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It's like a specialized Starlink or Viasat for ships and commercial vehicles, providing mobile satellite internet and entertainment.

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• Mobile Satellite Communication Systems: Provides hardware and software for two-way satellite communication, enabling internet and voice services for marine and land mobile markets.
• Mobile Satellite TV Products: Offers hardware and services for satellite television reception on mobile platforms.
• Airtime Plans & Data Services: Sells subscriptions for internet and voice services, along with data management software.
• Content Delivery Services: Distributes maritime news, sports, television programming, and movies to mobile customers.
• IoT Connectivity as a Service: Provides solutions for Internet of Things connectivity.
• Fiber Optic Gyro-based Systems: Manufactures precision navigation, guidance, and stabilization products using fiber optic gyro technology.
• Tactical Navigation Systems: Develops navigation systems for tactical trucks and light armored vehicles in defense markets.
• Commercial Navigation & Positioning Systems: Offers advanced systems for applications like precision mapping, autonomous vehicles, and industrial robotics.

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KVH Industries (KVHI) primarily sells its products and services to other companies and government entities, rather than directly to individuals as its immediate major customers. Its major customers fall into the following categories:

• Independent Retailers, Chain Stores, Distributors, and Service Providers: KVH sells its mobile satellite TV and communications products (TracPhone terminals, two-way satellite communications systems, Iridium OpenPort hardware, etc.) through this network to reach end-users.
• Manufacturers of Vessels, Maritime Equipment, and Vehicles: KVH supplies its mobile connectivity and navigation products to these manufacturers for integration into their own products and systems.
• United States and Foreign Governments, and Government Contractors: These entities are direct customers for KVH's precision fiber optic gyro-based systems, tactical navigation systems, and other navigation, guidance, and stabilization products for defense and commercial markets.

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The major suppliers for KVH Industries (KVHI) are:

• SES S.A. (SESG)
• Eutelsat S.A. (ETL)
• Iridium Communications Inc. (IRDM)
• Thomson Reuters Corporation (TRI)
• Comcast Corporation (CMCSA)
• The Walt Disney Company (DIS)
• Warner Bros. Discovery, Inc. (WBD)

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Brent Bruun, President & Chief Executive Officer

Brent Bruun was appointed President and Chief Executive Officer of KVH Industries in June 2022, having served as Interim President and CEO since March 2022. He joined KVH in 2008 and previously held roles including Chief Operating Officer and Interim Chief Financial Officer. Prior to his tenure at KVH, Mr. Bruun was Senior Vice President of Strategic Initiatives for SES AMERICOM, a satellite operator that was acquired by SES. Earlier in his career, he worked at KPMG LLP and General Electric. Mr. Bruun is a certified public accountant and holds a B.S. in accounting from Alfred University.

Anthony Pike, Chief Financial Officer

Anthony Pike has served as Chief Financial Officer of KVH Industries since April 2024. Before this role, he was the Vice President of Finance and Corporate Controller at KVH. Mr. Pike also previously held the position of Vice President, Finance & Operations EMEA/APAC from March 2021, where he oversaw financial aspects of KVH’s international subsidiaries and the operations of its Media Group businesses.

Robert J. Balog, Chief Operating Officer

Robert J. Balog currently serves as the Chief Operating Officer for KVH Industries. His previous roles at KVH include Senior Vice President of Engineering and Vice President of Engineering for Satellite Products. Before joining KVH, Mr. Balog was President of Automation Services Inc., his own engineering contract services company, and earlier served as Vice President of Engineering at ADE Corporation. He also held positions such as general manager and Vice President of R&D at Speedline Technologies. Mr. Balog holds a Bachelor's degree in Computer Science from Purdue University and has 10-11 U.S. patents. He has also served as chairman on the Surface Mount Equipment Manufacturers Association Board of Directors.

