Business
KVH Industries Reports First Quarter 2024 Results
MIDDLETOWN, R.I., May 06, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq: KVHI) reported financial results for the quarter ended March 31, 2024 today.
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., May 06, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq: KVHI) reported financial results for the quarter ended March 31, 2024 today. The company will hold a conference call to discuss these results at 4:30 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 2024 Highlights Total revenues decreased by 14% in the first quarter of 2024 to $29.3 million from $34.1 million in the first quarter of 2023.Airtime revenue decreased $3.5 million, to $23.6 million, or 13%, in the first quarter of 2024 compared to the first quarter of 2023.We recorded $2.2 million of employee termination costs as a result of the staged wind-down of our manufacturing activities in our facility in Middletown, Rhode Island.Net loss in the first quarter of 2024 was $3.2 million, or $0.16 per share, compared to net income of $0.4 million, or $0.02 per share, in the first quarter of 2023.Non-GAAP adjusted EBITDA was $2.0 million in the first quarter of 2024, compared to $3.7 million in the first quarter of 2023. Commenting on the company’s first quarter results, Brent C. Bruun, KVH’s Chief Executive Officer, said, “The satellite connectivity industry has undergone unprecedented disruption over the course of the last 18 months following the launch and rapid expansion of LEO networks and technology. The flexibility and versatility of our multi-orbit, multi-channel strategy have enabled us to take aggressive steps to adapt to these changes and deliver cutting-edge services and solutions for our customers while establishing new airtime and service revenue channels. Our first quarter Starlink shipments were almost double those of the fourth quarter of 2023, and we expect growth to continue, with related activations and service fees beginning to contribute during the second quarter as those antennas are activated. We also expect that our soon-to-be-launched OneWeb LEO service plus the strong interest in our new CommBox Edge Communications Gateway will spur new revenue growth beginning in the third quarter. At the same time, we made substantial progress in our ongoing reorganization effort, which will enable us to focus on delivering integrated services and to accelerate our evolution from a capital-intensive, hardware-focused busines...