KVH Receives $10 Million Order for TACNAV Tactical Navigation Systems
KVH Industries has secured an order worth over $10 million for its TACNAV tactical navigation systems, intended for an international military customer. The systems are designed to deliver precise and reliable navigation even in conditions where GNSS signals are unavailable. All hardware deliveries are scheduled for 2020. This order reinforces KVH's position in the assured positioning, navigation, and timing market, with its products currently in use by various military forces, including the U.S. Army.
- New order valued at over $10 million for TACNAV systems.
- Products designed to provide unjammable inertial navigation data, vital for military operations.
- Current usage of TACNAV systems by U.S. Army and multiple allied nations.
- Potential risks related to defense budget fluctuations and order cancellations.
- Dependence on military sales, which may experience significant fluctuations.
MIDDLETOWN, R.I., July 16, 2020 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), announced today that it has received a new order with a net value of more than
“KVH’s battle-proven TACNAV systems provide the precise navigation that is vital to mission success,” says Dan Conway, executive vice president of KVH’s inertial navigation group. “With militaries demanding assured positioning, navigation, and timing (A-PNT) solutions, this new order reaffirms the value of KVH’s unjammable TACNAV products and adds to our backlog.”
KVH’s fiber optic gyro (FOG)-based TACNAV systems are designed to provide unjammable inertial navigation data that fills in the gaps when GNSS is lost or unavailable, helping to keep soldiers and missions on track. The TACNAV solutions deliver critical, reliable performance in demanding environments for vehicles ranging from battle tanks and M-ATVs, to armored vehicles, reconnaissance, and combat support vehicles.
TACNAV systems are currently in use by the U.S. Army and Marine Corps, as well as many allied customers including Australia, Botswana, Brazil, Canada, Egypt, France, Germany, Great Britain, Italy, Malaysia, New Zealand, Poland, Romania, Saudi Arabia, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, and Turkey.
KVH is a leading innovator for assured navigation and autonomous accuracy using high-performance sensors and integrated inertial systems. KVH’s FOGs and FOG-based inertial measurement units (IMUs) are in use today in a wide variety of applications ranging from optical, antenna, and sensor stabilization systems to mobile mapping solutions and autonomous platforms and cars.
Note to Editors: For more information about KVH’s TACNAV products, please visit kvh.com/TACNAV. High-resolution images of KVH products are available at the KVH Press Room Image Library, kvh.com/imagelibrary.
About KVH Industries, Inc.
KVH Industries, Inc., is a global leader in mobile connectivity and inertial navigation systems, innovating to enable a mobile world. A market leader in maritime VSAT, KVH designs, manufactures, and provides connectivity and content services globally. KVH is also a premier manufacturer of high-performance sensors and integrated inertial systems for defense and commercial applications. Founded in 1982, the company is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and Tinley Park, IL, and more than a dozen offices around the globe.
This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding our financial goals for future periods, anticipated revenue and the impact of our future initiatives on revenue, competitive positioning, profitability, and product orders. Actual results could differ materially from the forward-looking statements made in this press release. Factors that might cause these differences include, but are not limited to: the adverse impact of the COVID-19 pandemic, as well as governmental, business and other responses thereto and the resulting economic slowdown, on our revenues, results of operations and financial condition, which could be material; delays in the receipt of anticipated orders for our inertial navigation products, or the potential failure of such orders to occur at all, continued substantial fluctuations in military sales, including to foreign customers; the unpredictability of defense budget priorities as well as the order timing, purchasing schedules, and priorities for defense products, including possible order cancellations; the uncertain impact of potential budget cuts by government customers; the need for, or delays in, qualification of products to customer specifications or regulatory standards; export restrictions, delays in procuring export licenses, and other international risks. These and other factors are discussed in more detail in KVH’s most recent Form 10-K and Form 10-Q filed with the SEC on February 28, 2020, and May 1, 2020, respectively. Copies are available through its Investor Relations department and website, https://ir.kvh.com. KVH does not assume any obligation to update its forward-looking statements to reflect new information and developments.
KVH Industries, Inc. has used, registered, or applied to register its trademarks in the U.S.A. and other countries around the world, including but not limited to the following marks: KVH and TACNAV. All other trademarks are the property of their respective companies.
For further information, please contact:
Jill Connors
Sr. Manager, Media & Industry Analyst Relations
KVH Industries, Inc.
Tel: +1 401 851 3824
jconnors@kvh.com
FAQ
What is the value of KVHI's new order for TACNAV systems?
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Which military forces use KVHI's TACNAV systems?
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What potential risks could affect KVHI's future orders?
