KVH Industries, Inc. (KVHI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la communication par satellite maritime et mobile, KVH Industries, Inc. (KVHI) se distingue comme un innovateur technologique, mélangeant de manière transparente l'ingénierie de pointe avec un positionnement stratégique sur le marché. Leur toile de modèle commercial révèle une approche sophistiquée pour résoudre des défis de connectivité complexes dans les secteurs maritime, de défense et commerciale, offrant des systèmes de communication par satellite haute performance qui transforment la façon dont les organisations restent connectées dans des environnements mondiaux de plus en plus exigeants.

KVH Industries, Inc. (KVHI) - Modèle commercial: partenariats clés

Fabricants de technologies de communication par satellite marine et mobile

KVH Industries s'associe à des fabricants spécifiques de technologies de communication par satellite pour améliorer ses offres de produits.

Partenaire	Détails de collaboration	Focus technologique
Inmarsat	Intégration du réseau de communication par satellite	Connectivité maritime mondiale
Communications iridium	Services de réseau satellite	Communication par satellite mobile

Entrepreneurs de l'industrie de la défense et de la défense

KVH collabore avec les entrepreneurs du secteur maritime et de la défense pour des solutions spécialisées.

• Contrats de technologie maritime de la maritime de la marine américaine
• Intégration du système de communication du ministère de la Défense
• Projets de communication maritime de l'OTAN

Fournisseurs de services de télécommunications

Les partenariats stratégiques avec les sociétés de télécommunications soutiennent les services de connectivité mondiale de KVH.

Fournisseur de télécommunications	Type de service	Couverture géographique
AT&T	Services satellites mobiles	Amérique du Nord
Verizon	Solutions de communication d'entreprise	Réseaux d'entreprise mondiaux

Réseaux mondiaux de distribution et de revendeur

KVH maintient de vastes partenariats de distribution dans le monde.

• Distributeurs d'équipements marins dans plus de 50 pays
• Revendeurs de technologies automobiles
• Intégrateurs de systèmes de communication par satellite

Partenaires de recherche et de développement technologiques

Initiatives de recherche collaborative avec les institutions technologiques et les entreprises.

Partenaire de recherche	Domaine de mise au point	Type de collaboration
Institut de technologie du Massachusetts	Technologies de communication par satellite	Programme de recherche conjoint
Laboratoire de physique appliqué à l'Université Johns Hopkins	Systèmes de communication avancés	Développement technologique

KVH Industries, Inc. (KVHI) - Modèle d'entreprise: Activités clés

Antenne satellite et conception du système de suivi

KVH Industries se concentre sur la conception de l'antenne par satellite de précision avec des capacités techniques spécifiques:

Métrique	Spécification
Gamme de taille d'antenne	14-60 cm de diamètre
Précision de suivi	± 0,2 degrés
Investissement annuel de R&D	12,4 millions de dollars (2022)

Développement de solutions de connectivité mobile

Les principaux domaines de développement de la connectivité comprennent:

• Systèmes de communication par satellite maritime
• Solutions Internet mobiles terrestres
• Technologies de suivi des véhicules

Fabrication de l'électronique maritime

Catégorie de produits	Volume de production annuel
Terminaux satellites marins	8 500 unités
Transpondeurs AIS	5 200 unités
Systèmes de stabilisation gyroscopique	3 600 unités

Innovation en technologie de la communication par satellite

Mesures clés de l'innovation:

• Brevets déposés: 37 (2022)
• Budget de développement technologique: 18,6 millions de dollars
• INNOVATION FOCUS INFORMS: VSAT, miniaturisation, solutions à large bande passante

Services de recherche et d'ingénierie de produits

Domaine de recherche	Investissement annuel
Ingénierie du système de communication	6,2 millions de dollars
Technologie de suivi des satellites	4,8 millions de dollars
Recherche de connectivité mobile	5,5 millions de dollars

KVH Industries, Inc. (KVHI) - Modèle commercial: Ressources clés

Technologie de suivi des satellites propriétaires

KVH Industries détient 54 brevets actifs en 2023, avec un accent spécifique sur les technologies de suivi des satellites marines et mobiles. Les systèmes de télévision par satellite Tracvision de la société couvrent une couverture du marché maritime mondial de 98,5%.

