Company: KVHI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001007587-25-000008
Chunk: 12

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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ITEM 1.    Financial Statements

KVH INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS 

(in thousands, except share and per share amounts)

March 31, 2025December 31, 2024ASSETS(unaudited)Current assets:Cash and cash equivalents$48,600 $50,572 Accounts receivable, net of allowance for credit losses of $1,018 and $1,006 as of March 31, 2025 and December 31, 2024, respectively23,197 21,624 Inventories21,982 22,953 Prepaid expenses and other current assets 16,390 16,016 Current assets held for sale11,410 11,410 Total current assets121,579 122,575 Property and equipment, net24,818 27,014 Intangible assets, net733 828 Right of use assets1,130 1,361 Other non-current assets3,037 3,146 Deferred income tax asset137 157 Total assets$151,434 $155,081 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable$3,355 $4,316 Accrued airtime560 745 Accrued compensation and employee-related expenses2,828 4,728 Accrued loss on future firm purchase commitments483 919 Accrued other2,066 2,134 Accrued product warranty costs707 607 Deferred revenue1,806 1,039 Current operating lease liability507 660 Liability for uncertain tax positions745 724 Total current liabilities13,057 15,872 Long-term operating lease liability525 569 Deferred income tax liability41 15 Total liabilities$13,623 $16,456 Commitments and contingencies (Notes 2, 11, and 16)Stockholders’ equity:Preferred stock, $0.01 par value. Authorized 1,000,000 shares; none issued— — Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,220,157 and 21,240,525 shares issued at March 31, 2025 and December 31, 2024, respectively; and 19,733,230 and 19,784,416