandem Solar Cell Based on N-type TOPCon Sets New Record with Conversion Efficiency of 33.84%
City of Philadelphia Transforms Right-of-Way Management with New INRIX Road Rules Products
Under the patronage of the UAE President, Abu Dhabi Sustainability Week 2025 (ADSW 2025) to take place in the emirate
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days agoNFT comeback pushes 2024 volume to $8.8B: Nifty Newsletter
-
Coin Market5 days agoTop crypto investments in 2025: Bitcoin, AI projects, tokenized assets
-
Technology5 days agoUshering 2025 in a New High: OneOdio Studio Max 1 Breakthrough and OpenRock X Forbidden City Edition at CES 2025
-
Coin Market5 days agoPrice analysis 1/1: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX, LINK, TON
-
Technology5 days agoRovshan Rasulov, Founder and CEO of Rgand, Joins the Forbes Business Council
-
Technology5 days agoPlanet Classroom Presents: Michael B. Horn on AI, Careers, and Lifelong Learning
-
Coin Market5 days agoWill 2025 become the year of Bitcoin DeFi?
-
Coin Market5 days agoI became an Ordinals RBF sniper to get rich… but I lost most of my Bitcoin