Here are two brief analogies for KVH Industries:

• Verizon for the maritime industry
• Starlink for commercial ships

• TracPhone HTS Satellite Communication Systems: Hardware systems providing high-speed satellite internet and voice communication primarily for commercial and leisure maritime vessels.
• KVH AgilePlans® Connectivity-as-a-Service: A subscription-based service that bundles TracPhone hardware, airtime, installation, maintenance, and support into a single monthly fee for maritime customers.
• KVH Media Content Services: Provides a suite of managed digital content including news, sports, movies, and TV programs to maritime vessels for crew welfare and entertainment.

KVH Industries (KVHI) primarily sells its products and services to other companies and government entities (B2B/B2G) rather than directly to individual consumers. Its business is segmented into Mobile Connectivity (maritime satellite communications) and Navigation & Photonics (fiber optic gyros and inertial systems).

Based on the company's public filings, including its 10-K reports, KVH Industries does not have a single customer that accounts for 10% or more of its consolidated net revenues. This indicates a diversified customer base rather than reliance on a few specific major companies. Therefore, rather than listing specific company names, the following categories represent its major customer bases:

• Commercial Maritime Industry: This broad category includes large shipping companies, container lines, tanker operators, bulk carriers, offshore oil and gas support vessels, and commercial fishing fleets. These customers utilize KVH's satellite communication solutions (VSAT services) for vessel operations, crew welfare, and maritime intelligence.
• Government and Defense Sector: KVH provides its precision navigation and sensing products, such as fiber optic gyros (FOGs) and inertial measurement units (IMUs), to various government agencies, defense contractors, and aerospace companies. These products are integrated into critical systems for applications including defense platforms, tactical navigation, autonomous systems, and surveillance.
• Autonomous Systems Developers and Industrial Integrators: This segment includes companies developing and deploying autonomous vehicles (land, air, and sea), robotics, and other high-precision industrial applications. These customers integrate KVH's advanced inertial sensors for accurate positioning, motion sensing, and stabilization requirements. This category also encompasses integrators for high-end recreational vessels (superyachts) who install KVH's connectivity solutions.

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Brent C. Bruun President & Chief Executive Officer

Brent C. Bruun assumed the role of President and Chief Executive Officer of KVH Industries in June 2022, having previously served as Interim President and CEO since March 2022. He joined KVH in 2008 and held various leadership positions, including Chief Operating Officer, Executive Vice President of Mobile Broadband, and Senior Vice President of Global Sales and Business Development. Prior to KVH, Mr. Bruun served as Senior Vice President of Strategic Initiatives for SES AMERICOM, a satellite operator, where he concentrated on global mobile broadband opportunities. He was also President of Americom's Managed Solutions Division and Senior Vice President of Business Development at SES AMERICOM. Earlier in his career, he held positions at KPMG LLP and General Electric. His involvement in the satellite industry began in 2000 as Director of Financial Planning & Analysis at GE Americom, which was subsequently acquired by SES. Mr. Bruun is a Certified Public Accountant and holds a B.S. in Accounting from Alfred University.

Anthony Pike Chief Financial Officer

Anthony Pike was appointed Chief Financial Officer of KVH Industries in April 2024. Before this, he served as Vice President Finance and Corporate Controller at KVH. His experience at KVH also includes Vice President, Finance & Operations EMEA/APAC, Senior Director of Finance, Finance Director for KVH Media Group & Videotel, and Financial Controller for KVH Media Group & Videotel. Prior to joining KVH, Mr. Pike was the General Ledger Regional Lead – Northern Europe for Univar Solutions LLC, a chemical distribution company. He also worked as an audit senior at Garbutt & Elliott LLP. Mr. Pike received his ACA qualification from the Institute of Chartered Accountants in England & Wales in 2009.

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

Felise Feingold has served as Senior Vice President, General Counsel, Compliance Officer, Chief Data Privacy Officer, and Secretary since June 2019. She previously held roles as Vice President, General Counsel, and Secretary since August 2007, Compliance Officer since December 2017, and Chief Data Privacy Officer since August 2018. Before her tenure at 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 2004 to 2007. She also worked as an attorney at the international law firm McDermott, Will & Emery. Ms. Feingold holds 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.

