Kvh Inds Inc Stock Price, News & Analysis

KVH Industries, Inc. has announced a support agreement with Black Diamond Capital Management, nominating Stephen H. Deckoff as an independent director for the 2023 Annual Meeting. Deckoff will initially serve as a non-voting observer on the Board. As part of the agreement, Black Diamond has received approval to purchase up to 25% of KVH’s common stock. The company plans to accept the resignation of one current director at the upcoming meeting, maintaining a total of seven directors after Deckoff's election. KVH remains focused on its strategic plans, aiming to enhance long-term shareholder value.

KVH Industries has launched two new value-added services for maritime connectivity: KVH Managed Firewall and KVH Cloud Email. These services enhance cyber threat protection and provide secure email solutions for commercial vessels utilizing KVH’s TracNet and TracPhone systems. The KVH Managed Firewall utilizes Fortinet cybersecurity features and is available via a monthly subscription. The KVH Cloud Email service allows users to manage emails securely while at sea with 10 GB cloud storage per user. These additions aim to improve fleet efficiency, onboard communication, and crew wellbeing, aligning with KVH's commitment to innovation in maritime services.

KVH Industries, Inc. (Nasdaq: KVHI) announces that CEO Brent Bruun and CTO Robert Balog will present at the 25th Annual Needham Growth Conference on January 10, 2023, at 10:15 a.m. ET. The presentation will be available for live streaming on the company's investor website, investors.kvh.com, and an archived version will be accessible later the same day.

KVH is a leader in mobile connectivity and has been operational since 1982, offering innovative communication solutions globally.

KVH Industries, Inc. (Nasdaq: KVHI) reported its third-quarter financial results for 2022, highlighting a net income of $29.6 million, boosted by a $30.9 million gain from the sale of its inertial navigation business. Total revenues from continuing operations increased 2% to $35.2 million, driven by an 8% rise in mini-VSAT Broadband airtime revenue. However, net loss from continuing operations was $0.1 million, a decline from a $3.7 million profit in Q3 2021. Operating expenses decreased by $1.6 million, reflecting a 15% reduction in recurring costs since last year.

KVH Industries will announce its Q3 financial results for the period ending September 30, 2022, on December 6, 2022. The announcement will be followed by an investor conference call at 9:00 a.m. ET hosted by CEO Brent Bruun and CFO Roger Kuebel.

A live broadcast of the call can be accessed at investors.kvh.com. An audio replay will be available on the site for two weeks after the call. Investors may submit questions via email to IR@kvh.com.

KVH Industries has secured a contract worth up to $69 million from the U.S. Coast Guard to provide a next-generation satellite communications solution for its small cutter fleet, comprising over 140 vessels. This contract includes hardware, airtime, and global support and follows a competitive procurement process. KVH's TracPhone V7-HTS system will enhance connectivity for mission-critical applications. Additionally, approximately 20 new cutters are expected to join the fleet over the next five years, requiring further support.

KVH Industries has launched a limited duration stockholder rights plan to protect shareholder interests and evaluate options for maximizing shareholder value following its recent sale of its inertial navigation business. The plan is effective until the 2023 Annual Meeting, expiring automatically unless approved by shareholders. Rights become exercisable if an entity acquires 15% or more of outstanding shares, ensuring fair treatment among shareholders. The plan aims to give the Board sufficient time to make informed decisions regarding potential offers and shareholder value enhancement.

KVH Industries reported a net loss of $1.4 million for Q2 2022, down from $5.7 million in Q2 2021, alongside a 4% revenue decrease to $41.8 million. The company sold its inertial navigation business to EMCORE Corporation for $55 million to focus on mobile connectivity, which saw a 12% revenue growth in its mini-VSAT Broadband segment. Operating expenses decreased 16.5% to $17.6 million. Non-GAAP adjusted EBITDA rose to $4.1 million.