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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, Inc. (Nasdaq: KVHI) partners with ioCurrents to enhance maritime services through the KVH Watch connectivity solution. This collaboration integrates KVH Watch into ioCurrents' MarineInsight platform, allowing real-time vessel analytics for fuel optimization and maintenance. The service aims to improve operational efficiency, reduce downtime, and enable real-time troubleshooting during voyages. KVH Watch delivers reliable, high-speed satellite connectivity, supporting shoreside monitoring and remote interventions, essential in the current digital maritime landscape.
KVH Industries has announced a partnership with TMS Maritime Solutions to integrate KVH Watch connectivity into TMS’s remote vessel support solutions. The collaboration aims to enhance real-time data transfer, enabling preventive maintenance and troubleshooting without docking. This initiative responds to the maritime industry's growing need for digital processes, particularly highlighted by the COVID-19 pandemic. KVH Watch delivers a dedicated and secure connectivity solution, enhancing vessel operations and reducing costs associated with traditional data flow methods.
KVH Industries announced an expansion of its mini-VSAT Broadband HTS network, adding nearly 4 million square kilometers of coverage across Hudson Bay and the North Atlantic, including northeastern Canada, the Labrador Sea, Iceland, and Greenland. This enhancement is vital for commercial fishing fleets that depend on reliable satellite connectivity. The network now provides a total of 272 million square kilometers of coverage. KVH's solutions, including advanced antennas and maritime IoT offerings, enhance global connectivity for maritime operations.
KVH Industries announces the launch of its AgilePlans program in collaboration with Furuno in Japan, offering maritime VSAT connectivity through a monthly subscription model. This initiative eliminates large upfront costs and long-term commitments for commercial fleets. The service features high-speed internet via the mini-VSAT Broadband HTS network, available in approximately 4,000 locations. AgilePlans aims to enhance the speed of maritime digitalization and is backed by additional support services, including cybersecurity and maintenance.
KVH Industries reported a 5% increase in Q3 2020 revenues to $41.1 million compared to $39.3 million in Q3 2019. The company saw revenues for its AgilePlans, a Connectivity as a Service program, rise over 55% year-over-year, representing 35% of its mini-VSAT Broadband subscriber base. Net loss reduced to $0.5 million, or $0.03 per share, from a loss of $3.3 million, or $0.19 per share, in Q3 2019. Non-GAAP net income was $1.1 million, with adjusted EBITDA at $3.4 million. Operating expenses decreased by $2 million, signaling improved cost management amidst the ongoing impact of COVID-19.
KVH Industries (Nasdaq: KVHI) will announce its third-quarter financial results for the period ending September 30, 2020, on October 29, 2020. An investor conference call will follow at 9:00 a.m. ET, featuring CEO Martin Kits van Heyningen, CFO Donald Reilly, and COO Brent Bruun. The call will be live-streamed on investors.kvh.com, with an audio replay available for at least two weeks post-call. Questions can be submitted via email to IR@kvh.com.
Founded in 1982, KVH is a leader in mobile connectivity and inertial navigation systems, with operations in RI and IL.
KVH Industries, Inc. (Nasdaq: KVHI) announced that Chief Financial Officer Don Reilly will retire later this year. He will assist in the transition to his interim successor, Brent Bruun, effective November 2, 2020, who is also the Chief Operating Officer. The Board has started the search for a permanent CFO. During Reilly's tenure, KVH strengthened its market presence and pursued strategic growth opportunities. The company emphasizes that Bruun's financial skills will enhance productivity amid ongoing economic challenges.
KVH Industries has launched the TracVision TV10, a 1-meter ultra-high efficiency marine satellite TV antenna. It boasts the largest coverage footprint in the TracVision series and is designed for boat owners, charter yacht guests, and commercial crews to access live TV globally. The TV10 is the lightest in its class, weighing up to 10% less than competitors, and features advanced satellite acquisition technology. It supports HD and SD programming from various satellite TV providers, ensuring reliable coverage in remote areas.
KVH Industries (Nasdaq: KVHI) announced that its VSAT services are enhancing crew welfare and operational efficiency amid the COVID-19 pandemic. The YOURlink service allows Pacific Basin to swiftly share important videos with seafarers on its 116 vessels. A recent video addresses the challenges of crew changes due to port restrictions. KVH has also extended a 50% discount on data plan upgrades through December, which has driven demand for increased bandwidth amid heightened communication needs during the pandemic.
KVH Industries reported a 7% revenue decline to $36.9 million for Q2 2020 compared to Q2 2019, primarily due to drops in mobile connectivity sales. However, revenues from AgilePlans increased over 72%, contributing significantly to mini-VSAT Broadband shipments. The company experienced a net loss of $3.6 million, or $0.20 per share, slightly worse than the previous year's loss. Operating expenses decreased by $2 million to $16.4 million. Despite challenges from COVID-19, the company introduced new products and secured a military order worth over $10 million.