KVH INDUSTRIES INC \DE\
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
KVHI$7.00+8.7%Stored close · as of Nov 9, 2026
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INTERIM FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS · (unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $72,804 | $50,572 |
| Accounts receivable, net of allowance for credit losses of $833 and $1,006 as of September 30, 2025 and December 31, 2024, respectively | 24,302 | 21,624 |
| Inventories | 13,394 | 22,953 |
| Prepaid expenses and other current assets | 9,200 | 16,016 |
| Current assets held for sale | — | 11,410 |
| Total current assets | 119,700 | 122,575 |
| Property and equipment, net | 22,295 | 27,014 |
| Intangible assets, net | 537 | 828 |
| Right of use assets | 4,636 | 1,361 |
| Other non-current assets | 2,972 | 3,146 |
| Deferred income tax asset | 141 | 157 |
| Total assets | $150,281 | $155,081 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $4,012 | $4,316 |
| Accrued airtime | 1,365 | 745 |
| Accrued compensation and employee-related expenses | 4,253 | 4,728 |
| Accrued loss on future firm purchase commitments | — | 919 |
| Accrued other | 2,105 | 2,134 |
| Accrued product warranty costs | 754 | 607 |
| Deferred revenue | 1,346 | 1,039 |
| Current operating lease liability | 591 | 660 |
| Liability for uncertain tax positions | 788 | 724 |
| Total current liabilities | 15,214 | 15,872 |
| Long-term operating lease liability | 4,017 | 569 |
| Deferred income tax liability | 3 | 15 |
| Total liabilities | $19,234 | $16,456 |
| Commitments and contingencies (Notes 2, 11, and 16) | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.01 par value. Authorized 1,000,000 shares; none issued | — | — |
| Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,293,839 and 21,240,525 shares issued at September 30, 2025 and December 31, 2024, respectively; and 19,573,517 and 19,784,416 shares outstanding at September 30, 2025 and December 31, 2024, respectively | 213 | 212 |
| Additional paid-in capital | 168,470 | 167,287 |
| Accumulated deficit | (20,466) | (12,752) |
| Accumulated other comprehensive loss | (3,708) | (4,032) |
| 144,509 | 150,715 | |
| Less: treasury stock at cost, common stock, 1,720,322 and 1,456,109 shares as of September 30, 2025 and December 31, 2024, respectively. | (13,462) | (12,090) |
| Total stockholders’ equity | 131,047 | 138,625 |
| Total liabilities and stockholders’ equity | $150,281 | $155,081 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share amounts, unaudited)
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Sales: | ||||
| Service | $25,388 | $24,410 | $70,079 | $74,122 |
| Product | 3,065 | 4,561 | 10,411 | 12,789 |
| Net sales | 28,453 | 28,971 | 80,490 | 86,911 |
| Costs and expenses: | ||||
| Costs of service sales | 16,694 | 14,983 | 45,139 | 44,496 |
| Costs of product sales | 9,846 | 4,714 | 16,863 | 14,321 |
| Research and development | 969 | 1,407 | 3,072 | 6,771 |
| Sales, marketing and support | 4,884 | 4,932 | 14,854 | 15,650 |
| General and administrative | 3,691 | 3,789 | 10,806 | 13,214 |
| Long-lived assets impairment charge | — | 1,137 | — | 1,137 |
| Total costs and expenses | 36,084 | 30,962 | 90,734 | 95,589 |
| Loss from operations | (7,631) | (1,991) | (10,244) | (8,678) |
| Interest income | 681 | 629 | 1,827 | 2,416 |
| Interest expense | — | 2 | — | 2 |
| Other income (expense), net | 32 | 216 | 849 | (348) |
| Loss before income tax expense | (6,918) | (1,148) | (7,568) | (6,612) |
| Income tax expense | 16 | 51 | 146 | 126 |
| Net loss | $(6,934) | $(1,199) | $(7,714) | $(6,738) |
| Net loss per common share | ||||
| Basic | $(0.36) | $(0.06) | $(0.40) | $(0.35) |
| Diluted | $(0.36) | $(0.06) | $(0.40) | $(0.35) |
| Weighted average number of common shares outstanding: | ||||
| Basic | 19,361 | 19,433 | 19,418 | 19,367 |
| Diluted | 19,361 | 19,433 | 19,418 | 19,367 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Net loss | $(6,934) | $(1,199) | $(7,714) | $(6,738) |
| Other comprehensive (loss) income, net of tax: | ||||
| Foreign currency translation adjustment | (676) | 134 | 324 | 328 |
| Other comprehensive (loss) income, net of tax(1) | (676) | 134 | 324 | 328 |
| Total comprehensive loss | $(7,610) | $(1,065) | $(7,390) | $(6,410) |
(1)Tax impact was nominal for all periods.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
| Common Stock · AdditionalPaid-inCapital · Retained Deficit · AccumulatedOtherComprehensive Loss · Treasury Stock · TotalStockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| Balance at June 30, 2025 | 21,224 | $212 | $168,082 | $(13,532) | $(3,032) | (1,698) | $(13,346) | $138,384 |
| Net loss | — | — | — | (6,934) | — | — | — | (6,934) |
| Other comprehensive loss | — | — | — | — | (676) | — | — | (676) |
| Stock-based compensation | — | — | 366 | — | — | — | — | 366 |
| Issuance of common stock under employee stock purchase plan | 4 | — | 17 | — | — | — | — | 17 |
| Acquisition of treasury stock | — | — | — | — | — | (22) | (116) | (116) |
| Exercise of stock options and issuance of restricted stock awards, net of forfeitures | 66 | 1 | 5 | — | — | — | — | 6 |
