Company: KVHI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001007587-25-000022
Chunk: 9

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 interest income of $0.7 million, $0.6 million is attributable to interest earned on cash and cash equivalents, while the remaining $0.1 million was attributable to interest from lease receivables. Other income, net decreased by $0.2 million to other income, net of less than $0.1 million for the three months ended September 30, 2025 from other income, net of $0.2 million for the three months ended September 30, 2024. This decrease was driven primarily by a $0.3 million loss on the sale of 75 Enterprise Center in September 2025.

 Income Tax Expense

Income tax expense for the three months ended September 30, 2025 was less than $0.1 million and primarily related to withholding taxes imposed in foreign jurisdictions. Income tax expense for the three months ended September 30, 2024 was $0.1 million and related to taxes on income earned in foreign jurisdictions.

29

Nine months ended September 30, 2025 and 2024 

Net Sales

Our net sales for the nine months ended September 30, 2025 and 2024 were as follows: 

ChangeFor the nine months ended September 30,2025 vs. 202420252024$%(dollars in thousands)Service$70,079 $74,122 $(4,043)(5)%Product 10,411 12,789 (2,378)(19)%Net sales$80,490 $86,911 $(6,421)(7)%

Net sales decreased by $6.4 million, or 7%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Service sales decreased by $4.0 million, or 5%, to $70.1 million for the nine months ended September 30, 2025 from $74.1 million for the nine months ended September 30, 2024. The decrease in service sales was primarily due to an overall $4.7 million decrease in our airtime service sales, which reflected a $7.2 million decrease in airtime service sales related to the U.S. Coast Guard contract downgrade. In addition, there was a substantial decrease in other VSAT subscribers, which was partially offset by a substantial increase in LEO service sales. For the nine months ended September 30, 2025, L