Felise Feingold, Senior Vice President, General Counsel, Compliance Officer, Chief Data Privacy Officer, and Secretary

Felise Feingold has served in her current comprehensive role at KVH Industries since June 2019. Prior to this, she was Vice President, General Counsel and Secretary since August 2007, and later took on Compliance Officer and Chief Data Privacy Officer responsibilities. Before joining KVH, Ms. Feingold was Vice President and General Counsel for The Jean Coutu Group (PJC) USA, Inc., which operated the Brooks/Eckerd pharmacy chain, from January 2004 to July 2007. She also spent six years as an attorney with the international law firm McDermott, Will & Emery. Ms. Feingold earned a B.A. from Cornell University, a J.D. from Hofstra University School of Law, and an M.B.A. from Boston University Graduate School of Management.

Elizabeth Jackson, Executive Vice President of Strategy and Chief Marketing Officer

Elizabeth Jackson has been the Executive Vice President of Strategy and Chief Marketing Officer at KVH Industries since March 2021, having previously served as Senior Vice President of Strategy and Chief Marketing Officer since November 2017. Before her time at KVH, she was the CEO and Founder of SEDNA Marketing Partners LLC. Ms. Jackson also held the role of CMO and EVP Corporate Strategy at HookLogic, Inc., a Bain Capital Ventures portfolio company, which was acquired by Criteo in 2016. Additionally, she was CMO at DOTS Technology Corp, an NEA portfolio company. Her professional experience also includes positions at Proctor & Gamble, Campbell Soup Company, and Summer Infant. Ms. Jackson holds a B.A. from Princeton University and an MBA from INSEAD.

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KVH Industries (KVHI) faces several key risks to its business, primarily stemming from the rapidly evolving mobile connectivity market.

1. Intense Competition and Technological Disruption from Low Earth Orbit (LEO) Satellite Services: KVH Industries operates in a highly competitive and dynamic global maritime and mobile connectivity sector. The emergence of new LEO satellite constellations, such as Starlink and OneWeb, has created lower-latency, higher-bandwidth options at disruptive price points, profoundly impacting KVH's traditional Very Small Aperture Terminal (VSAT) services. This intense competition from LEO providers and other established satellite communication entities, antenna makers, and service integrators is eroding antenna average selling prices (ASPs) and contributing to revenue declines in KVH's legacy airtime segment.
2. Profitability Challenges and Risks Associated with Business Model Transition: The company has faced ongoing profitability challenges, with negative operating and net margins and a business that has not been consistently profitable in over a decade. In response to market shifts, KVH is strategically transitioning from a hardware-centric model to a service-oriented, multi-orbit hybrid connectivity-as-a-service provider, increasingly reselling third-party LEO services and winding down its own product manufacturing operations. This significant business model transition presents risks to maintaining or improving profit margins, as reselling third-party hardware and services may yield lower margins compared to proprietary offerings, and the manufacturing wind-down involves operational complexities and potential unforeseen costs.
3. Dependence on Third-Party Satellite Capacity and Hardware: As KVH shifts towards integrating and reselling LEO services and winding down its own manufacturing, it increases its reliance on leased satellite capacity and third-party hardware. This model means KVH is burdened with the costs of leasing satellite bandwidth and may have limited control over profit margins if it does not control key assets. This dependence also introduces potential supply chain vulnerabilities.

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Disruption from Low Earth Orbit (LEO) Satellite Constellations: The rapid deployment and increasing capabilities of Low Earth Orbit (LEO) satellite constellations (e.g., Starlink, OneWeb, Project Kuiper) pose a significant emerging threat to KVH Industries' mobile connectivity segment. These LEO systems offer substantially higher bandwidth, lower latency, and potentially lower cost per bit compared to the traditional Geostationary Earth Orbit (GEO) VSAT and Iridium-based solutions currently provided by KVH for marine and land mobile markets. As LEO services like Starlink Marine become more widespread and robust, they directly compete with and could potentially displace KVH's mini-VSAT Broadband services, TracPhone terminals, and associated airtime plans by offering a superior connectivity experience.

