Company: KVHI
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001007587-25-000003
Chunk: 8

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-03-10
Form: 10-K
Item: Item 8
Chunk 8
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 that our audits provide a reasonable basis for our opinion.

Critical audit matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP We have served as the Company’s auditor since 2014. Hartford, ConnecticutMarch 7, 2025

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KVH INDUSTRIES, INC. AND SUBSIDIARIES 

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 December 31, 20242023ASSETSCurrent assets:Cash and cash equivalents$50,572 $11,294 Marketable securities— 58,477 Accounts receivable, net of allowance for credit losses of $1,006 and $1,168 as of December 31, 2024 & December 31, 2023, respectively21,624 25,670 Inventories22,953 19,046 Prepaid expenses and other current assets16,016 4,331 Current assets held for sale11,410 — Total current assets122,575 118,818 Property and equipment, net27,014 47,680 Intangible assets, net828 1,194 Right of use assets1,361 1,068 Other non-current assets3,146 3,618 Deferred income tax asset157 256 Total assets$155,081 $172,634 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable$4,316 $4,780 Accrued airtime745 5,508 Accrued compensation and employee-related expenses4,728 4,466 Accrued loss on future firm purchase commitments919 3,569 Accrued other2,134 2,588 Accrued product warranty costs607 828 Deferred revenue1,039 1,774 Current operating lease liability660 786 Liability for uncertain tax positions724 673 Total current liabilities15,872 24,972 Long-term operating lease liability569 289 Deferred income tax liability15 1 Total liabilities$16,456 $25,262