Welcome to our dedicated page for KVH Industries news (Ticker: KVHI), a resource for investors and traders seeking the latest updates and insights on KVH Industries stock.
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 has launched a limited duration stockholder rights plan to protect shareholder interests and evaluate options for maximizing shareholder value following its recent sale of its inertial navigation business. The plan is effective until the 2023 Annual Meeting, expiring automatically unless approved by shareholders. Rights become exercisable if an entity acquires 15% or more of outstanding shares, ensuring fair treatment among shareholders. The plan aims to give the Board sufficient time to make informed decisions regarding potential offers and shareholder value enhancement.
KVH Industries reported a net loss of $1.4 million for Q2 2022, down from $5.7 million in Q2 2021, alongside a 4% revenue decrease to $41.8 million. The company sold its inertial navigation business to EMCORE Corporation for $55 million to focus on mobile connectivity, which saw a 12% revenue growth in its mini-VSAT Broadband segment. Operating expenses decreased 16.5% to $17.6 million. Non-GAAP adjusted EBITDA rose to $4.1 million.
KVH Industries will announce its financial results for Q2 2022 on August 9, 2022. An investor conference call will follow at 5:00 p.m. ET, hosted by CEO Brent Bruun and CFO Roger Kuebel. A live broadcast of the call is available at investors.kvh.com. An audio replay will be accessible for two weeks after the call. KVH Industries specializes in mobile connectivity and inertial navigation systems, maintaining its position as a leader in maritime VSAT.
KVH Industries has launched the KVH ONE hybrid network and TracNet terminals, providing enhanced connectivity for maritime users.
These terminals combine satellite, cellular, and Wi-Fi technologies with automatic switching for optimal performance. The network offers coverage of 276 million sq. km and VSAT speeds up to 20/3 Mbps. Key features include lightweight design, simple installation, and various airtime plans. Additionally, integrated cybersecurity measures are available, ensuring secure communications for commercial and leisure users.
KVH Industries has appointed Brent C. Bruun as its President and Chief Executive Officer, transitioning from his role as Interim CEO since March 2022. The Board's search committee concluded that Bruun's extensive experience and knowledge make him the best candidate to lead the company. Additionally, seasoned executives David Kagan and David Tolley have joined the Board, bringing valuable industry expertise. KVH aims for sustainable profitability and enhanced shareholder value amid challenges like leadership transitions and supply chain disruptions.
KVH Industries reported Q1 2022 financial results with total revenues of $41.1 million, a 3% decline from $42.3 million in Q1 2021. TACNAV sales fell significantly by $4.5 million, while mini-VSAT Broadband airtime revenue grew by $2.7 million, reaching $24.0 million. The company experienced a net loss of $4.7 million, compared to a loss of $4.0 million in the previous year. Operating expenses increased due to restructuring costs. Despite challenges, KVH maintains revenue growth expectations of 2% to 5% for 2022, driven by strong demand in mobile connectivity and inertial navigation sectors.
KVH Industries will announce its financial results for Q1 ending March 31, 2022, on May 10, 2022. The announcement will be followed by an investor conference call at 9:00 a.m. ET, hosted by Interim CEO Brent Bruun and CFO Roger Kuebel. A live broadcast will be available on investors.kvh.com, with a replay accessible for two weeks post-call. KVH Industries specializes in mobile connectivity and inertial navigation systems, leading in maritime VSAT and high-performance sensors. Founded in 1982, the company is headquartered in Middletown, RI.
KVH Industries reported its financial results for Q4 and full year 2021, revealing a 2% decrease in total revenues to $43.1 million. Mini-VSAT Broadband airtime revenue grew 18% to $23.9 million driven by a 12% increase in subscribers. TACNAV product sales plummeted from $7 million to $0.2 million. The company incurred a net loss of $4.1 million, but improved from a $11.6 million loss a year earlier. KVH plans to cut its workforce by 10%, targeting annualized savings of at least $5 million, while projecting revenue growth of 2-5% for 2022.
KVH Industries announces the retirement of long-serving President and CEO Martin Kits van Heyningen after over 40 years with the company. He will be succeeded by Brent Bruun, the current COO, as Interim CEO while a search for a permanent replacement is underway. Cathy-Ann Martine-Dolecki has been appointed as the new independent Chairman. The company emphasizes its focus on achieving sustained profitability and cost discipline, responding to challenges in leadership transition and operational strategies.
KVH Industries is set to announce its fourth quarter and fiscal year financial results for the period ending December 31, 2021, on March 7, 2022. The announcement will be followed by an investor conference call at 9:00 a.m. ET, led by CEO Martin Kits van Heyningen and CFO Roger Kuebel. Investors can access a live broadcast of the call at investors.kvh.com, with an audio replay available for two weeks after the event. KVH, a leader in mobile connectivity and inertial navigation systems, is headquartered in Middletown, RI, and operates globally.
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