Broadband Revenue

Q3 2025

$75 million to $85 million "

$75,000,000 to $85,000,000 "

no change

Broadband Gross Margin

Q3 2025

44% to 45% "

45% to 46% "

raised

Broadband Adjusted EBITDA

Q3 2025

$2 million to $6 million "

$5,000,000 to $9,000,000 "

raised

Broadband Tariff Impact

Q3 2025

Approximately $3 million "

Estimated to be less than $1,000,000 "

lowered

Video Revenue

Q3 2025

$45 million to $50 million "

$45,000,000 to $50,000,000 "

no change

Video Gross Margin

Q3 2025

63% to 64% "

65% to 67% "

raised

Video Adjusted EBITDA

Q3 2025

$2 million to $4 million "

$2,000,000 to $5,000,000 "

raised

EPS

Q3 2025

$0.00 to $0.04 "

$0.02 to $0.07 "

raised

Non-GAAP Tax Rate

Q3 2025

20% "

21% "

raised

Unified DOCSIS 4.0 Transition & Broadband Innovation

Described in Q1 2025 with volume shipments, 13‑Gbps demo and deployment headwinds ( " " " " ), in Q4 2024 with industry‐wide transition challenges and order reductions ( " " " ), and in Q3 2024 with ecosystem integration requirements and customer delay signals ( " " " )

Emphasized progress toward real‑world deployment with volume shipments, early lab testing for the unified RF front‑end, a 14‑Gbps milestone, and new customer wins ( " " )

Positive progression – Earlier periods raised concerns over timing and ecosystem readiness; now there is stronger technical validation and early deployment momentum. " " " " "

Tariff Impacts and Supply Chain Risks

Q1 2025 projected a worst‑case $3 million impact with tariff‑related uncertainties and supply chain exposures ( " " ); no specific discussion in Q4 2024 or Q3 2024

Q2 2025 revealed actual tariff impact was less than $1 million, with effective operational and supply chain adjustments in place ( " " )

Improved mitigation – Earlier concerns have eased as actual impacts are much lower and supply chain management has proven effective. " " "

Customer Concentration and CAPEX Timing Risks

Q1 2025 noted significant reliance on Comcast (34%) and Charter (12%) with caution in guidance ( " " " ); Q4 2024 showed higher concentration with Comcast (43%) and Charter (24%) and inventory order reductions ( " " " ); Q3 2024 acknowledged top‐two customer dominance but expected gradual diversification ( " " " )

Q2 2025 showed Comcast remains dominant (39%) while Charter fell from previous prominence and rest‑of‑world growth helped diversify revenue; CAPEX shifts (e.g. Charter’s $500m push to 2026) remain a near‑term headwind ( " " " " " )

Mixed outlook – While customer concentration remains high, there is a gradual diversification with geographic gains; CAPEX timing uncertainties continue but are expected to rebound in 2026. " " "

Diversified Revenue Base (Broadband, Fiber Expansion, Geographic Growth)

Q1 2025 highlighted broadband revenue growth ($84.9m), record fiber wins, and strong rest‑of‑world bookings ( " " " ); Q4 2024 reported record broadband revenue ($171m) and significant rest‑of‑world gains ( " " " ); Q3 2024 emphasized robust broadband performance and expanded fiber deals ( " " )

Q2 2025 delivered record fiber revenue, introduced new products (Sistar), reported solid broadband revenue ($86.9m) with strong rest‑of‑world performance and multiple new customer wins ( " " " " )

Consistent diversification – Across periods the company focuses on broadening its customer base and geographic reach, with Q2 2025 building on fiber innovation to further diversify revenue. " " " "

Video and SaaS Revenue Growth in High‑Margin Segments

Q1 2025 reported Video revenue of $48.3m and SaaS streaming at $14.8m with notable margin expansion ( " " " ); Q4 2024 mentioned Video revenue of $51.1m and SaaS at $15.1m with strong margin performance ( " " " ); Q3 2024 revealed a healthy mix with Video revenue around $50.4m and SaaS streaming growing significantly ( " " " )

Q2 2025 delivered Video segment revenue of $51.1m (11.6% YoY increase) and record SaaS streaming revenue of $15.4m (10.1% YoY growth) with high gross margins (67% for Video) ( " " " )

Stable with incremental gains – High‑margin segments show steady or slightly improved revenue and margin performance across periods, reflecting operational efficiency and growth in streaming services. " " "

Margin Dynamics: Profitability Improvements vs. Pressure

Q1 2025 showed marked gross margin increases across segments (total gross margin of 59.4%, broadband at 55.5%, video at 66.4%) despite tariff anticipation ( " " ); Q4 2024 recorded strong margin improvements (total 56.1%, broadband 52.7%, video 67.4%) but noted inventory provisions; Q3 2024 noted improvements driven by product mix yet cautioned on short‑term broadband challenges ( " " " )

Q2 2025 reported overall gross margin at 54.1% (up 100bps YoY) and Video margin improvement (67% vs down 110bps in broadband margin due to tariffs managed better than expected) ( " )

Balanced outcome – Consistent improvements in video and overall margins are observed, although broadband experiences pressure; Q2 2025 benefits from lower-than‐expected tariff impact and refined product mix. " " "

Inventory Management and Technological Transition Risks

Q1 2025 reported a slight decrease in inventory (-$1.9m) with strong cash flow aiding flexibility ( " " ); Q4 2024 noted a $5m inventory provision and a significant drop in days inventory on hand (to 59 days) due to transition issues ( " " ); Q3 2024 discussed inventory reductions and plans to rebuild inventory in Q4 amid transition delays ( " )

Q2 2025 saw a modest inventory increase (+$9.1m) with days inventory on hand slightly improved (101 days) to support broadband growth; continued focus on Unified DOCSIS 4.0 transition risks with evolving lab testing and field trials ( " " " " )

Managed cautiously – Inventory levels are being actively managed to support growth and mitigate tariff and transition risks; while technological transition risks persist, proactive measures are in place with clearer progress in Q2 2025. " " "

Ecosystem Dependencies and Component Supply Challenges

Q1 2025 mentioned dependency on amplifier availability and supply chain diversification options ( " " " ); Q4 2024 focused on amplifier integration challenges and order push‑outs due to ecosystem dependencies ( " ); Q3 2024 noted integration delays with Unified RF front‑end and dependency on full‑duplex amplifier availability affecting timing ( " " " )

Q2 2025 highlighted continued ecosystem dependencies (e.g. requirement for the unified RF front‑end) but noted that earlier amplifier challenges have been resolved, smoothing component supply issues ( " )

Easing concerns – While ecosystem dependencies remain inherent to the transition, improvements in key component availability (amplifiers) in Q2 2025 indicate progress, even as other integration challenges persist. " " "

Deployment and Order Timing Uncertainties

Q1 2025 flagged uncertainties driven by tariffs and Unified DOCSIS 4.0 deployment delays ( " " " ); Q4 2024 discussed deployment timing delays due to ecosystem dependencies and inventory provisions, with customer order timing affected by transition uncertainties ( " " " ); Q3 2024 emphasized short‑term delays from deployment timing shifts and order inventory drawdowns ( " " " )

Q2 2025 continued to experience a lag between shipments and deployments with order timing uncertainties noted, but a steady pipeline and increased connected modem numbers provided reassurance about near‑term gradual increases ( " " )

Consistent caution – Deployment and order timing uncertainties persist across periods, largely due to transition and ecosystem challenges; however, Q2 2025 shows a steady pipeline and some early signs of normalization in deployment lags. " " "