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.
The VIEX-led investor group, holding nearly 10% of KVH’s outstanding stock, has issued a letter urging stockholders to elect their nominees, John Mutch and Eric Singer, to KVH’s Board during the upcoming Annual Meeting on June 17, 2021. They criticize the company's long-term poor financial performance under CEO Martin Kits van Heyningen and express concerns over wasted capital in a proxy fight. They emphasize the need for improved governance and accountability to counteract KVH's money-losing status quo and advocate for their nominees as a solution to the company's challenges.
KVH Industries has launched its KVH Elite unlimited VSAT streaming service for leisure yachts, available in eastern North America, Caribbean, and Mediterranean. Effective until September 30, 2021, the service will feature increased data speeds from July 2021, with downloads reaching up to 40 Mbps using the TracPhone V11-HTS. The service allows unlimited streaming access to HD content while at sea. KVH emphasizes growing demand for streaming in yachting, utilizing its mini-VSAT Broadband HTS network.
The Independent Directors of KVH Industries, Inc. (Nasdaq: KVHI) issued a letter to shareholders ahead of the June 17, 2021 annual meeting. The letter highlights a 66% total shareholder return over the past year and emphasizes the company's shift towards higher-margin revenue streams through innovative services. The directors expressed confidence in their nominees, Cielo Hernandez and Cathy-Ann Martine-Dolecki, while raising concerns over VIEX nominees, particularly Eric Singer, citing his fiduciary breach at PLX Technology Inc.
KVH Industries, Inc. (Nasdaq: KVHI) announced a letter from its Independent Directors ahead of the June 17, 2021, annual shareholder meeting. Key highlights include a 66% total shareholder return over the past year and a focus on innovative services aimed at higher-margin revenue. The Board expressed confidence in its nominees for the meeting, Cielo Hernandez and Cathy-Ann Martine-Dolecki, while raising concerns about VIEX's nominees due to past misconduct linked to one of them. The Board urges shareholders to support its candidates to maintain momentum.
KVH linkHUB has been successfully launched on 12 oil tankers by V.Ships Norway, providing licensed digital entertainment content to enhance seafarer well-being. Following a trial on one tanker, the service received positive feedback, leading to a fleet-wide rollout. The linkHUB offers access to a library of movies and TV shows without requiring an internet connection, improving access across living spaces on vessels. This initiative aligns with growing demands for crew entertainment solutions, particularly during the pandemic.
KVH Industries (Nasdaq: KVHI) issued a shareholder letter ahead of its June 17, 2021 annual meeting. The company reported a 16% revenue increase in Q1 year-over-year and a 73% stock price rise over the past year, outperforming major indices. KVH nominated two independent director candidates, Cielo Hernandez and Cathy-Ann Martine-Dolecki, for board positions, emphasizing their relevant industry experience. In contrast, they criticized nominees from activist investor VIEX Capital, citing past underperformance and breaches of fiduciary duty by VIEX's founder.
KVH Industries announced record shipments of over 500 VSAT satellite communications systems in Q1 2021, continuing its leadership as the #1 maritime VSAT provider by units. This marks the second consecutive quarter of record shipments, with a total of over 12,500 units shipped since the introduction of its mini-VSAT Broadband network in 2007. The maritime industry is increasingly adopting VSAT technology for enhanced connectivity and efficiency, transitioning from older systems. KVH is also noted as a market share leader in maritime VSAT as of the end of 2020.
KVH Industries reported a 16% revenue increase in Q1 2021, reaching $42.3 million compared to Q1 2020's $36.6 million. The rise was bolstered by a 48% jump in revenues from AgilePlans, which now accounts for 41% of mini-VSAT Broadband subscribers. Net loss improved to $4.0 million, or $0.22 per share, from $6.2 million in the prior year. Non-GAAP adjusted EBITDA was positive at $1.1 million. The company anticipates full-year revenue growth in the mid-to-high single digits if customer activity normalizes.
KVH Industries (Nasdaq: KVHI) announced the nomination of two independent director candidates, Cielo Hernandez and Cathy-Ann Martine-Dolecki, for election at the upcoming 2021 Annual Meeting. Chairman Martin Kits van Heyningen expressed confidence in their contributions due to their extensive experience in relevant sectors. Hernandez's background includes CFO roles in maritime and satellite communication, while Martine has held leadership positions in telecommunications, notably AT&T. The Board aims to refresh its membership, with four of six independent directors being relatively new.
KVH Industries (Nasdaq: KVHI) has proposed two independent director nominees, Cielo Hernandez and Cathy-Ann Martine-Dolecki, for election at the upcoming 2021 Annual Meeting of Stockholders. Chairman Martin Kits van Heyningen expressed confidence in their capabilities, highlighting Hernandez's experience as a CFO and Martine-Dolecki's extensive background in telecommunications. This move is part of ongoing Board refreshment efforts, which have seen significant turnover in recent years. Current directors Mark S. Ain and Stanley K. Honey are expected to retire at the Annual Meeting.
FAQ
What is the current stock price of KVH Industries (KVHI)?
What is the market cap of KVH Industries (KVHI)?
What does KVH Industries Inc. specialize in?
What are some of KVH's key products?
What is the KVH ONE™ network?
Who are KVH's primary customers?
Where does KVH generate most of its revenue?
What recent partnership has KVH announced?
What strategic changes is KVH implementing?
How does KVH support the maritime industry?
What financial outlook does KVH have?
How long has KVH been in business?
