KVH溝通第二季銷售額增27% 上半年扭虧為盈 持續轉型衛星服務商

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2026 
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             
Commission File Number 0-28082

KVH Industries, Inc.
(Exact Name of Registrant as Specified in its Charter)

Delaware05-0420589
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)

500 Wood Street, Unit 320, 1st Floor, Bristol, RI 02809
(Address of Principal Executive Offices) (Zip Code)
(401) 847-3327
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading Symbol(s)Name of Each Exchange on which Registered
The Nasdaq Stock Market LLC

Common Stock, par value $0.01 per shareKVHI(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☒
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

DateClassOutstanding shares
August 3, 2026Common Stock, par value $0.01 per share18,140,962

KVH INDUSTRIES, INC. AND SUBSIDIARIES
Form 10-Q
INDEX

Page No.
PART I. FINANCIAL INFORMATION

ITEM 1.INTERIM FINANCIAL STATEMENTS

Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025
3

Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)
4

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 (unaudited)
5

Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025 (unaudited)
6

Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)
7

Notes to Consolidated Financial Statements (unaudited)
8

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
24

ITEM 4.CONTROLS AND PROCEDURES
32

PART II. OTHER INFORMATION

ITEM 1A.RISK FACTORS
33

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
33

ITEM 5.OTHER INFORMATION
33

ITEM 6.EXHIBITS
34

SIGNATURE
35

2

PART I. FINANCIAL INFORMATION

ITEM 1.    Financial Statements

KVH INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS 
(in thousands, except share and per share amounts)

June 30, 2026December 31, 2025
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$57,720 $69,910 

Accounts receivable, net of allowance for credit losses of $970 and $712 as of June 30, 2026 and December 31, 2025, respectively
28,665 25,049 
Inventories11,856 14,859 
Prepaid expenses and other current assets 19,770 7,980 

Total current assets118,011 117,798 
Property and equipment, net
21,043 22,032 
Intangible assets, net
3,954 3,717 
Goodwill732 732 
Right of use assets4,464 4,382 
Other non-current assets2,193 2,237 

Deferred income tax asset600 602 

Total assets$150,997 $151,500 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$6,954 $4,498 
Accrued airtime858 1,500 
Accrued compensation and employee-related expenses3,137 5,175 

Accrued other2,179 2,358 
Accrued product warranty costs656 644 

Deferred revenue1,273 1,155 
Current operating lease liability790 547 
Liability for uncertain tax positions840 793 

Total current liabilities16,687 16,670 

Long-term operating lease liability3,865 3,841 

Deferred income tax liability5 5 

Total liabilities$20,557 $20,516 
Commitments and contingencies (Notes 2, 10, and 15)
Stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; none issued
— — 
Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,364,212 and 21,294,655 shares issued at June 30, 2026 and December 31, 2025, respectively; and 19,293,315 and 19,511,836 shares outstanding at June 30, 2026 and December 31, 2025, respectively
214 213 
Additional paid-in capital170,264 168,900 
Accumulated deficit(19,384)(20,135)
Accumulated other comprehensive loss(4,291)(4,161)
146,803 144,817 
Less: treasury stock at cost, common stock, 2,070,897 and 1,782,819 shares as of June 30, 2026 and December 31, 2025, respectively.
(16,363)(13,833)
Total stockholders’ equity130,440 130,984 
Total liabilities and stockholders’ equity$150,997 $151,500 

See accompanying Notes to Unaudited Consolidated Financial Statements.
3

KVH INDUSTRIES, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share amounts, unaudited)
 

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Sales:
Service$29,711 $23,049 $57,865 $44,691 
Product4,012 3,574 8,176 7,346 
Net sales33,723 26,623 66,041 52,037 
Costs and expenses:
Costs of service sales19,093 14,210 37,452 28,445 
Costs of product sales4,301 3,277 8,701 7,017 
Research and development805 916 1,531 2,103 
Sales, marketing and support5,237 5,010 10,306 9,970 
General and administrative4,363 3,580 8,245 7,115 

Total costs and expenses33,799 26,993 66,235 54,650 
Loss from operations(76)(370)(194)(2,613)
Interest income546 579 1,141 1,146 
Interest expense— — (6)— 
Other (expense) income, net(104)826 126 817 
Income (loss) before income tax expense366 1,035 1,079 (650)
Income tax expense203 105 328 130 

Net income (loss)$163 $930 $751 $(780)

Net income (loss) per common share
Basic$0.01 $0.05 $0.04 $(0.04)
Diluted$0.01 $0.05 $0.04 $(0.04)

Weighted average number of common shares outstanding:
Basic19,394 19,401 19,363 19,446 
Diluted19,666 19,441 19,554 19,446 

See accompanying Notes to Unaudited Consolidated Financial Statements.
4

KVH INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, unaudited)
 

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Net income (loss)$163 $930 $751 $(780)
Other comprehensive income (loss), net of tax:

Foreign currency translation adjustment104 278 (130)1,000 
Other comprehensive income (loss), net of tax(1)
104 278 (130)1,000 
Total comprehensive income$267 $1,208 $621 $220 

(1) Tax impact was nominal for all periods.

