Business
KVH Industries Reports First Quarter 2022 Results
MIDDLETOWN, R.I., May 10, 2022 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended March 31, 2022
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., May 10, 2022 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended March 31, 2022 today. The company will hold a conference call to discuss these results at 9:00 a.m. ET today, which can be accessed at investors.kvh.com. Following the call, a replay of the webcast will be available through the company’s website. First Quarter 2022 Highlights Total revenues in the first quarter of 2022 were $41.1 million, down 3% from $42.3 million in the first quarter of 2021; excluding highly variable TACNAV revenue, total revenues were up measurably.TACNAV product sales decreased $4.5 million to $0.7 million in the first quarter of 2022 compared to the first quarter of 2021. Fiber optic gyro (FOG) product and OEM product sales increased $0.8 million, or 13%, in the first quarter of 2022 compared to the first quarter of 2021.Our mini-VSAT Broadband airtime revenue increased $2.7 million, to $24.0 million, or 12%, in the first quarter of 2022 compared to the first quarter of 2021 despite a 1% decrease in subscribers as a result of the shutdown of our legacy network on December 31, 2021.Net loss in the first quarter of 2022 was $4.7 million, or $0.25 per share, compared to a net loss of $4.0 million, or $0.22 per share, in the first quarter of 2021.Non-GAAP adjusted EBITDA and non-GAAP EPS were $1.9 million and a loss of $0.05 per share in the first quarter of 2022, compared to $1.1 million and a loss of $0.05 per share in the first quarter of 2021. Commenting on the first quarter results, Brent Bruun, KVH’s Interim Chief Executive Officer said, “Total revenue met our expectations, with strong growth in both mobile connectivity services and inertial navigation FOG and OEM products. As expected, TACNAV sales were down compared to the very strong first quarter of 2021, resulting in the modest decline in total revenue. We successfully carried out a significant restructuring in the first quarter, including a readjustment of our operating expenses and a corresponding headcount reduction to more appropriately align our expense base with our expected revenue. While difficult, these changes are now substantially complete, and we expect to begin to see the benefits in the second quarter. We believe that thanks to the decisive steps we have taken as part of the restructuring, together w...