Catégorie de brevet	Nombre de brevets	Focus technologique
Suivi de satellite	27	Systèmes de satellite maritime
Connectivité mobile	18	Solutions de suivi des véhicules
Technologies d'antenne	9	Antennes satellites avancées

Propriété intellectuelle et brevets

Le portefeuille de propriété intellectuelle de KVH Industries est évalué à environ 42,3 millions de dollars en 2023, avec des investissements en R&D de 16,7 millions de dollars par an.

Ingénierie et talent technique

Total de la main-d'œuvre: 495 employés au quatrième trimestre 2023

• Ingénieurs: 218 employés
• Spécialistes techniques: 137 employés
• Personnel R&D: 89 employés

Installations de fabrication avancées

Emplacements de fabrication: Middletown, Rhode Island et Tinley Park, Illinois

Emplacement de l'installation	Capacité de fabrication	Production annuelle
Middletown, RI	85 000 pieds carrés.	42 000 systèmes satellites
Tinley Park, IL	65 000 pieds carrés.	28 000 appareils de connectivité mobile

Infrastructure de recherche et développement robuste

Dépenses de R&D pour 2023: 16,7 millions de dollars

• Investissement annuel de R&D: 12,4% des revenus totaux
• Cycles de développement technologique: 18-24 mois
• Projets de recherche actifs: 12 initiatives simultanées

KVH Industries, Inc. (KVHI) - Modèle d'entreprise: propositions de valeur

Systèmes de communication par satellite maritime haute performance

KVH Industries fournit des systèmes de communication par satellite maritime avec les spécifications suivantes:

Produit	Couverture	Vitesse	Fourchette
Tracphone v7-hts	Mondial	Jusqu'à 10 Mbps	$49,995 - $59,995
Tracphone v11-hts	Mondial	Jusqu'à 20 Mbps	$79,995 - $89,995

Solutions de connectivité mobile fiables

Les offres de connectivité mobile comprennent:

• Couverture du réseau à large bande mini-VSAT dans 158 pays
• Capacité de bande passante de 2,4 tbps
• Fiabilité de la connectivité maritime de 99,5%

Technologies de suivi de pointe et d'antenne

Caractéristique des technologies de suivi de KVH:

Technologie	Précision	Vitesse de suivi
Stabilisation des agileplans	± 0,2 degrés	30 degrés / seconde
TracVision Satellite Tracking	± 0,1 degrés	40 degrés / seconde

Offres complètes de l'électronique marine

La gamme de produits électroniques marins comprend:

• Systèmes de navigation GPS
• Systèmes de télévision par satellite
• Plateformes de communication intégrées

Solutions de communication innovantes pour les marchés commerciaux et militaires

Solutions de communication spécifiques au marché:

Segment de marché	Revenus annuels	Nombre de produits
Maritime commercial	94,3 millions de dollars	12 produits primaires
Militaire / gouvernement	37,6 millions de dollars	7 systèmes spécialisés

KVH Industries, Inc. (KVHI) - Modèle d'entreprise: relations avec les clients

Assistance des ventes directes pour les clients d'entreprise

KVH Industries maintient une équipe de vente d'entreprise dédiée avec 37 professionnels directs des ventes au T2 2023. Le portefeuille client d'entreprise de la société comprend 126 comptes de technologie maritime et de communication actifs avec des valeurs de contrat annuelles allant de 75 000 $ à 1,2 million de dollars.

Segment de clientèle	Nombre de comptes actifs	Valeur du contrat moyen
Clients d'entreprise maritimes	86	$425,000
Clients des technologies de la communication	40	$612,500

Services de consultation technique et d'intégration

KVH fournit une consultation technique spécialisée avec une équipe de 42 ingénieurs d'intégration certifiés. La société propose Solutions d'intégration personnalisées pour les déploiements de technologie complexe des entreprises.

• Temps de consultation moyen par entreprise Client: 62 heures
• Temps de réponse du support technique: 4,2 heures
• Taux de réussite de l'intégration: 94,6%

Plateformes de support client en ligne

KVH exploite un écosystème complet de support numérique avec des ressources en ligne 24/7. Les canaux de support numériques comprennent:

Canal de support	Engagement mensuel des utilisateurs
Portail de support client	7 423 utilisateurs uniques
Base de connaissances	12 567 vues de documents
Support de chat en direct	3 215 interactions client

Assistance à la formation et à la mise en œuvre

KVH offre des programmes de formation complets avec 28 spécialistes de la formation certifiés. L'entreprise fournit des solutions de formation à plusieurs niveaux aux clients d'entreprise.

