KVH Industries reports Q3 non-GAAP EPS 7c, consensus 1c

Reports Q3 revenue $35.2M, consensus $37.36M. CEO Brent Bruun stated, "In March, we embarked on a comprehensive restructuring initiative to build a healthy foundation for KVH’s continued growth. These efforts are working, as we successfully reduced our recurring operating expenses roughly 15% from 3Q21 while increasing our revenue, achieving record airtime gross margins, and moving us closer to our goal of sustained profitability. Following the Q3 sale of our inertial navigation assets, we are now focused entirely on our core business of mobile connectivity. We’ve made significant progress in this area as we grew our airtime base to more than 6,800 airtime subscribers. We also launched our new TracNet H-series terminals and KVH ONE hybrid network and won a competitive bid for a five-year contract with the U.S. Coast Guard, which renewed our existing relationship and is worth up to $69M."