Business
KVH Industries Reports Fourth Quarter and Full Year 2023 Results
MIDDLETOWN, R.I., March 15, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter and full year ended
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., March 15, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter and full year ended December 31, 2023 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. Fourth Quarter 2023 Highlights Total revenues from continuing operations decreased by 13% in the fourth quarter of 2023 to $31.5 million from $36.0 million in the fourth quarter of 2022.VSAT airtime revenue decreased by $1.0 million, to $25.9 million, or 4% in the fourth quarter of 2023 compared to the fourth quarter of 2022.We recorded a $5.2 million inventory write-down and a $3.6 million charge for excess purchase order obligations related to reduced demand for our hardware products, which has led to the staged wind-down of our manufacturing activities in our facility in Middletown, Rhode Island in the first half of 2024.Net loss from continuing operations in the fourth quarter of 2023 was $12.2 million, or $0.63 per share, compared to a net income of $0.8 million, or $0.04 per share, in the fourth quarter of 2022.Non-GAAP adjusted EBITDA from continuing operations was $2.3 million in the fourth quarter of 2023, compared to $4.5 million in the fourth quarter of 2022. Commenting on the company’s fourth quarter results, Brent Bruun, KVH’s Chief Executive Officer, said, “We achieved significant milestones in our core mobile connectivity business in 2023 with new agreements with OneWeb and Kognitive Networks, as well as our reseller agreement with Starlink. Our annual airtime revenue was up 4% to $107 million year-over-year, and with year-end subscriber levels even with year-end 2022. Changes in the market impacted our VSAT and satellite TV terminal sales, which have been an essential element of our offering, but are no longer contributing towards achievement of our profitability goals. As a result, our airtime revenue growth was offset by a decline in hardware sales. In response, we've taken a major step in our transition from a capital-intensive, hardware-focused business to a more nimble, integrated solution-oriented organization through our recently announced reorganization and wind-down of our manufacturing operations. While we ...