See accompanying Notes to Unaudited Consolidated Financial Statements.
5

KVH INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands, unaudited)

Common StockAdditional
Paid-in
CapitalRetained DeficitAccumulated
Other
Comprehensive LossTreasury StockTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at March 31, 202621,294 $213 $169,295 $(19,547)$(4,395)(1,817)$(14,039)$131,527 
Net income— — — 163 — — — 163 
Other comprehensive income— — — — 104 — — 104 
Stock-based compensation— — 411 — — — — 411 
Issuance of common stock under employee stock purchase plan6 — 31 — — — — 31 
Acquisition of treasury stock— — — — — (254)(2,324)(2,324)

Exercise of stock options and issuance of restricted stock awards, net of forfeitures64 1 527 — — — — 528 

Balance at June 30, 202621,364 $214 $170,264 $(19,384)$(4,291)(2,071)$(16,363)$130,440 

Common StockAdditional
Paid-in
CapitalRetained DeficitAccumulated
Other
Comprehensive LossTreasury StockTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at December 31, 202521,295 $213 $168,900 $(20,135)$(4,161)(1,783)$(13,833)$130,984 
Net income— — — 751 — — — 751 
Other comprehensive loss— — — — (130)— — (130)
Stock-based compensation— — 717 — — — — 717 
Issuance of common stock under employee stock purchase plan6 — 31 — — — — 31 
Acquisition of treasury stock— — — — — (288)(2,530)(2,530)
Exercise of stock options and issuance of restricted stock awards, net of forfeitures63 1 616 — — — — 617 

Balance at June 30, 202621,364 $214 $170,264 $(19,384)$(4,291)(2,071)$(16,363)$130,440 

Common StockAdditional
Paid-in
CapitalRetained DeficitAccumulated
Other
Comprehensive LossTreasury StockTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at March 31, 202521,220 $212 $167,624 $(14,462)$(3,310)(1,487)$(12,253)$137,811 
Net income— — — 930 — — — 930 
Other comprehensive income— — — — 278 — — 278 
Stock-based compensation— — 434 — — — — 434 

Acquisition of treasury stock— — — — — (211)(1,093)(1,093)
Exercise of stock options and issuance of restricted stock awards, net of forfeitures4 — 24 — — — — 24 

Balance at June 30, 202521,224 $212 $168,082 $(13,532)$(3,032)(1,698)$(13,346)$138,384 

Common StockAdditional
Paid-in
CapitalRetained DeficitAccumulated
Other
Comprehensive LossTreasury StockTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at December 31, 202421,241 $212 $167,287 $(12,752)$(4,032)(1,456)$(12,090)$138,625 
Net loss— — — (780)— — — (780)
Other comprehensive income— — — — 1,000 — — 1,000 
Stock-based compensation— — 771 — — — — 771 

Acquisition of treasury stock— — — — — (242)(1,256)(1,256)
Exercise of stock options and issuance of restricted stock awards, net of forfeitures(17)— 24 — — — — 24 

Balance at June 30, 202521,224 $212 $168,082 $(13,532)$(3,032)(1,698)$(13,346)$138,384 

See accompanying Notes to Unaudited Consolidated Financial Statements.
6

KVH INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited) 

Six Months Ended
June 30,
20262025
Cash flows from operating activities:
Net income (loss)$751 $(780)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses361 153 
Depreciation and amortization4,761 5,494 

Deferred income taxes— 4 
(Gain) on disposals of fixed assets(130)(8)
Gain on sale of fixed assets located at 50 Enterprise Center Middletown, Rhode Island
— (1,330)

Compensation expense related to stock-based awards and employee stock purchase plan717 771 
Unrealized currency translation (gain) loss(104)915 

Changes in operating assets and liabilities:
Accounts receivable(3,982)(3,826)
Inventories3,003 2,695 
Prepaid expenses and other current assets(11,804)2,455 
Other non-current assets229 297 
Accounts payable2,460 (1,092)
Deferred revenue137 329 
Accrued compensation, product warranty and other(2,781)(2,258)

