Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-28082 KVH Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Indicate by check mark if the regis ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: KVH Industries, Inc. Roger Kuebel 401-608-8945 rkuebel@kvh.com KVH Industries Reports Fourth Quarter and Full Year 2023 Results MIDDLETOWN, RI, March 15, 2024 — KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter and full year ended December 31, 2023 today. The company will hold a conference call to discuss these results at 9:00 a.m. ET today, which can be accessed at investors.kvh.com. Following the call, a replay of the webcast will ...

KVH Industries, Inc. (NASDAQ:KVHI) Q3 2023 Earnings Conference Call November 9, 2023 9:00 AM ET Company Participants Roger Kuebel - Chief Financial Officer Brent Bruun - Chief Executive Officer Bob Balog - Chief Operating Officer Conference Call Participants Chris Quilty - Quilty Space Ryan Koontz - Needham & Company Operator Good day and thank you for standing by. Welcome to the Q3 2023 KVH Industries Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) Delaware 05-0420589 50 Enterprise Center, Middletown, RI 02842 (Address of Principal Executive Of ices) (Zip Code) (401) 847-3327 (Registrant's Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Clas ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-28082 KVH Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Washington, D.C. 20549 FORM 10-Q (Mark One) (State or Other Jurisdiction of Incorporation or ...

Financial Data and Key Metrics Changes - The first quarter revenue was $33.7 million, an increase of $0.5 million from $33.2 million in Q1 2022 [14] - Gross profit margin for Q1 was 37%, down from 38% in the same period last year [14] - Adjusted EBITDA for the quarter was $3.3 million, compared to $1.8 million in the previous year [18] - The net loss from continuing operations was $12,000, compared to a net loss of $4.3 million in Q1 2022 [36] Business Line Data and Key Metrics Changes - Airtime revenue increased to $27 million, up 13% year-over-year [34] - Product revenue for Q1 was $4.9 million, a decrease of $1.6 million or 25% from the previous year, primarily due to a decline in VSAT product sales [16] - Airtime gross margin was 42%, slightly up from 41.2% last year [15] Market Data and Key Metrics Changes - The total subscriber base surpassed 7,000, indicating growth in customer acquisition [34] - The company is seeing a shift where more vessels are transitioning from L-band services to higher-throughput services [51] Company Strategy and Development Direction - The company aims to expand airtime revenue and subscriber base while converting competitor systems to gain market share [6] - A new 5G/LTE auto activation program has been launched to enhance service adoption among TracNet customers [8] - The company is pursuing a hybrid approach by integrating 5G and WiFi capabilities into its TracNet systems to counter new LEO systems entering the market [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strategic objectives for the year, including expanding value-added services and pursuing new hardware-agnostic approaches [31] - The company anticipates releasing several new products that will create new airtime revenue streams later this year or early 2024 [31] - Management noted that while challenges may arise, they remain optimistic about delivering healthy growth and sustained profitability [31] Other Important Information - The company has a strong balance sheet with a cash balance of $69 million and no debt [5] - Capital expenditures for the quarter were $2.1 million, with operational cash flow being positive by almost $2 million [19] - The company continues to expect full-year revenue between $145 million and $155 million and adjusted EBITDA between $17 million and $23 million [45] Q&A Session Summary Question: When does the new VSAT program start? - The program officially launched as of May 1 [47] Question: Is the H90 terminal orbit-specific? - The H90 terminal is Ku-band only and operates on the standard Flex network [48][49] Question: Will the new NGSO capacity replace the Starlink offering? - The new capacity is anticipated to be offered in tandem with existing services [50] Question: Are more vessels switching from L-band to higher-throughput services? - There is a noted shift where vessels are increasingly converting from L-band solutions to higher-throughput services [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-28082 KVH Industries, Inc. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation o ...

