The New Model is Working; Guiding, 2026 AEBITDA to Potentially Double: 
 
Exiting 2025 on a strong note.  KVH nicely beat our Q4 forecast as the business continues to gain momentum, nearly two years to the date that KVH announced its business transformation.  Revenues grew sequentially for the third consecutive quarter (ex-acqd revs of $2.5M) and KVH generated FCF for the first time in nine years.
Fleet re-org.  KVH axed two non-economic Asian fishing fleets (~650 vessel loss) while concurrently acquiring 800 vessels from a reseller.  Ex the fleet exit, KVH grew its Starlink vessel count 700+ sequentially and ~2,600 in 2025. OneWeb equipment sales totaled $1.1M, implying 100+ terminals. 
2025 service revs grew 11%, excluding the USCG loss ($7.7M) and 21% in Q4 (organic). KVH didn’t quite make it to six straight quarters of record terminal shipments, but the near-term service pipeline appears strong.
~3x data buy.  KVH signaled confidence in its Starlink reseller model, upping its data pool commitment from $17M to $45M.  The first data buy enabled KVH to deliver a 35% gross margin in 2025.  We expect modest margin improvement through 2027.  Target margins 35-40%.