Company: KVHI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001007587-25-000012
Chunk: 73

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 73
---
 June 30, 2024, primarily as a result of lower cash balances in 2025 as a result of the $17.0 million prepayment in June 2024 for access to a large block of Starlink Mobile Priority data at favorable rates. Of the current period interest income of $0.6 million, $0.5 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 (expense), net changed by $1.2 million to other income, net of $0.8 million for the three months ended June 30, 2025 from other expense, net of $0.4 million for the three months ended June 30, 2024. This change was driven primarily by a $1.3 million gain on the sale of 50 Enterprise Center in June 2025.

 Income Tax Expense

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

28

Six months ended June 30, 2025 and 2024 

Net Sales

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

ChangeFor the six months ended June 30,2025 vs. 202420252024$%(dollars in thousands)Service$44,691 $49,712 $(5,021)(10)%Product 7,346 8,228 (882)(11)%Net sales$52,037 $57,940 $(5,903)(10)%

Net sales decreased by $5.9 million, or 10%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Service sales decreased by $5.0 million, or 10%, to $44.7 million for the six months ended June 30, 2025 from $49.7 million for the six months ended June 30, 2024. The decrease in service sales was primarily due to a $5.4 million decrease in our airtime service sales, of which $4.9 million related to the U.S.