# EDGAR Filing Document

**Accession Number:** 0001007587
**File Stem:** 0001007587-25-000020
**Filing Date:** 2025-11
**Character Count:** 25914
**Document Hash:** 6c13168cd4523e891a82047b2887f42b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001007587-25-000020.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001007587-25-000020

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KVH INDUSTRIES INC \DE\
- **CENTRAL INDEX KEY:** 0001007587
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 050420589
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35843
- **FILM NUMBER:** 251456388

**BUSINESS ADDRESS:**
- **STREET 1:** 75 ENTERPRISE CENTER
- **CITY:** MIDDLETOWN
- **STATE:** RI
- **ZIP:** 02842
- **BUSINESS PHONE:** 4018473327

**MAIL ADDRESS:**
- **STREET 1:** 75 ENTERPRISE CENTER
- **CITY:** MIDDLETOWN
- **STATE:** RI
- **ZIP:** 02842

?xml version='1.0' encoding='ASCII'? kvhi-20251106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): November 6, 2025**

**KVH Industries, Inc.**

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-28082** | **05-0420589** |
| **(State or Other Jurisdiction of Incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)**  |

---

**75 Enterprise Center, Middletown, RI 02842**

*(Address of Principal Executive Offices) (Zip Code)*

**(401) 847-3327**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

*Securities registered pursuant to Section 12(b) of the Act:*

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on which Registered** |
|  |  | The Nasdaq Stock Market LLC |
| Common Stock, par value $0.01 per share | KVHI | (Nasdaq Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

On November 6, 2025, we issued a press release announcing our financial results for the third quarter ended September 30, 2025 and forward-looking statements. The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information in this Item 2.02 of Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (or the Securities Act), or the Exchange Act, regardless of any general incorporation language in such filing.

**ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | November 6, 2025 press release entitled "KVH Industries Reports Third Quarter 2025 Results" (furnished pursuant to Item 2.02) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **KVH INDUSTRIES, INC.** | **KVH INDUSTRIES, INC.** |
| Date: November 6, 2025 | BY: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Anthony F. Pike |
| | | **Anthony F. Pike** |
| | | **Chief Financial Officer** |

---

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| <u>[99.1](q32025exhibit991.htm)</u> | November 6, 2025 press release entitled "KVH Industries Reports Third Quarter 2025 Results" (furnished pursuant to Item 2.02) |

---

## Exhibit 99.1

**Exhibit 99.1**

**FOR IMMEDIATE RELEASE**

---

| | |
|:---|:---|
| **Contact:** | KVH Industries, Inc.<br>Chris Watson<br>401-845-2441<br>IR@kvh.com |

---

**KVH Industries Reports Third Quarter 2025 Results**

**MIDDLETOWN, RI,** November 6, 2025 — KVH Industries, Inc. (Nasdaq: KVHI), reported financial results for the quarter ended September 30, 2025 today. The company will hold a conference call to discuss these results at 9:00 a.m. ET today, which can be accessed at investors.kvh.com. Following the call, a replay of the webcast will be available through the company's website.

**Third Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues in the third quarter of 2025 increased sequentially from the second quarter of 2025 by $1.8 million, or 7%, to $28.5 million primarily due to an increase in airtime service sales. Total revenues decreased by 2% in the third quarter of 2025 from $29.0 million in the third quarter of 2024, primarily due to a $1.5 million decrease in product sales, partially offset by a $1.0 million increase in service sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Airtime revenue increased sequentially from the second quarter of 2025 by $2.4 million, or 12%, to $23.5 million in the third quarter of 2025 due to the realization of our strategic decisions in 2023 to refocus the company on the growing low-earth orbit (LEO) services market. Airtime revenue increased $0.7 million, or 3%, in the third quarter of 2025 compared to the third quarter of 2024. We achieved this 3% increase despite the impact of the U.S. Coast Guard contract downgrade in the third quarter of 2024, which reduced airtime revenue from that customer by $2.3 million year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subscribing vessel count grew sequentially by a record 11% to approximately 9,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We completed the sale of 75 Enterprise Center in September 2025, which generated net cash of $7.8 million and resulted in a loss on disposal of $0.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss in the third quarter of 2025 was $6.9 million, or $0.36 per share, compared to a net loss of $1.2 million, or $0.06 per share, in the third quarter of 2024. Net loss in the third quarter of 2025 reflects a $5.5 million inventory write-down related primarily to further reduced demand for certain of our hardware products as well as a reduction in the prices we charge for certain TracNet H-series terminals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP adjusted EBITDA was $1.4 million in the third quarter of 2025, compared to $2.9 million in the third quarter of 2024.

