KVHI

MKT CAP:$194M

KVH Industries, Inc.

Market Cap

$194M

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$10.24+$3.17 (+44.84%)

Apr 22, 2026

Company Details

KVH Industries, Inc. designs, develops, manufactures, and markets mobile connectivity products and services for the marine and land mobile markets in the United States and internationally. The company operates through Mobile Connectivity an...

CEO

Brent C. Bruun

IPO Date

Apr 2, 1996

Website

www.kvh.com

Key Metrics TTM

Revenue

$111M

-2.5% YoY

Net Income

-$7M

EPS (Diluted)

-$0.39

Free Cash Flow

$10M

Revenue / Share

$5.72

Gross Margin

24.8%

Operating Margin

-10.1%

Net Margin

-6.7%

FCF Margin

8.7%

P/S

1.7x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 10, 2026

$111M-2.5%EPS -$0.38

Q4 2025

Mar 10, 2026

$31M+13.4%EPS $0.02

Q3 2025

Nov 6, 2025

$28M-1.8%EPS -$0.36

Q2 2025

Aug 7, 2025

$27M-7.1%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$41M	$16M	-$503.0K
Q4 20	$44M	$17M	-$11M
Q1 21	$42M	$16M	-$4M
Q2 21	$43M	$15M	-$6M
Q1 23	$34M	$13M	-$169.0K
Q2 23	$34M	$12M	$172.0K
Q3 23	$33M	$12M	-$5M
Q4 23	$31M	$903.0K	-$12M
Q1 24	$29M	$10M	-$4M
Q2 24	$29M	$9M	-$3M
Q3 24	$29M	$9M	-$2M
Q4 24	$27M	$7M	-$3M
Q1 25	$25M	$7M	-$2M
Q2 25	$27M	$9M	-$370.0K
Q3 25	$28M	$2M	-$8M
Q4 25	$31M	$9M	-$927.0K

Valuation

Quarter	P/S	P/E
Q3 20	1.1x	—
Q4 20	1.3x	—
Q1 21	1.4x	—
Q2 21	1.3x	—
Q1 23	1.4x	—
Q2 23	1.1x	—
Q3 23	0.7x	—
Q4 23	0.8x	—
Q1 24	0.8x	—
Q2 24	0.7x	—
Q3 24	0.8x	—
Q4 24	1.0x	—
Q1 25	0.9x	—
Q2 25	1.0x	—
Q3 25	1.0x	—
Q4 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	-$42.0K	-$3M
Q4 20	-$151.0K	-$4M
Q1 21	$5M	-$182.0K
Q2 21	-$183.0K	-$6M
Q1 23	-$7M	-$9M
Q2 23	$4M	$952.0K
Q3 23	$508.0K	-$2M
Q4 23	$5M	$483.0K
Q1 24	-$792.0K	-$3M
Q2 24	-$15M	-$17M
Q3 24	$2M	$409.0K
Q4 24	$403.0K	-$487.0K
Q1 25	-$1M	-$2M
Q2 25	$5M	$3M
Q3 25	$10M	$8M
Q4 25	$3M	$1M