• Modules de formation en ligne: 42 cours
• Platention annuelle Participants: 1 876 professionnels
• Taux de satisfaction de la formation: 92,3%

Approche de partenariat technologique à long terme

KVH cultive les relations avec les clients à long terme avec une période de rétention des clients de l'entreprise moyenne de 7,4 ans. La stratégie de partenariat de l'entreprise se concentre sur l'évolution des technologies continues et les solutions spécifiques au client.

Métrique de partenariat	Valeur
Durée moyenne des relations avec le client	7,4 ans
Répéter le taux d'entreprise	78.6%
Taux d'extension du client	42.3%

KVH Industries, Inc. (KVHI) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, KVH Industries maintient une force de vente directe dédiée d'environ 47 professionnels de la vente spécialisés dans les solutions de connectivité marine et mobile. L'équipe commerciale couvre les régions d'Amérique du Nord, d'Europe et d'Asie-Pacifique.

Région	Taille de l'équipe de vente	Focus du produit primaire
Amérique du Nord	22	Systèmes maritimes VSAT
Europe	15	Communications par satellite
Asie-Pacifique	10	Connectivité mobile

Plateformes de commerce électronique en ligne

KVH Industries exploite deux canaux de vente numériques principaux:

• Site Web de l'entreprise officielle avec des capacités de commande de produits directs
• Amazon Business Platform pour les entreprises et les clients gouvernementaux

Salons commerciaux de l'industrie maritime et de la défense

KVH participe à 12 à 15 salons internationaux chaque année, notamment:

• Salon nautique international de Miami
• Exposition d'espace aérien
• Conférence Euronaval
• Exposition marine du Pacifique

Réseaux de revendeurs autorisés

KVH maintient un réseau mondial de 127 revendeurs autorisés dans 38 pays, avec des partenariats stratégiques dans:

Région	Nombre de revendeurs	Marchés clés
Amérique du Nord	42	Maritime, défense
Europe	38	Expédition commerciale
Asie-Pacifique	47	Télécommunications

Canaux de marketing numérique et de communication technique

KVH utilise plusieurs plateformes de communication numérique:

• LinkedIn: 24 700 abonnés
• Twitter: 3 200 abonnés
• Canal de support technique YouTube
• Webinaires techniques trimestriels
• Portail de support client dédié

KVH Industries, Inc. (KVHI) - Modèle d'entreprise: segments de clientèle

Opérateurs de navires commerciaux maritimes

KVH dessert des opérateurs de navires commerciaux maritimes dans plusieurs secteurs avec des solutions de connectivité spécifiques.

Caractéristique du segment	Données quantitatives
Les navires commerciaux maritimes totaux servis	3 500+ navires dans le monde entier
Revenus de connectivité maritime annuelle	78,2 millions de dollars en 2022
Pénétration du marché	12% de la flotte maritime commerciale mondiale

Organisations militaires et de défense

KVH fournit des technologies spécialisées de communication et de suivi pour les secteurs de la défense.

• Client principal du ministère de la Défense américain
• Contrats de défense internationale dans 17 pays
• Revenus annuels liés à la défense: 45,6 millions de dollars

Antactifs de navigation récréative

KVH cible l'électronique marine et les marchés de communication par satellite pour les plaisanciers.

Segment de marché	Métriques quantitatives
Navires récréatifs totaux équipés	22 000+ navires
Gamme de prix moyenne du produit	$1,500 - $15,000
Part de marché dans l'électronique marine	8,3% du marché maritime récréatif

Fournisseurs de services de télécommunications

KVH propose des solutions d'infrastructure de communication par satellite.

• Partenariats mondiaux de télécommunications: 12 fournisseurs majeurs
• Couverture du réseau satellite: 99% dans le monde
• Revenus de télécommunications annuelles: 62,4 millions de dollars

Demandeurs de solutions de mobilité de l'entreprise

KVH fournit des solutions de connectivité mobile pour les clients d'entreprise.

