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KVH Industries (KVHI) investor relations material

KVH Industries Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 revenue was $26.6M, up sequentially but down 7% year-over-year due to VSAT and contract declines, offset by LEO growth.

  • Net income reached $0.9M, reversing a $2.4M loss in Q2 2024, aided by cost reductions and a $1.3M gain from property sale.

  • Surpassed 8,000 subscribing vessels, with LEO revenue now exceeding legacy VSAT declines.

  • Initiated staged wind-down of manufacturing, shifting to third-party hardware and integrated solutions, with manufacturing to cease by end of 2026.

  • Workforce reduced by 20% in 2024, incurring $3.9M in severance charges.

Financial highlights

  • Q2 2025 net sales: $26.6M (down 7% YoY), but up $1.2M sequentially; six-month net sales: $52.0M (down 10% YoY).

  • Q2 2025 net income: $0.9M; six-month net loss: $0.8M (improved from $5.5M loss in 2024).

  • Adjusted EBITDA increased to $2.7M, up $1.7M from Q1.

  • Cash and cash equivalents at June 30, 2025: $55.9M, up $7.3M from the start of the quarter, including $4.9M from property sale.

  • Operating expenses for Q2 2025 decreased to $9.5M, down 2% sequentially and 15% YoY (excluding non-recurring charges).

Outlook and guidance

  • Updated 2025 guidance: revenue of $107M–$114M and adjusted EBITDA of $8M–$12M.

  • Management expects sufficient liquidity for at least 12 months, with focus on cost control and transition to third-party hardware.

  • CapEx expected to decrease in the second half as major OneWeb rollout completes.

  • ARPUs slightly below expectations, but gross profit margins better than anticipated.

  • Anticipates continued competitive pressure from LEO entrants and further declines in VSAT-related revenues.

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Frequently asked questions

KVH Industries Inc provides mobile connectivity and inertial navigation systems for maritime, military, and commercial applications. The company offers satellite-based internet, television, and tracking services, along with fiber optic gyro-based navigation technologies. It serves global customers in transportation and defense. The company is headquartered in Middletown, Rhode Island, and its shares are listed on the NASDAQ.

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