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KVH Industries (KVHI) investor relations material
KVH Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue was $28.5 million, down 2% year-over-year but up 7% sequentially, driven by increased LEO airtime service sales and record vessel subscriber growth.
Net loss widened to $6.9 million, mainly due to a $5.5 million inventory write-down and reduced hardware demand.
Subscribing vessel count grew by a record 11% sequentially and 26% year-to-date, reaching nearly 9,000.
Completed sale of the Middletown, Rhode Island facility and 75 Enterprise Center, generating $7.8 million in net cash but resulting in a $0.3 million loss on disposal.
LEO service sales, especially Starlink and OneWeb, now represent a growing share of revenue, offsetting declines in traditional VSAT services.
Financial highlights
Q3 2025 service revenue was $25.4 million, up 10% sequentially and 4% year-over-year, while product revenues fell 33% year-over-year to $3.1 million.
Adjusted EBITDA for Q3 was $1.4 million, down from $2.7 million in Q2 and $2.9 million a year ago.
Product gross profit was -$6.8 million, including a $5.5 million VSAT inventory write-down and $1.6 million impact from price reductions.
Operating expenses were $9.5 million, flat sequentially and down $1.7 million year-over-year.
Cash and cash equivalents at September 30, 2025, were $72.8 million, up $16.9 million from the start of the quarter.
Outlook and guidance
Management expects sufficient liquidity for at least the next twelve months and plans to purchase a larger block of Starlink data in Q4 2025.
GEO airtime margin pressure is expected to persist in Q4, with relief anticipated from lower minimum bandwidth commitments starting January 2026.
Product margins are expected to improve in Q4 but remain modest; recurring airtime revenue is seen as the main value driver.
The company anticipates continued transition to third-party hardware and further growth in LEO service sales.
Ongoing competitive pressures from LEO providers and low-cost alternatives are expected to impact product and service margins.
Starlink dynamic pricing impact on hardware margins?
GEO fixed cost management post-2025 commitment drop?
Rationale for land-based sat phone market entry?
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Next KVH Industries earnings date
Q4 20255 Mar, 2026
Next KVH Industries earnings date
Q4 20255 Mar, 2026
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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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