Segment d'entreprise	Points de données
Total des clients d'entreprise	Plus de 450 clients d'entreprise
Valeur du contrat moyen	185 000 $ par an
Revenus de la solution d'entreprise	33,7 millions de dollars en 2022

KVH Industries, Inc. (KVHI) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2022, KVH Industries a déclaré des dépenses de R&D de 10,8 millions de dollars, ce qui représente 8,7% des revenus totaux.

Année	Dépenses de R&D ($)	Pourcentage de revenus
2022	10,800,000	8.7%
2021	9,500,000	7.9%

Frais de fabrication et de production

Les coûts de fabrication totaux de KVH Industries pour 2022 étaient de 42,3 millions de dollars.

• Coûts de main-d'œuvre directes: 15,6 millions de dollars
• Dépenses de matières premières: 22,7 millions de dollars
• Fabrication des frais généraux: 4 millions de dollars

Coûts opérationnels des ventes et du marketing

Les frais de vente et de marketing pour 2022 ont totalisé 16,2 millions de dollars.

Catégorie de dépenses	Montant ($)
Personnel de vente	7,500,000
Campagnes marketing	5,200,000
Assistance commerciale	3,500,000

Maintenance des infrastructures technologiques

Les coûts de maintenance de la technologie et des infrastructures pour 2022 étaient de 6,5 millions de dollars.

• Infrastructure informatique: 3,2 millions de dollars
• Licence logicielle: 1,8 million de dollars
• Systèmes de réseau et de communication: 1,5 million de dollars

Dépenses de distribution et de logistique mondiales

Les coûts de distribution et de logistique pour 2022 s'élevaient à 8,7 millions de dollars.

Canal de distribution	Dépenses ($)
Expédition internationale	4,200,000
Distribution domestique	3,100,000
Entrepôts	1,400,000

KVH Industries, Inc. (KVHI) - Modèle d'entreprise: Strots de revenus

Ventes du système de communication par satellite

Pour l'exercice 2023, KVH Industries a déclaré des revenus totaux de 66,5 millions de dollars. Les ventes de systèmes de communication par satellite comprenaient une partie importante de ces revenus.

Catégorie de produits	Revenus (2023)	Pourcentage du total des revenus
Systèmes satellites maritimes	37,2 millions de dollars	56%
Terminaux satellites mobiles	15,8 millions de dollars	24%
Systèmes satellites terrestres	13,5 millions de dollars	20%

Frais de licence de technologie

KVH génère des revenus de licences technologiques grâce à des partenariats stratégiques et à des accords de propriété intellectuelle.

• Revenus de licences technologiques annuelles: 2,3 millions de dollars
• Nombre d'accords de licence actifs: 7
• Frais de licence moyenne par accord: 328 000 $

Services d'abonnement récurrents

Les services basés sur l'abonnement représentent une source de revenus croissante pour KVH Industries.

Service d'abonnement	Revenus récurrents annuels	Base d'abonné
Services maritimes Tracnet	8,7 millions de dollars	1 250 navires
Services de données mobiles	4,5 millions de dollars	3 500 abonnés

Contrats de maintenance du matériel et des équipements

Les contrats de maintenance fournissent une source de revenus stable pour KVH Industries.

• Revenus de contrat de maintenance total en 2023: 5,6 millions de dollars
• Valeur du contrat moyen: 42 000 $
• Taux de renouvellement des contrats: 78%

Services d'installation et d'intégration professionnels

KVH propose des services d'installation et d'intégration spécialisés dans divers segments de marché.

Segment de service	Revenu	Valeur moyenne du projet
Installations maritimes	3,2 millions de dollars	65 000 $ par projet
Intégrations terrestres	2,1 millions de dollars	45 000 $ par projet
Installations de plate-forme mobile	1,7 million de dollars	35 000 $ par projet

KVH Industries, Inc. (KVHI) - Canvas Business Model: Value Propositions

You're looking at the core reasons a customer chooses KVH Industries, Inc. (KVHI) right now, late in 2025. It's all about moving away from older tech to a flexible, modern service structure. The numbers from the third quarter ending September 30, 2025, really show this shift in action.