Net cash (used in) provided by operating activities$(6,382)$3,819 
Cash flows from investing activities:
Capital expenditures(3,794)(3,498)
Cash paid for acquisition of intangible asset(648)(17)
Proceeds from sale of fixed assets553 1,200 
Proceeds from the sale of fixed assets located at 50 Enterprise Center Middletown, Rhode Island— 4,926 

Net cash (used in) provided by investing activities$(3,889)$2,611 
Cash flows from financing activities:

Proceeds from stock options exercised and employee stock purchase plan644 28 
Purchase of treasury stock(2,530)(1,256)

Net cash used in financing activities$(1,886)$(1,228)
Effect of exchange rate changes on cash and cash equivalents(33)157 
Net (decrease) increase in cash and cash equivalents(12,190)5,359 
Cash and cash equivalents at beginning of period69,910 50,572 
Cash and cash equivalents at end of period$57,720 $55,931 
Supplemental disclosure of non-cash investing and financing activities:
Amounts in accrued other and accounts payable related to property and equipment additions$65 $18 

See accompanying Notes to Unaudited Consolidated Financial Statements.
7

KVH INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Consolidated Interim Financial Statements
(Unaudited, all amounts in thousands except per share amounts)

(1)    Description of Business

KVH Industries, Inc. (together with its subsidiaries, the Company or KVH) develops, markets, and supports mobile connectivity and managed services and products for the maritime and land markets.

KVH’s service sales primarily represent revenue earned from satellite internet airtime services. In March 2023, KVH began selling terminals for the Starlink Low Earth Orbit (LEO) service and in September 2023 became a Starlink authorized hardware and airtime reseller. In October 2024, KVH expanded its portfolio to include Starlink Local Priority data plans, which is suitable for fixed and mobile uses on land and inland waterways, including lakes and rivers. KVH further expanded its LEO service and hardware portfolio in January 2025 with the launch of the Eutelsat OneWeb service for maritime applications. In addition, KVH provides, for monthly fixed and per-usage fees, satellite connectivity encompassing broadband internet and Voice over Internet Protocol (VoIP) services, to its TracNet® H-series and TracPhone® V-HTS series customers via KVH’s global high-throughput satellite (HTS) network. Following the July 2022 launch of the KVH ONE® hybrid network and TracNet H-series terminals and the subsequent introduction of the TracNet Coastal cellular/Wi-Fi terminal, KVH began to supplement its satellite-only airtime revenue with revenue from its cellular airtime service. KVH provides this combination of services and products in more than 130 countries. The May 2023 introduction of the KVH ONE OpenNet Program expanded access to KVH’s global HTS network and airtime services to non-KVH terminals.

AgilePlans, KVH’s connectivity as a service offering, is a monthly subscription model that provides global connectivity to commercial maritime customers. The subscription can include KVH VSAT terminals and data service, Starlink and Eutelsat OneWeb terminals and data service, KVH’s CommBox™ Edge Communications Gateway and associated service licensing, VoIP, daily news, subsidized shipping and installation, and global support for a monthly fee with no minimum contract commitment. KVH offers AgilePlans subscribers a variety of airtime data plans with varying data speeds and fixed data usage levels with per megabyte overage charges. These airtime plans are similar to those that the Company offers to customers who elect to purchase or lease a TracNet H-series, TracPhone V-HTS series, Starlink, or Eutelsat OneWeb terminal.

The Company recognizes the monthly AgilePlans subscription fee as service revenue over the service delivery period. The Company retains ownership of the hardware it provides to AgilePlans customers, who must return the hardware to KVH if they decide to terminate the service. Because KVH does not sell the hardware under AgilePlans, the Company does not recognize any product revenue when the hardware is deployed to an AgilePlans customer. KVH records the cost of the hardware used by AgilePlans customers as revenue-generating assets and depreciates the cost over an estimated useful life of two to five years. Since the Company retains ownership of the hardware, it does not accrue any warranty costs for AgilePlans hardware; however, any maintenance or refurbishment costs on the hardware are expensed in the period these costs are incurred.

Service sales also include the distribution of commercially licensed entertainment, including movies, television programming, news, and music, to commercial customers in the maritime market through the KVH Media Group, along with supplemental value-added cybersecurity, email, and crew internet services. In addition, KVH earns monthly usage fees from third-party satellite connectivity services, including VoIP, data and internet services, provided to its Viasat/Inmarsat and Iridium customers who choose to activate their subscriptions with KVH. Service sales also include sales from product repairs and extended warranty sales.

