Business
KVH Industries Reports Second Quarter 2024 Results
MIDDLETOWN, R.I., Aug. 01, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq: KVHI), reported financial results for the quarter ended June 30, 2024 today.
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., Aug. 01, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq: KVHI), reported financial results for the quarter ended June 30, 2024 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 2024 Highlights Total revenues decreased by 15% in the second quarter of 2024 to $28.7 million from $33.6 million in the second quarter of 2023.Airtime revenue decreased $3.9 million, to $23.0 million, or 15%, in the second quarter of 2024 compared to the second quarter of 2023.We recorded $1.2 million of employee termination costs in the second quarter of 2024 as a result of the staged wind-down of our manufacturing activities in our facility in Middletown, Rhode Island.Net loss in the second quarter of 2024 was $2.4 million, or $0.12 per share, compared to net income of $0.8 million, or $0.04 per share, in the second quarter of 2023.Non-GAAP adjusted EBITDA was $2.6 million in the second quarter of 2024, compared to $4.0 million in the second quarter of 2023. Commenting on the company’s second quarter results, Brent C. Bruun, KVH’s Chief Executive Officer, said, “The maritime communications industry continues to undergo significant changes driven by the emergence of LEO networks. We have taken aggressive steps this year, both in anticipation of and in response to these changes, in order to position the company to adapt to new market realities. In addition to better positioning the company for the future, we anticipate that our recently completed reorganization should result in annualized operating expense savings of approximately $5.0 million, with a portion of those benefits having been realized in the second quarter of this year. We had a slight increase in our total subscribing vessel count in the second quarter, reversing the decline in subscribers that we experienced during the first quarter. Since the start of the year we have activated more than 1,000 new Starlink terminals for new and existing customers, making it the fastest-growing service in the company’s history. We shipped a record number of antennas for the second consecutive quarter. In addition, we substantially increased shipments of our CommBox Edge Communications Gat...