BRISTOL, R.I., Aug. 06, 2026 (GLOBE NEWSWIRE) — KVH I dust ies, I c. (Nasdaq: KVHI), epo ted fi a cial esults fo the qua te e ded Ju e 30, 2026 today. The compa y will hold a co fe e ce call to discuss these esults at 9:00 a.m. ET today, which ca be accessed at i vesto s.kvh.com. Followi g the call, a eplay of the webcast will be available th ough the compa y’s website.
- Total eve ues i the seco d qua te of 2026 i c eased seque tially f om the fi st qua te of 2026 by $1.4 millio , o 4%, to $33.7 millio . Total eve ues i c eased by 27% i the seco d qua te of 2026 f om $26.6 millio i the seco d qua te of 2025, due to a $6.7 millio i c ease i se vice sales a d a $0.4 millio i c ease i p oduct sales.
- Se vice eve ue i c eased seque tially f om the fi st qua te of 2026 by $1.6 millio , o 6%, to $29.7 millio i the seco d qua te of 2026. Se vice eve ue i c eased by $6.7 millio , o 29%, i the seco d qua te of 2026 compa ed to the seco d qua te of 2025.
- Ai time eve ue i c eased $1.4 millio , o 5%, to $27.8 millio i the seco d qua te of 2026 f om $26.4 millio i the fi st qua te of 2026. Ai time eve ue i c eased $6.6 millio , o 31%, i the seco d qua te of 2026 compa ed to the seco d qua te of 2025. The i c ease i ai time eve ue was p ima ily due to a i c ease i subsc ibe s fo both Sta li k a d O eWeb.
- Net i come i the seco d qua te of 2026 was $0.2 millio , o $0.01 pe sha e, compa ed to a et i come of $0.9 millio , o $0.05 pe sha e, i the seco d qua te of 2025.
- No -GAAP adjusted EBITDA was $3.0 millio i the seco d qua te of 2026, compa ed to $2.7 millio i the seco d qua te of 2025.
Comme ti g o the compa y’s seco d qua te esults, B e t C. B uu , KVH’s Chief Executive Office , said, “Ou seco d qua te esults eflected the st e gth of ou st ategy—accele ati g g owth i LEO se vices, d ive by Sta li k, as we co ti ue to outpace much of ou i dust y th ough this t a sitio . We a e seei g g owth i ecu i g se vice eve ue, expa sio of ou subsc ibe base, a d mea i gful p og ess o st ategic i itiatives, i cludi g ou ew bu dled multi- etwo k se vice offe i gs. We emai focused o delive i g i ovative co ectivity solutio s fo ou custome s while c eati g lo g-te m value fo ou sha eholde s.”
| Reve ue | $ | 33.7 | $ | 26.6 | $ | 66.0 | $ | 52.0 | Loss f om ope atio s | $ | (0.1 | ) | $ | (0.4 | ) | $ | (0.2 | ) | $ | (2.6 | ) | Net i come (loss) | $ | 0.2 | $ | 0.9 | $ | 0.8 | $ | (0.8 | ) | Net i come (loss) pe sha e | $ | 0.01 | $ | 0.05 | $ | 0.04 | $ | (0.04 | ) | $ | 3.0 | $ | 2.7 | $ | 5.8 | $ | 3.7 |
Reve ue was $33.7 millio fo the seco d qua te of 2026, a i c ease of 27% compa ed to $26.6 millio i the seco d qua te of 2025.
Se vice eve ues fo the seco d qua te we e $29.7 millio , a i c ease of $6.7 millio compa ed to the seco d qua te of 2025. The i c ease i se vice sales was p ima ily due to a $6.6 millio i c ease i ou ai time se vice sales, which eflected a substa tial i c ease i LEO se vice sales d ive by a i c ease i subsc ibe s fo both Sta li k a d O eWeb. This i c ease i LEO se vice sales was pa tially offset by a substa tial dec ease i VSAT se vice sales, which was d ive p ima ily by a dec ease i VSAT subsc ibe s. Fo the th ee mo ths e ded Ju e 30, 2026, LEO se vice sales ep ese ted ove 55% of ai time se vice sales, as compa ed to less tha 32% fo the th ee mo ths e ded Ju e 30, 2025. The i c ease i LEO se vice sales as a pe ce tage of total ai time sales esulted f om both the substa tial i c ease i LEO se vice sales a d the substa tial dec ease i VSAT se vice sales.