Daniel R. Conway Executive Vice President, Guidance & Stabilization Group

Daniel R. Conway serves as the Executive Vice President, Guidance & Stabilization Group at KVH Industries. He joined the company in 2002. His prior experience includes serving as Vice President of Sales and Marketing at Benthos Inc. from 2000 to 2002. Before Benthos, Mr. Conway spent two decades at Analysis & Technology, Inc. (later Anteon), where he held positions such as Vice President for new business development and acquisition integration and Vice President of Operations. Mr. Conway is a graduate of the U.S. Naval Academy with post-graduate studies in nuclear engineering and earned an M.B.A. from the University of Rhode Island. He also served for five years in the U.S. Navy nuclear submarine force and was a Commander in the U.S. Naval Reserve.

Robert J. Balog Senior Vice President of Engineering

Robert J. Balog is the Senior Vice President of Engineering for KVH Industries, where he oversees all satellite, guidance, and stabilization engineering efforts. He has been with KVH Industries for over 18 years. Mr. Balog holds 11 U.S. patents and graduated from Purdue University in 1987.

Key Business Risks for KVH Industries (KVHI)

The primary risks to KVH Industries' business revolve around the evolving competitive landscape in satellite communications and the company's ongoing struggle with profitability amid a significant business model transition.

1. Intense Competition from Low Earth Orbit (LEO) Satellite Services: KVH Industries faces significant challenges from emerging Low Earth Orbit (LEO) satellite constellations, such as Starlink, which offer more affordable and higher-speed internet connectivity. This trend is fundamentally altering the maritime satellite communication market, leading to a shift away from traditional Geostationary (GEO) VSAT services, which are a core part of KVH's historical offerings. While KVH's commercial segment (approximately 80% of its business) is noted to be less vulnerable in deep offshore operations, its leisure segment (15-20%) has been notably impacted by LEO competition. In response, KVH is adapting by reselling LEO services and integrating them into its product portfolio, but this strategic pivot is affecting its profitability and market share.
2. Declining Profitability and Inability to Generate Consistent Profits: KVH Industries has struggled with profitability for over a decade, and in recent years, it has experienced declining profitability and market share. The company's strategic shift towards a service-based, LEO-reseller approach has not yet demonstrably improved margins or reversed cash outflows. This prolonged period of unprofitability raises concerns about the company's long-term financial sustainability.
3. Risks Associated with Business Model Transition and Reliance on Third-Party Hardware: KVH is undergoing a significant strategic shift, which includes winding down its manufacturing activities and focusing on delivering integrated communication solutions, often by reselling third-party LEO services like Starlink and OneWeb. This transition introduces risks such as increased customer reliance on hardware not manufactured by KVH, potential challenges in maintaining product differentiation in a competitive market, and uncertainties regarding the impact on margins from reselling services where the company does not control key assets. The U.S. Coast Guard contract downgrade has also negatively impacted airtime revenue and EBITDA, highlighting the financial implications of contract changes and the broader market transition.

The rapid advancement and increasing adoption of high-performance Micro-Electro-Mechanical Systems (MEMS) Inertial Measurement Units (IMUs) pose a clear emerging threat to KVH Industries' core business in Fiber Optic Gyros (FOGs) and high-precision IMUs. While FOGs historically offer superior accuracy, especially in drift rates, MEMS technology is continuously improving in performance, reducing size, weight, power (SWaP), and cost. This trend allows MEMS IMUs to meet the requirements for an expanding range of applications in defense, autonomous systems, and commercial sectors that were traditionally served by FOGs. As MEMS performance continues to close the gap with FOGs, particularly for mid-to-high accuracy requirements, they present a disruptive alternative that could erode KVH's market share and pricing power by offering a more cost-effective and compact solution.

KVH Industries (symbol: KVHI) primarily focuses on mobile connectivity solutions, including maritime satellite communication and inertial navigation systems. However, in August 2022, KVH Industries sold its Fiber Optic Gyroscope (FOG) and Inertial Navigation Systems (INS) business segment to EMCORE Corporation. Therefore, the primary addressable market for KVH Industries currently revolves around its mobile connectivity offerings.