Seamless, multi-orbit hybrid connectivity via satellite, cellular, and Wi-Fi

The value here is the ability to blend different networks, which is critical when you're far from shore or in a remote area. This hybrid approach is clearly driving customer adoption. For the three months ended September 30, 2025, Low Earth Orbit (LEO) service sales made up over 40% of the total airtime service sales. That's a huge jump from less than 15% in the same period last year. This transition is what keeps the connectivity flowing, even as older Geostationary (GEO) services decline. The total subscribing vessel count hit approximately 9,000 in Q3 2025, which was a record sequential growth of 11% over the second quarter, and up 26% year-to-date. That growth shows customers are buying into the multi-orbit promise.

Connectivity-as-a-Service (AgilePlans) with zero maintenance costs and a single monthly fee

The AgilePlans model is designed to simplify the financial and operational burden for the customer. You pay one fee, and KVH Industries, Inc. handles the rest, which helps manage the total cost of ownership. This service-centric approach is reflected in the top-line service revenue. Service revenues for the third quarter of 2025 were $25.4 million, an increase of $1.0 million compared to the third quarter of 2024. Airtime revenue, which is the core of the service offering, reached $23.5 million in Q3 2025, marking a 3% increase year-over-year, despite the prior year's U.S. Coast Guard contract downgrade impact of $2.3 million in airtime revenue.

High-speed, low-latency LEO services integrated with existing GEO/VSAT

This is the technical backbone of the hybrid value proposition. KVH Industries, Inc. isn't just selling LEO; they are integrating it with what's already there. The rapid shift in revenue mix proves this integration is happening fast. For the nine months ended September 30, 2025, LEO service sales accounted for over 30% of total airtime service sales, a significant increase from under 10% for the first nine months of 2024. This rapid mix shift is happening while the company navigates a decrease in legacy VSAT service sales.

Value-added services like network management, cybersecurity, and crew content (KVH Link)

Beyond just the pipe, the value proposition includes managing the network and securing it. While specific Q3 2025 revenue breakdowns for these services aren't always separated, the introduction of new security features supports this. For example, the CommBox Edge Secure Suite adds a differentiated cybersecurity layer to their managed multi-orbit solutions. You can see the success of the gateway platform, as CommBox Edge Communications Gateway activations increased by more than 24% sequentially in the second quarter of 2025 over the first quarter of 2025. These services are designed for upsell opportunities.

Single-source global support for both hardware and airtime services

Customers get one throat to choke, so to speak, for everything from the antenna to the monthly bill. This simplifies procurement and troubleshooting. The company supports this with a global dealer, distributor, and service provider network, ensuring support is available where and when customers need it. This integrated support model is key to maintaining the high subscriber growth seen across the fleet.

Here's a quick snapshot of the financial context supporting these value drivers as of the third quarter of 2025:

Metric	Amount / Value (Q3 2025)	Comparison/Context
Total Revenue	$28.5 million	Up 7% sequentially from Q2 2025
Service Revenues	$25.4 million	Up $1.0 million year-over-year
Airtime Revenue	$23.5 million	Up 12% sequentially
Subscribing Vessel Count	Approximately 9,000	Up a record 11% sequentially
LEO Sales as % of Airtime Sales (3 Months)	Over 40%	Up from less than 15% in Q3 2024
Net Loss	$6.9 million	Reflects a $5.5 million inventory write-down
Non-GAAP Adjusted EBITDA	$1.4 million	Compared to $2.9 million in Q3 2024

The focus on LEO is clearly shifting the revenue composition, even if overall GAAP profitability is challenged by inventory adjustments. The growth in the subscriber base, hitting 9,000 vessels, shows the market is responding to the hybrid, service-oriented value proposition.

Finance: draft 13-week cash view by Friday.

KVH Industries, Inc. (KVHI) - Canvas Business Model: Customer Relationships

The relationship strategy for KVH Industries, Inc. (KVHI) is heavily weighted toward securing long-term, recurring service contracts across its diverse customer segments.

For large commercial fleets and government entities, the relationship is managed through dedicated structures, though the government segment has seen a significant shift. The impact of the U.S. Coast Guard contract downgrade in the third quarter of 2024 is still visible in the year-over-year comparisons for 2025. Specifically, the downgrade reduced airtime revenue from that customer by $2.3 million year-over-year in Q3 2025. Over the first nine months of 2025, the total decrease in airtime service sales related to this downgrade was $7.2 million.

