KVH Industries, Inc.

Good day, and thank you for standing by. Welcome to the Q4 2025 QVH, sorry, KVH Industries, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Anthony Price. Please go ahead.

Thank you, Tanya. Good morning, everyone, and thank you for joining us today for KVH Industries' fourth quarter results, which are included in the earnings release we published earlier this morning. Joining me on the call is the company's Chief Executive Officer, Brent Bruin. A copy of the earnings release and a recording of today's call will be available on our website at ir.kvh.com. This conference call contains forward-looking statements for the subject to uncertainties that may cause actual results to differ materially from those expressed in these statements. Words such as expect, may, intend, anticipate, will and similar expressions identify forward-looking statements, which include projections, plans, initiatives and other future events. We undertake no obligation to update these statements, and you should review the cautionary statements in our most recently filed form, thank you, under the heading risk factors. We will also discuss adjusted EBITDA, a non-GAAP financial measure, and our press release defines this term and reconciles it to the GAAP net income or loss. Brent.

Good morning, everyone, and thank you for joining us. The maritime connectivity market is undergoing a fundamental transformation. and 2025 was the year KVH proved it is positioned to lead it. Let me explain what I mean. For years, the maritime satellite industry was built on geotechnology, reliable, established, but limited in speed and capacity. The arrival of LEO constellations changed everything. Vessels that once relied on modest bandwidth can now access high-speed, always-on connectivity at sea. New providers are entering the market, Customer expectations are rising, and the addressable opportunity is expanding rapidly. KVH saw this shift coming. We made a deliberate strategic decision to reposition our business around LEO airtime, subscriber growth, and high-value managed services. 2025 was the year that strategy began to pay off. Here's what we delivered. In the fourth quarter, service revenue grew to $28.3 million, a 27% increase from Q4 2024. We contracted for our second Starlink data pool, a 300% increase from our initial pool, representing a $45 million 18-month commitment. We made this commitment with confidence. Demand for Leo airtime across our customer base is strong and growing. and we delivered our strongest adjusted EBIT a quarter of the year. For the full year, service revenue grew 2% to $98.4 million. That headline number understates the real momentum in our business. Stripping out the $7.7 million in U.S. Coast Guard revenue that did not reincur in 2025, underlying service revenue grew 11%, a meaningful reflection of what our core maritime connectivity business looks like. We grew our subscriber base by approximately 2,000 vessels, a 28% increase, ending the year with more than 9,000 vessels under contract. That is a significant and growing installed base that generates recurring revenue and creates the platform for everything we are building. We surpassed 1,000 Combox Edge subscribers. Combox Edge will be integral to our vessel-based managed IT solution, which we plan to introduce in the coming weeks. This is the next chapter for KVH, moving beyond connectivity into a broader, higher valued managed service relationship with our customers. We also expanded our global footprint, successfully completing the integration of a maritime communications customer base in the Asia-Pacific region, adding more than 800 vessels and more than 4,400 land-based subscribers. And we delivered $8.1 million in adjusted EBITDA for the full year, including $3.1 million in the fourth quarter alone, reflecting the operating leverage we are beginning to generate as the business scales. None of this happened by accident. We made deliberate choices, investing in LEO capacity, growing our subscriber base, reducing operating costs by 17%, and selling our Middletown facility to strengthen our balance sheet. The result is a company that is leaner, more focused, and better positioned than it ever has been. That financial strength gives our board the confidence to act, given our recent top-line growth in a rapidly growing market, improving profitability, positive free cash flow, and no debt, our board continues to view our common stock as undervalued. With that said, the board has authorized an increase in our share repurchase program from $10 million to $15 million, which we believe is a prudent next step in returning value to our shareholders. Looking ahead, the satellite communications industry is undergoing a significant transformation. We are still in the early stages of that shift. In the coming years, new LEO-based providers will come to market, expanding the opportunity further. With our growing subscriber base, our demonstrated ability to integrate and scale new satellite technologies, and our vessel-based managed IT solution launching in the coming weeks, We believe KVH is uniquely positioned to capture this expanding market and deliver differentiated high-value services to our customers. We enter 2026 with momentum, financial strength, and a clear strategy, and I've never been more confident in KVH's direction. With that said, I'll turn the call back to Anthony to review the financial details. Anthony?