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KVH Industries Inc. (Nasdaq: KVHI) is a leading provider of global high-speed internet, television, and voice services via satellite to mobile users at sea, on land, and in the air. Headquartered in Middletown, RI, and founded in 1982, KVH delivers connectivity solutions through its renowned product lines such as TracPhone® for satellite communications and TracVision® for satellite television systems.
KVH's core offerings include the global mini-VSAT Broadband network and the innovative KVH ONE™ hybrid network, which integrates Ku-band GEO services, low earth orbit (LEO) services, 5G/LTE cellular communications, and shore-based Wi-Fi. This integration ensures seamless connectivity and intelligent network management for commercial, leisure, and military vessels.
KVH also encompasses KVH Media Group and Videotel. KVH Media Group provides licensed news, entertainment, and training content for various sectors including maritime, business, retail, and hospitality. Videotel specializes in high-quality e-learning training materials and management software for the maritime industry.
KVH's commitment to cutting-edge technology is evident in its advanced sensors, inertial navigation systems, and fiber optic gyros catering to defense and commercial guidance applications. These innovations support the company's mission to connect mobile users with the services they need, no matter where they are.
Recently, KVH has made significant strides in strategic partnerships and technological advancements. The company renewed its satellite services contract with Intelsat for three years, enhancing network capacity and reducing service costs. Additionally, a new partnership with Kognitive Networks will enhance KVH's connectivity terminals with state-of-the-art network and bandwidth management tools.
In terms of financial health, KVH continues to generate revenues from international markets, primarily from Singapore, Canada, European Union countries, and other regions across Africa, Asia/Pacific, and the Middle East. The company is currently undergoing a strategic realignment to become a more agile, solutions-driven provider by winding down its hardware manufacturing operations and focusing on integrated multi-orbit, multi-channel connectivity and services.
Despite the changes, KVH remains dedicated to delivering excellent value-added solutions to its customers. The company's diverse offerings and robust global service infrastructure ensure it continues to lead in mobile connectivity and maritime VSAT sectors.
KVH Industries (Nasdaq: KVHI) reported financial results for Q4 and full year 2022 on March 16, 2023. Total revenues rose by 2% to $36 million in Q4, driven by a 12% increase in VSAT Broadband airtime revenue to $26.8 million. The company achieved net income from continuing operations of $0.6 million ($0.03 per share), a turnaround from a net loss of $2.7 million in Q4 2021. Non-GAAP adjusted EBITDA reached $4.3 million, up from $0.7 million a year earlier. For 2023, KVH expects revenue between $145 million and $155 million, with adjusted EBITDA of $17 million to $23 million, indicating continued growth and profitability prospects.
KVH Industries (Nasdaq: KVHI) will release its financial results for the fourth quarter and fiscal year that ended on December 31, 2022, on March 16, 2023. The announcement will be accompanied by an investor conference call at 9:00 a.m. ET, led by Brent Bruun, CEO, and Roger Kuebel, CFO. Interested parties can access the live call at investors.kvh.com. A replay will be available for two weeks post-call. KVH Industries is a leader in mobile connectivity, offering maritime VSAT and services globally, with operations based in Middletown, RI.
KVH Industries received the 2023 SMART4SEA Connectivity Award for its innovative TracNet hybrid connectivity terminals during the SMART4SEA Awards ceremony. The award recognizes KVH's commitment to enhancing vessel connectivity with its TracNet product line, which integrates satellite, cellular, and Wi-Fi technologies to ensure seamless communication for maritime fleets globally. TracNet terminals provide extensive satellite coverage of 276 million sq. km and offer VSAT speeds up to 20/3 Mbps. The company's focus on cybersecurity and multi-level network protection strengthens its service offerings.
KVH Industries, Inc. has announced a support agreement with Black Diamond Capital Management, nominating Stephen H. Deckoff as an independent director for the 2023 Annual Meeting. Deckoff will initially serve as a non-voting observer on the Board. As part of the agreement, Black Diamond has received approval to purchase up to 25% of KVH’s common stock. The company plans to accept the resignation of one current director at the upcoming meeting, maintaining a total of seven directors after Deckoff's election. KVH remains focused on its strategic plans, aiming to enhance long-term shareholder value.
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