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KVHI

KVH Industries, Inc.

KVHI

KVH Industries, Inc. • NASDAQ
$5.99 ▲ 0.67% (+0.04)
Market Cap $117.23 M
52w High $6.41
52w Low $4.69
Dividend Yield 0%
P/E -9.66
Volume 19.20K
Outstanding Shares 19.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $28.453M ▲ $9.544M ▲ $-6.934M ▼ -24.37% ▼ $-0.36 ▼ $-4.312M ▼
Q2-2025 $26.623M ▲ $9.506M ▼ $930K ▲ 3.493% ▲ $0.048 ▲ $2.236M ▲
Q1-2025 $25.414M ▼ $9.682M ▼ $-1.71M ▲ -6.729% ▲ $-0.09 ▲ $645K ▲
Q4-2024 $26.917M ▼ $10.33M ▼ $-4.31M ▼ -16.012% ▼ $-0.22 ▼ $-967K ▼
Q3-2024 $28.971M $11.265M $-1.199M -4.139% $-0.062 $2.119M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $72.804M ▲ $150.281M ▼ $19.234M ▲ $131.047M ▼
Q2-2025 $55.931M ▲ $152.041M ▲ $13.657M ▲ $138.384M ▲
Q1-2025 $48.6M ▼ $151.434M ▼ $13.623M ▼ $137.811M ▼
Q4-2024 $50.572M ▲ $155.081M ▼ $16.456M ▼ $138.625M ▼
Q3-2024 $49.765M $166.721M $24.023M $142.698M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.934M ▼ $9.896M ▲ $7.148M ▲ $-98K ▲ $16.873M ▲ $8.373M ▲
Q2-2025 $930K ▲ $5.096M ▲ $3.168M ▲ $-1.066M ▼ $7.331M ▲ $2.747M ▲
Q1-2025 $-1.71M ▲ $-1.277M ▼ $-557K ▼ $-162K ▼ $-1.972M ▼ $-2.469M ▼
Q4-2024 $-4.31M ▼ $403K ▼ $35.882M ▲ $14K ▲ $36.176M ▲ $-487K ▼
Q3-2024 $-1.199M $1.884M $2.059M $0 $4.039M $409K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Service
Service
 $20.00M ▲$20.00M ▲$20.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement KVH is still a relatively small, niche business with revenue that has gently drifted down over the past few years rather than grown. The company consistently earns a positive gross profit on what it sells, but operating results have stayed in loss-making territory, and net income has been negative in most recent years. Losses are not huge but they are persistent, which suggests a business still in transition rather than one already scaled and profitable. The gradual improvement in per‑share results hints at underlying progress, but profitability is not yet firmly in place.

Balance Sheet

Balance Sheet The balance sheet looks generally conservative and stable. Total assets and shareholder equity have held fairly steady over time, suggesting no dramatic expansion or contraction. Cash levels have improved noticeably in the most recent year, and the company carries essentially no financial debt, which reduces financial risk. Overall, KVH appears to have a solid capital base and some flexibility to manage its strategic shift, even though it is not currently generating strong profits.

Cash Flow

Cash Flow Cash generation has been weak and uneven. Operating cash flow has hovered around break‑even, tipping slightly negative in the latest period, which means the business is not yet self‑funding in a comfortable way. Free cash flow has been modestly negative for several years, even though investment spending on equipment and capital projects is relatively low. This pattern underscores the importance of KVH successfully growing higher‑margin service revenue to turn its cash flow consistently positive over time.

Competitive Edge

Competitive Edge KVH operates in a specialized corner of communications, focused mainly on maritime connectivity and navigation, where it has long experience and a recognized brand. Its strengths lie in integrated solutions that combine hardware, network services, and software features tailored to ships and fleets, plus a global support network and niche navigation sensors. However, the competitive landscape is shifting quickly as powerful low‑orbit satellite players like Starlink drive down costs and raise performance expectations. KVH’s move toward being a hardware‑agnostic service provider and leaning on value‑added services is designed to defend and reshape its niche, but its traditional advantages are under pressure and execution will be critical.

Innovation and R&D

Innovation and R&D Innovation at KVH is increasingly about software, network orchestration, and services rather than just antennas. The company has built platforms that blend satellite, cellular, and Wi‑Fi connections, and its CommBox Edge and KVH ONE offerings aim to make connectivity smarter, more resilient, and easier to manage. It is also layering on content, cybersecurity, and data services, and integrating new low‑orbit satellite options rather than fighting them. At the same time, KVH maintains a technology foothold in fiber‑optic gyros and inertial sensors, which serve demanding defense and autonomy applications. The strategic wind‑down of in‑house manufacturing to focus on higher‑margin, recurring services is a major R&D and product‑strategy pivot that could improve economics if managed smoothly.

Summary

KVH is a maritime‑focused technology company in the midst of a major transition from hardware maker to service‑centric connectivity provider. Financially, it has a solid, low‑debt balance sheet and improved cash reserves, but it remains a small, loss‑making business with only modest and inconsistent cash generation. Competitively, its long history, integrated solutions, and support network are real strengths, yet they must be re‑positioned in a world increasingly dominated by low‑orbit satellite networks. The company’s innovation agenda—hybrid connectivity, intelligent network management, value‑added services, and a more flexible, hardware‑agnostic model—targets this new reality. The key questions going forward are whether KVH can grow service revenue fast enough, maintain its niche relevance, and turn its technological capabilities into durable, profitable scale.

NEWS

November 6, 2025 · 7:00 AM UTC

KVH Industries Reports Third Quarter 2025 Results

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November 4, 2025 · 8:43 AM UTC

KVH Industries to Host Third Quarter Conference Call on November 6, 2025

Read more