KVH Industries(KVHI) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenues decreased by 13% in Q3 2024 to $29.0 million from $33.2 million in Q3 2023[2] - Airtime revenue decreased by $4.6 million, or 17%, to $22.8 million in Q3 2024 compared to Q3 2023[2] - Net loss in Q3 2024 was $1.2 million, or $0.06 per share, compared to a net loss of $4.4 million, or $0.23 per share, in Q3 2023[3] - Non-GAAP adjusted EBITDA was $2.9 million in Q3 2024, down from $4.4 million in Q3 2023[4] - Service revenues for Q3 2024 were $24.4 million, a decrease of $5.0 million compared to Q3 2023[8] - Product revenues for Q3 2024 were $4.6 million, an increase of 20% compared to Q3 2023, driven by a $1.2 million increase in Starlink product sales[9] - Net sales for the three months ended September 30, 2024, were $28,971,000, a decrease of 12.5% compared to $33,195,000 for the same period in 2023[24] - Service sales decreased to $24,410,000, down 17.5% from $29,397,000 year-over-year, while product sales increased to $4,561,000, up 20.1% from $3,798,000[24] - The net loss for the three months ended September 30, 2024, was $1,199,000, compared to a net loss of $4,369,000 for the same period in 2023, representing a 72.6% improvement[24] - Non-GAAP adjusted EBITDA for the three months ended September 30, 2024, was $2,932,000, compared to $4,385,000 for the same period in 2023, reflecting a decrease of 33.1%[28] - The company reported a loss from operations of $1,991,000 for the three months ended September 30, 2024, compared to a loss of $5,150,000 for the same period in 2023[24] Expenses and Assets - Operating expenses decreased by $6.3 million to $11.3 million in Q3 2024 compared to $17.6 million in Q3 2023[10] - Total costs and expenses for the three months ended September 30, 2024, were $30,962,000, a decrease of 19.1% compared to $38,345,000 in the same period last year[24] - Cash, cash equivalents, and marketable securities decreased to $49,765,000 as of September 30, 2024, down from $69,771,000 at December 31, 2023[26] - Total current assets increased to $131,666,000 as of September 30, 2024, compared to $118,818,000 at December 31, 2023, marking an increase of 10.8%[26] - Stockholders' equity decreased to $142,698,000 as of September 30, 2024, down from $147,372,000 at December 31, 2023, a decline of 3.7%[26] Strategic Developments - KVH expanded its Starlink maritime options and achieved a new subscriber milestone in August 2024[15] - The company is adapting to technological disruptions and increasing hybrid LEO/GEO deployments to meet customer demands[5] - KVH plans to sell its warehouse building and surface parking lot in Middletown, Rhode Island, leading to non-cash impairment charges of $1.1 million[3] Shareholder Information - The weighted average number of common shares outstanding for the three months ended September 30, 2024, was 19,433,000, compared to 19,231,000 for the same period in 2023[24]