Teleconferência de Resultados do 3T 2026 da KVH Industries (KVHI): Receita de Serviços Sobe 30%, Guidance Estreitado

Principais destaques

• A KVH Industries reportou receita no 3T26 de US$ 38,4 milhões, alta de 35% na comparação anual e de 14% sequencialmente.
• A receita de serviços aumentou 30% na comparação anual para US$ 33,0 milhões, com o tempo de transmissão LEO representando 58% da receita de serviços.
• O EBITDA ajustado subiu para US$ 3,9 milhões, em comparação com US$ 3,0 milhões no 2T26 e US$ 1,4 milhão um ano antes.
• O número de embarcações assinantes ativas alcançou aproximadamente 9.300, alta de 6% em relação a cerca de 8.800 no trimestre anterior. A KVH também entregou mais de 4.000 terminais de conectividade.
• A KVH estreitou suas projeções para todo o ano de 2026 e elevou o piso de ambas as faixas. A empresa agora projeta uma receita de US$ 137 milhões a US$ 143 milhões e um EBITDA ajustado de US$ 13 milhões a US$ 15 milhões.
• Os aumentos de preços marítimos da Starlink levarão a KVH a reajustar seus planos Starlink a partir de 1º de dezembro. A administração espera uma receita de serviços mais alta e uma margem bruta de serviços menor em termos percentuais, mas sem alteração relevante no lucro bruto.

Principais dados financeiros

O lucro bruto de produtos incluiu uma baixa contábil não caixa de US$ 2,3 milhões nos estoques de equipamentos de recepção exclusiva de TV devido à menor demanda e preços mais baixos. O encargo foi excluído do EBITDA ajustado.

Desempenho operacional e dos negócios

O crescimento da receita recorrente da KVH foi liderado pelos serviços LEO, à medida que frotas marítimas continuaram a adotar soluções mais recentes de conectividade via satélite. A empresa entregou mais de 4.000 terminais, incluindo mais de 1.600 terminais de alto desempenho da Starlink, frente a aproximadamente 1.000 no trimestre anterior. A KVH também forneceu terminais OneWeb, VSAT, Starlink Mini e Starlink padrão.

A empresa encerrou o 3T com aproximadamente 9.300 embarcações assinantes ativas. Sua métrica revisada de embarcações exclui embarcações suspensas e planos com tarifas recorrentes mensais nulas ou muito baixas, incluindo cerca de 1.000 pequenas embarcações de pesca em um mercado regional. A administração afirmou que essas embarcações excluídas não são relevantes para a receita recorrente, o lucro bruto ou o EBITDA.

As entregas do Combox permaneceram em aproximadamente 200 a 250 unidades por trimestre, em linha com os seis ou sete trimestres anteriores. Os primeiros clientes também começaram a assinar o serviço de TI gerenciada da KVH. Em setembro, a empresa incorporou ferramentas avançadas de cibersegurança e TI ao Combox Edge Pro e lançou o Link Live, um serviço de streaming de TV ao vivo para tripulações de embarcações.

Os serviços de TI gerenciada e de conteúdo continuam representando uma pequena parcela da receita, mas estão crescendo rapidamente. A administração informou que as margens desses serviços são quase o dobro daquelas dos serviços de tempo de transmissão, proporcionando um ganho modesto à margem geral de serviços.

A atuação terrestre da KVH expandiu-se para mais de 1.800 sites atendidos. Os terminais Starlink Mini respondem pela maioria das implantações em terra, pois esses locais são fixos e não demandam hardware de alto desempenho.

Guidance da administração

A KVH agora projeta uma receita para todo o ano de 2026 entre US$ 137 milhões e US$ 143 milhões, elevando o piso de sua estimativa anterior. No ponto médio, a administração afirmou que isso representaria um crescimento de aproximadamente 26% na comparação anual, incluindo uma contribuição modesta em dezembro do reajuste de preços da Starlink.

