KVH Industries Inc - KVHI STOCK NEWS

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.

KVH Industries will release its Q1 2021 financial results on May 5, 2021. The announcement will be accompanied by an investor conference call at 9:00 a.m. ET, featuring CEO Martin Kits van Heyningen and CFO Roger Kuebel. A live broadcast will be available at investors.kvh.com, along with a replay accessible for two weeks post-call. KVH, a leader in mobile connectivity and inertial navigation systems, was founded in 1982 and is headquartered in Middletown, RI.

KVH Industries has launched the P-1750 and P-1725 Inertial Measurement Units (IMUs), enhancing its existing P-1775 IMU line with advanced performance tailored to autonomous technology applications. These IMUs utilize KVH's patented photonic integrated chip (PIC) technology, providing superior drift and noise performance, ultimately offering over ten times higher accuracy than standard options. Designed for diverse applications like autonomous trucks and drones, these products aim to meet the growing demands of various industries, including transportation and military.

KVH Industries announced enhancements to its AgilePlans Regional solution for smaller commercial vessels, now offering data speeds up to 6 Mbps down and 2 Mbps up, alongside worldwide coverage. This Connectivity as a Service model requires no commitment and allows installation across 4,000 ports. The update aims to improve operational efficiency by transitioning from slower L-band systems to faster VSAT services. The AgilePlans framework aims to support digitalization in maritime operations through better connectivity, thereby enhancing decision-making in areas like fuel optimization and route planning.

KVH Industries has launched the TracPhone V30, a compact Ku-band VSAT antenna, at the Palm Beach International Boat Show. The device offers data speeds of 6 Mbps down and 2 Mbps up, designed for both leisure and commercial vessels. Notable features include a single-cable installation, integrated modem for better signal efficiency, and a streamlined belowdecks unit with built-in Wi-Fi. Priced from $99 per month, it aims to enhance connectivity for boaters and operators while disrupting the market by replacing traditional L-band systems with high-speed solutions.