kvhi-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-28082

KVH Industries, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware			05-0420589
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)

75 Enterprise Center, Middletown, RI 02842

(Address of Principal Executive Offices) (Zip Code)

(401) 847-3327

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on which Registered
		The Nasdaq Stock Market LLC
Common Stock, par value $0.01 per share	KVHI	(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Date	Class	Outstanding shares
November 3, 2025	Common Stock, par value $0.01 per share	19,573,251

KVH INDUSTRIES, INC. AND SUBSIDIARIES

Form 10-Q

INDEX


		Page No.
PART I. FINANCIAL INFORMATION
ITEM 1.	INTERIM FINANCIAL STATEMENTS
	Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)	6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	7
	Notes to Consolidated Financial Statements (unaudited)	8
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	25
ITEM 4.	CONTROLS AND PROCEDURES	33
PART II. OTHER INFORMATION

ITEM 1A.	RISK FACTORS	34
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	44
ITEM 5.	OTHER INFORMATION	45
ITEM 6.	EXHIBITS	45
SIGNATURE		46

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	September 30, 2025		December 31, 2024
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	72,804	$	50,572

Accounts receivable, net of allowance for credit losses of $833 and $1,006 as of September 30, 2025 and December 31, 2024, respectively	24,302		21,624
Inventories	13,394		22,953
Prepaid expenses and other current assets	9,200		16,016

Current assets held for sale	—		11,410
Total current assets	119,700		122,575
Property and equipment, net	22,295		27,014
Intangible assets, net	537		828

Right of use assets	4,636		1,361
Other non-current assets	2,972		3,146

Deferred income tax asset	141		157

Total assets	$	150,281	$	155,081
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,012	$	4,316
Accrued airtime	1,365		745
Accrued compensation and employee-related expenses	4,253		4,728
Accrued loss on future firm purchase commitments	—		919
Accrued other	2,105		2,134
Accrued product warranty costs	754		607

Deferred revenue	1,346		1,039
Current operating lease liability	591		660
Liability for uncertain tax positions	788		724

Total current liabilities	15,214		15,872

Long-term operating lease liability	4,017		569


Deferred income tax liability	3		15

Total liabilities	$	19,234	$	16,456
Commitments and contingencies (Notes 2, 11, and 16)
Stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; none issued	—		—
Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,293,839 and 21,240,525 shares issued at September 30, 2025 and December 31, 2024, respectively; and 19,573,517 and 19,784,416 shares outstanding at September 30, 2025 and December 31, 2024, respectively	213		212
Additional paid-in capital	168,470		167,287
Accumulated deficit	(20,466)		(12,752)
Accumulated other comprehensive loss	(3,708)		(4,032)
	144,509		150,715
Less: treasury stock at cost, common stock, 1,720,322 and 1,456,109 shares as of September 30, 2025 and December 31, 2024, respectively.	(13,462)		(12,090)
Total stockholders’ equity	131,047		138,625
Total liabilities and stockholders’ equity	$	150,281	$	155,081

See accompanying Notes to Unaudited Consolidated Financial Statements.

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except earnings per share amounts, unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Sales:
Service	$	25,388	$	24,410	$	70,079	$	74,122
Product	3,065		4,561		10,411		12,789
Net sales	28,453		28,971		80,490		86,911
Costs and expenses:
Costs of service sales	16,694		14,983		45,139		44,496
Costs of product sales	9,846		4,714		16,863		14,321
Research and development	969		1,407		3,072		6,771
Sales, marketing and support	4,884		4,932		14,854		15,650
General and administrative	3,691		3,789		10,806		13,214

Long-lived assets impairment charge	—		1,137		—		1,137
Total costs and expenses	36,084		30,962		90,734		95,589
Loss from operations	(7,631)		(1,991)		(10,244)		(8,678)
Interest income	681		629		1,827		2,416
Interest expense	—		2		—		2
Other income (expense), net	32		216		849		(348)
Loss before income tax expense	(6,918)		(1,148)		(7,568)		(6,612)
Income tax expense	16		51		146		126


Net loss	$	(6,934)	$	(1,199)	$	(7,714)	$	(6,738)









Net loss per common share
Basic	$	(0.36)	$	(0.06)	$	(0.40)	$	(0.35)
Diluted	$	(0.36)	$	(0.06)	$	(0.40)	$	(0.35)

Weighted average number of common shares outstanding:
Basic	19,361		19,433		19,418		19,367
Diluted	19,361		19,433		19,418		19,367

See accompanying Notes to Unaudited Consolidated Financial Statements.

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands, unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net loss	$	(6,934)	$	(1,199)	$	(7,714)	$	(6,738)
Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustment	(676)		134		324		328
Other comprehensive (loss) income, net of tax(1)	(676)		134		324		328
Total comprehensive loss	$	(7,610)	$	(1,065)	$	(7,390)	$	(6,410)

(1) Tax impact was nominal for all periods.

See accompanying Notes to Unaudited Consolidated Financial Statements.

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands, unaudited)



	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Stockholders’ Equity
	Shares	Amount								Shares	Amount
Balance at June 30, 2025	21,224	$	212	$	168,082	$	(13,532)	$	(3,032)	(1,698)	$	(13,346)	$	138,384
Net loss	—	—		—		(6,934)		—		—	—		(6,934)
Other comprehensive loss	—	—		—

SEC Form 10-Q filed by KVH Industries Inc.