KVH INDUSTRIES INC \DE\ (KVHI) Company Report

KVH Industries reported Q3 2025 service revenue of $25.4 million, a 10% sequential increase and 4% year-over-year increase, driven by a strategic focus on LEO Airtime revenue and subscriber growth. The company also achieved a record 1,600 terminal shipments and an 11% sequential increase in total subscribing vessels to approximately 9,000, marking a 26% year-to-date growth.
The company's adjusted EBITDA for Q3 2025 was $1.4 million, with an ending cash balance of $72.8 million, an increase of $16.9 million from the beginning of the quarter. Product gross profit was negative $6.8 million, impacted by a $5.5 million VSAT inventory write-down, and airtime gross margin decreased to 31.9% due to declining GEO airtime margins.
KVH Industries completed the sale of its Middletown, Rhode Island facility for $7.8 million in net proceeds and acquired a maritime communications customer base in Asia-Pacific, which is expected to add over 500 net new vessels and over 4,400 land-based subscribers in Q4.

Nov 6, 2025, 2:00 PM

KVH Industries Reports Q3 2025 Financial Results

KVHI

Earnings

Demand Weakening

New Projects/Investments

KVH Industries reported total revenues of $28.5 million for Q3 2025, a 2% decrease year-over-year from $29.0 million in Q3 2024, but a 7% sequential increase from Q2 2025.
The company posted a net loss of $6.9 million, or $0.36 per share, in Q3 2025, a substantial increase from the $1.2 million net loss, or $0.06 per share, in Q3 2024, largely impacted by a $5.5 million inventory write-down.
Non-GAAP adjusted EBITDA declined to $1.4 million in Q3 2025 from $2.9 million in Q3 2024.
Service revenues increased by $1.0 million year-over-year, with LEO service sales growing to over 40% of airtime service sales in Q3 2025, up from less than 15% in Q3 2024, and the subscribing vessel count increased by a record 11% sequentially to approximately 9,000.