Company: KVHI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001007587-25-000008
Chunk: 8

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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 $0.6 million for the three months ended March 31, 2025 from $0.9 million for the three months ended March 31, 2024. Of the current period interest income of $0.6 million, $0.5 million is attributable to interest earned on cash and cash equivalents, and $0.1 million was attributable to interest from lease receivables. Other expense, net decreased by $0.2 million to other expense, net of less than $0.1 million for the three months ended March 31, 2025 from other expense, net of $0.2 million for the three months ended March 31, 2024. This decrease was driven by a $0.2 million decrease in the loss on disposal of fixed assets.

Income Tax Expense

Income tax expense for the three months ended March 31, 2025 was less than $0.1 million and related to states taxes and taxes on income earned in foreign jurisdictions. Income tax expense for the three months ended March 31, 2024 was $0.1 million and related to taxes on income earned in foreign jurisdictions.

Liquidity and Capital Resources

Our primary liquidity needs have been to fund general business requirements, including working capital requirements and capital expenditures. In recent years, we have funded our operations primarily from the sale of two businesses in 2022, the sale of a business in 2019, a PPP loan, cash flows from operations, bank financings and proceeds received from exercises of stock options and the issuance of stock.

On August 9, 2022, we sold our inertial navigation business to EMCORE Corporation for net proceeds of $54.9 million, less specified deductions.

As of March 31, 2025, we had $48.6 million in cash and cash equivalents, of which $3.5 million in cash and cash equivalents was held in local currencies by our foreign subsidiaries. We held no marketable securities as of March 31, 2025. As of March 31, 2025, we had $108.5 million in working capital.

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Based upon our current working capital position, current operating plans and expected business conditions, we expect to have sufficient funds, through at least twelve months from the date that this report is filed with the SEC, to fund our short-term and long-term working capital requirements, including capital expenditures and contractual obligations. Our funding plans for our working capital needs and other commitments may