KVH INDUSTRIES INC \DE\

Listed Company

KVHICIK 0001007587NasdaqAcceleratedSmaller ReportingCommunications Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$111.01M

Net Income

$-7.38M

Total Assets

$151.50M

Equity

$130.98M

Shares Out

19.48M

Op. Cash Flow

$17.11M

Business

KVH Industries Inc provides integrated, technology-driven connectivity solutions to maritime commercial, leisure, and military/government customers, delivering global high-speed Internet and VoIP via satellite and integrated 5G/LTE cellular communications. It offers airtime subscription plans, hybrid and VSAT antenna hardware (TracNet, TracPhone, TracVision), crew and entertainment content (KVH Link, KVH Media Group), and value-added services such as bandwidth management, cybersecurity, email, and vessel tracking, and resells LEO and regional services. Key business segments include airtime services, content services, value-added network services, and maritime and land mobile products and support. KVH sells globally through direct sales and an international network of dealers, distributors, OEMs, and service providers across the United States, Europe, Asia‑Pacific, Africa, the Middle East, and the Americas.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	111	114	132	139	—
Research and development	3	8	9	10	11
Sales, marketing and support	20	21	21	23	26
General and administrative	15	17	19	25	29
Long-lived assets impairment charge	0	1	657,000	0	0
Total costs and expenses	122	126	150	144	154
Loss from operations	−11	−12	−17	−6	−20
Interest income	3	3	4	2	886,000
Interest expense	0	2,000	1,000	—	—
Other income (expense), net	1	−2	−1	772,000	7
Loss before income tax (benefit) expense	−8	−11	−15	−3	−12
Income tax (benefit) expense	−131,000	421,000	318,000	546,000	−108,000
Net loss	−7	−11	−15	24	−10
Basic (in dollars per share)	−0.38	−0.57	−0.81	1.29	−0.54
Diluted (in dollars per share)	−0.38	−0.57	−0.81	1.29	−0.54
Basic (in shares)	19	19	19	19	18
Diluted (in shares)	19	19	19	19	18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	70	51	11	21	11
Accounts receivable, net of allowance for credit losses of $712 and $1,006 as of December 31, 2025 & December 31, 2024, respectively	25	22	26	27	28
Inventories	15	23	19	23	16
Prepaid expenses and other current assets	8	16	—	—	—
Current assets held for sale	0	11	0	0	16
Total current assets	118	123	119	130	88
Property and equipment, net	22	27	48	53	53
Intangible assets, net	4	828,000	1	404,000	1
Goodwill	732,000	0	0	5	7
Right of use assets	4	1	1	2	3
Other non-current assets	2	3	4	5	7
Deferred income tax asset	602,000	157,000	256,000	259,000	56,000
Total assets	152	155	173	196	169
Accounts payable	4	4	5	20	10
Accrued airtime	2	745,000	6	2	—
Accrued compensation and employee-related expenses	5	5	4	8	6
Accrued loss on future firm purchase commitments	0	919,000	4	0	—
Accrued other	2	2	3	2	7
Accrued product warranty costs	644,000	607,000	828,000	1	1
Deferred revenue	1	1	2	1	4
Current operating lease liability	547,000	660,000	786,000	2	2
Liability for uncertain tax positions	793,000	724,000	673,000	637,000	592,000
Total current liabilities	17	16	25	37	34
Long-term operating lease liability	4	569,000	289,000	636,000	1
Deferred income tax liability	5,000	15,000	1,000	55,000	215,000
Total liabilities	21	16	25	38	40
Commitments and contingencies (Notes 1, 6, 13 and 14)	—	—	—	—	—
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; none issued	0	0	0	0	0
Common stock, $0.01 par value. Authorized 30,000,000 shares, 21,294,655 and 21,240,525 shares issued at December 31, 2025 and December 31, 2024, respectively; and 19,511,836 and 19,784,416 shares outstanding at December 31, 2025 and December 31, 2024, respectively	213,000	212,000	211,000	206,000	203,000
Additional paid-in capital	169	167	165	160	156
Accumulated deficit	−20	−13	−2	14	−12
Accumulated other comprehensive loss	−4	−4	−4	−4	−3
Total stockholders equity before treasury stock adjustment	145	151	159	170	141
Less: treasury stock at cost, common stock, 1,782,819 and 1,456,109 shares as of December 31, 2025 and December 31, 2024, respectively	−14	−12	−12	−12	−12
Total stockholders equity	131	139	147	158	131
Total liabilities and stockholders equity	152	155	173	196	169

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for credit losses	−45,000	217,000	64,000	221,000	530,000
Depreciation and amortization	11	13	13	14	15
Impairment charge to goodwill and long-lived assets	0	1	6	0	0
Deferred income taxes	−455,000	113,000	−51,000	−363,000	−186,000
Stock-based compensation	2	2	2	3	4
Unrealized currency translation (gain) loss	−101,000	188,000	−179,000	−399,000	−112,000
Accounts receivable	−4	4	2	506,000	−506,000
Inventories	9	−4	4	−8	33,000
Prepaid expenses and other current assets	8	−12	−1	−1	147,000
Other non-current assets	1	333,000	1	2	509,000
Accounts payable	176,000	−446,000	−16	11	−251,000
Deferred revenue	42,000	−728,000	377,000	−452,000	−665,000
Accrued compensation, product warranty and other	453,000	−8	4	−5	945,000
Net cash provided by (used in) operating activities	17	−13	3	9	3
Capital expenditures	−7	−7	−11	−14	−19
Cash paid for acquisition of intangible assets	−34,000	−74,000	−1	−54,000	−62,000
Cash paid for business combination	−4	0	—	—	—
Purchases of marketable securities	0	−2	−18	−56	−6,000
Maturities and sales of marketable securities	0	60	15	13	12
Net cash provided by investing activities	4	52	−15	375,000	−7
Proceeds from stock options exercised and employee stock purchase plan	50,000	110,000	3	972,000	3
Repurchase of treasury stock	−2	0	−239,000	0	0
Net cash (used in) provided by financing activities	−2	110,000	2	708,000	3
Effect of exchange rate changes on cash and cash equivalents	35,000	−51,000	79,000	−296,000	−48,000
Net increase in cash and cash equivalents	19	39	−10	10	−1
Settlement of certain receivables for a business combination	945,000	0	—	—	—
Changes in accrued other and accounts payable related to property and equipment additions	35,000	5,000	22,000	49,000	384,000
Right of use assets (ROU) assets arising from entering into new operating lease obligations	4	1	466,000	1	407,000

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