kvhi-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-28082

KVH Industries, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware			05-0420589
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)

75 Enterprise Center, Middletown, RI 02842

(Address of Principal Executive Offices) (Zip Code)

(401) 847-3327

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on which Registered
		The Nasdaq Stock Market LLC
Common Stock, par value $0.01 per share	KVHI	(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Date	Class	Outstanding shares
August 4, 2025	Common Stock, par value $0.01 per share	19,504,764

KVH INDUSTRIES, INC. AND SUBSIDIARIES

Form 10-Q

INDEX


		Page No.
PART I. FINANCIAL INFORMATION
ITEM 1.	INTERIM FINANCIAL STATEMENTS
	Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024 (unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)	7
	Notes to Consolidated Financial Statements (unaudited)	8
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	23
ITEM 4.	CONTROLS AND PROCEDURES	32
PART II. OTHER INFORMATION

ITEM 1A.	RISK FACTORS	33
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	43

ITEM 6.	EXHIBITS	44
SIGNATURE		45

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	June 30, 2025		December 31, 2024
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	55,931	$	50,572

Accounts receivable, net of allowance for credit losses of $987 and $1,006 as of June 30, 2025 and December 31, 2024, respectively	25,350		21,624
Inventories	20,258		22,953
Prepaid expenses and other current assets	13,627		16,016

Current assets held for sale	7,833		11,410
Total current assets	122,999		122,575
Property and equipment, net	24,071		27,014
Intangible assets, net	636		828

Right of use assets	1,275		1,361
Other non-current assets	2,919		3,146

Deferred income tax asset	141		157

Total assets	$	152,041	$	155,081
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,231	$	4,316
Accrued airtime	993		745
Accrued compensation and employee-related expenses	2,991		4,728
Accrued loss on future firm purchase commitments	—		919
Accrued other	2,172		2,134
Accrued product warranty costs	828		607

Deferred revenue	1,459		1,039
Current operating lease liability	651		660
Liability for uncertain tax positions	767		724

Total current liabilities	13,092		15,872

Long-term operating lease liability	562		569


Deferred income tax liability	3		15

Total liabilities	$	13,657	$	16,456
Commitments and contingencies (Notes 2, 11, and 16)
Stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; none issued	—		—
Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,223,892 and 21,240,525 shares issued at June 30, 2025 and December 31, 2024, respectively; and 19,525,435 and 19,784,416 shares outstanding at June 30, 2025 and December 31, 2024, respectively	212		212
Additional paid-in capital	168,082		167,287
Accumulated deficit	(13,532)		(12,752)
Accumulated other comprehensive loss	(3,032)		(4,032)
	151,730		150,715
Less: treasury stock at cost, common stock, 1,698,457 and 1,456,109 shares as of June 30, 2025 and December 31, 2024, respectively.	(13,346)		(12,090)
Total stockholders’ equity	138,384		138,625
Total liabilities and stockholders’ equity	$	152,041	$	155,081

See accompanying Notes to Unaudited Consolidated Financial Statements.

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except earnings per share amounts, unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Sales:
Service	$	23,049	$	24,674	$	44,691	$	49,712
Product	3,574		3,999		7,346		8,228
Net sales	26,623		28,673		52,037		57,940
Costs and expenses:
Costs of service sales	14,210		15,469		28,445		29,513
Costs of product sales	3,277		4,299		7,017		9,607
Research and development	916		2,326		2,103		5,364
Sales, marketing and support	5,010		5,334		9,970		10,718
General and administrative	3,580		4,134		7,115		9,425


Total costs and expenses	26,993		31,562		54,650		64,627
Loss from operations	(370)		(2,889)		(2,613)		(6,687)
Interest income	579		876		1,146		1,787

Other income (expense), net	826		(366)		817		(564)
Income (loss) before income tax expense (benefit)	1,035		(2,379)		(650)		(5,464)
Income tax expense (benefit)	105		(3)		130		75


Net income (loss)	$	930	$	(2,376)	$	(780)	$	(5,539)









Net income (loss) per common share
Basic	$	0.05	$	(0.12)	$	(0.04)	$	(0.29)
Diluted	$	0.05	$	(0.12)	$	(0.04)	$	(0.29)

Weighted average number of common shares outstanding:
Basic	19,401		19,381		19,446		19,333
Diluted	19,441		19,381		19,446		19,333

See accompanying Notes to Unaudited Consolidated Financial Statements.

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands, unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net income (loss)	$	930	$	(2,376)	$	(780)	$	(5,539)
Other comprehensive income (loss), net of tax:

Foreign currency translation adjustment	278		(35)		1,000		194
Other comprehensive income (loss), net of tax(1)	278		(35)		1,000		194
Total comprehensive income (loss)	$	1,208	$	(2,411)	$	220	$	(5,345)

(1) Tax impact was nominal for all periods.

See accompanying Notes to Unaudited Consolidated Financial Statements.

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands, unaudited)



	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Stockholders’ Equity
	Shares	Amount								Shares	Amount
Balance at March 31, 2025	21,220	$	212	$	167,624	$	(14,462)	$	(3,310)	(1,487)	$	(12,253)	$	137,811
Net income	—	—		—		930		—		—	—		930
Other comprehensive income	—	—		—		—		278		—	—		278
Stock-based compensation

SEC Form 10-Q filed by KVH Industries Inc.