O EBITDA ajustado para o ano completo está projetado entre US$ 13 milhões e US$ 15 milhões. O ponto médio indica um crescimento de cerca de 73% na comparação anual, segundo a administração.

Para 2027, a empresa espera que o lucro bruto de serviços seja beneficiado por uma redução em seu compromisso com a rede legada GEO, prevendo-se para o próximo ano uma diminuição relevante nos custos de largura de banda GEO.

Riscos e pontos de atenção

• Preços da Starlink: Custos mais elevados de dados da Starlink vão pressionar a margem bruta de serviços após a KVH reajustar seus planos em 1º de dezembro. A administração indicou que o impacto pode ser de algumas centenas de pontos-base, mas observou que a modelagem ainda está em curso.
• Mix de clientes e planos: A entrada de clientes de grande porte e alto tráfego em planos de menor margem reduziu a margem bruta de serviços no 3T para 34%.
• Sazonalidade: A administração prevê que a contagem de embarcações ativas apresente certa oscilação sazonal, sobretudo nos mercados de lazer e pesca.
• Condições no Oriente Médio: A KVH observou certa fraqueza no Oriente Médio, particularmente em Dubai, embora a gestão tenha ressaltado que a região representa uma parcela pequena de suas operações e não causou impacto material nos negócios.
• Demanda por produtos legados: A menor demanda e a queda de preços para equipamentos de recepção exclusiva de TV resultaram em uma baixa contábil de US$ 2,3 milhões no estoque.

Destaques do Q&A com analistas

A administração afirmou que o aumento de preços da Starlink dificilmente alterará a trajetória geral dos negócios da KVH com a Starlink, visto que o serviço segue fornecendo capacidade substancial de dados a um custo relativamente baixo. Preços menores da OneWeb poderiam tornar esse serviço mais atraente para alguns clientes, mas a KVH ainda não identificou uma reação negativa evidente às mudanças anunciadas.

A KVH não prevê compras antecipadas significativas para serviços de TI gerenciada ou de conteúdo. Seus compromissos relacionados ao gerenciamento de largura de banda a bordo são relativamente pequenos, enquanto o conteúdo é contratado por meio de taxas mensais de licenciamento. Os principais compromissos contratuais da companhia continuam concentrados em largura de banda de satélite.

Quanto à alocação de capital, a KVH encerrou o trimestre com US$ 50,7 milhões em caixa e sem dívidas após concluir seu programa de recompra de ações de US$ 15 milhões. No momento, a empresa não dispõe de autorização para novas recompras. A administração apontou como prioridades o crescimento da base de clientes LEO, a expansão dos serviços de TI gerenciada e de conteúdo e aquisições seletivas voltadas para receita recorrente.

Transcrição completa da teleconferência de resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

Operator

At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Anthony Pike, Chief Financial Officer.

Please go ahead.

Unknown Speaker

Thank you, Operator. Good morning, everyone, and thank you for joining us today for KVH Industries' third quarter results. are included in the earnings release we published earlier this morning. Joining me on the call is the company's Chief Executive Officer Brent Bruin. A copy of the earnings release was filed with the SEC under Form 8K this morning, and a copy of the release, along with a recording of today's call, will be available on our website at ir.kvh.com. This conference call contains certain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from those expressed in these statements. Words such as expect, may, intend, anticipate, will, and similar expressions identify forward-looking statements, which which include projections, plans, initiatives and other future events. We undertake no obligation to update these statements and you should review the cautionary statements under the heading risk factors in our most recently filed form 10K and subsequent quarterly reports on form 10Q. We will also discuss adjusted EBITDA, a non-GAAP financial measure, and our press release defines this term and reconciles it to GAAP net income or loss.

Brent?.

Brent Bruun

Good morning everyone and thank you for joining us. Our third quarter results reflect the work we have done to reshape KVH around real connectivity and managed services. With much of the heavy lifting done, we are pleased to see the steady growth in our recurring revenue. Today, we give customers a choice of leading satellite networks so they can use the connectivity that best fits each of their vessels. And we are actively working to expand that choice. Beyond connectivity, we provide services our customers rely on to operate their vessels. Across the maritime industry, fleets are shifting to LEO connectivity, and their expectations of connectivity providers are changing alongside this transition.