P oduct eve ues fo the seco d qua te we e $4.0 millio , a i c ease of 12% compa ed to the seco d qua te of 2025. The i c ease i p oduct sales was p ima ily due to a $0.7 millio i c ease i Sta li k p oduct sales a d a $0.3 millio i c ease i O eWeb p oduct sales, pa tially offset by a $0.5 millio dec ease i T acVisio p oduct sales a d a $0.2 millio dec ease i VSAT B oadba d p oduct sales. Competitio f om low-cost alte atives to VSAT, which i clude st eami g capabilities, has had a sig ifica t impact o sales of ou T acVisio p oducts.
Ou ope ati g expe ses i c eased $0.9 millio to $10.4 millio fo the seco d qua te of 2026, compa ed to $9.5 millio i the seco d qua te of 2025. The i c ease was p ima ily due to a $0.4 millio i c ease i sala ies, be efits a d taxes, a $0.3 millio i c ease i p ofessio al fees, a $0.3 millio i c ease i bad debt expe se, a $0.1 millio i c ease i amo tizatio expe se a d a $0.1 millio i c ease i compute expe ses, pa tially offset by a $0.3 millio dec ease i wa a ty expe se a d a $0.1 millio dec ease i facilities expe ses.
Reve ue was $66.0 millio fo the six mo ths e ded Ju e 30, 2026, a i c ease of 27% compa ed to $52.0 millio fo the six mo ths e ded Ju e 30, 2025.
Se vice eve ues fo the six mo ths e ded Ju e 30, 2026 we e $57.9 millio , a i c ease of 29% compa ed to the six mo ths e ded Ju e 30, 2025. The i c ease i se vice sales was p ima ily due to a ove all $12.7 millio i c ease i ou ai time se vice sales, which eflected a substa tial i c ease i LEO se vice sales d ive by a i c ease i subsc ibe s fo both Sta li k a d O eWeb, a d a substa tial dec ease i VSAT subsc ibe s. Fo the six mo ths e ded Ju e 30, 2026, LEO se vice sales ep ese ted ove 50% of ai time se vice sales, as compa ed to less tha 30% fo the six mo ths e ded Ju e 30, 2025. The i c ease i LEO se vice sales as a pe ce tage of total ai time sales esulted f om both a substa tial i c ease i LEO se vice sales a d a substa tial dec ease i VSAT se vice sales. Competi g LEO se vice p ovide s have co ti ued to expa d thei p oduct a d se vice offe i gs, fu the heighte i g competitio i the global leisu e segme t a d i comme cial a d gove me t ma kets.
P oduct eve ues fo the six mo ths e ded Ju e 30, 2026 we e $8.2 millio , a i c ease of 11% compa ed to the six mo ths e ded Ju e 30, 2025. The i c ease i p oduct sales was p ima ily due to a $1.0 millio i c ease i Sta li k p oduct sales, a $0.9 millio i c ease i O eWeb p oduct sales, a d a $0.4 millio i c ease i accesso y a d se vice pa ts p oduct sales, pa tially offset by a $1.0 millio dec ease i T acVisio p oduct sales a d a $0.5 millio dec ease i VSAT B oadba d p oduct sales. Competitio f om low-cost alte atives to VSAT, which i clude st eami g capabilities, has had a sig ifica t impact o sales of ou T acVisio p oducts.
Ou ope ati g expe ses i c eased $0.9 millio to $20.1 millio i the six mo ths e ded Ju e 30, 2026, compa ed to $19.2 millio i the six mo ths e ded Ju e 30, 2025. This i c ease was p ima ily due to a $0.5 millio i c ease i sala ies, be efits a d taxes, a $0.3 millio i c ease i compute expe ses, a $0.2 millio i c ease i p ofessio al fees, a $0.2 millio i c ease i bad debt expe se a d a $0.2 millio i c ease i amo tizatio expe se, pa tially offset by a $0.4 millio dec ease i wa a ty expe se a d a $0.2 millio dec ease i dues a d subsc iptio s.
KVH I dust ies will host a co fe e ce call today at 9:00 a.m. ET th ough the compa y’s website. The co fe e ce call ca be accessed at i vesto s.kvh.com a d liste e s a e welcome to submit questio s pe tai i g to the ea i gs elease a d co fe e ce call to i @kvh.com. The audio a chive will be available o the compa y website withi th ee hou s of the completio of the call.
