Business
KVH Industries Reports Third Quarter 2021 Results
MIDDLETOWN, R.I., Nov. 04, 2021 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended September 30, 2021
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., Nov. 04, 2021 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended September 30, 2021 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. Third Quarter 2021 Highlights Total revenues increased by 5% in the third quarter of 2021 to $43.0 million from $41.1 million in the third quarter of 2020.Revenues for AgilePlans, our Connectivity as a Service program for the commercial maritime sector, were up more than 54% compared to the third quarter of 2020. AgilePlans now represent 47% of our mini-VSAT Broadband subscriber base.Our mini-VSAT Broadband airtime revenue increased $2.9 million, to $24.6 million, or 13%, in the third quarter of 2021 compared to the third quarter of 2020, driven primarily by a 12% increase in active subscribers. Unit shipments were up 53% compared to the third quarter of 2020.Inertial navigation product sales, which were impacted by supply chain issues, were down $1.0 million, or 11%, to $8.4 million in the third quarter of 2021 compared to $9.4 million in the third quarter of 2020.Net income in the third quarter of 2021 was $4.0 million, or $0.22 per share, compared to a net loss of $0.5 million, or $0.03 per share, in the third quarter of 2020. Net income in the third quarter of 2021 reflects other income of $7.0 million resulting from the forgiveness of all principal and interest for the loan we received in May 2020 under the U.S. Small Business Administration’s Paycheck Protection Program.Non-GAAP net loss in the third quarter of 2021 was $0.9 million, or $0.05 per share, compared to a non-GAAP net income of $1.1 million, or $0.06 per share, in the third quarter of 2020. Non-GAAP adjusted EBITDA in the third quarter of 2021 was $1.5 million, compared to $3.4 million in the third quarter of 2020. Commenting on the quarter, Martin Kits van Heyningen, KVH’s chief executive officer, said, “KVH recorded another strong quarter, reflecting our success in implementing our strategic priorities. Our VSAT product line set a record for units shipped in the third quarter of any year, driven largely by new AgilePlans subscriptions and our successful TracPhone V30 launch. A...