Financial Data and Key Metrics Changes - The company's fourth quarter revenue was $36 million, a 2% increase year-over-year, with operating income of $600,000 compared to an operating loss of $3.9 million in Q4 2021, marking the first operating profit in over six years [8][38]. - Adjusted EBITDA for the quarter was $4.3 million, up from $700,000 in the fourth quarter of 2021 [17]. - Airtime revenue increased by 12% to $26.8 million, with a gross margin of 43.5%, up 9 percentage points from the prior year [14][15]. Business Line Data and Key Metrics Changes - Product revenue for Q4 was $7.2 million, a decrease of 13% from $8.2 million in the previous year, primarily due to a decline in VSAT product sales [15]. - Operating expenses for the quarter were $12 million, down 23% from the fourth quarter of 2021 [16]. Market Data and Key Metrics Changes - The total subscriber base reached almost 6,900, with continued expansion into India, where the company is shipping legacy systems and plans to shift to new products upon regulatory approval [27]. - The company is launching initiatives to convert VSAT antennas from other manufacturers to work on its network without hardware changes, enhancing service offerings [28]. Company Strategy and Development Direction - The company aims to focus on mobile connectivity and value-added services, having divested from inertial navigation and radio businesses [4]. - Future strategies include expanding the suite of value-added services and pursuing subscriber growth through hardware-agnostic approaches [32][33]. Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the company's turnaround and plans for sustained profitability, emphasizing the importance of innovation and superior service [11][33]. - The company recognizes the competitive landscape with emerging non-geostationary orbit services but believes its hybrid solutions will provide superior value [30][31]. Other Important Information - The company received industry recognition for its TracNet product, highlighting its innovative design and performance [9]. - The company expects to see a reduction in cash balance in the first quarter as accounts payable normalizes [40]. Q&A Session Summary Question: How does the technology evolution on the antenna side impact the company? - Management acknowledged the competitive landscape with new technologies but emphasized the importance of integrated solutions for reliability [23][46]. Question: What are the demand signals in the maritime market? - Management noted that demand is strengthening as COVID-19 restrictions ease, particularly in the maritime sector [47]. Question: How does Starlink impact overall reported margins? - Management indicated that while Starlink offers lower costs per bit, the company plans to offset potential margin erosion through bundled services [70][57]. Question: Is there sufficient capacity in the Indian market for new services? - Management confirmed that through partnerships, capacity concerns are addressed, and new capacity is expected to come online [63][64].

Part I [Business](index=5&type=section&id=Item%201.%20Business) The company operates as a single segment focused on mobile connectivity, having divested non-core businesses to concentrate on maritime markets and hybrid solutions - In 2022, KVH sold its inertial navigation business to EMCORE Corporation and its subsidiary KVH Media Group Entertainment Limited, **shifting its focus to its core mobile connectivity business**[17](index=17&type=chunk)[51](index=51&type=chunk) - The company introduced its **TracNet H-series hybrid terminals** (VSAT, 5G/LTE, Wi-Fi) in July 2022 and began offering **Starlink terminals** as a companion solution in March 2023 to enhance its connectivity offerings[25](index=25&type=chunk)[34](index=34&type=chunk) - The company's **AgilePlans**, a Connectivity as a Service (CaaS) model, provides hardware and services for a monthly fee without a long-term contract, where KVH retains ownership of the equipment[42](index=42&type=chunk) - As of December 31, 2022, the company had 397 team members, with a **global turnover rate of 18%** in 2022, excluding reductions from business sales and restructuring[77](index=77&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk) Consolidated Net Sales Breakdown (2021-2022) | Revenue Source | 2022 Percentage | 2021 Percentage | | :--- | :--- | :--- | | Airtime Service | 74% | 69% | | Product Sales | 19% | 22% | | Content Services | 4% | 6% | [Risk Factors](index=17&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from its history of losses, intense competition from LEO networks, reliance on key suppliers, and international trade complexities - The company has a **history of substantial losses** from continuing operations and may incur future losses due to investments in satellite capacity and R&D, alongside supply chain constraints[92](index=92&type=chunk) - **Competition is intensifying**, particularly from new