Commenting on the company's third quarter results, Brent C. Bruun, KVH's Chief Executive Officer, said, "We delivered a strong third quarter, and our strategic focus on airtime revenue and subscriber growth continues to yield positive results. Highlights of the third quarter included a new record for vessel subscriber growth, record quarterly shipments of communication terminals, sequential and year-over-year service revenue growth, and the acquisition of customer and vendor agreements and other assets from a satellite services provider operating in the Asia-Pacific region.

"Service revenue was up 10% from the prior quarter and 4% year over year, despite the continuing decline in our VSAT airtime revenue. Most importantly, our subscriber growth continues to accelerate. Our total subscribing vessel count increased by a record 11% to approximately 9,000, compared to the second quarter. As a result, our subscribing vessel count is up 26% year-to-date."

------

**Financial Highlights -** *(in millions, except per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **GAAP Results** |  |  |  |  |
| Revenue | $28.5 | $29.0 | $80.5 | $86.9 |
| Loss from operations | $(7.6) | $(2.0) | $(10.2) | $(8.7) |
| Net loss | $(6.9) | $(1.2) | $(7.7) | $(6.7) |
| Net loss per share | $(0.36) | $(0.06) | $(0.40) | $(0.35) |
| **Non-GAAP Adjusted EBITDA** | $1.4 | $2.9 | $5.0 | $7.5 |

---

**Third Quarter Financial Summary**

Revenue was $28.5 million for the third quarter of 2025, a decrease of 2% compared to $29.0 million in the third quarter of 2024.

Service revenues for the third quarter were $25.4 million, an increase of $1.0 million compared to the third quarter of 2024. The increase in service sales was primarily due to a $0.7 million increase in our airtime service sales, which reflected an increase in LEO service sales driven by an increase in subscribers for both Starlink and OneWeb. This increase in LEO service sales was largely offset by a decrease in VSAT service sales, which was driven by a decrease in VSAT subscribers, as well as a $2.3 million reduction in sales related to the U.S. Coast Guard contract downgrade in the third quarter of 2024. For the three months ended September 30, 2025, LEO service sales represented over 40% of airtime service sales, as compared to less than 15% for the three months ended September 30, 2024. The increase in LEO service sales as a percentage of total airtime sales resulted from both a substantial increase in LEO service sales and a substantial decrease in VSAT service sales. Competing LEO service providers have continued to expand their product and service offerings, further heightening competition in the global leisure segment and in commercial and government markets.

Product revenues for the third quarter were $3.1 million, a decrease of 33% compared to the third quarter of 2024. The decrease in product sales was primarily due to a $0.7 million decrease in Starlink product sales, a $0.6 million decrease in VSAT Broadband product sales and a $0.5 million decrease in TracVision product sales, partially offset by a $0.4 million increase in OneWeb product sales. The decrease in Starlink product sales was primarily due to discounted pricing. Competition from low-cost alternatives to VSAT, which include streaming capabilities, has had a significant impact on sales of our TracVision products.

Our operating expenses decreased by $1.7 million to $9.5 million for the third quarter of 2025 compared to $11.3 million for the third quarter of 2024. This decrease was primarily due to the $1.1 million aggregate non-cash impairment charge against long-lived assets recorded in the third quarter of 2024, a $0.3 million decrease in professional fees and a $0.3 million decrease in dues and subscriptions expense, partially offset by a $0.4 million increase in salaries, benefits and taxes.