The addressable markets for KVH Industries' main products and services are:

• Maritime Satellite Communication (including VSAT, LEO, cellular, and Wi-Fi services):
  • The global maritime satellite communication market size is estimated at USD 7.18 billion in 2025 and is projected to reach USD 14.87 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 15.67% during the forecast period (2025-2030).
  • Another report indicates the maritime satellite communication market was valued at USD 5.9 billion in 2023 and is estimated to register a CAGR of over 8.5% between 2024 and 2032.
  • Specifically, the global VSAT (Very Small Aperture Terminal) maritime satellite communication market was valued at $1,347.72 million in 2020 and is projected to reach $2,962.65 million by 2030, registering a CAGR of 8.5% from 2021 to 2030.
  • As of year-end 2021, the global maritime satellite communications market comprised approximately 189,400 addressable vessels.
  • In 2024, Europe held a 30% revenue share in the maritime satellite communication market, while Asia Pacific is projected to be the fastest-growing region.

KVH Industries (KVHI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of Low Earth Orbit (LEO) Satellite Services and Subscriber Base: KVH Industries is strategically focusing on and experiencing significant growth in its LEO satellite services, including Starlink and OneWeb. The company reported a record quarterly shipment of 1,600 satellite communication terminals and an 11% increase in total subscribing vessel count to approximately 9,000 in Q3 2025, driven by demand for Starlink and OneWeb LEO services. LEO service sales now constitute over 40% of airtime services sales, a substantial increase from less than 15% in the previous year, with LEO revenue starting to offset declines in legacy GEO services. KVH is also in the final stages of negotiating to purchase an additional Starlink data pool to support this growth trajectory.
2. Strategic Acquisitions and Geographic Expansion: The company is expanding its market presence through strategic acquisitions, particularly in the Asia Pacific region. KVH completed the acquisition of a maritime communications customer base in this region, which is anticipated to add over 800 vessels and more than 4,400 land-based subscribers, significantly bolstering annual top-line revenue.
3. Growth of Recently Launched Products and Services within its Multi-Orbit, Multi-Channel Portfolio: KVH is enhancing its product and service offerings, contributing to future revenue. This includes strengthening its multi-orbit, multi-channel portfolio with additions like CommBox Edge and the TracNet Coastal global 5G and Wi-Fi communication systems. CommBox Edge activations doubled in Q4 2024, and the company introduced TracNet Coastal and TracNet Coastal Pro terminals in December 2024 to meet the growing demand for integrated communication solutions.

Share Repurchases

• In December 2024, KVH Industries' Board of Directors authorized a share repurchase program of up to $10 million. This authorization represented a potential repurchase of approximately 8.7% of the company's market value at that time.
• The company's Board of Directors authorized a previous share repurchase program of up to 1 million shares, or approximately 5.5% of the company's outstanding common stock, in October 2019.
• The volume and timing of any repurchases are at management's discretion and depend on various factors including market conditions, price, and alternative uses of capital.

Share Issuance

• As of March 31, 2025, KVH Industries had 21,220,157 shares issued.
• The number of shares outstanding was approximately 19.5 million as of August 4, 2025.

Outbound Investments

• On October 8, 2025, KVH Industries acquired customer and vendor agreements and other assets from a satellite services provider in the Asia-Pacific region for approximately $3.1 million, with an additional $0.6 million for related inventory.
• This acquisition is anticipated to expand KVH's maritime satellite communications distribution capabilities and customer base in the Asia-Pacific market.
• The deal is expected to add over 800 vessels and approximately 4,400 land-based subscribers, contributing to incremental gross margin and earnings.

Capital Expenditures

• Capital expenditures for the second quarter of 2025 were $2.4 million, with approximately 50% attributed to OneWeb units under the AgilePlans program for a large fleet rollout.
• In the first quarter of 2025, capital expenditures were $1.1 million. For the second quarter of 2024, capital expenditures were $2.6 million.
• KVH anticipates that capital expenditures will continue to increase as more customers subscribe to its AgilePlans service, as the company retains ownership of the hardware provided through this service.