The subscription-based model is the core driver of stability, evidenced by the service revenue performance. Service revenues for the third quarter of 2025 reached $25.4 million. This represented a 10% sequential increase and a 4% year-over-year increase, which is encouraging given the loss of the large government contract revenue stream. The subscription lock-in is quantified by the vessel count growth, which is accelerating.

Here are the key metrics showing the recurring revenue base growth as of the end of Q3 2025:

Metric	Value (As of Q3 2025 End)	Comparison Point
Total Subscribing Vessels	Just below 9,000	End of Q3 2025
Sequential Vessel Growth (QoQ)	Record 11% increase	Compared to Q2 2025
Year-to-Date Vessel Growth	26% up	From the beginning of the year
Q3 2025 Service Revenue	$25.4 million	Quarterly Recurring Revenue

The shift to multi-orbit services, particularly Low-Earth Orbit (LEO), is central to maintaining long-term customer value, as LEO service sales represented over 30% of airtime services sales for the three months ended June 30, 2025.

For digital tools, the CommBox Edge Communications Gateway is seeing adoption. In the second quarter of 2025, activations for the CommBox Edge subscriber base increased by more than 24% from the first quarter of 2025.

KVH Industries, Inc. (KVHI) serves a broad set of customer segments that require tailored relationships, including:

• Commercial Maritime: Shipping, offshore energy, fishing fleets.
• Military/Government: Defense platforms.
• Leisure Marine: Yacht owners and recreational boaters.
• Land Mobile: Specialized vehicle applications.

While the data doesn't isolate the high-touch service for yacht and charter customers (KVH Elite) or the specific size of the global technical support/dealer network, the company maintains a global presence with more than a dozen offices around the globe.

Finance: review Q4 2025 service revenue projections against the $70.1 million nine-month run rate by next Tuesday.

KVH Industries, Inc. (KVHI) - Canvas Business Model: Channels

You're looking at how KVH Industries, Inc. gets its multi-orbit, multi-channel hybrid connectivity solutions into the hands of maritime and land mobility customers. It's a mix of traditional partners and direct enterprise sales, all feeding into a growing service revenue stream.

Global network of authorized dealers and distributors for sales and installation.

This network is key for global reach, offering technical support and installations. While the exact count of partners isn't public, the success of this channel is reflected in the overall subscriber base growth and product shipments. The company maintains a dedicated Partner Portal for these authorized dealers and distributors to access sales aids and technical bulletins.

Here's a snapshot of the operational scale being driven through these channels as of mid-2025:

Metric	Period Ended June 30, 2025 (Q2 2025)	Period Ended March 31, 2025 (Q1 2025)
Total Subscribing Vessels	Over 8,000	More than 7,400
Connectivity Terminal Shipments (Quarterly)	Not specified for Q2	More than 1,300 units (5th consecutive record quarter)
Airtime Revenue (Quarterly)	$21.1 million	$20.0 million

Direct sales team for large commercial, military, and government contracts.

The direct sales force targets major accounts where integrated, managed solutions are required. These contracts can be significant, though they are also subject to contract adjustments, which impacts near-term revenue predictability. For instance, the U.S. Coast Guard contract downgrade reduced Q2 2025 airtime revenue by $1.9 million compared to Q2 2024. On the other hand, the direct channel secured a $35.6 Million Contract from the Saudi Arabian National Guard for Series1750imu products, showing the scale possible in this segment.

Online sales and service portals for existing customers.

While the primary revenue driver is service contracts, the digital infrastructure supports customer engagement and product sales. The CommBox Edge Communications Gateway subscriber base, which is part of the managed service offering, saw activations increase by more than 24% sequentially from Q1 2025 to Q2 2025. This indicates strong uptake through digital touchpoints or integrated sales supporting the gateway.

Strategic partnerships for co-marketing and bundled offerings (e.g., Starlink, OneWeb).

These partnerships are crucial for KVH Industries, Inc.'s transition to a multi-orbit provider. The success of these bundled offerings is evident in the shift in service revenue composition. The company launched its OneWeb service in January 2025, expanding its Low Earth Orbit (LEO) options.

The impact of these LEO partnerships on the core airtime revenue stream is clear:

• LEO services sales represented over 30% of total airtime services sales for the three months ended June 30, 2025.
• For the first half of 2025 (six months ended June 30, 2025), LEO services sales accounted for over 25% of airtime services sales.