KVH’s satellite-only and hybrid products enable maritime customers to receive data, VoIP, and value-added services via satellite, cellular, and shore-based Wi-Fi networks onboard commercial and leisure vessels. In addition, the Company’s in-motion television terminals permit customers to receive live digital television via regional satellite services in maritime vessels, recreational vehicles, buses and automobiles. KVH sells its products through an extensive international network of dealers and distributors. KVH also sells and leases products to service providers and end users.

KVH’s maritime leisure business is highly seasonal. Seasonality can also impact the Company’s commercial maritime business, particularly the fishing market, although typically to a lesser degree. Temporary suspensions of the Company’s airtime services typically increase in the fourth and first quarters of each year as leisure boats are placed out of service during the winter months. Historically, the Company has generated the majority of its maritime leisure product revenues during the first and second quarters of each year, and these revenues typically decline in the third and fourth quarters of each year, compared to the first two quarters.

8

In February 2024, the Company announced a staged wind-down of its product manufacturing operations. The Company expects that it will continue its product manufacturing activities in order to generate a targeted amount of inventory of maritime satellite connectivity and satellite television terminals to meet anticipated demand and that it will cease substantially all manufacturing activity by the end of 2026. The Company expects to continue to facilitate customer transition to third-party hardware products compatible with its mobile satellite communications services. 

(2)     Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated interim financial statements of KVH Industries, Inc. and its wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America. The Company has evaluated all subsequent events through the date of this filing. All significant intercompany accounts and transactions have been eliminated in consolidation.

The consolidated interim financial statements have not been audited by the Company’s independent registered public accounting firm and include all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition, results of operations, and cash flows for the periods presented. These consolidated interim financial statements do not include all disclosures associated with annual financial statements and accordingly should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2025 filed on March 10, 2026 with the Securities and Exchange Commission. The results for the three and six months ended June 30, 2026 are not necessarily indicative of operating results for the remainder of the year.

Significant Estimates and Assumptions and Other Significant Non-Recurring Transactions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. The estimates and assumptions used by management affect the Company’s revenue recognition, valuation of accounts receivable, valuation of inventory, valuation of prepaid assets, expected future cash flows (including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets and goodwill), estimated fair values of long-lived assets (including goodwill, amortization methods and amortization periods), certain accrued expenses and other related charges, stock-based compensation, contingent liabilities, forfeitures and key valuation assumptions for its share-based awards, estimated fulfillment costs for warranty obligations, tax reserves and recoverability of the Company’s net deferred tax assets and related valuation allowance, and the valuation of right-of-use assets and lease liabilities.

Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.

9

Foreign Currency Translation and Transaction 

The financial statements of the Company’s foreign subsidiaries located in Denmark, Singapore, Brazil and Cyprus are maintained using the United States dollar as the functional currency. Exchange rates in effect on the date of the transaction (i.e., the date on which the underlying revenue, expense, asset or liability-creating event occurs) are used to record monetary assets and liabilities. Revenue and other expense elements are recorded at rates that approximate the rates in effect on the transaction dates. Foreign currency exchange gains and losses are recognized within “other expense, net” in the accompanying consolidated statements of operations. The Company recorded net foreign currency exchange gains (losses), which are comprised of both realized and unrealized foreign currency exchange gains and losses, in its accompanying consolidated statements of operations of $(13) and $(101) for the three months ended June 30, 2026 and 2025, respectively, $62 and $(132) for the six months ended June 30, 2026 and 2025, respectively.

The financial statements of the Company’s foreign subsidiaries located in the United Kingdom, Norway, India and Japan use the foreign subsidiaries’ respective local currencies as the functional currency. The Company translates the assets and liabilities of these foreign subsidiaries at the exchange rates in effect at the end of each reporting period. Net sales, costs and expenses are translated using average exchange rates in effect during the period. Gains and losses from foreign currency translation are credited or charged to accumulated other comprehensive loss included in stockholders' equity in the accompanying consolidated balance sheets.

(3)     Recently Issued Accounting Standards and Accounting Standards Not yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires public business entities to provide further disaggregated information of relevant expense captions within its consolidated statements of operations. The standard is effective for annual periods beginning after December 15, 2026 and interim periods within annual periods beginning after December 15, 2027. The standard may be applied prospectively or retrospectively. The adoption will result in disclosure changes only.

