KVH Industries Inc
kvh.comWhat Do They Do?
Sells satellite Internet and voice services, licensed entertainment, and connectivity equipment to commercial and leisure maritime customers.
10-K for FY2025, filed Mar 10, 2026We are a leading global provider of innovative and technology-driven connectivity solutions to primarily maritime commercial and leisure…View ↗
We provide integrated, end-to-end services, software, and hardware that support our customers’ need for access to the Internet, VoIP…View ↗
In the global maritime market, we believe that there is significant demand for mobile access to the Internet, operational data, voice…View ↗
How Do They Make Money?
Customers pay monthly fixed fees for satellite Internet and voice services, with additional charges when they exceed included data or minutes. Equipment sales are paid for when products ship; some connectivity plans bundle equipment and support into one monthly fee.
10-K for FY2025, filed Mar 10, 2026We generate a substantial majority of our revenues from sales of satellite Internet airtime services. We provide, for monthly fixed fees…View ↗
Satellite connectivity and media content service salesView ↗
Revenue from product sales is recognized when control of the goods is transferred to the customer, which generally occurs upon shipment.…View ↗
AgilePlans, one of our options for commercial maritime customers, offers an all-inclusive Connectivity as a Service, or CaaS, usage-based…View ↗
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10-K for FY2025, filed Mar 10, 2026
FY2025 revenue by product or service ↗
$111M
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10-K for FY2025, filed Mar 10, 2026
$111M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Service
Recurring
10-K for FY2025, filed Mar 10, 2026 |
89%
FY2022: 81%
|
Service, FY2025
$98.4M Sources
|
Recurring |
|
Product
Sold outright
10-K for FY2025, filed Mar 10, 2026 |
11%
FY2022: 19%
|
Product, FY2025
$12.6M Sources
|
Sold outright |
Who Are Their Customers?
Commercial and leisure maritime customers buy connectivity services and equipment; they are reached through dealers, distributors, service providers, and other intermediaries. KVH also sells products directly and sells entertainment content directly through KVH Media Group.
10-K for FY2025, filed Mar 10, 2026Our sales, marketing, and support efforts target markets that are substantial and complex, and require, in many cases, networks of…View ↗
We sell our products directly and through an international network of independent retailers, chain stores, distributors, and service…View ↗
We sell entertainment media, news, and sports content directly through our KVH Media Group, headquartered in Leeds, England.View ↗
10-K for FY2025, filed Mar 10, 2026
One customer accounted for 11% of consolidated net sales for both 2025 and 2024. No other customers accounted for 10% or more of…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $7.4M in FY2025, but brought in more cash than it spent: $9.8M of free cash flow.
10-K for FY2025, filed Mar 10, 2026
−$11.2MView ↗
10-K for FY2025, filed Mar 10, 2026
−$7.4MView ↗
10-K for FY2025, filed Mar 10, 2026
$9.8MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Shrinking. Revenue fell 17% in 4 years, from $133.9M in FY2021 to $111M in FY2025, about 5% a year.
From manufacturing to reselling hardware
The older report described KVH as manufacturing and distributing its antenna products. The latest report says it is winding down manufacturing and expects to shift customers toward third-party hardware compatible with its communication services.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 10, 2026We provide integrated, end-to-end hardware, software, and services that support our customers’ need for access to the Internet, VoIP…View ↗
More connectivity channels
The older report described hybrid connectivity through satellite, cellular, and shore-based Wi-Fi. The latest report adds Starlink and Eutelsat OneWeb services and describes a multi-orbit network combining those providers with other connectivity options.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 10, 2026In the global maritime market, we believe that there is significant demand for mobile access to the Internet, operational data, voice…View ↗
Less hotel entertainment
The older report described licensed entertainment for commercial maritime and hotel customers; the latest report describes its entertainment distribution as serving commercial maritime customers.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 10, 2026We are a leading provider of innovative and technology-driven connectivity solutions to primarily maritime customers globally. We provide…View ↗
Who Do They Compete With?
Competes with Marlink, Navarino, Speedcast, Viasat/Inmarsat, Elcome, Station Satcom, Network Innovations, Starlink, Eutelsat OneWeb, Iridium, Intellian, Cobham, Swank Motion Pictures, FrontM, Baze Technology, PressReader, Cobham satcom, and Raymarine
10-K for FY2025, filed Mar 10, 2026In the marine market for high-speed Internet, voice, fax, and data services, we compete primarily with Marlink, Navarino, Speedcast…View ↗
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