Published on 8 May 2024 on GuruFocus.com via Yahoo Finance
KVH Industries Inc (KVHI) Q1 2024 Earnings: Revenue and Earnings Miss Analyst Forecasts
Revenue: $29.3M for Q1 2024, a decrease of 14% year-over-year, falling short of estimates of $31.88M.Net Loss: Reported a net loss of $3.2M in Q1 2024, compared to a net income of $0.4M in Q1 2023, exceeding estimates of a $3.58M loss.Earnings Per Share: Reported EPS of -$0.16, exceeding estimates of -$0.19.Operating Expenses: Increased by $0.8M to $13.7M in Q1 2024, driven by costs related to workforce reductions.Adjusted EBITDA: Non-GAAP adjusted EBITDA was $2.0M in Q1 2024, down from $3.7M in Q1 2023.Product Revenue: Decreased by 22% to $4.2M, with a notable decline in VSAT and TracVision sales, partially offset by an increase in Starlink product sales.Service Revenue: Decreased by $3.7M to $25.0M, primarily due to a $3.5M decrease in airtime service sales.
Warning! GuruFocus has detected 3 Warning Signs with KVHI.