Rather than simply purchasing bandwidth, they want greater control over how connectivity is managed across their fleets, protection from growing cyber threats, and to keep crew connected at sea. KVH is built to deliver exactly that, with a global installation network and a dedicated support team serving fleets wherever they operate. That came through clearly in the third quarter. Service revenue grew 30% from a year ago, led by our LEO services as more fleets turned to KVH for a combination of choice, service, and support. And we're seeing that momentum across all regions and vessel types. Our subscriber base continues to grow as well. Starting this quarter, we are reporting active subscribing vessels so that our vessel count better reflects the vessels contributing to our recurring revenue.

We now exclude vessels in suspension and vessels on plans with zero. very low monthly recurring fees, which today consists primarily of approximately 1,000 small fishing vessels in a single regional market. These vessels are not material to our recurring revenue, gross profit, or EBITDA. On this basis, we ended the quarter with approximately 9,300 active vessels, up 6% from approximately 8,800 last quarter. follows an exceptionally strong second quarter and is consistent with the seasonal trends we typically see in the third quarter. As our customer base grows, we are expanding what we provide to each customer. This quarter, our first customers began subscribing to our managed IT service. Those first customers are part of a growing pipeline of fleets that want a single partner for both connectivity and onboard IT management. In September, we strengthened that offering by adding enhanced cybersecurity and IT tools to Combox Edge Pro.

As cybersecurity requirements continue to increase, more fleets are looking for solutions that help them protect their operations. We see the growing demand for managed IT and cybersecurity services as an opportunity to deepen our customer relationships and expand the services we provide. We are also investing in crew welfare. Link Live, which we launched in September, adds live TV streaming to our crew content service. fleet operators keeping crew connected at sea and providing access to news, sports, and other content during long voyages has become a priority, creating an opportunity to broaden the adoption of our crew content offerings and build closer relationships with fleet operators. Together, managed IT and content strengthens our relationships with customers, makes the services we provide harder to replace, and helps us grow recurring revenue from the fleets we already serve. Beyond maritime, our land-based business continues to perform well. We now support more than 1,800 sites, applying the same managed connectivity capabilities we have built at sea.

Turning to Starlink pricing, Starlink has announced price increases across its maritime services. affecting providers throughout the industry. Accordingly, we will be facing higher Starlink data costs, and as a result, we'll be repricing our Starlink plan from December 1st. We expect these changes to increase service revenue and reduce service gross margin as a percentage, but we do not expect a material change in gross profit. Looking ahead, our priority is to keep growing our LEO customer base and the services we provide to each customer. building a recurring revenue base that is both larger and more durable. With that, I'll turn it over to Anthony to walk through the financials and our updated outlook.

Unknown Speaker

Thank you, Bryn. Total revenue for the third quarter was $38.4 million, up 35% from a year ago and 14% from the second quarter. Service revenue was $33 million, up 30% year over year and 11% sequentially, with Leo Airtime now representing 58% of service revenue. Service gross profit was $11.1 million, up 28% from a year ago and 5% from the second quarter. Service gross margin was 34% compared with 36% in the second quarter, reflecting plan mix as several large high usage customers came on to lower margin plans. Airtime depreciation, a non-cash charge included in service gross profit, represented 6% of service revenue this quarter, compared with 7% in the second quarter. Moving into 2027, service gross profit should benefit from the step down in our legacy geo-network commitment, with a material reduction in geo-bandwidth costs expected next year. Turning to shipments, we shipped over 4,000 connectivity terminals in the quarter across a range of terminal types.