non-geostationary satellite orbit (NGSO) services like **Starlink and OneWeb**, which could impact the commercial maritime business[126](index=126&type=chunk)[128](index=128&type=chunk) - The business **relies on third-party satellite services** from providers like Intelsat, Sky Perfect-JSAT, and Inmarsat; any disruption could significantly harm sales and operations[106](index=106&type=chunk)[107](index=107&type=chunk) - The company **depends on sole or limited source suppliers** for key components and has experienced product delivery delays and increased costs due to global chip shortages and supply chain constraints[133](index=133&type=chunk) - The sale of the inertial navigation business **reduces the company's revenue base**, magnifying the impact of fixed overhead costs and making the company solely reliant on its mobile connectivity business[122](index=122&type=chunk) - **International operations account for a majority of revenue (62% in 2022)** and expose the company to risks including tariffs, trade restrictions, foreign currency fluctuations, and complex regulatory environments[117](index=117&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk) [Unresolved Staff Comments](index=27&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[149](index=149&type=chunk) [Properties](index=27&type=section&id=Item%202.%20Properties) The company's principal facilities include two owned properties in Rhode Island and a leased European headquarters in Denmark Principal Facilities as of December 31, 2022 | Location | Type | Principal Uses | Square Footage | Ownership | | :--- | :--- | :--- | :--- | :--- | | Middletown, RI | Office | Corp. HQ, R&D, Sales, Admin | 75,000 | Owned | | Middletown, RI | Plant/Warehouse | Manufacturing & Warehousing | 75,300 | Owned | | Kokkedal, Denmark | Office/Warehouse | European HQ, Sales, Support | 11,000 | Leased | [Legal Proceedings](index=27&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine litigation that is not expected to have a material adverse effect on the business - The company is involved in routine litigation but **does not expect any current proceedings to materially harm its business**, financial condition, or results of operations[151](index=151&type=chunk)[444](index=444&type=chunk) [Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[152](index=152&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=28&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under "KVHI", and it has never paid cash dividends, retaining earnings for operations - The company's common stock trades on the **Nasdaq Global Select Market under the symbol "KVHI"**[154](index=154&type=chunk) - KVH has **never declared or paid cash dividends** and has no plans to do so, intending to retain future earnings to finance operations[155](index=155&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, net sales from continuing operations grew 4%, while the sale of the inertial navigation business drove a reported net income of $24.1 million [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Net sales rose 4% to $138.9 million in 2022, driven by service sales, while net income reached $24.1 million due to a gain from discontinued operations - The increase in service sales was primarily due to a **$10.4 million rise in VSAT service sales**, while the decrease in product sales was mainly from a **$3.1 million decline in VSAT product sales** due to lower unit volume[176](index=176&type=chunk)[177](index=177&type=chunk) - General and administrative expenses **decreased by $4.1 million (14%)**, primarily due to a $3.4 million decrease in professional fees related to a 2021 proxy contest and a $0.9 million contra-expense from the Transition Services Agreement with EMCORE[184](index=184&type=chunk) Net Sales Performance (2022 vs. 2021) | Sales Category | 2022 (in thousands) | 2021 (in thousands) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Product sales | $26,970 | $30,012 | $(3,042) | (10)% | | Service sales | $111,908 | $103,899 | $8,009 | 8% | | **Net sales** | **$138,878** | **$133,911** | **$4,967** | **4%** | Profitability Summary (2022 vs. 2021) | Metric (in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Loss from operations | $(5,654) | $(19,595) | | Net loss from continuing operations | $(3,924) | $(11,546) | | Income from discontinued operations, net of tax | $28,025 | $1,783 | | **Net Income (loss)** | **$24,101** | **$(9,763)** | [Discontinued Operations](index=33&type=section&id=Discontinued%20Operations) The divested inertial navigation business is classified as discontinued operations, contributing $28.0 million to 2022 net income after tax Results for Discontinued Operations (2022 vs. 2021) | Metric (in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Sales from discontinued operations | $16,721 | $37,856 | | Gain on sale of discontinued operations before tax | $30,763 | $— | | **Income from discontinued operations, net of