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KVH Industries has expanded its relationship with Starlink through a bulk data distribution agreement. This deal allows KVH to develop cost-effective airtime plans using Starlink’s mobile priority service. KVH prepaid for a significant block of Starlink data at favorable rates for over a year. The company has also added Starlink Standard flat-panel terminals to its product lineup and achieved nearly double antenna shipments and activations in Q1 2024 compared to Q4 2023. This expansion enables KVH to integrate Starlink with other broadband services, offering comprehensive, affordable marine communication solutions. KVH’s CommBox Edge Communications Gateway further enhances network and bandwidth management for marine users.
KVH Industries, Inc. reported a 14% decrease in total revenues for the first quarter of 2024 compared to the same period in 2023. Airtime revenue dropped by 13%. The company recorded $2.2 million in employee termination costs due to manufacturing activities wind-down. Net loss was $3.2 million, and non-GAAP adjusted EBITDA decreased to $2.0 million. KVH's CEO highlighted the impact of industry disruption and discussed plans to adapt to competition, reducing revenue expectations for 2024 due to customer transitions to Starlink.
KVH Industries, Inc. (Nasdaq: KVHI) will release its financial results for the first quarter ending on March 31, 2024, on May 6, 2024. The investor conference call will be hosted by CEO Mr. Brent Bruun and CFO Mr. Anthony Pike at 4:30 p.m. ET. A live broadcast and audio replay will be available online at investors.kvh.com.
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