Company: KVHI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001007587-25-000022
Chunk: 60

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 in Africa, the Middle East and Asia/Pacific, including India. Revenues are based upon customer location, and revenues from international locations represented 77% and 71% of consolidated net sales for the three months ended September 30, 2025 and 2024, respectively, and 78% and 72% of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. Sales to Singapore customers represented 21% and 20% of the Company's consolidated net sales for the three months ended September 30, 2025 and 2024, respectively. No other individual foreign country represented 10% or more of the Company's consolidated net sales for the three months ended September 30, 2025 or 2024. Sales to Singapore customers represented 22% and 21% of the Company's consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. No other individual foreign country represented 10% or more of the Company's consolidated net sales for the nine months ended September 30, 2025 or 2024.

19

Business and Credit ConcentrationsThe Company is potentially subject to financial instrument concentration of credit risk through its cash and cash equivalents. To mitigate these risks, the Company maintains cash and cash equivalents with reputable and nationally recognized financial institutions. As of September 30, 2025, substantially all of the cash and cash equivalents were held by Bank of America, N.A.Concentrations of risk with respect to trade accounts receivable are generally limited due to the large number of customers and their dispersion across several geographic areas. Although the Company does not foresee that credit risk associated with these receivables will deviate from historical experience, repayment is dependent upon the financial stability of those individual customers. The Company establishes allowances for credit losses and evaluates, on a monthly basis, the adequacy of those reserves based upon expected losses, historical experience and its expectation for future collectability concerns.One customer accounted for 12% and 11% of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. No other customers accounted for 10% or more of consolidated net sales for the nine months ended September 30, 2025 and 2024. One customer accounted for approximately 18% and 19% of accounts receivable at September 30, 2025 and December 31, 2024, respectively. One customer