KVH Industries reports second quarter 2022 results
by KVH Industries, Inc. 11 Aug 2022 08:43 PDT
KVH Industries logo © KVH Industries
KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter ended June 30, 2022 today.
The company will hold a conference call to discuss these results at 5:00 p.m. ET today, which can be accessed at investors.kvh.com. Following the call, a replay of the webcast will be available through the company's website.
Second Quarter 2022 Highlights:
- Total revenues in the second quarter of 2022 were $41.8 million, down 4% from $43.4 million in the second quarter of2021.
- Our mini-VSAT Broadband airtime revenue increased $2.7 million, to $25.8 million, or 12%, in the second quarter of 2022 compared to the second quarter of 2021, partially due to a 1% increase in subscribers despite the shutdown of our legacy network on December 31, 2021.
- TACNAV product sales decreased $1.3 million to $0.2 million in the second quarter of 2022 compared to the second quarter of 2021. Fiber optic gyro (FOG) product and OEM product sales decreased $1.0 million, or 13%, in the second quarter of 2022 compared to the second quarter of 2021.
- Net loss in the second quarter of 2022 was $1.4 million, or $0.08 per share, compared to a net loss of $5.7 million, or $0.31 per share, in the second quarter of 2021. The second quarter of 2022 includes a $1.6 million inventory reserve related to a specialized component in our TACNAV product line and a $0.6 million gain on the sale of a content service subsidiary.
- Non-GAAP adjusted EBITDA and non-GAAP EPS were $4.1 million and income of $0.04 per share in the second quarter of 2022, compared to $1.5 million and a loss of $0.05 per share in the second quarter of 2021.
Until today, the company operated in two segments, mobile connectivity and inertial navigation. In the second quarter of 2022, net sales for the mobile connectivity segment increased by $0.8 million compared to the second quarter of 2021.
Mobile connectivity sales increased due to a $2.7 million increase in mini-VSAT Broadband airtime revenue, partially offset by a $1.4 million decrease in mobile connectivity product sales and a $0.6 million decrease in our content service sales primarily driven by the sale of a subsidiary in April 2022. In the second quarter of 2022, net sales for our inertial navigation segment decreased by $2.3 million, or 24%, compared to the second quarter of 2021. Inertial navigation sales decreased primarily due to a $1.3 million decrease in TACNAV product sales and a $1.0 million decrease in FOG and OEM product sales.
Read the full report here... (PDF format)