KVH Announces Transformative Initiatives

Underpins KVH’s Strategic Evolution to Become Leading Solutions-Driven Provider of Integrated Multi-Orbit, Multi-Channel Connectivity and Services

Announces Wind Down of Hardware Manufacturing, Realignment of Resources and Leadership Changes to Better Address Market Dynamics and Long-Term Opportunities

Anthony Pike to Become Chief Financial Officer

Richard Driscoll to Become Chief Technology Officer

MIDDLETOWN, R.I., Feb. 13, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (“KVH” or the “Company”) (Nasdaq: KVHI), today announced plans to wind down its hardware manufacturing operations to focus on strengthening its position as a streamlined provider of multi-orbit, multi-channel, integrated communications solutions. This development follows the Company’s recently announced additions of Starlink and Eutelsat OneWeb to its connectivity portfolio and its exclusive maritime agreement with Kognitive Networks. The Company also announced changes to its management team.

Looking ahead, KVH is positioning to maintain its mobile-connectivity leadership as a hardware-agnostic provider of integrated communication solutions with a seamless approach to network management, encompassing versatile bandwidth delivery, cybersecurity tools and other value-added services, all bundled with KVH’s recognized global service and support capabilities.

David Tolley, Chairman of KVH, commented, “Today’s announcement is the culmination of the Board’s extensive examination for how to best position KVH for the future as our markets continue to evolve. We have concluded that the Company should migrate away from capital-intensive manufacturing to become a more agile sales and service-oriented organization, using our expertise and global reach to deliver exceptional value-added solutions to the end markets we serve. We believe this adjustment will enable us to leverage our strong reputation, customer relationships and technology in a more flexible and sustainable manner going forward.”

Strategic Realignment of Resources and Corporate Restructuring

As part of the Company’s repositioning, KVH will conduct a staged and orderly wind down of manufacturing activities at its Middletown, Rhode Island, facility. During this process, KVH plans to manufacture enough maritime satellite connectivity and satellite television terminals needed to meet demand for the foreseeable future. The Company may explore opportunities to outsource the manufacturing of additional existing or new products, if there is market demand. KVH will continue to conduct its equipment repair and refurbishments, warehousing and shipping and receiving activities at the Middletown, Rhode Island location.