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.
AND SUBSIDIARIESRECONCILIATION OF GAAP NET LOSS TO NON-GAAP EBITDA AND NON-GAAP ADJUSTED EBITDA(in thousands, unaudited) Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Net loss - GAAP (1) $ (4,310) $ (12,193) $ (11,048) $ (15,422)Income tax expense 295 159 421 318 Interest income, net (623) (985) (3,037) (3,645)Depreciation and amortization 3,048 3,319 13,298 13,438 Non-GAAP EBITDA (1,590) (9,700) (366) (5,311)Stock-based compensation expense 398 645 2,027 2,078 Goodwill impairment charge — — — 5,333 Long-lived assets impairment charge — — 1,137 657 Disposal of a discontinued project — 2,099 — 2,099 Loss on an unfavorable future contract — 337 — 337 Employee termination and other variable costs 926 — 3,863 — Prior period Brazil tax settlement 446 — 446 — Transaction-related and other variable legal and advisory fees 156 41 451 275 Irregular inventory write-down — 5,225 — 5,225 Excess purchase order obligations — 3,569 — 3,569 Loss on sale of a subsidiary — 53 — 53 Foreign exchange transaction loss 176 15 493 33 Non-GAAP adjusted EBITDA $ 512 $ 2,284 $ 8,051 $ 14,348 (1) Net loss - GAAP includes a non-cash loss related to the disposal of AgilePlans revenue-generating fixed assets, in which no proceeds were received, of $819 and $333 for the three months ended December 31, 2024 and 2023, respectively, and $900 and $667 for the years ended December 31, 2024 and 2023, respectively. Contact: KVH Industries, Inc.
With this in mind, for full year 2025 we anticipate that revenue will be in the range of $115 million to $125 million, and adjusted EBITDA in the range of $9 million to $15 million.” Financial Highlights (in millions, except per share data) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 GAAP Results Revenue $ 26.9 $ 31.5 $ 113.8 $ 132.4 Loss from operations $ (3.2) $ (12.2) $ (11.9) $ (17.3)Net loss $ (4.3) $ (12.2) $ (11.0) $ (15.4)Net loss per share $ (0.22) $ (0.63) $ (0.57) $ (0.81) Non-GAAP Adjusted EBITDA $ 0.5 $ 2.3 $ 8.1 $ 14.3 Fourth Quarter Financial Summary Revenue was $26.9 million for the fourth quarter of 2024, a decrease of 14% compared to $31.5 million in the fourth quarter of 2023.
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