KVH Industries Due Diligence
Run due diligence on KVH Industries: check compliance and get alerts when suppliers change.
United States · www.kvh.com · 19 vendors
KVH Industries, Inc. is a global leader in mobile connectivity, satellite TV, content, and network management, delivering multi-orbit, multi-channel hybrid connectivity solutions to an expanding worldwide subscriber base of commercial and leisure vessels along with land mobility and commercial applications. The company also manufactures high-performance sensors and integrated inertial systems for defense and commercial guidance and stabilization applications. Founded in 1982, KVH has evolved from a hardware-focused business to an integrated service-oriented organization, offering solutions like TracNet, TracPhone, and TracVision products.
Resilience scores
- Digital Sovereignty: 42
- Digital Resilience: 8
- Financial Resilience: 6
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Services catalogue
1 service in catalogue across 1 category; runs on 19 sub-vendors.
- VSAT services
Insights
Last updated 2026-08-15 · revision 2
19 direct vendors, 194 subvendors
Direct vendors by controlling owner country (sample)
- India: 1
- United States: 8
- Japan: 1
Subvendors by controlling owner country (sample)
- France: 7
- Netherlands: 3
- Denmark: 2
Compliance
9 in-scope frameworks identified; showing 3.
CPRA — Evidence found
Evidence: https://www.kvh.com/legal/privacy/, https://www.kvh.com/legal/consumer-privacy-rights/
EU-U.S. Data Privacy Framework — Evidence found
Evidence: https://www.kvh.com/legal/privacy/, https://www.dataprivacyframework.gov, https://www.ftc.gov/business-guidance/privacy-security/data-privacy-framework
GDPR (source) — Evidence found
Evidence: https://www.kvh.com/legal/privacy/, https://www.kvh.com/about/locations/, https://www.dataprivacyframework.gov, https://ec.europa.eu/justice/article-29/structure/data-protection-authorities/index_en.htm
Financials
Three-year financials
- 2025: revenue $111.0M, EBIT $-11.2M, equity $131.0M
- 2024: revenue $113.8M, EBIT $-11.9M, equity $138.6M
- 2023: revenue $121.6M, EBIT $-19.0M
Financial Resilience Score: 6/10
KVH Industries demonstrates moderate financial resilience anchored by a debt-free balance sheet and a strong cash position of $69.9M at year-end 2025, providing significant runway despite recurring operating losses. The company's transition to a service-heavy business model (89% of FY2025 revenue) creates more predictable recurring revenue, and the successful pivot to LEO satellite reselling (Starlink/OneWeb) — reaching 45%+ of airtime revenue by Q4 2025 — has stabilized service revenue and driven a 27% YoY revenue increase in Q1 2026, with a return to GAAP profitability. However, the company has posted persistent GAAP net losses (FY2024: -$11.0M; FY2025: -$7.4M) with a history of losses acknowledged by management. Revenue has declined for two consecutive years, product revenue collapsed 27% in FY2025, and a $5.5M inventory write-down highlights obsolescence risk. Structural risks include vendor concentration on Starlink/OneWeb (thinner reseller margins, risk of direct-to-customer competition), the accelerating decline of legacy VSAT, and small-cap scale versus well-capitalized competitors. The Q1 2026 inflection and $15M expanded buyback authorization signal improving momentum, but sustained profitability has yet to be proven.
Key strengths: Debt-free balance sheet with zero interest-bearing debt, $69.9M cash and equivalents at year-end 2025, 89% recurring service revenue mix providing visibility, Successful LEO transition (Starlink/OneWeb) reaching 45%+ of airtime, Adjusted EBITDA held steady at $8.1M in 2025 despite revenue decline, Q1 2026 returned to revenue growth (+27% YoY) and GAAP profitability, $15M share repurchase authorization signals board confidence, October 2025 Asia-Pacific maritime satcom acquisition
Risk factors: Persistent GAAP net losses over multiple years, Revenue declined for two consecutive years (FY2024 and FY2025), Product revenue collapsed 27% in FY2025, Vendor concentration risk with Starlink and OneWeb as reseller, Thinner reseller margins vs. legacy proprietary VSAT, Structural decline of legacy geostationary VSAT market, $5.5M inventory write-down in FY2025, U.S. Coast Guard contract downgrade removed ~$7.7M annual revenue, Small-cap scale vs. Starlink, Viasat, Iridium competition, Facility relocation and manufacturing wind-down transition risk
Revenue by product/service
- Service (subscription airtime, managed services, content): 89%
- Product (hardware - TracNet, TracPhone, TracVision, terminals): 11%
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