LEO Terminal Shipments up ~2x to 2,500; Airtime Revenues up 32% with Adoption Wave Ahead
 
Q2 revenues grew 27% and AEBITDA grew 14%, marking the third straight quarter of double-digit top & bottom-line growth as accelerating LEO sales overtook GEO declines.
Terminal surge continues.  KVH shipped 2,500 terminals in Q2 – below Q1’s record of 3,100– but up ~2x from the 1,300 shipped in 2Q25.  1H shipments totaled 5,600, nearly matching the 5,700 terminals shipped in 2025.  We are modeling ~2,300 vessel net adds in 2H26.
 
Airtime revenues grew 32% y/y and 6% sequentially, propelled by a 33% increase in vessel count and despite a “substantial decrease” in GEO airtime/vessels.