KVH exited 2022 on a strong note, delivering revenue and AEBITDA that exceeded expectations, while also posting its first quarter of positive EBIT and AEBITDA in more than six years. The quarter was not without its challenges, including the second consecutive quarter of negative gross margins, but management felt confident enough in the company’s outlook to guide midpoint AEBITDA 17% above the consensus forecast. KVH quietly unveiled a potentially disruptive “open network” strategy that will, for the first time, allow KVH to deliver services on a competitor’s antenna. Using this approach, KVH has already flipped 15 superyachts with annual revenue of $1.5 million. KVH also agreed to resell SpaceX’s Starlink service, a necessary evil that nonetheless could undercut KVH’s ARPU and long-term growth prospects.