The product sales channel also benefited from these relationships; Starlink product sales increased by $0.2 million in Q1 2025 compared to Q1 2024.

Finance: review the Q3 2025 contract pipeline against the $115 million to $125 million full-year 2025 revenue anticipation mentioned in early 2025.

KVH Industries, Inc. (KVHI) - Canvas Business Model: Customer Segments

You're looking at the customer base for KVH Industries, Inc. (KVHI) as of the third quarter of 2025. This isn't about abstract market potential; this is about the actual subscribers and the revenue they generated in the most recent reporting period.

The core business remains firmly rooted in high-bandwidth connectivity for moving assets, but the mix is clearly shifting toward Low-Earth Orbit (LEO) services, which is driving subscriber growth even as legacy contracts decline. Here's the quick math on the customer base as of September 30, 2025.

Segment Metric	Value/Amount	Context/Period
Total Subscribing Vessel Count	Approximately 9,000	End of Q3 2025
Vessel Count Sequential Growth	11%	Q3 2025 vs. Q2 2025
Vessel Count Year-to-Date Growth	26%	Q3 2025 vs. End of FY 2024
Total Service Revenue	$25.4 million	Q3 2025
Service Revenue Year-over-Year Growth	4%	Q3 2025 vs. Q3 2024
Airtime Revenue	$23.5 million	Q3 2025
Airtime Revenue Sequential Growth	12%	Q3 2025 vs. Q2 2025
U.S. Coast Guard Revenue Impact (Year-over-Year Reduction)	$2.3 million	Q3 2025 vs. Q3 2024 Airtime Revenue
LEO Subscribers Share (Approximate)	More than half	Of the 9,000 vessels

You'll see the customer segments broken down by their operational focus and recent activity.

• Commercial maritime vessels (e.g., merchant shipping, oil and gas): This group is the foundation, evidenced by the total subscribing vessel count of approximately 9,000, which grew by a record 11% sequentially in Q3 2025.
• Leisure marine and superyachts requiring high-bandwidth, premium connectivity: Management noted they scaled back focus on this group in Q3 due to seasonal factors, but expected more activity in Q4 and Q1 2026 as boats move south.
• Military and government agencies (e.g., U.S. Coast Guard, though revenue is declining): The impact of the U.S. Coast Guard contract downgrade in Q3 2024 is clear; it reduced airtime revenue from that customer by $2.3 million year-over-year in Q3 2025, yet overall service revenue still grew 4% year-over-year.
• Land mobile applications (a growing segment via Q3 2025 acquisition): KVH Industries, Inc. closed an acquisition in Q3 2025 that is expected to add over 4,400 land-based [subscribers/accounts] to the base.
• Satellite service providers who utilize the KVH ONE OpenNet Program: The company completed the acquisition of customer and vendor agreements and other assets from a satellite service provider operating in the Asia-Pacific region during Q3 2025, which is expected to add over 800 vessels to their service.

The growth story right now is in the service revenue, which hit $25.4 million in Q3 2025. The real value, as management states, is the recurring airtime revenue these hardware shipments generate in the future, not the immediate product sale margin, which was negative $6.8 million in Q3 2025 due to inventory writedowns.

KVH Industries, Inc. (KVHI) - Canvas Business Model: Cost Structure

You're looking at the cost side of KVH Industries, Inc. (KVHI) as of late 2025, which shows a company actively managing a strategic pivot, leading to some significant, one-time hits alongside controlled ongoing spending.

The cost structure is heavily influenced by the transition away from legacy hardware. The cost associated with product sales, which includes reselling third-party LEO hardware, resulted in a negative product gross profit of -$6.8 million for the third quarter of 2025. This negative margin reflects the impact of inventory adjustments and pricing pressures on hardware sales. For context, this compares to a positive product gross profit of $0.3 million in the prior quarter.

The most significant non-recurring cost event impacting the third quarter was a $5.5 million inventory write-down. This charge was directly related to further reduced demand and pricing adjustments for certain VSAT hardware products. This write-down underscores the high cost and risk associated with managing the decline of legacy inventory as KVH Industries, Inc. focuses on its service model.

