Revenue growth rebounded to 27.2% in 2026Q1, yet structural margin volatility persists with gross margins fluctuating from a low of 2.9% in 2023Q4 to 29.5% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 117.91M | 111.01M | 113.83M | 132.38M | 138.75M | 133.91M | 158.73M | 157.89M | 170.76M | 160.09M | 176.12M | 184.63M | 172.59M | 162.29M | 137.11M | 112.54M | 112.24M | 89.06M | 82.4M | 80.92M | 78.97M | 71.26M | 62.3M | 56.67M | 47.69M | 32.71M | 29.95M | 22.82M | 20.6M | 25.6M | 25.7M |
| Revenue Growth % | 7.22% | -2.48% | -14.01% | -4.59% | 3.61% | -15.64% | 0.53% | -7.54% | 6.67% | -9.1% | -4.61% | 6.98% | 6.35% | 18.36% | 21.84% | 0.26% | 26.03% | 8.08% | 1.84% | 2.46% | 10.83% | 14.37% | 9.93% | 18.82% | 45.82% | 9.19% | 31.25% | 10.79% | -19.53% | -0.39% | 80.99% |
| Cost of Goods Sold | 65.53M | 83.51M | 78.61M | 94.51M | 86.25M | 88.09M | 101.13M | 104.14M | 100.1M | 90.17M | 99.3M | 102.22M | 99.14M | 96.58M | 82.14M | 67.57M | 67.43M | 56.75M | 48.68M | 48.45M | 47.17M | 41.59M | 39.93M | 33.8M | 26.5M | 20.26M | 17.43M | 13.97M | 13.3M | 13.3M | 14.3M |
| COGS % of Revenue | - | 75.22% | 69.06% | 71.39% | 62.16% | 65.78% | 63.71% | 65.96% | 58.62% | 56.32% | 56.38% | 55.36% | 57.44% | 59.51% | 59.91% | 60.04% | 60.08% | 63.72% | 59.08% | 59.88% | 59.73% | 58.36% | 64.1% | 59.63% | 55.57% | 61.93% | 58.19% | 61.22% | 64.56% | 51.95% | 55.64% |
| Gross Profit | 20.06M | 27.5M | 35.22M | 37.87M | 52.5M | 45.82M | 57.61M | 53.75M | 70.66M | 69.92M | 76.82M | 82.41M | 73.45M | 65.71M | 54.97M | 44.97M | 44.81M | 32.31M | 33.72M | 32.47M | 31.81M | 29.67M | 22.37M | 22.88M | 21.19M | 12.45M | 12.52M | 8.85M | 7.3M | 12.3M | 11.4M |
| Gross Margin % | 17.02% | 24.78% | 30.94% | 28.61% | 37.84% | 34.22% | 36.29% | 34.04% | 41.38% | 43.68% | 43.62% | 44.64% | 42.56% | 40.49% | 40.09% | 39.96% | 39.92% | 36.28% | 40.92% | 40.12% | 40.27% | 41.64% | 35.9% | 40.37% | 44.43% | 38.07% | 41.81% | 38.78% | 35.44% | 48.05% | 44.36% |
| Gross Profit Growth % | - | -21.91% | -7% | -27.87% | 14.57% | -20.46% | 7.18% | -23.93% | 1.06% | -8.98% | -6.79% | 12.21% | 11.77% | 19.53% | 22.25% | 0.35% | 38.69% | -4.19% | 3.87% | 2.08% | 7.19% | 32.64% | -2.22% | 7.96% | 70.17% | -0.57% | 41.5% | 21.24% | -40.65% | 7.89% | 93.22% |
| Operating Expenses | 38.67M | 38.67M | 47.1M | 55.21M | 58.22M | 65.42M | 80.55M | 74.85M | 77.83M | 78.69M | 78.14M | 79.21M | 71.53M | 59.54M | 48.4M | 45.58M | 39.27M | 32.95M | 30.85M | 32.2M | 29.95M | 27.38M | 27.41M | 24.38M | 22.4M | 18.81M | 13.64M | 12.84M | 11.5M | 9.6M | 7.3M |
| OpEx % of Revenue | - | 34.84% | 41.38% | 41.71% | 41.96% | 48.85% | 50.74% | 47.4% | 45.58% | 49.15% | 44.37% | 42.9% | 41.44% | 36.69% | 35.3% | 40.5% | 34.98% | 37% | 37.44% | 39.8% | 37.92% | 38.43% | 43.99% | 43.01% | 46.96% | 57.51% | 45.52% | 56.28% | 55.83% | 37.5% | 28.4% |
| Selling, General & Admin | 36.19M | 35.74M | 37.53M | 39.82M | 47.85M | 54.35M | 54.26M | 58.92M | 62.87M | 62.83M | 62.11M | 65.17M | 57.42M | 46.56M | 36.26M | 34.03M | 28.55M | 24.15M | 23.2M | 22.94M | 22.23M | 19.69M | 21.07M | 15.8M | 13.54M | 10.93M | 8.54M | 7.58M | 6.7M | 5.6M | 4.6M |
