Needham-affiliated entities report modest stakes in KVH Industries. Needham Investment Management L.L.C., Needham Asset Management, LLC and Needham Holdings, LLC each report beneficial ownership of 739,200 shares of KVH common stock, representing 3.8% of the class on a shared basis. The Needham Group, Inc. and George A. Needham each report beneficial ownership of 814,100 shares, representing 4.2% of the class on a shared basis.
The filers state that most reported shares are owned directly by advisory clients of Needham Investment Management, with 74,900 shares held directly by The Needham Group, Inc. All reported positions are disclosed as shared voting and dispositive power and are stated not to be held for the purpose of changing or influencing control of the issuer.
Positive
None.
Negative
None.
Insights
TL;DR: Reported positions are minor (3.8%–4.2%) and disclosed as client holdings with shared voting/dispositive power.
The filing discloses beneficial ownership below the 5% threshold by Needham entities and an individual, signaling a non-controlling but visible stake. The split between advisory-client-owned shares and a smaller directly held position (74,900 shares) reduces the likelihood that these holdings will drive proximate corporate action. Shared voting and dispositive power suggests management of client portfolios rather than a unilateral strategic position. For investors, this is a transparency event rather than a governance shift.
TL;DR: Governance impact appears neutral; holdings are disclosed and stated not to be for control purposes.
The Needham filings emphasize advisory-client ownership and a disclaimer that the securities are not held to influence control. Reported shared voting/dispositive power across affiliates implies coordinated reporting rather than concentrated control. Because no reporting person shows sole voting or dispositive power and all ownership percentages remain under 5%, the filing does not trigger typical governance escalation signals. The disclosure improves transparency around institutional interest in KVH but does not indicate an activist intent.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 11)
KVH Industries, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
482738101
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
482738101
1
Names of Reporting Persons
NEEDHAM INVESTMENT MANAGEMENT L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
739,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
739,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
739,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
482738101
1
Names of Reporting Persons
NEEDHAM ASSET MANAGEMENT, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
739,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
739,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
739,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
482738101
1
Names of Reporting Persons
NEEDHAM HOLDINGS, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
739,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
739,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
739,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
482738101
1
Names of Reporting Persons
THE NEEDHAM GROUP, INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
814,100.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
814,100.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
814,100.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
482738101
1
Names of Reporting Persons
GEORGE A. NEEDHAM
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
814,100.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
814,100.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
814,100.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
KVH Industries, Inc.
(b)
Address of issuer's principal executive offices:
75 Enterprise Center, Middletown, Rhode Island 02842, United States of America
Item 2.
(a)
Name of person filing:
Needham Investment Management L.L.C.
Needham Asset Management, LLC
Needham Holdings, LLC
The Needham Group, Inc.
George A. Needham
(b)
Address or principal business office or, if none, residence:
Needham Investment Management L.L.C.
250 Park Avenue, 10th Floor
New York, New York 10117-1099
United States of America
Needham Asset Management, LLC
c/o Needham Investment Management L.L.C.
250 Park Avenue, 10th Floor
New York, New York 10117-1099
United States of America
Needham Holdings, LLC
c/o Needham Investment Management L.L.C.
250 Park Avenue, 10th Floor
New York, New York 10117-1099
United States of America
The Needham Group, Inc.
c/o Needham Investment Management L.L.C.
250 Park Avenue, 10th Floor
New York, New York 10117-1099
United States of America
George A. Needham
c/o Needham Investment Management L.L.C.
250 Park Avenue, 10th Floor
New York, New York 10117-1099
United States of America
(c)
Citizenship:
Needham Investment Management L.L.C. - Delaware
Needham Asset Management, LLC - Delaware
Needham Holdings, LLC - Delaware
The Needham Group, Inc. - Delaware
George A. Needham - United States
(d)
Title of class of securities:
Common Stock, par value $0.01 per share
(e)
CUSIP No.:
482738101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Needham Investment Management L.L.C. - 739,200
Needham Asset Management, LLC - 739,200
Needham Holdings, LLC - 739,200
The Needham Group, Inc. - 814,100
George A. Needham - 814,100
(b)
Percent of class:
Needham Investment Management L.L.C. - 3.8%
Needham Asset Management, LLC - 3.8%
Needham Holdings, LLC - 3.8%
The Needham Group, Inc. - 4.2%
George A. Needham - 4.2%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Needham Investment Management L.L.C. - 0
Needham Asset Management, LLC - 0
Needham Holdings, LLC - 0
The Needham Group, Inc. - 0
George A. Needham - 0
(ii) Shared power to vote or to direct the vote:
Needham Investment Management L.L.C. - 739,200
Needham Asset Management, LLC - 739,200
Needham Holdings, LLC - 739,200
The Needham Group, Inc. - 814,100
George A. Needham - 814,100
(iii) Sole power to dispose or to direct the disposition of:
Needham Investment Management L.L.C. - 0
Needham Asset Management, LLC - 0
Needham Holdings, LLC - 0
The Needham Group, Inc. - 0
George A. Needham - 0
(iv) Shared power to dispose or to direct the disposition of:
Needham Investment Management L.L.C. - 739,200
Needham Asset Management, LLC - 739,200
Needham Holdings, LLC - 739,200
The Needham Group, Inc. - 814,100
George A. Needham - 814,100
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Other than 74,900 shares directly owned by The Needham Group, Inc., all of the shares reported in this Schedule 13G are directly owned by advisory clients of Needham Investment Management L.L.C. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, par value $0.01 per share.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
NEEDHAM INVESTMENT MANAGEMENT L.L.C.
Signature:
By: /s/ James W. Giangrasso
Name/Title:
James W. Giangrasso, Chief Financial Officer
Date:
08/13/2025
NEEDHAM ASSET MANAGEMENT, LLC
Signature:
By: /s/ James W. Giangrasso
Name/Title:
James W. Giangrasso, Authorized Person
Date:
08/13/2025
NEEDHAM HOLDINGS, LLC
Signature:
By: /s/ George A. Needham
Name/Title:
George A. Needham, Authorized Person
Date:
08/13/2025
THE NEEDHAM GROUP, INC.
Signature:
By: /s/ George A. Needham
Name/Title:
George A. Needham, Authorized Person
Date:
08/13/2025
GEORGE A. NEEDHAM
Signature:
By: /s/ George A. Needham
Name/Title:
George A. Needham
Date:
08/13/2025
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
How many KVHI shares do Needham entities report owning?
Needham Investment Management L.L.C., Needham Asset Management, LLC and Needham Holdings, LLC each report 739,200 shares; The Needham Group, Inc. and George A. Needham each report 814,100 shares.
What percentage of KVH common stock do these holdings represent?
The filings report ownership of 3.8% for the 739,200-share positions and 4.2% for the 814,100-share positions.
Do any reporting persons have sole voting or dispositive power over the shares?
No. All reporting persons disclosed 0 sole voting power and 0 sole dispositive power; they reported shared voting and shared dispositive power.
Are the reported shares owned directly by Needham or by clients?
Most reported shares are owned directly by advisory clients of Needham Investment Management L.L.C.; 74,900 shares are directly owned by The Needham Group, Inc.
Does the filing indicate an intent to influence control of KVH?
No. The signatories certified that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.
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