KVH INDUSTRIES INC \DE\ KVHI
We are a leading global provider of innovative and technology-driven connectivity solutions to primarily maritime commercial and leisure customers. We provide global high-speed Internet and Voice over Internet Protocol (VoIP) services via satellite and integrated 5G/LTE cellular communications to mobile users at sea and on land. We are also a leading provider of commercially licensed entertainment, including movies, television programming, news, and music, to commercial customers in the maritime market, along with supplemental value-added network and bandwidth management cybersecurity, email, and crew Internet services.
We currently manufacture our products in Middletown, Rhode Island, and we generate revenues in the United States and various international locations, including primarily Singapore, Canada, South American countries, European Union countries and other European countries, and countries in Africa, the Middle East and Asia/Pacific, including India. We are winding down our product manufacturing operations and currently plan to discontinue substantially all manufacturing activities by the end of 2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $111.0M | $113.8M | $132.4M | $138.8M | $133.9M | $158.7M | $157.9M | $153.0M | $160.1M | $176.1M |
| Cost of revenue | — | — | — | — | — | — | — | — | $52.7M | $53.0M |
| Gross profit | — | — | — | — | — | — | — | — | $107.4M | $123.2M |
| R&D | $3.5M | $8.4M | $9.4M | $10.4M | $11.1M | $15.8M | $15.9M | $15.0M | $15.9M | $16.0M |
| SG&A | $15.3M | $16.5M | $18.9M | $24.7M | $28.8M | $24.4M | $25.5M | $23.2M | $28.9M | $28.2M |
| Total operating expenses | $122.2M | $125.7M | $149.7M | $144.5M | $153.5M | $181.7M | $179.0M | $163.7M | $168.9M | $177.4M |
| Operating income | -$11.2M | -$11.9M | -$17.3M | -$5.7M | -$19.6M | -$22.9M | -$21.1M | -$10.6M | -$8.8M | -$1.3M |
| Interest expense | $0 | $2.0K | $1.0K | $3.0K | $56.0K | $18.0K | $1.0M | $1.8M | $1.5M | $1.4M |
| Pre-tax income | -$7.5M | -$10.6M | -$15.1M | -$3.4M | -$11.7M | -$21.8M | -$20.0M | -$11.1M | -$9.9M | -$2.0M |
| Income tax | $131.0K | $421.0K | $318.0K | $546.0K | $108.0K | $174.0K | $4.0M | $346.0K | $1.1M | $5.5M |
| Net income | -$7.4M | -$11.0M | -$15.4M | $24.0M | -$9.8M | -$21.9M | $33.3M | -$8.2M | -$11.0M | -$7.5M |
| EPS, basic | -0.38 | -0.57 | -0.81 | 1.29 | -0.54 | -1.24 | — | — | -0.67 | -0.47 |
| EPS, diluted | -0.38 | -0.57 | -0.81 | 1.29 | -0.54 | -1.24 | 1.90 | -0.48 | -0.67 | -0.47 |
| Shares, diluted (wtd. avg.) | 19.4M | 19.4M | 19.1M | 19.1M | 18.2M | 17.7M | 17.5M | 17.1M | 16.4M | 15.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $69.9M | $50.6M | $11.3M | $21.1M | $11.4M | $12.6M | $18.4M | $18.1M | $34.6M | $26.4M |
| Short-term investments | — | $0 | $58.5M | $55.7M | $13.1M | $25.1M | $29.9M | $25.0K | $8.3M | $25.7M |
| Receivables | $25.0M | $21.6M | $25.7M | $27.4M | $27.8M | $33.7M | $32.9M | $28.6M | $28.3M | $31.2M |
| Inventory | $14.9M | $23.0M | $19.0M | $22.7M | $15.8M | $24.7M | $23.5M | $22.9M | $22.7M | $20.7M |
| Total current assets | $117.8M | $122.6M | $118.8M | $130.0M | $87.8M | $101.1M | $109.3M | $77.7M | $97.8M | $108.8M |
| Property, plant and equipment | $22.0M | $27.0M | $47.7M | $53.1M | $52.9M | $56.3M | $53.6M | $50.6M | $43.5M | $36.6M |
| Goodwill | $732.0K | $0 | $0 | $5.3M | $6.6M | $6.6M | $15.4M | $15.0M | $33.9M | $31.3M |
| Other intangibles | $3.7M | $828.0K | $1.2M | $404.0K | $1.3M | $2.3M | $4.9M | $5.7M | $15.1M | $17.8M |
| Total assets | $151.5M | $155.1M | $172.6M | $196.3M | $168.8M | $183.6M | $199.4M | $187.7M | $196.2M | $199.8M |
| Accounts payable | $4.5M | $4.3M | $4.8M | $20.4M | $9.5M | $11.4M | $15.0M | $16.7M | $15.7M | $8.4M |
| Short-term debt | — | — | — | — | $0 | $5.0M | $0 | $9.9M | $2.5M | $7.9M |
| Total current liabilities | $16.7M | $15.9M | $25.0M | $37.1M | $33.9M | $40.8M | $38.4M | $56.0M | $43.3M | $39.6M |
| Long-term debt | — | — | — | — | $0 | $1.9M | $0 | $19.4M | $44.6M | $50.2M |
| Total liabilities | $20.5M | $16.5M | $25.3M | $37.8M | $39.8M | $51.7M | $49.4M | $88.1M | $90.6M | $93.3M |
| Retained earnings | -$20.1M | -$12.8M | -$1.7M | $13.7M | -$12.2M | -$2.4M | $19.5M | -$15.4M | -$4.4M | $6.6M |
| Total equity | $131.0M | $138.6M | $147.4M | $158.4M | $130.8M | $131.9M | $150.0M | $99.5M | $105.7M | $106.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.1M | -$13.2M | $2.5M | $8.9M | $2.9M | -$3.1M | -$14.2M | $5.2M | $11.5M | $18.7M |
| Depreciation and amortisation | $10.7M | $13.3M | $13.4M | $14.0M | $14.6M | $11.7M | $11.5M | $12.9M | $11.0M | $12.6M |
| Stock-based compensation | $1.6M | $2.0M | $2.1M | $3.4M | $4.1M | $3.5M | $4.2M | $3.3M | $3.5M | $3.7M |
| Capital expenditure | $7.4M | $7.4M | $10.6M | $14.4M | $18.7M | $14.1M | $12.5M | $15.9M | $12.8M | $5.6M |
| Investing cash flow | $3.9M | $52.4M | -$14.7M | $375.0K | -$6.7M | -$9.3M | $46.0M | -$7.6M | $4.5M | -$8.7M |
| Financing cash flow | -$1.7M | $110.0K | $2.3M | $708.0K | $2.6M | $7.1M | -$30.8M | -$13.3M | -$9.7M | -$4.4M |
| Buybacks | $1.7M | $0 | $239.0K | $0 | $0 | $390.0K | $1.3M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050409.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $176.1M | $160.1M | $153.0M | $157.9M | $158.7M | $133.9M | $138.8M | $132.4M | $113.8M | $111.0M |
| Gross profit | $123.2M | $107.4M | — | — | — | — | — | — | — | — |
| Net income | -$7.5M | -$11.0M | -$8.2M | $33.3M | -$21.9M | -$9.8M | $24.0M | -$15.4M | -$11.0M | -$7.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Shareholder vote Item 5.07
- Results announced Item 2.02
- Annual report filed Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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