Harmonic (HLIT) Q3 FY26 earnings call

A scripted call with a short Q&A. Harmonic is shifting from a two-customer cable story toward a diversified base, supported by a backlog cushion and secured component supply. The offset is lumpy bookings, heavy working-capital investment, and component-cost inflation that must be passed through in 2027. Management frames guidance as deliberately measured given Middle East and supply uncertainty.