KVH Industries Files Q2 2024 10-Q with Revenue Details

TL;DR

KVH Industries Q2 10-Q out: Revenue details for product/service segments released. Check financials.

AI Summary

KVH Industries, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenue from contracts with customers, with specific figures for product and service segments for the second quarter and year-to-date periods of 2024 and 2023. Financial details regarding common stock, additional paid-in capital, and retained earnings as of March 31, 2024, were also disclosed.

Why It Matters

This filing provides investors with a detailed look at KVH Industries' financial performance for the second quarter of 2024, including revenue breakdowns by product and service, which is crucial for assessing the company's growth and operational health.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the specific financial performance and future outlook are not detailed enough to assess significant new risks.

Key Numbers

• 2024-06-30 — End of Reporting Period (The 10-Q covers financial activities up to this date.)
• 2024-08-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• KVH Industries, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date of the report
• MIDDLETOWN, RI (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.01 — ck Market LLC Common Stock, par value $0.01 per share KVHI (Nasdaq Global Select Ma

Filing Documents

• kvhi-20240630.htm (10-Q) — 1043KB
• kvhi630202410qex311.htm (EX-31.1) — 11KB
• kvhi630202410qex312.htm (EX-31.2) — 11KB
• kvhi630202410qex321.htm (EX-32.1) — 7KB
• 0001007587-24-000008.txt ( ) — 5831KB
• kvhi-20240630.xsd (EX-101.SCH) — 38KB
• kvhi-20240630_cal.xml (EX-101.CAL) — 77KB
• kvhi-20240630_def.xml (EX-101.DEF) — 168KB
• kvhi-20240630_lab.xml (EX-101.LAB) — 480KB
• kvhi-20240630_pre.xml (EX-101.PRE) — 335KB
• kvhi-20240630_htm.xml (XML) — 823KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

INTERIM FINANCIAL STATEMENTS

ITEM 1. INTERIM FINANCIAL STATEMENTS Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive (Loss) Income f or the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 29

OTHER INFORMATION

PART II. OTHER INFORMATION

RISK FACTORS

ITEM 1A. RISK FACTORS 30

EXHIBITS

ITEM 6. EXHIBITS 43 SIGNATURE 44 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements KVH INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 10,357 $ 11,294 Marketable securities 38,903 58,477 Accounts receivable, net of allowance for credit losses of $ 1,131 and $ 1,168 as of June 30, 2024 and December 31, 2023, respectively 27,326 25,670 Inventories 22,715 19,046 Prepaid expenses and other current assets 19,191 4,331 Total current assets 118,492 118,818 Property and equipment, net 44,784 47,680 Intangible assets, net 1,014 1,194 Right of use assets 1,396 1,068 Other non-current assets 2,996 3,618 Deferred income tax asset 221 256 Total assets $ 168,903 $ 172,634 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,618 $ 4,780 Accrued airtime 976 5,508 Accrued compensation and employee-related expenses 5,052 4,466 Accrued loss on future firm purchase commitments 2,961 3,569 Accrued other 2,597 2,588 Accrued product warranty costs 636 828 Deferred revenue 1,586 1,774 Current operating lease liability 964 786 Liability for uncertain tax positions 712 673 Total current liabilities 25,102 24,972 Long-term operating lease liability 421 289 Deferred income tax liability 2 1 Total liabilities $ 25,525 $ 25,262 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; 21,170,195 and 21,066,899 shares issued at June 30, 2024 and December 31, 2023, respectively; and 19,714,086 and 19,610,790 shares outstanding at June 30, 2024 and December 31, 2023, respectively 212 211 Additional paid-in capital 166,490 165,140 Accumulated deficit ( 7,243 ) ( 1,704 ) Accumulated other comprehensive loss ( 3,991 ) ( 4,185 ) 155,468 159,462 Less: treasury s

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