Kvh Industries Inc \de\ (KVHI) · Nov 5, 2026 · Earnings

KVH Industries earnings beat revenue, miss EPS; guidance narrows

Miss — GAAP EPS -$0.03 vs ~$0.06 consensus

KVH Industries’ Q3 earnings beat revenue expectations, but EPS missed as service margins fell. Full-year guidance tightened with a higher floor.

KVH is midway through a business-model transition: customers are moving from legacy GEO satellite services toward LEO connectivity, while KVH is winding down most manufacturing and trying to build a more recurring, service-led business. LEO services already represented more than half of airtime-service sales in the first half of 2026, so the transition is becoming the business rather than a future option.

The growth engine is working, but the quarter missed the clean earnings bar. Revenue of $38.4 million slightly exceeded the published consensus of about $38.0 million, driven by service revenue up 30% year over year. But GAAP EPS of negative $0.03 missed the roughly $0.06 consensus, making this an earnings miss despite solid top-line execution. The company said, “Customers are choosing KVH as they move to LEO,” which fits the revenue trend.

	Q3 2026	Q3 2025	Consensus
Revenue (Financial Highlights)	$38.4M (+35%)	$28.5M	~$38.0M
Service revenue (Financial Highlights)	$33.0M (+30%)	$25.4M
Service gross margin (Financial Highlights)	34% (-49 bps)	34%
Diluted EPS (Income Statement)	$(0.03)	$(0.36)	~$0.06
Adjusted EBITDA (Financial Highlights)	$3.9M (+188%)	$1.4M
FY revenue outlook (Current outlook)	$137–143M		$130–145M prior
FY adjusted EBITDA outlook (Current outlook)	$13–15M		$11–16M prior

The operating improvement is real, but profitability remains fragile. Adjusted EBITDA nearly tripled year over year to $3.9 million, and the net loss narrowed sharply from $6.9 million to $0.6 million, helped partly by a smaller inventory write-down. However, service gross margin fell to 34% from 36% in the prior quarter, showing that faster LEO growth is not automatically translating into better economics. KVH also disclosed that Starlink price increases will lift its customer pricing but reduce service gross margin, with no material change expected in service gross profit. “KVH expects to raise the prices it charges customers for Starlink plans effective December 1, 2026.”

Guidance improved at the floor, but the signal is more tightening than acceleration. The revenue outlook moved from $130–145 million to $137–143 million, raising the low end while trimming the high end. Adjusted EBITDA moved from $11–16 million to $13–15 million, again raising the floor but lowering the ceiling. That suggests management has better visibility into the year, not necessarily a dramatic upgrade to the underlying earnings power.

Cash deployment adds a modest complication. KVH repurchased about 1.2 million shares for $10.7 million during the quarter and completed its $15 million authorization, while cash declined to $50.7 million from $69.9 million at year-end. “KVH does not currently have a repurchase authorization in place.” The buyback reduces the share count, but it also leaves less cash to absorb the costs and uncertainty of the manufacturing wind-down and the company’s dependence on Starlink.

Bottom line: KVH is growing the LEO service business faster than expected on revenue, but the quarter still missed the earnings benchmark and margins remain under pressure. The story is advancing operationally, just not yet cleanly enough to outweigh the profitability miss.

What to watch next

Starlink plan repricing effective December 1, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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KVH Industries earnings beat revenue, miss EPS; guidance narrows

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