------

**Nine Months Ended September 30 Financial Summary**

Revenue was $80.5 million for the nine months ended September 30, 2025, a decrease of 7% compared to $86.9 million for the nine months ended September 30, 2024.

Service revenues for the nine months ended September 30, 2025 were $70.1 million, a decrease of 5% compared to 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, LEO service sales represented over 30% of airtime service sales, as compared to less than 10% for the nine months ended September 30, 2024. The increase in LEO service sales as a percentage of total airtime sales resulted from both a substantial increase in LEO service sales and a substantial decrease in VSAT service sales. Competing LEO service providers have continued to expand their product and service offerings, further heightening competition in the global leisure segment and in commercial and government markets.

Product revenues for the nine months ended September 30, 2025 were $10.4 million, a decrease of 19% compared to the nine months ended September 30, 2024. The decrease in product sales was primarily due to a $1.2 million decrease in TracVision product sales, a $1.1 million decrease in Starlink product sales, a $0.4 million decrease in VSAT Broadband product sales and a $0.4 million decrease in accessory and service parts product sales, partially offset by a $0.8 million increase in OneWeb product sales. The decline in Starlink product sales was primarily driven by discounted pricing, whereas declines in other product sales were primarily driven by product mix and discounted pricing on VSAT Broadband products. Competition from low-cost alternatives to VSAT, which include streaming capabilities, has had a significant impact on sales of our TracVision products.

Our operating expenses decreased $8.0 million to $28.7 million in the nine months ended September 30, 2025, compared to $36.8 million in the nine months ended September 30, 2024. This decrease was primarily due to a $5.2 million decrease in salaries, benefits and taxes, after giving effect to $2.0 million in costs incurred in the nine months ended September 30, 2024 related to the reduction in our workforce, the $1.1 million aggregate non-cash impairment charge against long-lived assets recorded in the nine months ended September 30, 2024, a $0.7 million decrease in depreciation expense, a $0.3 million decrease in dues and subscriptions expense and a $0.2 million decrease in professional fees, partially offset by a $0.3 million increase in warranty expense.

**Other Recent Announcement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 3, 2025 – KVH linkHUB Media Server receives CREST Cybersecurity Accreditation

**Conference Call Details**

KVH Industries will host a conference call today at 9:00 a.m. ET through the company's website. The conference call can be accessed at investors.kvh.com and listeners are welcome to submit questions pertaining to the earnings release and conference call to ir@kvh.com. The audio archive will be available on the company website within three hours of the completion of the call.

**Non-GAAP Financial Measures**

This release provides non-GAAP financial information as a supplement to our condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles ("GAAP"). Management uses these non-GAAP financial measures internally in analyzing financial results to assess operational performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. Management generally uses these non-GAAP financial measures to facilitate financial and operational decision-making, including evaluation of our historical operating results and comparison to competitors' operating results. These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting our business.

Some limitations of non-GAAP adjusted EBITDA include the following: non-GAAP adjusted EBITDA represents net income (loss) before, as applicable, interest income, net, income tax expense (benefit), depreciation, amortization, stock-based compensation expense, goodwill impairment charges, long-lived assets impairment charges, charges for disposal of discontinued projects, loss on unfavorable future contracts, employee termination and other variable costs, executive separation

------

costs, prior period tax settlements, transaction-related and other variable legal and advisory fees, certain inventory write-downs, excess purchase order obligations, gains on sales of real estate and other fixed assets, gains and losses on sale of subsidiaries, and foreign exchange transaction gains and losses.

Other companies, including companies in KVH's industry, may calculate these non-GAAP financial measures differently or not at all, which will reduce their usefulness as a comparative measure.