| SG&A % of Revenue | - | 32.19% | 32.97% | 30.08% | 34.49% | 40.59% | 34.18% | 37.32% | 36.82% | 39.25% | 35.27% | 35.3% | 33.27% | 28.69% | 26.44% | 30.24% | 25.44% | 27.11% | 28.15% | 28.35% | 28.15% | 27.63% | 33.82% | 27.88% | 28.4% | 33.41% | 28.52% | 33.23% | 32.52% | 21.88% | 17.9% |
| Research & Development | 3M | 3.46M | 8.44M | 9.4M | 10.37M | 11.07M | 15.8M | 15.93M | 14.95M | 15.86M | 16.03M | 14.04M | 14.1M | 12.99M | 12.15M | 11.55M | 10.71M | 8.8M | 7.65M | 9.27M | 7.72M | 7.69M | 6.34M | 8.58M | 8.85M | 7.89M | 3.9M | 4.2M | 4M | 3.2M | 2.4M |
| R&D % of Revenue | - | 3.11% | 7.41% | 7.1% | 7.47% | 8.27% | 9.95% | 10.09% | 8.76% | 9.91% | 9.1% | 7.6% | 8.17% | 8% | 8.86% | 10.26% | 9.55% | 9.89% | 9.29% | 11.45% | 9.78% | 10.79% | 10.17% | 15.14% | 18.57% | 24.11% | 13.03% | 18.4% | 19.42% | 12.5% | 9.34% |
| Other Operating Expenses | -519K | -519K | 1.14M | 5.99M | 0 | 0 | 10.49M | 0 | 655K | -366K | 275K | 372K | -39K | 494K | 86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.19M | 1.06M | 800K | 800K | 300K |
| Operating Income | -9.05M | -11.17M | -11.88M | -17.34M | -5.72M | -19.59M | -22.94M | -21.1M | -7.16M | -8.76M | -1.32M | 3.21M | 1.92M | 6.17M | 6.57M | -608K | 5.54M | -644K | 2.87M | 261.17K | 1.86M | 2.29M | -7.4M | -1.5M | -1.21M | -6.36M | -1.11M | -3.99M | -4.2M | 2.7M | 4.1M |
| Operating Margin % | -7.67% | -10.06% | -10.44% | -13.1% | -4.13% | -14.63% | -14.45% | -13.36% | -4.2% | -5.47% | -0.75% | 1.74% | 1.11% | 3.8% | 4.79% | -0.54% | 4.94% | -0.72% | 3.48% | 0.32% | 2.35% | 3.21% | -11.88% | -2.64% | -2.54% | -19.44% | -3.71% | -17.5% | -20.39% | 10.55% | 15.95% |
| Operating Income Growth % | - | 5.99% | 31.49% | -202.97% | 70.78% | 14.57% | -8.73% | -194.47% | 18.26% | -562.93% | -141.21% | 66.91% | -68.84% | -6.1% | 1180.59% | -110.97% | 960.4% | -122.44% | 999% | -85.93% | -18.89% | 130.94% | -393.63% | -23.89% | 80.98% | -472.15% | 72.17% | 4.9% | -255.56% | -34.15% | 310% |
| EBITDA | -1.26M | -475K | 1.42M | -3.91M | 7.68M | -4.99M | -11.27M | -9.61M | 870K | 2.27M | 11.24M | 15.93M | 11.91M | 12.16M | 11.18M | 3.77M | 9.39M | 2.01M | 5.09M | 2.4M | 3.86M | 4.25M | -5.36M | 224.85K | 413.31K | -4.99M | 78.8K | -2.93M | -3.4M | 3.5M | 4.4M |
| EBITDA Margin % | -1.07% | -0.43% | 1.24% | -2.95% | 5.54% | -3.73% | -7.1% | -6.09% | 0.51% | 1.42% | 6.38% | 8.63% | 6.9% | 7.49% | 8.15% | 3.35% | 8.36% | 2.26% | 6.17% | 2.97% | 4.89% | 5.96% | -8.6% | 0.4% | 0.87% | -15.27% | 0.26% | -12.85% | -16.5% | 13.67% | 17.12% |
| EBITDA Growth % | -148.41% | -133.57% | 136.22% | -150.85% | 253.84% | 55.7% | -17.33% | -1204.48% | -61.72% | -79.78% | -29.42% | 33.74% | -2.09% | 8.8% | 196.84% | -59.87% | 367.06% | -60.49% | 111.88% | -37.83% | -9.09% | 179.29% | -2482.02% | -45.6% | 108.28% | -6436.61% | 102.69% | 13.76% | -197.14% | -20.45% | 300% |
| D&A (Non-Cash Add-back) | 7.78M | 10.7M | 13.3M | 13.44M | 13.41M | 14.6M | 11.66M | 11.49M | 8.03M | 11.04M | 12.56M | 12.72M | 9.99M | 5.99M | 4.61M | 4.37M | 3.85M | 2.65M | 2.22M | 2.14M | 2M | 1.96M | 2.04M | 1.72M | 1.62M | 1.37M | 1.19M | 1.06M | 800K | 800K | 300K |