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KVH Industries operates within the mobile connectivity and inertial navigation markets. The addressable markets for its main products and services are as follows:

Mobile Connectivity

• Global Maritime Satellite Communication Market: This market was valued at approximately $4.18 billion in 2024 and is projected to reach $13.2 billion by 2034. Another estimate placed the market at $4.33 billion in 2024, with an anticipated growth to $11.03 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 11.1% from 2025 to 2033. North America holds a significant share, dominating the global maritime satellite communication market with an estimated 40% share in 2025, valued at $1.8 billion.
• Global Land Mobile Satellite Market: This market is estimated to be $5.89 billion in 2025 and is expected to grow to $8.23 billion by 2030, with a CAGR of 6.91%. North America holds the largest market share in 2025 for land mobile satellite communications.

Inertial Navigation

• Global Inertial Navigation System Market: This broader market, which includes fiber optic gyroscopes, was valued at approximately $12.1 billion in 2024 and is projected to reach $17.5 billion by 2032, growing at a CAGR of 4.9%. Another report estimates the market size at $13.65 billion in 2025, with a projection to reach $27.43 billion by 2034 at a CAGR of 7.91%. North America is a dominant region, holding an estimated 41.61% of the global market share in 2025, valued at $5.68 billion.
• Global Fiber Optic Gyroscope (FOG) Market: A key component in KVH's navigation products, the global FOG market is estimated at $1.09 billion in 2024 and is forecasted to reach $1.95 billion by the end of 2034, growing at a 6% CAGR. Defense applications constituted the largest segment in the FOG market, holding 54.12% of the revenue in 2025.

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• Increased adoption of LEO Satellite Services: KVH Industries is strategically repositioning its business around Low Earth Orbit (LEO) airtime and subscriber growth. The company has significantly increased its investment in Starlink to meet growing demand, and LEO service sales, including those from Starlink and OneWeb, are a primary contributor to its service revenue growth. KVH has also added OneWeb to its satellite communications portfolio, with agreements for fleet installations.
• Expansion of Managed Services: The company is expanding its offerings in high-value managed services, having surpassed 1,000 CommBox Edge subscribers. KVH also plans to introduce a new vessel-based managed IT service in the near term, which will further diversify its revenue streams and provide additional value to customers.
• Growth in Subscriber Base: KVH Industries reported an expansion of its installed base by approximately 2,000 vessels in 2025, reaching over 9,000 vessels under contract. This 28% increase in its recurring subscriber base is a fundamental driver for consistent service revenue growth.
• Strategic Acquisitions and Market Expansion: KVH completed the integration of a maritime communications customer base in the Asia-Pacific region, which added over 800 vessels and more than 4,400 land-based subscribers. This acquisition contributed $2.5 million to service revenue in the fourth quarter of 2025, demonstrating the impact of strategic market expansion on overall revenue.

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Share Repurchases

• On December 10, 2024, KVH Industries authorized a share repurchase program of up to $10 million of its common stock.
• From October 1 to December 31, 2025, the company repurchased 62,497 shares for $0.37 million, completing repurchases of 326,710 shares for $1.73 million under the December 10, 2024 plan.
• As of March 10, 2026, the Board increased the authorized share repurchase program from $10 million to $15 million.

Share Issuance

• The number of outstanding shares for KVH Industries increased by 0.05% in one year, reaching 19.57 million shares.

Outbound Investments

• On October 8, 2025, KVH Industries acquired the maritime satellite service business of an Asia-Pacific satellite services provider.
• This acquisition resulted in the recognition of $3.4 million in intangible assets and $0.7 million in goodwill.
• The company increased its investment in Starlink three-fold in 2025 to meet growing demand.

Capital Expenditures

• KVH Industries is strategically winding down in-house manufacturing through 2026, shifting towards third-party hardware and refurbished terminals.
• In December 2024, the company agreed to sell its 75 Enterprise Center property in Middletown, Rhode Island, for $8.5 million, along with another property sale.