| Balance at September 30, 2025 | 21,294 | $213 | $168,470 | $(20,466) | $(3,708) | (1,720) | $(13,462) | $131,047 |
| Common Stock · AdditionalPaid-inCapital · Retained Deficit · AccumulatedOtherComprehensive Loss · Treasury Stock · TotalStockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| Balance at December 31, 2024 | 21,241 | $212 | $167,287 | $(12,752) | $(4,032) | (1,456) | $(12,090) | $138,625 |
| Net loss | — | — | — | (7,714) | — | — | — | (7,714) |
| Other comprehensive income | — | — | — | — | 324 | — | — | 324 |
| Stock-based compensation | — | — | 1,137 | — | — | — | — | 1,137 |
| Issuance of common stock under employee stock purchase plan | 4 | — | 17 | — | — | — | — | 17 |
| Acquisition of treasury stock | — | — | — | — | — | (264) | (1,372) | (1,372) |
| Exercise of stock options and issuance of restricted stock awards, net of forfeitures | 49 | 1 | 29 | — | — | — | — | 30 |
| Balance at September 30, 2025 | 21,294 | $213 | $168,470 | $(20,466) | $(3,708) | (1,720) | $(13,462) | $131,047 |
| Common Stock · AdditionalPaid-inCapital · Retained Deficit · AccumulatedOtherComprehensive Loss · Treasury Stock · TotalStockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| Balance at June 30, 2024 | 21,170 | $212 | $166,490 | $(7,243) | $(3,991) | (1,456) | $(12,090) | $143,378 |
| Net loss | — | — | — | (1,199) | — | — | — | (1,199) |
| Other comprehensive loss | — | — | — | — | 134 | — | — | 134 |
| Stock-based compensation | — | — | 385 | — | — | — | — | 385 |
| Exercise of stock options and issuance of restricted stock awards, net of forfeitures | 85 | 1 | (1) | — | — | — | — | — |
| Balance at September 30, 2024 | 21,255 | $213 | $166,874 | $(8,442) | $(3,857) | (1,456) | $(12,090) | $142,698 |
| Common Stock · AdditionalPaid-inCapital · Retained Deficit · AccumulatedOtherComprehensive Loss · Treasury Stock · TotalStockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| Balance at December 31, 2023 | 21,067 | $211 | $165,140 | $(1,704) | $(4,185) | (1,456) | $(12,090) | $147,372 |
| Net loss | — | — | — | (6,738) | — | — | — | (6,738) |
| Other comprehensive income | — | — | — | — | 328 | — | — | 328 |
| Stock-based compensation | — | — | 1,629 | — | — | — | — | 1,629 |
| Issuance of common stock under employee stock purchase plan | 24 | — | 95 | — | — | — | — | 95 |
| Exercise of stock options and issuance of restricted stock awards, net of forfeitures | 164 | 2 | 10 | — | — | — | — | 12 |
| Balance at September 30, 2024 | 21,255 | $213 | $166,874 | $(8,442) | $(3,857) | (1,456) | $(12,090) | $142,698 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(7,714) | $(6,738) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Provision for credit losses | 67 | 35 |
| Depreciation and amortization | 8,126 | 10,250 |
| Impairment charge to goodwill and long-lived assets | — | 1,137 |
| Deferred income taxes | 4 | 36 |
| (Gain) loss on disposals of fixed assets | (365) | 1,850 |
| Gain on sale of fixed assets located at 50 Enterprise Center Middletown, Rhode Island | (1,319) | — |
| Loss on sale of fixed assets located at 75 Enterprise Center Middletown, Rhode Island | 300 | — |
| Compensation expense related to stock-based awards and employee stock purchase plan | 1,137 | 1,629 |
| Unrealized currency translation loss | 306 | 280 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (2,704) | 896 |
| Inventories | 9,559 | (6,157) |
| Prepaid expenses and other current assets | 6,866 | (16,128) |
| Other non-current assets | 278 | 692 |
| Accounts payable | (310) | 5,404 |
| Deferred revenue | 232 | (270) |
| Accrued compensation, product warranty and other | (748) | (6,489) |
| Net cash provided by (used in) operating activities | $13,715 | $(13,573) |
| Cash flows from investing activities: | ||
| Capital expenditures | (5,012) | (6,570) |
| Cash paid for acquisition of intangible asset | (26) | (31) |
| Proceeds from sale of fixed assets | 2,033 | — |
| Proceeds from the sale of fixed assets located at 50 Enterprise Center Middletown, Rhode Island | 4,926 | — |
| Proceeds from the sale of fixed assets located at 75 Enterprise Center Middletown, Rhode Island | 7,838 | — |
| Purchases of marketable securities | — | (1,892) |
| Maturities and sales of marketable securities | — | 25,000 |
| Net cash provided by investing activities | $9,759 | $16,507 |
| Cash flows from financing activities: | ||
| Proceeds from stock options exercised and employee stock purchase plan | 46 | 96 |
| Purchase of treasury stock | (1,372) | — |
| Net cash (used in) provided by financing activities | $(1,326) | $96 |
| Effect of exchange rate changes on cash and cash equivalents | 84 | 72 |
| Net increase in cash and cash equivalents | 22,232 | 3,102 |
| Cash and cash equivalents at beginning of period | 50,572 | 11,294 |
| Cash and cash equivalents at end of period | $72,804 | $14,396 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Amounts in accrued other and accounts payable related to property and equipment additions | $27 | $31 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.