This included more than 1,600 Starlink high-performance terminals, which serve the core of our commercial maritime business. We also continue to ship OneWeb and VSAT terminals alongside Starlink Mini and standard terminals, reflecting the breadth of our connectivity portfolio. Those shipments drove product revenue of $5.5 million, up 79% year over year. Product gross profit included a 2.3 million non-cash write-down of our TV receive-only inventory, reflecting reduced demand and pricing, and which is excluded from adjusted EBITDA. Operating expenses were $9.7 million in the third quarter, compared with $10.4 million in the second quarter. Adjusted EBITDA for the third quarter was $3.9 million compared to $3 million in the second quarter. and $1.4 million a year ago. Capital expenditures for the quarter were $1.5 million, including $0.2 million of non-cash expenditure on VSAT antennas using our Agile rental program that were purchased in prior periods.

Turning to capital allocation, we ended the quarter with $50.7 million in cash and no debt. Cash declined approximately $7 million during the quarter, primarily as a result of $10.7 million of share repurchases, which completed our $15 million programme. We do not currently have a repurchase authorization in place. Our priorities are growing our Leo customer base, expanding the managed IT content and other services that keep those customers with KVH, and pursuing selective acquisitions that add recurring revenue. board continuously evaluates the best use of our cash within that framework. Finally our outlook. With three quarters of the year complete, we are narrowing our full year 2026 guidance and raising the low end of both ranges. We now expect revenue of 137 to 143 million and adjusted EBITDA of 13 to 15 million. At the midpoint, that represents year-on-year total revenue growth of approximately 26%, including a modest lift from Starling repricing in December. and adjusted EBITDA growth of roughly 73% as the operating leverage in our business comes through.

This concludes our prepared remarks and I will now turn the call over to the operator to open the line for the Q&A portion of this morning's call. Operator?.

Operator

Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. Our first question comes from the line of Chris Quilty of Quilty Space. Your line is now open.

Perguntas e respostas

Christopher Quilty

Hi, gentlemen, can you hear me okay? I can hear you fine, Chris, good morning. Oh, good, good morning. Congrats on the results here. A question for you, can you give us an update on what you saw in terms of terminal shift both for the Leo product and Combox, and any changes you're seeing in the momentum there with either product line?.

Brent Bruun

Yes, I'll defer to Anthony to talk about the specific numbers, but we're not seeing any shift in the product line necessarily.

Unknown Speaker

Yes, sure. In Combox, the Combox shipments were very consistent with prior quarter, so 200, 250 a quarter we've been running at for probably six or seven quarters now. And then on the Starlink side, I think the most important number is really the number I discussed in my script, which was, I think, over 70%. 1600 of the high performance terminals, which we're very pleased with. That's quite an increase from the prior quarter where we did around 1000. I mean, Brent, maybe you can talk to the mini and the standard Starlink antennas. We tend to see used more on the leisure market. And really, it's the high-performance antennas we think are most relevant.

Brent Bruun

Yes, they're the most relevant. The minis are used in the lower-end, more coastal type of maritime services, as well as our land-based services. So, as we talked about, we're growing our land-based sites throughout the U.S. and it's gaining good momentum. The standard kind of fits in between to some degree, but it doesn't have as much adoption as the high-performance or the mini.

Christopher Quilty

Great. And maybe does that apply equally to the land market, or do you see a different mix there?.

Brent Bruun

The land is almost entirely mini, the smaller terminals. Because, you know, they're not in motion. They don't need really that high performance. They're just... The speed is still very high, so it works very well. And that's why we're seeing so many minis going out the door.

Christopher Quilty

Great. And what are you seeing in terms of customer reaction from the Starlink price increase? Does that make customers more or less willing to look at a VSAT or a OneWeb solution? Or have you seen any, you know, slowdown or acceleration in terminal orders associated with that?.

Brent Bruun

It's still early days, so that's probably going to be a much better question for next quarter since we haven't officially introduced the price increase, although we have informed the channel. So we don't have any clear indication of negative feedback, but I would anticipate that it will continue. It's still, when you go back five years, three years, two years even, it's still incredibly inexpensive even with a price increase coming for the amount of data that you're receiving. If OneWeb has prices that are a bit lower, it might make that service a bit more attractive, but I wouldn't see it really impacting the overall trajectory of what we're seeing in our Starlink business.

