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KVH Industries, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $28,971,000 from $33,195,000 in the same quarter the previous year. The decrease is attributed to a reduction in service sales, particularly in airtime services.
Costs of service sales decreased to $14,983,000 from $16,238,000, while costs of product sales increased slightly to $4,714,000 from $4,511,000. Overall, total costs and expenses were $30,962,000, compared to $38,345,000 in the previous year.
The company reported a net loss of $1,199,000 for the quarter, compared to a net loss of $4,369,000 in the previous year. The loss from operations was $1,991,000, compared to $5,150,000 in the previous year.
Interest income for the quarter was $629,000, down from $997,000 in the previous year. Other income (expense), net was $216,000, compared to an expense of $121,000 in the previous year.
Cash used in operating activities was $13,573,000, while cash provided by investing and financing activities was $16,507,000 and $96,000, respectively.
KVH had a working capital of $108,051,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial activities, including a prepaid $17 million for access to Starlink Mobile Priority data.
KVH does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on transitioning its business model to rely on third-party hardware products and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KVH Industries Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.