KVH Industries Reports Q3 2024 Results

TL;DR

KVH Q3 revenue up slightly to $129.7M YTD. Product sales strong.

AI Summary

KVH Industries Inc. reported its Q3 2024 results, with total revenue for the nine months ending September 30, 2024, reaching $129.7 million. This represents a slight increase from the $128.5 million reported for the same period in 2023. The company's revenue is segmented into product and service sales, with specific figures for each quarter and year-to-date periods detailed within the filing.

Why It Matters

This filing provides investors with a quarterly update on KVH Industries' financial performance, including revenue trends and segment breakdowns, which are crucial for assessing the company's growth and operational health.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediately apparent significant negative events or disclosures.

Key Numbers

• $129.7M — Revenue (YTD) (Revenue for the nine months ending September 30, 2024)
• $128.5M — Revenue (YTD) (Revenue for the nine months ending September 30, 2023)

Key Players & Entities

• KVH INDUSTRIES INC (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date of the report
• $129.7 million (dollar_amount) — Total revenue for the nine months ending September 30, 2024
• $128.5 million (dollar_amount) — Total revenue for the nine months ending September 30, 2023

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-20240930.htm (10-Q) — 1068KB
• kvhi930202410qex311.htm (EX-31.1) — 11KB
• kvhi930202410qex312.htm (EX-31.2) — 11KB
• kvhi930202410qex321.htm (EX-32.1) — 7KB
• 0001007587-24-000013.txt ( ) — 5930KB
• kvhi-20240930.xsd (EX-101.SCH) — 39KB
• kvhi-20240930_cal.xml (EX-101.CAL) — 79KB
• kvhi-20240930_def.xml (EX-101.DEF) — 175KB
• kvhi-20240930_lab.xml (EX-101.LAB) — 489KB
• kvhi-20240930_pre.xml (EX-101.PRE) — 343KB
• kvhi-20240930_htm.xml (XML) — 825KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

INTERIM FINANCIAL STATEMENTS

ITEM 1. INTERIM FINANCIAL STATEMENTS Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the nine months ended September 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 23

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 31

OTHER INFORMATION

PART II. OTHER INFORMATION

RISK FACTORS

ITEM 1A. RISK FACTORS 32

EXHIBITS

ITEM 6. EXHIBITS 45 SIGNATURE 46 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) September 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 14,396 $ 11,294 Marketable securities 35,369 58,477 Accounts receivable, net of allowance for credit losses of $ 1,035 and $ 1,168 as of September 30, 2024 and December 31, 2023, respectively 24,757 25,670 Inventories 25,203 19,046 Prepaid expenses and other current assets 20,531 4,331 Current assets held for sale 11,410 — Total current assets 131,666 118,818 Property and equipment, net 29,894 47,680 Intangible assets, net 922 1,194 Right of use assets 1,104 1,068 Other non-current assets 2,914 3,618 Deferred income tax asset 221 256 Total assets $ 166,721 $ 172,634 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,198 $ 4,780 Accrued airtime 673 5,508 Accrued compensation and employee-related expenses 4,251 4,466 Accrued loss on future firm purchase commitments 2,174 3,569 Accrued other 2,774 2,588 Accrued product warranty costs 584 828 Deferred revenue 1,536 1,774 Current operating lease liability 692 786 Liability for uncertain tax positions 733 673 Total current liabilities 23,615 24,972 Long-term operating lease liability 406 289 Deferred income tax liability 2 1 Total liabilities $ 24,023 $ 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; 21,255,231 and 21,066,899 shares issued at September 30, 2024 and December 31, 2023, respectively; and 19,799,122 and 19,610,790 shares outstanding at September 30, 2024 and December 31, 2023, respectively 213 211 Additional paid-in capital 166,874 165,140 Accumulated deficit ( 8,442 ) ( 1,704 ) Accumulated other comprehensive l

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