KVH Industries reports Q4 EPS (63c) vs. 4c last year

Reports Q4 revenue $31.5M vs. $36M last year. Commenting on the company’s fourth quarter results, Brent Bruun, KVH’s Chief Executive Officer, said, “We achieved significant milestones in our core mobile connectivity business in 2023 with new agreements with OneWeb and Kognitive Networks, as well as our reseller agreement with Starlink. Our annual airtime revenue was up 4% to $107 million year-over-year, and with year-end subscriber levels even with year-end 2022. Changes in the market impacted our VSAT and satellite TV terminal sales, which have been an essential element of our offering, but are no longer contributing towards achievement of our profitability goals. As a result, our airtime revenue growth was offset by a decline in hardware sales. In response, we’ve taken a major step in our transition from a capital-intensive, hardware-focused business to a more nimble, integrated solution-oriented organization through our recently announced reorganization and wind-down of our manufacturing operations. While we believe these actions will generate significant savings as we go forward, our industry is in transition, with unprecedented change, competition, and uncertainty. As we factor all of that into our view for 2024. we anticipate that revenue will be in the range of $125 million to $135 million, and adjusted EBITDA in the range of $11 million to $17 million.”