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KVH Industries Inc reports news about maritime and mobile connectivity services delivered through the KVH ONE network. The company provides airtime services, value-added services, mobile connectivity terminals, third-party terminal distribution, and mobile satellite TV terminals for commercial maritime, leisure marine, military and government, and land mobile uses.
Recurring KVHI news covers quarterly results, service and product revenue trends, airtime and subscriber activity, low Earth orbit satellite adoption, and shipments of communications terminals. Company updates also address product lines and service models including TracNet, TracPhone, TracVision, the KVH ONE OpenNet Program, AgilePlans Connectivity as a Service, and KVH Link crew wellbeing content, as well as completed asset acquisitions that expand maritime satellite communications distribution.
KVH Industries has upgraded its TACNAV 3D tactical navigation system with new photonic integrated chip (PIC) technology. This enhancement features the P-1775 inertial measurement unit (IMU), offering improved bias stability and 20 times higher accuracy than conventional MEMS units. The TACNAV systems provide critical navigation solutions for various military vehicles and are utilized by the U.S. Army, Marine Corps, and allied countries. The upgrade aims to meet military demands for assured positioning, navigation, and timing (A-PNT) solutions.
VIEX Capital Advisors, owning approximately 3.4% of KVH Industries' stock, has nominated John Mutch and Eric Singer for election as Class I Directors at the upcoming 2021 annual meeting. The firm criticizes the current board for inadequate governance and poor stock performance, highlighting that KVH's total shareholder returns have consistently lagged behind major indices over various time periods. VIEX believes that refreshing the board with independent directors is essential to unlock stockholder value and improve corporate governance mechanisms.
KVH Industries, Inc. (Nasdaq: KVHI) announced the appointment of Roger A. Kuebel as the new Chief Financial Officer, effective March 8, 2021. Kuebel brings over 17 years of senior financial leadership experience from technology companies such as Seaborn Networks and Aspen Technology. CEO Martin Kits van Heyningen expressed confidence in Kuebel's ability to enhance financial planning and operational efficiency. The transition comes as KVH aims to continue its focus on profitability and innovation.
KVH Industries reported a 4% revenue increase to $44.1 million for Q4 2020, with AgilePlans revenue up over 53%. Net loss was $11.6 million, largely due to a $10.5 million impairment charge. Non-GAAP net income stood at $1.3 million, while adjusted EBITDA increased to $3.5 million. Despite pandemic challenges, the company saw healthy performance in TACNAV sales and expects mid-to-high single-digit revenue growth for the full year 2021. The firm continues to focus on cost containment and technological advancements, indicating a positive outlook going forward.
KVH Industries will announce its financial results for Q4 and the fiscal year ending December 31, 2020, on March 2, 2021. The announcement will be followed by an investor conference call at 9:00 a.m. ET, hosted by CEO Martin Kits van Heyningen and COO/CFO Brent Bruun. A live broadcast will be accessible at investors.kvh.com, with a replay available for two weeks post-call. Established in 1982 and based in Middletown, RI, KVH is a leader in mobile connectivity and inertial navigation systems.
KVH Industries announced a strategic partnership with Smart Ship Hub, integrating KVH Watch connectivity into its remote vessel management platform. This collaboration aims to enhance vessel performance through real-time data and video diagnostics. KVH Watch will support Smart Ship Hub's services by providing secure, high-speed satellite connectivity, crucial for effective maritime operations and reducing cyber risks. The partnership enhances data management and operational efficiency for maritime businesses, marking a significant step towards digital transformation in the industry.
KVH Industries announced that TechBinder has joined the KVH Watch Solution Partner program to enhance fleet optimization through data-driven insights. By integrating TechBinder's Smart Vessel Optimizer platform with KVH Watch connectivity, maritime companies can achieve operational efficiency, conduct emission reporting, and perform remote expert interventions. This partnership allows for real-time data analytics, crucial for vessels operating beyond LTE reach.
KVH Watch offers 24/7 satellite connectivity, supporting maritime equipment manufacturers and ensuring improved data accessibility for fleet management.
KVH Industries has partnered with GreenSteam to enhance maritime data sharing using KVH Watch connectivity. This collaboration aims to improve fuel efficiency and reduce emissions by enabling real-time data flow from vessels to shore. GreenSteam will integrate KVH Watch into its performance optimization solutions, facilitating timely data analysis and operational decision-making for shipowners. This partnership capitalizes on advancements in satellite communications to support sustainable shipping practices and operational cost savings.
KVHI announced that marine technical services provider Kilo Marine will integrate KVH Watch connectivity into its services. This partnership aims to enhance vessel equipment monitoring and troubleshooting through real-time data via Kilo Marine's V-Node platform. By utilizing KVH Watch, Kilo Marine will offer dedicated connectivity and on-demand Remote Expert Interventions to its global customers. This is particularly relevant as maritime operators seek efficiency amidst increasing demands for remote support, especially highlighted by the COVID-19 pandemic.
MIDDLETOWN, R.I., Jan. 13, 2021 – KVH Industries, CEO Martin Kits van Heyningen and COO/CFO Brent Bruun will present at the 23rd Annual Needham Virtual Growth Conference on January 15, 2021, at 10:45 a.m. ET. The presentation can be streamed live on KVH's investor website and will be available for replay later. KVH Industries is a leader in mobile connectivity and inertial navigation, known for its maritime VSAT services and high-performance sensors for defense and commercial sectors. Established in 1982, KVH operates globally with R&D in Rhode Island and Illinois.