Business
KVH Industries Reports First Quarter 2023 Results
MIDDLETOWN, R.I., May 04, 2023 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended March 31, 2023
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., May 04, 2023 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended March 31, 2023 today. The company will hold a conference call to discuss these results at 5:30 p.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 2023 Highlights Total revenues from continuing operations in the first quarter of 2023 were $33.7 million, up 2% from $33.2 million in the first quarter of 2022. Our VSAT airtime revenue increased $3.0 million, to $27.0 million, or 13%, in the first quarter of 2023 compared to the first quarter of 2022, partially due to a 13% increase in total subscribers. Net loss from continuing operations in the first quarter of 2023 was $12 thousand, or less than one cent per share, compared to net loss from continuing operations of $4.3 million, or $0.23 per share, in the first quarter of 2022. Non-GAAP adjusted EBITDA from continuing operations was $3.3 million in the first quarter of 2023, compared to $1.8 million in the first quarter of 2022. Commenting on the quarter, Brent C. Bruun, President and Chief Executive Officer, stated, “We built upon our recent financial and operational improvements to record a very solid first quarter. We sustained our strong growth in airtime revenue, which grew over 12% for the second consecutive quarter. We also maintained our excellent airtime gross margin and reached 7,000 airtime subscribers. We remain focused on opportunities to expand our subscriber base and airtime revenue substantially, through both our hybrid H-series antennas, as well as a new initiative to open our global HTS network and value-added services to non-KVH antennas for the first time. With our strong balance sheet, no debt, and growing airtime, I believe we are well-positioned to attain sustained revenue growth and profitability through innovation, a commitment to superior service, and a focus on strategic and wise investment.” Financial Highlights - From Continuing Operations (in millions, except per share data) Three Months Ended March 31, 2023 2022 GAAP Results Revenue $33.7 $33.2 Loss from operations $(0.5) $(4.2)Net loss income $— $(4.3)Net loss income per share $— $(0.23) Non-GAAP Adjusted EBITDA $3.3 $1.8 For more information regardin...