tax** | **$28,025** | **$1,783** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company held $76.7 million in cash and equivalents at year-end 2022, bolstered by divestiture proceeds, and believes it has sufficient liquidity - The company's primary liquidity sources in recent years have been **proceeds from business sales**, cash from operations, and bank financings[193](index=193&type=chunk) - **Net cash provided by operating activities was $8.9 million** in 2022, an increase from $2.9 million in 2021, primarily due to higher net income and favorable changes in accounts payable[199](index=199&type=chunk) - **Net cash provided by investing activities was $0.4 million** in 2022, a significant shift from $6.7 million used in 2021, driven by **$55.0 million in proceeds** from the inertial navigation business sale[200](index=200&type=chunk) - On August 9, 2022, the company **terminated its 2018 Credit Agreement** with Bank of America, at which time no borrowings were outstanding[203](index=203&type=chunk) Key Liquidity Metrics (as of Dec 31, 2022) | Metric | Amount (in millions) | | :--- | :--- | | Cash, cash equivalents, and marketable securities | $76.7 | | Working capital | $92.3 | [Controls and Procedures](index=36&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls, procedures, and internal control over financial reporting were effective as of year-end 2022 - Based on an evaluation as of December 31, 2022, the CEO and CFO concluded that the company's **disclosure controls and procedures were effective**[212](index=212&type=chunk) - Management assessed the effectiveness of internal control over financial reporting using the COSO framework and concluded that **it was effective** as of December 31, 2022[213](index=213&type=chunk)[214](index=214&type=chunk) - The independent registered public accounting firm, Grant Thornton LLP, issued a report stating that the company maintained, in all material respects, **effective internal control over financial reporting** as of December 31, 2022[215](index=215&type=chunk)[220](index=220&type=chunk) - **No changes in internal control** over financial reporting occurred during the fourth quarter of 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[216](index=216&type=chunk) Part III Information for Part III is incorporated by reference from the company's definitive proxy statement for its 2023 annual meeting of stockholders [Directors, Executive Officers and Corporate Governance](index=39&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Required information is incorporated by reference from the company's 2023 proxy statement - The required information is **incorporated by reference** to the company's 2023 proxy statement[231](index=231&type=chunk) [Executive Compensation](index=39&type=section&id=Item%2011.%20Executive%20Compensation) Required information is incorporated by reference from the company's 2023 proxy statement - The required information is **incorporated by reference** to the company's 2023 proxy statement[233](index=233&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=39&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Required information is incorporated by reference from the company's 2023 proxy statement - The required information is **incorporated by reference** to the company's 2023 proxy statement[234](index=234&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=39&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Required information is incorporated by reference from the company's 2023 proxy statement - The required information is **incorporated by reference** to the company's 2023 proxy statement[235](index=235&type=chunk) [Principal Accountant Fees and Services](index=39&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Required information is incorporated by reference from the company's 2023 proxy statement - The required information is **incorporated by reference** to the company's 2023 proxy statement[236](index=236&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=40&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section contains the consolidated financial statements, the independent auditor's report, and a list of exhibits filed with the Form 10-K - This section includes the **Report of Independent Registered Public Accounting Firm** and the Consolidated Financial Statements[239](index=239&type=chunk) - **No financial statement schedules were filed**[240](index=240&type=chunk) - A list of exhibits is provided, including the **Asset Purchase Agreement** for the inertial navigation business sale, the Stockholder Rights Agreement, and various executive employment agreements[240](index=240&type=chunk)[241](index=241&type=chunk) [Form 10-K Summary](index=43&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary was provided - None[245](index=245&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-28082 KVH Industries, Inc. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporati ...