KVH Reports First Quarter Financial Results

Satellite communications manufacturer KVH Industries this week announced the results for the fiscal first quarter.

Total revenues decreased 14% to $29.3 million from $34.1 million in the year-ago quarter, and revenues from subscribed airtime decreased 13%, or $3.5 million, to $23.6 million year-over-year.

“The satellite connectivity industry has undergone unprecedented disruption over the course of the last 18 months following the launch and rapid expansion of [low Earth orbit] networks and technology,” CEO Brent C. Bruun said in a statement. “The flexibility and versatility of our multiorbit, multichannel strategy have enabled us to take aggressive steps to adapt to these changes and deliver cutting-edge services and solutions for our customers while establishing new airtime and service revenue channels.”

Net loss in the quarter was $3.2 million, or $0.16 per share, compared with net income of $0.4 million, or $0.02 per share, in the prior-year quarter. Non-GAAP adjusted EBITDA was $2 million, compared with $3.7 million in the year-ago quarter.

“In consideration of the intensifying competition and industry transition, we are reducing our expectations for revenue and adjusted EBITDA in 2024,” Bruun added. “A key driver of this reduction is also an acceleration of the previously disclosed transition by one of our largest customers of its primary satellite service relationship to Starlink. At this time, we expect that our 2024 revenue will be in the range of approximately $117 million to $127 million and that our 2024 adjusted EBITDA will be in the range of approximately $6 million to $12 million.”