KVH Industries Q1 Revenue Rises 27% to $32.3M, Delivers $0.6M Net Income
KVH Industries posted Q1 revenue of $32.3 million, up 27% year-over-year and 6% sequentially, driven by a 30% jump in service sales to $28.2 million and a 10% rise in product sales. Net income reached $0.6 million versus a $1.7 million loss and non-GAAP EBITDA was $2.8 million.
1. Q1 2026 Financial Performance
KVH Industries reported total revenue of $32.3 million in the first quarter of 2026, representing a 27% increase year-over-year and a 6% sequential gain. Net income was $0.6 million, or $0.03 per share, compared to a $1.7 million loss and a loss of $0.09 per share in Q1 2025.
2. Revenue Breakdown by Segment
Service revenue reached $28.2 million, up 30% year-over-year, driven by a $6.2 million increase in airtime sales from the expansion of LEO services for Starlink and OneWeb subscribers. Product revenue grew 10% to $4.2 million, supported by higher OneWeb and Starlink terminal sales, offsetting declines in TracVision and VSAT Broadband sales.
3. Profitability and Non-GAAP Metrics
Non-GAAP adjusted EBITDA jumped to $2.8 million from $1.0 million in Q1 2025, reflecting improved operational leverage. Operating expenses remained flat at $9.7 million, with reductions in warranty, dues and facilities costs offset by higher software and personnel expenses.
4. Strategic and Operational Highlights
The company completed the migration of its Rhode Island operations from Middletown to a new Bristol facility to support expansion. Continued growth in LEO service sales, which now account for over 45% of airtime sales, underscores KVH’s positioning in the expanding low-Earth-orbit connectivity market.