KVH工业 (KVHI) 2026年第三季度业绩电话会：服务收入增长30%，业绩指引收窄

核心要点

• KVH Industries公布2026年第三季度营收为3840万美元，同比增长35%，环比增长14%。
• 服务营收同比增长30%至3300万美元，其中LEO通信服务占服务营收的58%。
• 调整后EBITDA增至390万美元，相比之下2026年第二季度为300万美元，上年同期为140万美元。
• 活跃订阅船舶数量达到约9300艘，较上季度的约8800艘增长6%。此外KVH还出货了超过4000台通信终端。
• KVH收窄了2026年全年业绩指引区间，并上调了两个指标的预测下限。公司目前预计营收为1.37亿至1.43亿美元，调整后EBITDA为1300万至1500万美元。
• Starlink海事服务价格上涨将促使KVH自12月1日起重新调整其Starlink套餐定价。管理层预计服务营收将有所增加，服务毛利率将有所下降，但毛利润不会发生实质性变化。

关键财务数据

产品毛利润中计入了一笔230万美元的非现金减记，主要由于需求疲软和价格下跌导致单收卫星电视设备库存减值。该费用已被排除在调整后EBITDA之外。

业务与经营表现

随着船队持续采用较新的卫星通信技术，LEO服务带动了KVH经常性收入的增长。公司出货了超过4000台终端，其中包括超过1600台Starlink高性能终端，高于上一季度的约1000台。此外，KVH还出货了OneWeb、VSAT、Starlink Mini以及Starlink标准终端。

截至第三季度末，公司拥有约9300艘活跃订阅船舶。其修订后的船舶统计指标剔除了暂停服务的船舶以及月经常性费用为零或极低的套餐，其中包括某一区域市场内的约1000艘小型渔船。管理层表示，这些被剔除的船舶对经常性收入、毛利润或EBITDA均不构成重大影响。

Combox出货量保持在每季度约200至250台，与前六至七个季度持平。首批客户也开始订阅KVH的IT托管服务。9月，公司为Combox Edge Pro增添了增强型网络安全和IT工具，并推出了面向船员的电视直播流媒体服务Link Live。

IT托管和内容服务在营收中占比仍然较小，但增长迅速。管理层表示，这两项业务的利润率几乎是通信服务业务的两倍，为整体服务毛利率提供了适度提振。

KVH的陆地业务扩展至超过1800个支持站点。由于这些站点属于固定站点且不需要高性能硬件，Starlink Mini终端占据了大部分陆地部署。

管理层业绩指引

KVH目前预计2026年全年营收为1.37亿至1.43亿美元，上调了此前预测区间的下限。管理层表示，按中值计算，这相当于约26%的同比增长，其中包括12月Starlink重新定价所带来的小幅贡献。

全年调整后EBITDA预计为1300万至1500万美元。管理层表示，按中值计算意味着约73%的同比增长。

展望2027年，公司预计服务毛利润将受益于其传统GEO网络采购承诺的逐步下调，预计明年GEO带宽成本将大幅降低。

风险与关注点

• Starlink定价：在KVH于12月1日对其套餐重新定价后，更高的Starlink数据成本将对服务毛利率造成压力。管理层指出，其影响可能达数百个基点，但表示相关测算仍在进行中。
• 客户及套餐结构：新增采用较低毛利套餐的大型、高用量客户，使第三季度服务毛利率降至34%。
• 季节性因素：管理层预计活跃船舶数量将呈现一定的季节性波动，特别是在休闲和渔业市场。
• 中东局势：KVH观察到中东地区（尤其是迪拜）表现疲软，不过管理层表示该地区仅占其市场的一小部分，并未对业务产生实质性影响。
• 传统产品需求：单收卫星电视设备的需求疲软及价格走低，导致计提了230万美元的库存减记。

分析师问答要点

管理层表示，Starlink提价不太可能改变KVH Starlink业务的整体增长轨迹，因为该服务仍能以相对较低的成本提供庞大的数据容量。OneWeb价格更低可能会使该服务对部分客户更具吸引力，但KVH尚未看到市场对已公布的价格调整产生明显的负面反应。

KVH不打算针对IT托管或内容服务进行大额远期采购。其与船载带宽管理相关的承诺规模相对较小，而内容则是通过按月支付许可费来采购。公司的主要合同承诺依然与卫星带宽相关。

在资本配置方面，KVH在完成其1500万美元股票回购计划后，截至季末拥有5070万美元现金且无负债。公司目前没有股票回购授权。管理层将LEO客户增长、拓展IT托管与内容服务以及选择性收购经常性收入业务列为重点方向。

业绩电话会议完整实录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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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