Coast Guard; potentially lower product and service margins from reseller arrangements; the risk that sales of Starlink terminals will slow down or decrease; potential hardware and software competition for our new CommBox product offerings; unanticipated obstacles to implementation of our manufacturing wind-down; unanticipated costs and expenses arising from the wind-down; unanticipated effects of the wind-down on our ongoing business; the risks associated with increased customer reliance on third-party hardware; the lack of future product differentiation; new service offerings from hardware providers; potential customer delays in selecting our services; the uncertain impact of continuing industry consolidation; the risk that our OpenNet program will lead to further reductions in sales of our satellite products; the risk that our current and future non-exclusive arrangements with Starlink and OneWeb will not provide material benefits; contingencies and termination rights applicable to pending and future property and asset sales; uncertainty regarding customer responses to new product and service introductions; challenges and potential additional expenses in retaining our employees, particularly in the current competitive labor market characterized by rising wages; the challenges of meeting customer expectations with a smaller employee base; uncertainties created by our new business strategy, which may impact customer recruitment and retention; the uncertain impact of ongoing disruptions in our supply chain and associated increases in our costs; the uncertain impact of inflation, particularly with respect to fuel costs, and fears of recession; the uncertain impact of the wars in Ukraine and the Middle East and international tensions in Asia, including the impact of dramatic shifts in U.S.geopolitical priorities; unanticipated changes or disruptions in our markets; technological breakthroughs by competitors; changes in customer priorities or preferences; increasing customer terminations; unanticipated liabilities, charges and write-offs; the potential that competitors will design around or invalidate our intellectual property rights; a history of losses; continued fluctuations in quarterly results; the uncertain impact of recent dramatic changes in both U.S.and foreign trade policy, including actual and potential new or higher tariffs and trade barriers, as well as trade wars with other countries; potentially inflationary impacts of tariffs and budget deficits; unanticipated obstacles in our product and service development, cost engineering and manufacturing efforts; adverse impacts of currency fluctuations; our ability to successfully commercialize our new initiatives without unanticipated additional expenses or delays; reduced sales to companies in or dependent upon the turbulent oil and gas industry; the impact of extended economic weakness on the sale and use of marine vessels and recreational vehicles; continued challenges of maintaining our market share in the market for airtime services; the risk that declining sales of the TracNet H-series and TracPhone V-HTS series products and related services will continue to reduce airtime gross margins; the risk that reduced product sales will continue to erode product gross margins and lead to increased losses; potential continuing declines or changes in customer demand, due to economic, weather-related, seasonal, and other factors, particularly with respect to the TracNet H-series and TracPhone V-HTS series; exposure for potential intellectual property infringement; changes in tax and accounting requirements or assessments; and export restrictions, delays in procuring export licenses, and other international risks.
At the same time, we increased shipments of our advanced CommBox Edge Communications Gateway and launched our OneWeb service, enabling us to offer a second LEO option to customers worldwide.” Financial Highlights - (in millions, except per share data) Three Months Ended March 31, 2025 2024 GAAP Results Revenue $25.4 $29.3 Loss from operations $(2.2) $(3.8)Net loss $(1.7) $(3.2)Net loss per share $(0.09) $(0.16) Non-GAAP Adjusted EBITDA $1.0 $2.0 First Quarter Financial Summary Revenue was $25.4 million for the first quarter of 2025, a decrease of 13% compared to $29.3 million in the first quarter of 2024.
AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts, unaudited) Three months ended March 31, 2025 2024 Sales: Service $21,642 $25,038 Product 3,772 4,229 Net sales 25,414 29,267 Costs and expenses: Costs of service sales 14,235 14,044 Costs of product sales 3,740 5,308 Research and development 1,187 3,038 Sales, marketing and support 4,960 5,384 General and administrative 3,535 5,291 Total costs and expenses 27,657 33,065 Loss from operations (2,243) (3,798)Interest income 567 911 Other expense, net (9) (198)Loss before income tax expense (1,685) (3,085)Income tax expense 25 78 Net loss $(1,710) $(3,163) Net loss per common share Basic $(0.09) $(0.16)Diluted $(0.09) $(0.16) Weighted average number of common shares outstanding: Basic 19,492 19,286 Diluted 19,492 19,286 KVH INDUSTRIES, INC.
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