NASDAQ:KVHI Reports Revenue Decrease and Strategic Growth in Q2 2024

KVH Industries Reports Quarterly Earnings and Decrease in Revenues

KVH Industries , Inc. ( Nasdaq : KVHI ) recently announced its financial results for the quarter ended June 30 , 2024 . The company reported a total revenue decrease of 15 % to 8.7 million in the second quarter of 2024 compared to 3.6 million in the same period in 2023 . This decline was primarily attributed to a decrease in airtime revenue , which fell by .9 million to 3.0 million.

Employee Termination Costs and Net Loss

During the second quarter of 2024 , KVH Industries recorded .2 million in employee termination costs as part of the wind - down of manufacturing activities at its facility in Middletown , Rhode Island . The company reported a net loss of .4 million , or sh.12 per share , in the second quarter of 2024 , compared to a net income of sh.8 million , or sh.04 per share , in the same period in 2023.

CEO Comments and Future Outlook

Brent C. Bruun , KVH 's Chief Executive Officer , commented on the company 's second - quarter results , highlighting the impact of changes in the maritime communications industry driven by the emergence of LEO networks . Despite the challenges , KVH Industries has taken proactive steps to adapt to market changes and position itself for the future . The company anticipates annualized operating expense savings of approximately .0 million following a recent reorganization.

Financial Performance and Strategic Initiatives

KVH Industries saw a slight increase in its total subscribing vessel count in the second quarter , reversing a decline experienced in the previous quarter . The company activated over 1,000 new Starlink terminals for customers , marking the fastest - growing service in its history . Additionally , KVH shipped a record number of antennas and increased shipments of its CommBox Edge Communications Gateway , indicating strong growth potential in the future.

In conclusion , KVH Industries is confident in achieving its strategic , financial , and operational goals for 2024 . The company maintains its guidance for revenue and adjusted EBITDA for the year , focusing on becoming a world - class solution provider in global airtime and superior service and support.

With ongoing developments and initiatives , KVH Industries remains committed to driving innovation in maritime and mobile connectivity through its diverse product offerings and services . The company 's dedication to adapting to changing market dynamics and embracing new technologies positions it for continued success in the industry.