KVH Q1 revenue down 14% to $29.3M; guides FY24 revenue $117-127M, EBITDA $6-12M

KVH INDUSTRIES INC DE

2024-Q1 EPS reported -$0.16 revenue$29,267,000

Revenue $29.3M (-14% YoY); net loss $3.2M ($0.16/sh) vs net income $0.4M in Q1 2023.
Airtime revenue fell 13% to $23.6M; active vessel base contracted ~4% YoY.
CEO cites LEO disruption; Starlink shipments nearly doubled QoQ; OneWeb and CommBox Edge expected in Q3.
Reorganization to yield ~$9M annualized savings; $2.2M termination costs from RI facility wind-down.
FY24 guidance cut: revenue $117-127M, adj. EBITDA $6-12M; largest customer accelerating Starlink transition.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

KVH INDUSTRIES INC DE reported first quarter ended March 31, 2024 results: revenue $29.3 million, net income $3.2 million, EPS $0.16 per share. Guidance lowered.

Period: first quarter ended March 31, 2024
Revenue: $29.3 million
Net income: $3.2 million
EPS: $0.16 per share
Guidance: lowered
Result: reported results

Exact text from the filing

call, a replay of the webcast will be available through the company’s website. First Quarter 2024 Highlights • Total revenues decreased by 14% in the first quarter of 2024 to $29.3 million from $34.1 million in the first quarter of 2023. • Airtime revenue decreased $3.5 million, to $23.6 million, or 13%, in the first quarter of 2024 compared to the first quarter of

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Source: SEC EDGAR

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