| EBIT | -8.21M | -11.17M | -10.63M | -15.1M | -3.45M | -11.6M | -21.75M | -18.99M | -9.31M | -8.47M | -534K | 3.21M | 3.12M | 5.67M | 7.17M | 599K | 5.86M | -305.26K | 3.86M | 2.9M | 4.02M | 2.29M | -7.4M | -1.5M | -1.21M | -6.36M | -1.11M | -3.99M | -4.2M | 2.67M | 4.1M |
| Net Interest Income | 2M | 2.57M | 3.04M | 3.65M | 1.5M | 830K | 978K | 983K | -1.16M | -808K | -923K | -914K | -558K | 20K | 187K | 74K | 97.28K | 269.65K | 1.07M | 2.56M | 2.19M | 1.27M | 471.23K | -165.46K | -118.7K | 140.17K | -192.44K | 0 | 0 | 0 | 0 |
| Interest Income | 2.6M | 2.57M | 3.04M | 3.65M | 1.51M | 886K | 996K | 2M | 635K | 659K | 513K | 546K | 738K | 657K | 510K | 297K | 301K | 358K | 1.22M | 2.71M | 2.19M | 1.27M | 471.23K | 0 | 101.01K | 364.21K | 54.06K | 0 | 0 | 0 | 0 |
| Interest Expense | -6K | 0 | 2K | 1K | 3K | 56K | 18K | 1.02M | 1.79M | 1.47M | 1.44M | 1.46M | 1.3M | 637K | 323K | 223K | 204K | 88K | 153.43K | 155.81K | 0 | 0 | 0 | 165.46K | 219.71K | 224.04K | 246.49K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.93M | 3.66M | 1.26M | 2.24M | 2.28M | 7.94M | 1.17M | 1.08M | -452K | -1.17M | -648K | -542K | -597K | 514K | 273K | 984.33K | 120.72K | 249.89K | 835.84K | 2.48M | 2.17M | 931K | 505.97K | -243.4K | -180.64K | 98.18K | -389.24K | 43.21K | 300K | 500K | 100K |
| Pretax Income | -5.12M | -7.51M | -10.63M | -15.1M | -3.45M | -11.65M | -21.77M | -20.01M | -7.67M | -9.94M | -1.97M | 2.67M | 1.32M | 6.68M | 6.84M | 376K | 5.66M | -394K | 3.71M | 2.74M | 4.02M | 3.22M | -6.89M | -1.74M | -1.39M | -6.26M | -1.5M | -3.95M | -3.9M | 3.2M | 4.2M |
| Pretax Margin % | -4.34% | -6.77% | -9.34% | -11.41% | -2.49% | -8.7% | -13.71% | -12.67% | -4.49% | -6.21% | -1.12% | 1.44% | 0.77% | 4.12% | 4.99% | 0.33% | 5.04% | -0.44% | 4.5% | 3.39% | 5.1% | 4.52% | -11.06% | -3.07% | -2.92% | -19.14% | -5.01% | -17.31% | -18.93% | 12.5% | 16.34% |
| Income Tax | -31K | -131K | 421K | 318K | 546K | -108K | 174K | -4M | 565K | 1.1M | 5.55M | 413K | 1.28M | 2.15M | 3.26M | -484K | -2.61M | -261K | 647.72K | 243.96K | 349.72K | 289K | -745.67K | -271.94K | 86.1K | 0 | -559.64K | -1.25M | -1.6M | 1M | 1.7M |
| Effective Tax Rate % | 0.61% | 1.74% | -3.96% | -2.11% | -15.83% | 0.93% | -0.8% | 20% | -7.37% | -11.03% | -281.57% | 15.49% | 96.91% | 32.17% | 47.68% | -128.72% | -46.14% | 66.24% | 17.48% | 8.89% | 8.69% | 8.98% | 10.82% | 15.61% | -6.19% | 0% | 37.29% | 31.73% | 41.03% | 31.25% | 40.48% |
| Net Income | -5.08M | -7.38M | -11.05M | -15.42M | 24.03M | -9.76M | -21.94M | 33.26M | -8.23M | -11.03M | -7.52M | 2.25M | 41K | 4.53M | 3.58M | 860K | 8.27M | -133K | 3.06M | 2.5M | 3.67M | 2.93M | -6.15M | -1.47M | -1.48M | -6.26M | -941.12K | -2.7M | -2.3M | 2.2M | 2.5M |
| Net Margin % | -4.31% | -6.65% | -9.71% | -11.65% | 17.32% | -7.29% | -13.82% | 21.06% | -4.82% | -6.89% | -4.27% | 1.22% | 0.02% | 2.79% | 2.61% | 0.76% | 7.37% | -0.15% | 3.71% | 3.09% | 4.65% | 4.11% | -9.87% | -2.59% | -3.1% | -19.14% | -3.14% | -11.82% | -11.16% | 8.59% | 9.73% |