This elease p ovides o -GAAP fi a cial i fo matio as a suppleme t to ou co de sed co solidated fi a cial stateme ts, which a e p epa ed i acco da ce with ge e ally accepted accou ti g p i ciples (“GAAP”). Ma ageme t uses these o -GAAP fi a cial measu es i te ally i a alyzi g fi a cial esults to assess ope atio al pe fo ma ce. The p ese tatio of this fi a cial i fo matio is ot i te ded to be co side ed i isolatio o as a substitute fo the fi a cial i fo matio p epa ed i acco da ce with GAAP. The o -GAAP fi a cial measu es used i this p ess elease adjust fo specified items that ca be highly va iable o difficult to p edict. Ma ageme t ge e ally uses these o -GAAP fi a cial measu es to facilitate fi a cial a d ope atio al decisio -maki g, i cludi g evaluatio of ou histo ical ope ati g esults a d compa iso to competito s’ ope ati g esults. These o -GAAP fi a cial measu es eflect a additio al way of viewi g aspects of ou ope atio s that, whe viewed with GAAP esults a d the eco ciliatio s to co espo di g GAAP fi a cial measu es, may p ovide a mo e complete u de sta di g of facto s a d t e ds affecti g ou busi ess.
Some limitatio s of o -GAAP adjusted EBITDA i clude the followi g: o -GAAP adjusted EBITDA ep ese ts et i come (loss) befo e, as applicable, i te est i come, et, i come tax expe se (be efit), dep eciatio , amo tizatio , stock-based compe satio expe se, goodwill impai me t cha ges, lo g-lived assets impai me t cha ges, cha ges fo disposal of disco ti ued p ojects, loss o u favo able futu e co t acts, employee te mi atio a d othe va iable costs, executive sepa atio costs, p io pe iod tax settleme ts, t a sactio – elated a d othe va iable legal a d adviso y fees, ce tai i ve to y w ite-dow s, excess pu chase o de obligatio s, gai s o sales of eal estate a d othe fixed assets, gai s a d losses o sale of subsidia ies, a d fo eig excha ge t a sactio gai s a d losses.
Othe compa ies, i cludi g compa ies i KVH’s i dust y, may calculate these o -GAAP fi a cial measu es diffe e tly o ot at all, which will educe thei useful ess as a compa ative measu e.
Because o -GAAP fi a cial measu es exclude the effect of items that i c ease o dec ease ou epo ted esults of ope atio s, ma ageme t st o gly e cou ages i vesto s to eview ou co solidated fi a cial stateme ts a d publicly filed epo ts i thei e ti ety. Reco ciliatio s of the o -GAAP fi a cial measu es to the most di ectly compa able GAAP fi a cial measu es a e i cluded i the tables accompa yi g this elease.
KVH I dust ies, I c. is a global leade i ma itime a d mobile co ectivity delive ed via the KVH ONE etwo k. The compa y, fou ded i 1982, is based i B istol, RI, with mo e tha a doze offices a ou d the globe. KVH p ovides co ectivity solutio s fo comme cial ma itime, leisu e ma i e, milita y/gove me t, a d la d mobile applicatio s o vessels a d vehicles, i cludi g the T acNet, T acPho e, a d T acVisio p oduct li es, the KVH ONE Ope Net P og am fo o -KVH a te as, AgilePla s Co ectivity as a Se vice (CaaS), a d the KVH Li k c ew wellbei g co te t se vice.
This p ess elease co tai s fo wa d-looki g stateme ts that i volve isks a d u ce tai ties. Fo example, fo wa d-looki g stateme ts i clude stateme ts ega di g p ojected fi a cial esults, the a ticipated be efits of ou est uctu i g a d othe i itiatives, dema d fo LEO-e abled co ectivity, a ticipated cost savi gs, ou i vestme t pla s, ou developme t goals, a d the pote tial impact of ou futu e i itiatives o eve ue, competitive positio i g, p ofitability, a d o de s. I some cases, fo wa d-looki g stateme ts ca be ide tified by te mi ology such as “may,” “will,” “should,” “would,” “expects,” “pla s,” “a ticipates,” “believes,” “estimates,” “p edicts,” “pote tial,” “co ti ue,” o the egative of these te ms o othe compa able te mi ology. Actual esults could diffe mate ially f om the esults p ojected i o implied by the fo wa d-looki g stateme ts made i this p ess elease. Facto s that might cause these diffe e ces i clude, but a e ot limited to: co ti ued i c easi g competitio , pa ticula ly f om lowe -cost p ovide s, low ea th o bit satellite systems a d othe telecommu icatio s systems, especially i the global leisu e ma ket, which is sig ifica tly educi g dema d fo geosy ch o ous satellite se vices, i cludi g ou s; ge e ally lowe p oduct a d se vice ma gi s f om eselle a a geme ts; i c eased fi a cial depe de ce o eselle a a geme ts with a small umbe of ai time p ovide s; the isk that sales of Sta li k a d O eWeb te mi als will co ti ue to slow dow , dec ease o become less p ofitable; the isk that we will be u able to co sume the p epaid block of Sta li k Mobile P io ity data withi the co t act pe iod, equi i g us to expe se the u used po tio ; pote tial ha dwa e a d softwa e competitio fo ou