Christopher Quilty

Got you. And just a macro question for you, Brent, you know, given a lot of the impact of the Persian Gulf on the broader global maritime shipping, has that had any impact on the business, either slowing orders or accelerating the need for connectivity?.

Brent Bruun

Well, I'll answer the second part first. We haven't seen a slowdown for the need of connectivity. But we have seen a bit of softness in the Middle East, in particular out of Dubai, but it's a small part of our overall market as it is, so it doesn't have any real material impact on our business.

Christopher Quilty

Got you. A question for Anthony. With the way that you're now restating the active vessels, can we get the sort of historic numbers maybe offline just for comparison and trends? And with that shift to removing ships that are out active, does that cause a little bit more seasonality, you know, around the first quarter or so that we should expect for the.

Unknown Speaker

total vessel count? Yes, I mean a couple of points there. Suspensions as a proportion of our total vessel count has been pretty static over the last sort of two years, you know, somewhere between 10 and 13%, you know, so that should help you with your first question. But yes, as we're disclosing just active, you are going to see some seasonality, you know, obviously underlying growth in the active vessel count, also some seasonality. And as you say, that's primarily based around the leisure market, but also around our fishing customers as well. We will see a bit of a fourth quarter, which is typical. I know with taking suspensions in the fourth quarter, which is typically.

Christopher Quilty

Okay. With the shift to providing, well, let me ask first, can you provide us with the airtime margins? And I ask that because I know you're now giving service margins, but you've got a significant growing non-airtime with, you know, the streaming service and Combox and the managed services, which I assume those all fall into what used to be the other category. Is that true? Or do they all fold right into the airtime services?.

Unknown Speaker

That is correct, but frankly, Chris, because our airtime was such a large proportion, then businesses, as you discussed, the content and the managed IT are still sort of growing and are still, as a portion of the overall revenue, relatively small, although they're growing very, very fast. The airtime margins and the service margins as a whole, there's not a great deal of difference at all between them. I think it's just simplification really moving forward to discuss service margins as opposed to airtime.

Christopher Quilty

Understand, and I think it's still less than 10% of revenues, but is there a margin differential between the airtime and the other services? Yes.

Unknown Speaker

Yes, the other services margins, particularly the managed IT services and the content services margins are much higher. almost double what we have in the airtime. So that drags from airtime to service margin, it drags the service margin up ever so slightly, but as you say, it's still a 5% or so of revenue. So it's a percentage.

Christopher Quilty

percentage point or two. Got it. And I'll clarify you said that the Starlink price increase will result in revenues up, but gross margins down. I'm assuming that's like 100 to 200 bps, not 500 to 1,000 bps impact on gross margin.

Brent Bruun

Well, I sure hope it's not 1,000. We're still working through the modeling, but I'd say that 1,000 would be quite a bit. but you could see a couple hundred, you know, a few hundred. And we can't really disclose that exact number yet, but, you know, we'll talk about it during our fourth quarter call.

Christopher Quilty

Got you. And now that the managed services are live, can you walk us through, because you're now presumably making forward content purchases or capacity purchases for, you know, things other than the LEO broadband, whether it's, you know, cellular or other services. How are you seeking to manage that, or are you making any forward purchases? Yes.

Brent Bruun

We're not making any significant forward purchases. We work with a company by the name of Cognitive for onboard bandwidth management and we have some obligations to them which are relatively small. As far as the content, we just pay a monthly licensing fee. Beyond that, any type of commitments we have revolve around satellite bandwidth. Anthony, do you have anything to add to that?.

Christopher Quilty

No, I think that covers it. Got you. Well, looking good, guys. Congrats on, I think this was the biggest sequential increase I've seen in terms of service revenue. And presumably we'll see more in the fourth quarter, at least with the price increase and with the shipments here. Yes. congrats on a nice quarter. Okay. Thanks, Chris.

Operator

I am showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

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