| Net Income Growth % | 47% | 33.17% | 28.36% | -164.18% | 346.13% | 55.5% | -165.97% | 503.97% | 25.39% | -46.79% | -433.64% | 5395.12% | -99.1% | 26.62% | 316.28% | -89.6% | 6320.3% | -104.35% | 22.37% | -31.99% | 25.37% | 147.68% | -318.06% | 0.42% | 76.42% | -565.31% | 65.11% | -17.27% | -204.55% | -12% | 108.33% |
| Net Income (Continuing) | -5.08M | -7.38M | -11.05M | -15.42M | -4M | -11.55M | -21.94M | -16.01M | -11.44M | -11.03M | -7.52M | 2.25M | 41K | 4.53M | 3.58M | 860K | 8.27M | -133.18K | 3.06M | 2.5M | 3.67M | 2.93M | -6.15M | -1.47M | -1.48M | -6.26M | -941.12K | -2.7M | -2.3M | 2.2M | 2.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 28.02M | 1.78M | 0 | 49.26M | 3.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.26 | -0.38 | -0.57 | -0.81 | -0.21 | -0.54 | -1.24 | -0.92 | -0.48 | -0.67 | -0.47 | 0.14 | 0.00 | 0.30 | 0.24 | 0.06 | 0.56 | -0.01 | 0.21 | 0.17 | 0.25 | 0.20 | -0.44 | -0.12 | -0.13 | -0.61 | -0.12 | -0.37 | -0.32 | 0.30 | 0.35 |
| EPS Growth % | 46.09% | 33.33% | 29.63% | -285.71% | 61.11% | 56.45% | -34.78% | -91.67% | 28.36% | -42.55% | -435.71% | - | -99.13% | 25% | 300% | -89.29% | - | -104.52% | 23.53% | -32% | 25% | 145.45% | -266.67% | 7.69% | 78.69% | -408.33% | 67.57% | -15.63% | -206.67% | -14.29% | 66.67% |
| EPS (Basic) | - | -0.38 | -0.57 | -0.81 | -0.21 | -0.54 | -1.24 | -0.92 | -0.48 | -0.67 | -0.47 | 0.14 | 0.00 | 0.30 | 0.24 | 0.06 | 0.57 | -0.01 | 0.21 | 0.17 | 0.25 | 0.20 | -0.44 | -0.13 | -0.13 | -0.61 | -0.12 | -0.37 | -0.32 | 0.31 | 0.39 |
| Diluted Shares Outstanding | 19.43M | 19.4M | 19.39M | 19.13M | 18.63M | 18.22M | 17.67M | 17.46M | 17.07M | 16.42M | 15.83M | 15.83M | 15.61M | 15.34M | 15.02M | 15.07M | 14.85M | 14M | 14.38M | 14.98M | 14.92M | 14.69M | 14.11M | 11.85M | 11.04M | 10.22M | 7.63M | 7.23M | 7.12M | 7.33M | 7.14M |
| Basic Shares Outstanding | 19.33M | 19.4M | 19.39M | 19.13M | 18.63M | 18.22M | 17.67M | 17.46M | 17.07M | 16.42M | 15.83M | 15.63M | 15.42M | 15.14M | 14.78M | 14.77M | 14.42M | 14M | 14.37M | 14.96M | 14.79M | 14.57M | 14.11M | 11.4M | 11.04M | 10.22M | 7.63M | 7.23M | 7.12M | 7.1M | 6.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
LEO Satellite Competitive Disruption
According to the most recent quarterly filings, KVHI achieved a 27.2% year-over-year revenue growth rate in 2026Q1, marking a significant departure from the persistent double-digit declines observed throughout 2024, suggesting that the company's pivot toward a pure-play maritime connectivity model may finally be gaining some traction.
The recent revenue acceleration appears to be a stabilization point following the divestiture of the inertial navigation business. Investors should monitor whether this growth is sustainable or merely a reflection of easier year-over-year comparisons following the structural reorganization of the company's core operations.