ew CommBox p oduct offe i gs; pote tial additio al sig ifica t cha ges fo excess a d obsolete i ve to y; pote tial modificatio o disco ti uatio of custome a d ve do co t acts ece tly acqui ed f om a thi d-pa ty satellite se vice p ovide , which could esult i mate ial cha ges fo impai me t of acqui ed i ta gible assets; u a ticipated obstacles to impleme tatio of ou ma ufactu i g wi d-dow ; u a ticipated costs a d expe ses a isi g f om the wi d-dow ; u a ticipated effects of the wi d-dow o ou o goi g busi ess; isks associated with the elocatio of ou ope atio s, i cludi g pote tial dis uptio s; pote tial i c eases i LEO ai time expe ses; pote tial eductio s i g oss ma gi s a isi g f om mi imum pu chase obligatio s to ve do s i excess of ou eeds; isks associated with i c eased custome elia ce o thi d-pa ty ha dwa e; the lack of futu e p oduct diffe e tiatio ; ew se vice offe i gs f om ha dwa e p ovide s; pote tial custome delays i selecti g ou se vices; the u ce tai impact of co ti ui g i dust y co solidatio ; the isk that compa ies that supply us with satellite etwo k capacity, i cludi g Sta li k, may ve tically i teg ate, sell di ectly to e d custome s, expa d thei eselle etwo ks o othe wise compete with us, o may cease p ovidi g capacity to us o do so o less favo able te ms; the isk that ou Ope Net p og am is leadi g to fu the eductio s i sales of ou satellite p oducts; the isk that ou cu e t a d futu e o -exclusive a a geme ts with Sta li k a d O eWeb will ot p ovide mate ial be efits; u ce tai ty ega di g custome espo ses to ew p oduct a d se vice i t oductio s; challe ges a d pote tial additio al expe ses i etai i g ou employees, pa ticula ly i the cu e t competitive labo ma ket cha acte ized by isi g wages; the challe ges of meeti g custome expectatio s with a smalle employee base; u ce tai ties c eated by ou ew busi ess st ategy, which may impact custome ec uitme t a d ete tio ; the u ce tai impact of o goi g dis uptio s i ou supply chai a d associated i c eases i ou costs; the u ce tai impact of i flatio , pa ticula ly with espect to fuel costs, a d fea s of ecessio ; pote tially highe i te est ates d ive by i c eased gove me t bo owi g; the u ce tai impact of the wa s i Uk ai e a d the Middle East (i cludi g I a ) a d i te atio al te sio s i Asia, i cludi g the impact of d amatic shifts i U.S. geopolitical p io ities; u a ticipated cha ges o dis uptio s i ou ma kets; tech ological b eakth oughs by competito s; cha ges i custome p io ities o p efe e ces; i c easi g custome te mi atio s; u a ticipated liabilities, cha ges a d w ite-offs; pote tial losses o expe ses a isi g f om cybe secu ity b eaches; the pote tial that competito s will desig a ou d o i validate ou i tellectual p ope ty ights; a histo y of losses; co ti ued fluctuatio s i qua te ly esults; the u ce tai impact of ece t a d o goi g d amatic cha ges i both U.S. a d fo eig t ade policy, i cludi g actual a d pote tial ew o highe ta iffs a d t ade ba ie s, as well as t ade wa s with othe cou t ies; pote tially i flatio a y impacts of ta iffs a d budget deficits; u a ticipated obstacles i ou p oduct a d se vice developme t, cost e gi ee i g a d ma ufactu i g effo ts; adve se impacts of cu e cy fluctuatio s, i cludi g pote tial fu the weake i g of the U.S. dolla ; ou ability to successfully comme cialize ou ew i itiatives without u a ticipated additio al expe ses o delays; educed sales to compa ies i o depe de t upo the tu bule t oil a d gas i dust y; the impact of exte ded eco omic weak ess o the sale a d use of ma i e vessels a d ec eatio al vehicles; co ti ued challe ges of mai tai i g ou ma ket sha e i the ma ket fo ai time se vices; the isk that decli i g sales of the T acNet H-se ies a d T acPho e V-HTS se ies p oducts a d elated se vices will co ti ue to educe ai time g oss ma gi s; the isk that educed p oduct sales will co ti ue to e ode p oduct g oss ma gi s a d lead to i c eased losses; pote tial co ti ui g decli es o cha ges i custome dema d, due to eco omic, weathe – elated, seaso al, a d othe facto s, pa ticula ly with espect to the T acNet H-se ies a d T acPho e V-HTS se ies; exposu e fo pote tial i tellectual p ope ty i f i geme t; cha ges i tax a d accou ti g equi eme ts o assessme ts; a d expo t est ictio s, delays i p ocu i g expo t lice ses, a d othe i te atio al isks. These a d othe facto s a e discussed i mo e detail i ou A ual Repo t o Fo m 10-K filed with the Secu ities a d Excha ge Commissio o Ma ch 10, 2026, as they may be updated by subseque tly filed Qua te ly Repo ts o Fo m 10-Q. Copies a e available th ough ou I vesto Relatio s depa tme t a d website, i vesto s.kvh.com. We do ot assume a y obligatio to update ou fo wa d-looki g stateme ts to eflect ew i fo matio a d developme ts.