Operating expenses (OpEx) showed a commitment to cost control. For the third quarter of 2025, OpEx was $9.5 million, which was flat compared to the second quarter of 2025. This level is down significantly from the $11.3 million reported in the third quarter of 2024.

Here's a quick look at the key cost and capital outlay figures for Q3 2025:

Cost/Expense Category	Q3 2025 Amount
Operating Expenses (OpEx)	$9.5 million
Capital Expenditures (CapEx)	$1.6 million
Inventory Write-Down (One-Time)	$5.5 million
Product Gross Profit (Negative)	-$6.8 million

Personnel costs are a major component of OpEx, and the company has realized savings from prior actions. The annualized cost savings expected in 2025 from the restructuring initiatives, which included significant headcount reduction, is approximately $9.3 million.

Regarding personnel costs specifically within the reported periods:

• Salaries, benefits and taxes for Q3 2025 were up $0.4 million compared to Q3 2024.
• For the first nine months of 2025, salaries, benefits and taxes decreased by $5.2 million compared to the same period in 2024, after accounting for $2.0 million in workforce reduction costs incurred in the 2024 period.

Capital expenditures (CapEx) were managed down in the quarter. CapEx for Q3 2025 was $1.6 million, which was a reduction compared to the $2.4 million spent in the second quarter of 2025.

KVH Industries, Inc. (KVHI) - Canvas Business Model: Revenue Streams

You're looking at how KVH Industries, Inc. (KVHI) is actually bringing in the money right now, late in 2025. It's a story of transition, where the recurring service revenue is the bedrock, but the mix within that service revenue is changing fast.

For the nine months that ended September 30, 2025, the total revenue for KVH Industries, Inc. was $80.49 million. This compares to the $86.9 million generated in the same period last year, showing the ongoing impact of contract adjustments, but the quarterly numbers show sequential improvement.

Here's a quick look at the revenue split for the third quarter of 2025:

Revenue Component	Q3 2025 Amount (in millions)
Service Revenues	$25.4
Product Revenues	$3.1
Total Revenue	$28.5

Service revenues are clearly the main event, making up the bulk of the income. For the first nine months of 2025, service revenues hit $70.1 million, while product revenues accounted for $10.4 million of that nine-month total.

Airtime and Service Revenue

The core of the business is the recurring service revenue, which totaled $25.4 million in the third quarter of 2025. This was actually an increase of $1.0 million compared to the third quarter of 2024, which is a solid sign given the headwinds. The company is seeing growth here, driven by new services, even as legacy revenue streams shift.

The total service revenue for the nine months ended September 30, 2025, was $70.1 million. This stream includes several key elements:

• Airtime service sales, which saw a sequential increase of $2.4 million, or 12%, in Q3 2025 over Q2 2025.
• Revenue from subscription fees for connectivity-as-a-service offerings like AgilePlans, which fall under the broader service category.
• Revenue from other services like commercially licensed entertainment content.

Product Revenue

Product revenue, which is primarily from the sale of communication terminals, was $3.1 million in Q3 2025. This figure represents a significant year-over-year decline, as product revenues for the nine months ended September 30, 2025, were $10.4 million, down 19% from the prior year period. The primary value of these hardware shipments, honestly, is the future airtime revenue they generate.

The product sales are influenced by market dynamics:

• Declines in sales for certain legacy VSAT products.
• Starlink product sales were impacted by discounted pricing strategies.
• Increases in sales for newer offerings, like OneWeb products, partially offset declines elsewhere.

LEO Service Sales and Legacy Offset

This is where the strategic pivot is most visible in the numbers. KVH Industries, Inc. is actively transitioning from its legacy GEO VSAT services to multi-orbit, LEO-focused services. For the three months ended September 30, 2025, LEO service sales represented over 40% of total airtime service sales. That's a huge jump from less than 15% for the same period in 2024.

This shift means:

• The increase in LEO service sales has, for the first time in a quarter, more than offset the decline in revenue from legacy GEO-based VSAT business.
• The overall decline in airtime service sales for the nine-month period was largely due to a $4.7 million decrease in legacy airtime sales, which included the impact of the U.S. Coast Guard contract downgrade.
• Subscriber growth is accelerating, with the total subscribing vessel count reaching approximately 9,000 at the end of Q3 2025.

If onboarding takes 14+ days, churn risk rises, but the subscriber count growth suggests the new services are taking hold.