As reported in financial statements, KVHI's gross margin has fluctuated significantly, ranging from a low of 2.9% in 2023Q4 to a more normalized 29.5% in 2025Q4, indicating that the company's reliance on third-party bandwidth leases creates substantial exposure to procurement cost volatility and pricing pressure.
The inability to maintain consistent gross margins suggests that the company lacks the pricing power necessary to fully pass through bandwidth costs to maritime customers. This margin instability appears to be a primary hurdle in achieving the scale required to reach sustained operating profitability.
Based on the provided income statement data, KVHI continues to struggle with operating leverage, as evidenced by the persistent negative operating margins that have only recently approached break-even levels despite the company's ongoing efforts to streamline its cost structure following the divestiture of its navigation segment.
The company's SG&A expenses remain high relative to gross profit, suggesting that the current organizational footprint is oversized for the existing revenue base. Without a significant increase in high-margin service revenue, the company may continue to face difficulty in scaling its operating income into positive territory.
Data from recent quarterly reports indicates that KVHI has successfully reduced its R&D spending from $3.0M in 2024Q1 to $726K in 2026Q1, reflecting a strategic shift toward managing overhead costs as the company attempts to navigate a highly competitive maritime connectivity landscape against well-capitalized LEO entrants.
The reduction in R&D and controlled SG&A spending suggests management is prioritizing cash preservation over aggressive product innovation. While this discipline is necessary, it may also limit the company's ability to differentiate its service offering in a market increasingly dominated by high-speed, low-latency satellite alternatives.
While 2026Q1 showed a modest net income of $588K, an analysis of the historical trend suggests this may be an outlier, as the company has reported net losses in seven of the last ten quarters, raising concerns about the long-term viability of the current business model.
Short-term profitability improvements appear to be driven more by cost-cutting measures than by fundamental growth in the core connectivity business. Investors should remain cautious, as the competitive threat from Starlink may force further price concessions that could quickly erode these fragile gains.
Quick answers to the most common questions about buying KVHI stock.
For fiscal year 2025, KVH Industries, Inc. (KVHI) reported total revenue of $111.0M. This represents a 331.9% increase compared to $25.7M in 1996.
KVH Industries, Inc. (KVHI) reported a net loss of $7.4M for the fiscal year ending 2025.
KVH Industries, Inc. (KVHI) reported an operating income of $-11.2M, resulting in an operating profit margin of -10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
KVH Industries, Inc. (KVHI) generated $27.5M in gross profit for the year, representing a gross profit margin of 24.8%. This demonstrates the company's core pricing power and production efficiency.