KVHI

• Service revenue increased 29% to $29.7 million, driven by a 31% rise in airtime revenue to $27.8 million.
• Net income was $0.2 million ($0.01 per share) in Q2 2026, compared to $0.9 million ($0.05 per share) in Q2 2025.
• Non-GAAP adjusted EBITDA was $3.0 million in Q2 2026, up from $2.7 million in Q2 2025.
• LEO service sales represented over 55% of airtime service sales in Q2 2026, up from less than 32% a year earlier.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Stephen H. Deckoff was elected with 7,601,581 votes for and 6,334,009 against, with 3,303,933 broker non-votes.
• The advisory (non-binding) say-on-pay proposal for 2025 named executive officer compensation passed with 11,616,563 votes for and 2,236,796 against.
• The ratification of Grant Thornton LLP as independent auditor for fiscal year ending December 31, 2026 passed with 16,991,919 votes for and 239,754 against.
• All three proposals were approved; the report was filed under Item 5.07 to disclose the voting results.

5.07 Submission of Matters to a Vote of Security Holders

• Service revenue rose 30% year-over-year to $28.2 million, with LEO service sales (Starlink and OneWeb) representing over 45% of airtime service sales, up from less than 30%.
• Product revenue increased 10% to $4.2 million, with gains in OneWeb and Starlink product sales partially offset by declines in TracVision and VSAT Broadband.
• Net income was $0.6 million ($0.03 per share) in Q1 2026, compared to a net loss of $1.7 million ($0.09 per share) in Q1 2025.
• Non-GAAP adjusted EBITDA was $2.8 million in Q1 2026, up from $1.0 million in Q1 2025.
• The company completed the migration of its Rhode Island operations from Middletown to Bristol, Rhode Island.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Q4 2025 net income was $0.3 million ($0.02 per share), compared to a net loss of $4.3 million ($0.22 per share) in Q4 2024.
• Full year 2025 revenue was $111.0 million, down 2% from $113.8 million in 2024; net loss was $7.4 million ($0.38 per share) versus a net loss of $11.0 million ($0.57 per share) in 2024.
• Non-GAAP adjusted EBITDA was $3.1 million in Q4 2025, up from $0.5 million in Q4 2024; full year adjusted EBITDA was $8.1 million for both 2025 and 2024.
• Board increased share repurchase program from $10 million to $15 million, citing undervaluation.
• In October 2025, KVH acquired a maritime satellite service business in Asia-Pacific, recognizing $3.4 million in intangible assets and $0.7 million in goodwill.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Airtime revenue rose 12% sequentially to $23.5 million, with LEO services now over 40% of airtime sales.
• Subscribing vessel count grew a record 11% sequentially to approximately 9,000.
• Net loss was $6.9 million ($0.36 per share) versus a $1.2 million loss in Q3 2024, including a $5.5 million inventory write-down.
• Non-GAAP adjusted EBITDA was $1.4 million, down from $2.9 million in the prior-year quarter.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• KVH also paid about $0.6 million for satellite communications equipment-related inventory.
• The acquisition aims to expand KVH's maritime satellite communications distribution and customer base in the Asia-Pacific region.
• KVH's subsidiary offered employment to ten seller employees and entered transition arrangements with the seller.
• Some agreement transfers require counterparty consent; if not obtained, subcontracting may be used, and unanticipated termination could reduce expected benefits.

8.01 Other Events

• Net income was $0.9 million ($0.05 per share) in Q2 2025, compared to a net loss of $2.4 million ($0.12 per share) in Q2 2024.
• Non-GAAP adjusted EBITDA was $2.7 million in Q2 2025, up from $2.6 million in Q2 2024.
• The company completed the sale of 50 Enterprise Center in June 2025, generating a gain of $1.3 million and net cash of $4.9 million.
• LEO services sales represented over 30% of airtime services sales in Q2 2025, up from less than 10% in Q2 2024.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Bruun received 12,099,018 votes for and 1,144,547 against; Spytek received 12,834,651 for and 409,914 against, with 3,811,879 broker non-votes each.
• The advisory (non-binding) say-on-pay proposal for named executive officer compensation passed with 12,233,111 votes for, 973,675 against, and 42,108 abstentions.
• Stockholders ratified Grant Thornton LLP as independent registered public accounting firm for fiscal year ending December 31, 2025, with 16,957,880 votes for, 90,240 against, and 12,653 abstentions.
• The report was filed under Item 5.07 to disclose the final voting results as certified by the independent inspector of election.

5.07 Submission of Matters to a Vote of Security Holders