Because non-GAAP financial measures exclude the effect of items that increase or decrease our reported results of operations, management strongly encourages investors to review our consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

------

**About KVH Industries, Inc.**

KVH Industries, Inc. is a global leader in maritime and mobile connectivity delivered via the KVH ONE network. The company, founded in 1982, is based in Middletown, RI, with more than a dozen offices around the globe. KVH provides connectivity solutions for commercial maritime, leisure marine, military/government, and land mobile applications on vessels and vehicles, including the TracNet, TracPhone, and TracVision product lines, the KVH ONE OpenNet Program for non-KVH antennas, AgilePlans Connectivity as a Service (CaaS), and the KVH Link crew wellbeing content service.

______________________________________________________________________________________________________

KVH Industries, Inc., has used, registered, or applied to register its trademarks in the USA and other countries around the world, including but not limited to the following marks: KVH, KVH ONE, TracPhone, TracVision, AgilePlans, CommBox, and TracNet. Other trademarks are the property of their respective companies.

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**KVH INDUSTRIES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

***(in thousands, except per share amounts, unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Sales:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service | $25388 | $24410 | $70079 | $74122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product | 3065 | 4561 | 10411 | 12789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net sales** | 28453 | 28971 | 80490 | 86911 |
| **Costs and expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of service sales | 16694 | 14983 | 45139 | 44496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of product sales | 9846 | 4714 | 16863 | 14321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 969 | 1407 | 3072 | 6771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, marketing and support | 4884 | 4932 | 14854 | 15650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3691 | 3789 | 10806 | 13214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-lived assets impairment charge |  | 1137 |  | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total costs and expenses** | 36084 | 30962 | 90734 | 95589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from operations** | (7631) | (1991) | (10244) | (8678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 681 | 629 | 1827 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 32 | 216 | 849 | (348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income tax expense | (6918) | (1148) | (7568) | (6612) |
| Income tax expense | 16 | 51 | 146 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | $**(6934)** | $**(1199)** | $**(7714)** | $**(6738)** |
| **Net loss per common share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**(0.36)** | $**(0.06)** | $**(0.40)** | $**(0.35)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**(0.36)** | $**(0.06)** | $**(0.40)** | $**(0.35)** |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | **19361** | **19433** | **19418** | **19367** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **19361** | **19433** | **19418** | **19367** |

---

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**KVH INDUSTRIES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

***(in thousands, unaudited)***

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $72804 | $50572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 24302 | 21624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 13394 | 22953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 9200 | 16016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets held for sale |  | 11410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **119700** | **122575** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 22295 | 27014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 537 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use assets | 4636 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 2972 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax asset | 141 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**150281** | $**155081** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $13277 | 14173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1346 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liability | 591 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **15214** | **15872** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liability | 4017 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 3 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity | 131047 | 138625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**150281** | $**155081** |

---

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**KVH INDUSTRIES, INC. AND SUBSIDIARIES**

**RECONCILIATION OF GAAP NET LOSS TO NON-GAAP**

**EBITDA AND NON-GAAP ADJUSTED EBITDA**

***(in thousands, unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net loss - GAAP** | $**(6934)** | $**(1199)** | $**(7714)** | $**(6738)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 16 | 51 | 146 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | (681) | (627) | (1827) | (2414) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2632 | 3265 | 8126 | 10250 |
| **Non-GAAP EBITDA** | **(4967)** | **1490** | **(1269)** | **1224** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 366 | 385 | 1137 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-lived assets impairment charge |  | 1137 |  | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposal of a discontinued project | 24 |  | 311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on an unfavorable future contract |  |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee termination and other variable costs | 83 | (423) | 112 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction-related and other variable legal and advisory fees | 25 | 295 | 91 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certain inventory write-downs | 5510 |  | 5510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale of fixed assets, including real estate | 311 |  | (1019) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transaction loss | 9 | 48 | 141 | 317 |
| **Non-GAAP adjusted EBITDA** | $**1361** | $**2932** | $**5026** | $**7539** |

---