KVH Industries reports $3.6M loss in Q2

KVH INDUSTRIES Inc. reported a $3.6 million loss in the second quarter of 2020. / COURTESY KVH INDUSTRIES INC

MIDDLETOWN – KVH Industries Inc. reported a loss of $3.6 million in the second quarter, or 20 cents per diluted share, the company reported on Friday.

The company reported a $3.3 million loss, or 19 cents per diluted share, one year prior.

“As was the case for most companies, we entered the second quarter with significant uncertainty resulting from the unprecedented global pandemic,” said Martin Kits van Heyningen, KVH’s CEO. “We are happy to say, however, that while we anticipated and prepared for a range of scenarios, both of our business segments held up well in the face of the global health and economic challenges.”

Revenue for the quarter was $36.9 million, a decline from $39.7 million one year prior.

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  • The company’s product revenue totaled $13.9 million for the quarter, an 8.2% decline year over year, primarily attributable to a decrease in mobile connectivity product sales.
  • Service segment revenue declined 6.4% year over year to $23 million. The decline was primarily attributed to stagnant navigation service sales and a decrease in mobile-connectivity service sales.

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