KVH Industries, Inc. (KVHI) Earnings
KVH Industries, Inc. is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $0.03. KVHI has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -193.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.04 | $0.03 | -25.0% | $34M | +0.8% |
| May 6, 2026 | $-0.02 | $0.04 | +300.0% | $32M | +6.8% |
| Mar 10, 2026 | $0.02 | $0.07 | +250.0% | $31M | +4.0% |
| Nov 6, 2025 | $0.01 | $-0.12 | -1300.0% | $28M | -3.0% |
| Aug 7, 2025 | $-0.03 | $0.03 | +200.0% | $27M | -8.9% |
| May 7, 2025 | $-0.04 | $-0.07 | -75.0% | $25M | -12.9% |
| Mar 6, 2025 | $-0.04 | $-0.14 | -250.0% | $27M | -1.5% |
| Nov 7, 2024 | $-0.05 | $0.02 | +140.0% | $29M | +3.4% |
| Aug 1, 2024 | $-0.09 | $-0.04 | +55.6% | $29M | -1.9% |
| Mar 15, 2024 | $-0.01 | $-0.13 | -2000.2% | $31M | -2.7% |
| Nov 9, 2023 | $-0.01 | $0.12 | +1000.2% | $34M | +2.1% |
| May 4, 2023 | $0.05 | $0.03 | -40.0% | $34M | -3.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Stock Repurchase Update: The company repurchased $2.3 million in stock during the quarter. Including post-quarter-end repurchases, the full $15 million repurchase authorization is expected to be completed in the current month, concluding the program. • Connectivity Business Momentum: The company delivered strong Q2 performance, with solid growth in service revenue and expanding connected vessel counts. Management expects to build on this momentum in the second half of 2026 and remains positive about future business outlook. • Market Convergence and Redundancy Demand: Starlink is the dominant player in the maritime connectivity market, but customers increasingly seek multi-network redundancy. Many vessels have multiple connectivity solutions, including combinations of Starlink, OneWeb, and legacy VSAT. VSAT terminals are still primarily shipped paired with LEO connectivity solutions. • Managed Services Growth Strategy: The company’s Combox Edge platform serves as the backbone for expanding IT managed services, which is expected to deliver a moderate, favorable uptick in average revenue per user (ARPU), with the majority of profit from managed services coming from recurring revenue streams.
Guidance
• Management expects quarterly connectivity antenna shipments to stabilize in the 2,000 to 3,000 unit range going forward, as Q1 2026’s 3,100 unit shipment level was an above-expectation high watermark that is not expected to be the norm. • No material negative impact to gross margins from legacy GEO VSAT capacity commitments is anticipated: the majority of GEO bandwidth commitments expire at the end of 2026, with only a small remaining commitment for 2027. The growing share of higher-margin LEO connectivity revenue further reduces GEO-related margin risk, and management has been able to balance GEO costs with remaining revenue to avoid mismatched obligations. • The full $15 million stock repurchase authorization will be completed within the current month, concluding the program.
Segment performance
No full segmented financial results were presented in this excerpted call transcript. Key partial performance metrics include: Service revenue grew 6% quarter-over-quarter (QoQ) and 29% year-over-year (YoY). Over 2,500 connectivity antenna units were shipped in Q2 2026, down from 3,100 units in Q1 2026. The number of subscribing connectivity vessels increased 11% QoQ, compared to a 7% QoQ increase in Q1, with 18% year-to-date growth. 55% of total airtime revenue now comes from LEO connectivity, with the remainder from GEO VSAT. Combox shipments have held steady at 200 to 300 units per quarter for 6-7 consecutive quarters.
Risks & headwinds
No explicit material new risks were discussed in this excerpted call transcript. The only risk-related context provided is that legacy GEO VSAT margin risk has been mitigated by expiring commitments and the growing share of LEO revenue, so no material adverse margin impact is expected.
Analyst Q&A
Q: Why did Q2 2026 connectivity terminal shipments drop to 2,500 units from 3,100 units in Q1, and what shipment levels should be expected going forward? /
A: Management confirmed that Q1 2026's 3,100 unit shipment level was an unexpected high watermark, not a sustainable baseline. The 2,500 unit Q2 level is more aligned with normal market dynamics, and management expects quarterly shipments to stay in the 2,000 to 3,000 unit range going forward, with fluctuations possible due to shifting market conditions.
Q: Is there clear customer segmentation between users of Starlink, OneWeb, and legacy VSAT, and how do customers combine these services? /
A: Starlink is the dominant connectivity provider, but customers prioritize network redundancy, so many choose to add OneWeb as an alternative to Starlink. Most VSAT shipments now are paired with either Starlink or OneWeb, and some vessels carry all three services on board.
Q: What is the timeline for rolling off existing procured GEO VSAT capacity, and will it have a material impact on future gross margins? /
A: The majority of GEO bandwidth commitments expire at the end of 2026, with only a small remaining commitment for 2027. There is no immediate large-scale roll-off of VSAT service, as customer demand remains for thousands of deployed terminals. 55% of airtime revenue now comes from LEO, which reduces GEO margin risk, and management does not anticipate material mismatched obligations or negative margin impact.
Q: What impact did Starlink's closure of its reseller channel for land-based applications have on your business, and have Starlink's new products and pricing affected operations? /
A: Starlink only closed its reseller channel for land-based local priority service, which is not a core part of the company's business. Starlink left its global priority reseller program (the company's primary Starlink business line) open. To date, Starlink's new products and pricing plans have not had any impact on the company's operations.