Home Economy Economic Activity SEC filing of the week: KVH Industries loss narrows to $11M in 2024

SEC filing of the week: KVH Industries loss narrows to $11M in 2024

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PBN Staff

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03/07/2025

KVH — KVH INDUSTRIES reported an $11 million loss for the year, 57 cents per diluted share, narrowing the $15.4 million loss, 81 cents per diluted share, the company posted a year earlier. / COURTESY KVH INDUSTRIES

MIDDLETOWN – KVH Industries saw year-end losses narrow to $11 million, from a $15.4 million loss the company posted a year ago. The 2024 loss of 57 cents per diluted share compares to a loss of 81 cents per diluted share the previous year. For 2024, the Aquidneck Island-based manufacturer on Thursday said it had

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MIDDLETOWN – KVH Industries saw year-end losses narrow to $11 million, from a $15.4 million loss the company posted a year ago. The 2024 loss of 57 cents per diluted share compares to a loss of 81 cents per diluted share the previous year. For 2024, the Aquidneck Island-based manufacturer on Thursday said it had revenue of $114 million, down from $132.4 million in 2023. KVH produces maritime satellite connectivity technology and satellite TV terminals. “Our recent results validate our strategic decision to integrate Starlink fully into our product and service portfolio. We shipped more than 1,000 Starlink terminals in the fourth quarter and, with more than 2,300 activations in 2024, Starlink is now the fastest-growing product line in our history," said Brent C. Bruun, KVH’s CEO. “At the same time, we have strengthened our multiorbit, multichannel portfolio with the addition of OneWeb, CommBox Edge, and the TracNet Coastal global 5G and Wi-Fi communication system.” Service revenue for the year was $96.4 million, down 16% compared to 2023. This was primarily due to a $17.1 million decrease in airtime service sales, driven primarily by a decrease in VSAT-only subscribers, partially offset by an increase in Starlink service sales. Also, $2.7 million of this decrease was related to the U.S. Coast Guard contract downgrade. Product revenue for the year fell 2% to 17.4 million compared to 2023. This was the result of a $2.2 million decrease in VSAT Broadband product sales, a $2 million decrease in TracVision product sales and a $1.3 million decrease in accessory and service product sales, partially offset by a $5 million increase in Starlink product sales and a $500,000 increase in CommBox Edge product sales. For the fourth quarter, the company reported a loss of $4 million, or 22 cents per diluted share, compared to the $12 million loss, or 63 cents per diluted share, posted the year prior. Revenue fell 14% in the fourth quarter compared to a year ago to $26.9 million. Service revenue for the fourth quarter of 2024 was $22.3 million, a decrease of 20% year over year. The loss was primarily due to a $5.1 million decrease in airtime service sales, of which $2.2 million was related to the U.S. Coast Guard contract downgrade. Product revenue for the fourth quarter of 2024 was $4.6 million, an increase of 24% from the fourth quarter of 2023. The increase in product sales was primarily due to a $1.2 million increase in Starlink product sales, partially offset by a $300,000 decrease in TracVision product sales. KVH anticipates that its 2025 revenue will fall in the range of $115 million to $125 million, Bruun said.