MIDDLETOWN – KVH Industries on Wednesday reported a $4 million loss in the first quarter of 2021, or 22 cents per diluted share.
The mobile connectivity and inertial navigation systems company reported a $6.2 million loss one year prior, or 35 cents per share.
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Revenue in the first quarter totaled $42.3 million, a rise from $36.6 million one year prior.
“Despite continuing pandemic-related headwinds, KVH recorded a strong first quarter, with total revenue up 16% over the first quarter of 2020, net loss improved by $2.2 million and adjusted EBITDA was up $4.8 million over the first quarter of 2020,” said Martin Kits van Heyningen, KVH’s CEO. “We continued to make progress [on] our strategic priorities, with shipments for our AgilePlans subscription offering up almost 50%. While AgilePlans shipments do not immediately show up in revenue, they drive future top-line growth and are an important indicator of the robust health of our mobile connectivity business.”
The company’s product segment reported $18.4 million in revenue for the quarter, a 40% increase year over year. KVH’s service segment revenue totaled $23.8 million for the quarter, a 1.6% increase year over year.