Capital Expenditures

Quarter	CapEx
Q3 20	$3M
Q4 20	$4M
Q1 21	$5M
Q2 21	$5M
Q1 23	$2M
Q2 23	$3M
Q3 23	$2M
Q4 23	$5M
Q1 24	$2M
Q2 24	$3M
Q3 24	$1M
Q4 24	$890.0K
Q1 25	$1M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+4.8%	-9.7%
Q4 20	+3.9%	+21.1%
Q1 21	+15.7%	+3.8%
Q2 21	+17.4%	+21.8%
Q1 23	-17.0%	-17.5%
Q2 23	-23.9%	-39.8%
Q3 23	-21.5%	-16.5%
Q4 23	-28.6%	-12.4%
Q1 24	-14.3%	-3.6%
Q2 24	-14.6%	-5.5%
Q3 24	-12.7%	-19.3%
Q4 24	-13.1%	-30.1%
Q1 25	-13.2%	-16.4%
Q2 25	-7.1%	-14.5%
Q3 25	-1.8%	+16.5%
Q4 25	+13.4%	+4.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$912.0K	2.2%
Q4 20	$1M	2.3%
Q1 21	$932.0K	2.2%
Q2 21	$1M	2.4%
Q1 23	$296.0K	0.9%
Q2 23	$578.0K	1.7%
Q3 23	$559.0K	1.7%
Q4 23	$645.0K	2.1%
Q1 24	$522.0K	1.8%
Q2 24	$722.0K	2.5%
Q3 24	$385.0K	1.3%
Q4 24	$398.0K	1.5%
Q1 25	$337.0K	1.3%
Q2 25	$434.0K	1.6%
Q3 25	$366.0K	1.3%
Q4 25	$430.0K	1.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 20	$4M	$6M	$7M
Q4 20	$4M	$6M	$7M
Q1 21	$5M	$7M	$8M
Q2 21	$5M	$9M	$8M
Q1 23	$3M	$5M	$6M
Q2 23	$2M	$4M	$5M
Q3 23	$2M	$4M	$5M
Q4 23	$2M	$6M	$5M
Q1 24	$3M	$5M	$5M
Q2 24	$2M	$4M	$5M
Q3 24	$1M	$4M	$5M
Q4 24	$2M	$3M	$5M
Q1 25	$1M	$4M	$5M
Q2 25	$916.0K	$4M	$5M
Q3 25	$969.0K	$4M	$5M
Q4 25	$385.0K	$4M	$6M

Revenue Segments

Quarter	Product	Service
Q3 20	$17M	$24M
Q4 20	$21M	$23M
Q1 21	$18M	$24M
Q2 21	$17M	$26M
Q3 23	$4M	$29M
Q1 24	$4M	$25M
Q2 24	$4M	$25M
Q3 24	$5M	$24M
Q4 24	$5M	$22M
Q1 25	$4M	$22M
Q2 25	$4M	$23M
Q3 25	$3M	$25M
Q4 25	$2M	$28M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$8M	$9M	$17M
Q2 22	$10M	$5M	$16M
Q3 22	$14M	$55M	$70M
Q4 22	$21M	$56M	$77M
Q1 23	$12M	$56M	$69M
Q2 23	$14M	$57M	$71M
Q3 23	$11M	$58M	$69M
Q4 23	$11M	$58M	$70M
Q1 24	$11M	$55M	$67M
Q2 24	$10M	$39M	$49M
Q3 24	$14M	$35M	$50M
Q4 24	$51M	$0	$51M
Q1 25	$49M	$0	$49M
Q2 25	$56M	$0	$56M
Q3 25	$73M	$0	$73M
Q4 25	$70M	$0	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	18M	+0.4%	+1.5%
Q4 20	18M	+0.3%	+1.3%
Q1 21	18M	+0.9%	+2.3%
Q2 21	18M	+1.3%	+3.0%
Q1 23	19M	+4.7%	+7.4%
Q2 23	19M	+1.3%	+8.5%
Q3 23	19M	-0.2%	+7.2%
Q4 23	19M	+0.1%	+5.9%
Q1 24	19M	+0.2%	+1.3%
Q2 24	19M	+0.5%	+0.5%
Q3 24	19M	+0.3%	+1.1%
Q4 24	19M	-0.2%	+0.7%
Q1 25	19M	+0.5%	+1.1%
Q2 25	19M	-0.3%	+0.3%
Q3 25	19M	-0.4%	-0.4%
Q4 25	19M	+0.2%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$68.1K	604
Q4 20	$69.1K	639
Q1 21	$66.2K	639
Q2 21	$67.9K	639
Q1 23	$86.0K	397
Q2 23	$84.6K	397
Q3 23	$83.6K	397
Q4 23	$89.8K	345
Q1 24	$84.8K	345
Q2 24	$83.1K	345
Q3 24	$84.0K	345
Q4 24	$103.5K	260
Q1 25	$97.7K	260
Q2 25	$102.4K	260
Q3 25	$109.4K	260
Q4 25	$101.7K	300

Revenue / Employee