Business
KVH Industries Reports Second Quarter 2023 Results
MIDDLETOWN, R.I., Aug. 09, 2023 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended June 30, 2023
About this update from Kvh Industries, Inc.
[{"type":"text","content":" MIDDLETOWN, R.I., Aug. 09, 2023 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended June 30, 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. Second Quarter 2023 Highlights Total revenues from continuing operations in the second quarter of 2023 were $34.2 million, down 1% from $34.6 million in the second quarter of 2022.Our VSAT airtime revenue increased $1.1 million, to $26.9 million, or 4%, in the second quarter of 2023 compared to the second quarter of 2022.Net income from continuing operations in the second quarter of 2023 was $0.9 million, or $0.05 per share, compared to net loss from continuing operations of $0.2 million, or $0.01 per share, in the second quarter of 2022.Non-GAAP adjusted EBITDA from continuing operations was $4.2 million in the second quarter of 2023, compared to $3.2 million in the second quarter of 2022. Commenting on the company’s second quarter results, Brent C. Bruun, KVH Chief Executive Officer, said, “Our increased strategic focus on service revenue opportunities continued to generate growth in the second quarter as our airtime service revenue was up in comparison to the same period last year, while our subscriber base increased to more than 7,140. We also established a robust pipeline for our new OpenNet program, which brings non-KVH antennas onto our global VSAT network and opens a new service revenue stream that is not reliant on hardware sales or shipments. Our new contract extension with Intelsat solidifies the backbone of our KVH ONE hybrid network for the next three years, enabling us to integrate enterprise-grade VSAT along with LEO, 5G, and Wi-Fi services as part of our multi-orbit, multi-channel connectivity solution. “However, we continue to experience competitive headwinds driven by new LEO services, a transition to streaming content rather than satellite TV in the leisure market, and a corresponding reduction in satellite TV and leisure VSAT terminal sales. As a result, our quarterly revenue declined 1% versus the second quarter last year. In light of the changing market and competitive environments, we are tempering our guidance for the full yea...