KVH I dust ies, I c., has used, egiste ed, o applied to egiste its t adema ks i the USA a d othe cou t ies a ou d the wo ld, i cludi g but ot limited to the followi g ma ks: KVH, KVH ONE, T acPho e, T acVisio , AgilePla s, CommBox, a d T acNet. Othe t adema ks a e the p ope ty of thei espective compa ies.
| Se vice | $ | 29,711 | $ | 23,049 | $ | 57,865 | $ | 44,691 | P oduct | 4,012 | 3,574 | 8,176 | 7,346 | 33,723 | 26,623 | 66,041 | 52,037 | Costs of se vice sales | 19,093 | 14,210 | 37,452 | 28,445 | Costs of p oduct sales | 4,301 | 3,277 | 8,701 | 7,017 | Resea ch a d developme t | 805 | 916 | 1,531 | 2,103 | Sales, ma keti g a d suppo t | 5,237 | 5,010 | 10,306 | 9,970 | Ge e al a d admi ist ative | 4,363 | 3,580 | 8,245 | 7,115 | 33,799 | 26,993 | 66,235 | 54,650 | (76 | ) | (370 | ) | (194 | ) | (2,613 | ) | I te est i come | 546 | 579 | 1,141 | 1,146 | I te est expe se | — | — | (6 | ) | — | Othe (expe se) i come, et | (104 | ) | 826 | 126 | 817 | I come (loss) befo e i come tax expe se | 366 | 1,035 | 1,079 | (650 | ) | I come tax expe se | 203 | 105 | 328 | 130 | Basic | Diluted | Basic | Diluted |
| Cash a d cash equivale ts | $ | 57,720 | $ | 69,910 | Accou ts eceivable, et | 28,665 | 25,049 | I ve to ies, et | 11,856 | 14,859 | P epaid expe ses a d othe cu e t assets | 19,770 | 7,980 | | | P ope ty a d equipme t, et | 21,043 | 22,032 | Goodwill | 732 | 732 | I ta gible assets, et | 3,954 | 3,717 | Right of use assets | 4,464 | 4,382 | Othe o -cu e t assets | 2,193 | 2,237 | Defe ed i come tax asset | 600 | 602 | | | Accou ts payable a d acc ued expe ses | $ | 14,624 | $ | 14,968 | Defe ed eve ue | 1,273 | 1,155 | Cu e t ope ati g lease liability | 790 | 547 | | | Lo g-te m ope ati g lease liability | 3,865 | 3,841 | Defe ed i come tax liability | 5 | 5 | Stockholde s’ equity | 130,440 | 130,984 | | |
| I come tax expe se | 203 | 105 | 328 | 130 | I te est i come, et | (546 | ) | (579 | ) | (1,147 | ) | (1,146 | ) | Dep eciatio a d amo tizatio | 2,316 | 2,606 | 4,761 | 5,494 | Stock-based compe satio expe se | 411 | 434 | 717 | 771 | Disposal of a disco ti ued p oject | — | 287 | — | 287 | Loss o a u favo able futu e co t act | — | 12 | — | 12 | Employee te mi atio a d othe va iable costs | 245 | 26 | 248 | 29 | T a sactio – elated a d othe va iable legal a d adviso y fees | 76 | 66 | 76 | 66 | Loss (gai ) o sale of fixed assets, i cludi g eal estate | 144 | (1,330 | ) | 128 | (1,330 | ) | Fo eig excha ge t a sactio (gai ) loss | 14 | 101 | (62 | ) | 132 |
| KVH I dust ies, I c.A tho y Pike401-847-3327IR@kvh.com |
