KVH Industries Q1 revenue up 2% to $33.7M, nearly break-even vs $4.3M loss YoY

KVH INDUSTRIES INC DE

2023-Q1 EPS reported $0.00 revenue$34,143,000

Revenue $33.7M (+2% YoY); VSAT airtime revenue $27.0M (+13%); subscribers up 13% to 7,000.
Net loss from continuing ops $12K (<$0.01 per share) vs $4.3M loss ($0.23) in Q1 2022.
Non-GAAP adjusted EBITDA $3.3M vs $1.8M YoY; operating expenses down $4.1M to $12.9M.
Product revenues fell 25% to $4.9M; service revenues rose $2.2M to $28.7M.
No debt and strong balance sheet; management highlights subscriber and airtime growth initiatives.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KVH INDUSTRIES INC DE reported first quarter ended March 31, 2023 results: revenue $33.7 million, net income $12 thousand, EPS less than one cent per share.

Period: first quarter ended March 31, 2023
Revenue: $33.7 million
Net income: $12 thousand
EPS: less than one cent per share
Result: reported results

Exact text from the filing

First Quarter 2023 Highlights • Total revenues from continuing operations in the first quarter of 2023 were $33.7 million, up 2% from $33.2 million in the first quarter of 2022. • Our VSAT airtime revenue increased $3.0 million, to $27.0 million, or 13%, in the first quarter of 2023 compared to the first quarter of 2022, partially due to a 13% increase in total subscribers. • Net loss from continuing operations in the first quarter of 2023 was $12 thousand, or less than one cent per share, compared to net loss from continuing operations of $4.3 million, or $0.23 per share, in the first quarter of 2022.

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Source: SEC EDGAR

accession 0001007587-23-000003

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