There are no other recent accounting pronouncements that have been issued by the FASB that are not yet effective that the Company expects would have a material impact on the Company’s financial statements, including disclosures.

 (4)     Stockholders' Equity

(a) Stock Equity and Incentive Plan
The Company recognizes stock-based compensation in accordance with the provisions of ASC Topic 718, Compensation-Stock Compensation. Stock-based compensation expense was $413 and $432, excluding $(2) and $2 of compensation expense related to our Amended and Restated 1996 Employee Stock Purchase Plan, or the ESPP, for the three months ended June 30, 2026 and 2025, respectively, and $715 and $767, excluding $2 and $4 of compensation expense related to ESPP, for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there was $1,938 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.96 years. As of June 30, 2026, there was $317 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 1.29 years.

Stock Options

During the three months ended June 30, 2026, 66 thousand shares of common stock were issued upon the exercise of stock options. No shares were surrendered to the Company to satisfy minimum tax withholding obligations. Additionally, during the three months ended June 30, 2026, no stock options were granted and 84 thousand stock options expired, were canceled or were forfeited. During the three months ended June 30, 2025, 6 thousand shares of common stock were issued upon the exercise of stock options. No shares were surrendered to the Company to satisfy minimum tax withholding obligations. Additionally, during the three months ended June 30, 2025, 50 thousand stock options were granted and 64 thousand stock options expired, were canceled or were forfeited.

10

During the six months ended June 30, 2026, 84 thousand shares of common stock were issued upon the exercise of stock options. No shares were surrendered to the Company to satisfy minimum tax withholding obligations. Additionally, during the six months ended June 30, 2026, 460 thousand stock options were granted and 243 thousand stock options expired, were canceled or were forfeited. During the six months ended June 30, 2025, 6 thousand shares of common stock were issued upon the exercise of stock options. No shares were surrendered to the Company to satisfy minimum tax withholding obligations. Additionally, during the six months ended June 30, 2025, 575 thousand stock options were granted and 127 thousand stock options expired, were canceled or were forfeited. 

The Company has historically estimated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model. The weighted average assumptions utilized to determine the fair value of options granted during the six months ended June 30, 2026 and 2025 are as follows:

Six Months Ended June 30,
20262025
Risk-free interest rate3.66 %3.95 %
Expected volatility41.90 %40.73 %
Expected life (in years)4.264.00
Dividend yield0 %0 %

As of June 30, 2026, there were 1,393 thousand options outstanding with a weighted average exercise price of $6.44 per share and 442 thousand options exercisable with a weighted average exercise price of $7.41 per share. As of June 30, 2025, there were 1,397 thousand options outstanding with a weighted average exercise price of $7.19 per share and 510 thousand options exercisable with a weighted average exercise price of $8.96 per share. 

Restricted Stock

During the three months ended June 30, 2026, no shares of restricted stock were granted and 3 thousand shares of restricted stock were forfeited. Additionally, during the three months ended June 30, 2026, 52 thousand shares of restricted stock vested. During the three months ended June 30, 2025, no shares of restricted stock were granted and 1 thousand shares of restricted stock were forfeited. Additionally, during the three months ended June 30, 2025, 63 thousand shares of restricted stock vested.

During the six months ended June 30, 2026, no shares of restricted stock were granted and 21 thousand shares of restricted stock were forfeited. Additionally, during the six months ended June 30, 2026, 112 thousand shares of restricted stock vested. During the six months ended June 30, 2025, no shares of restricted stock were granted and 22 thousand shares of restricted stock were forfeited. Additionally, during the six months ended June 30, 2025, 146 thousand shares of restricted stock vested. 

As of June 30, 2026 and 2025, the Company had no unvested outstanding options and no outstanding shares of restricted stock that were subject to performance-based or market-based vesting conditions.

(b) Employee Stock Purchase Plan

The Company's ESPP affords eligible employees the right to purchase common stock, via payroll deductions, through various offering periods at a purchase price equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. During the three months ended June 30, 2026 and 2025, 6 thousand shares and no shares were issued under the ESPP, respectively. During the six months ended June 30, 2026 and 2025, 6 thousand and no shares were issued under the ESPP, respectively. The Company recorded compensation charges related to the ESPP of $(2) and $2 for the three months ended June 30, 2026 and 2025, respectively, and $2 and $4 for the six months ended June 30, 2026 and 2025, respectively.

11

(c) Stock-Based Compensation Expense
The following table presents stock-based compensation expense, including expense for the ESPP, in the Company's consolidated statements of operations for the three and six months ended June 30, 2026 and 2025, respectively: 

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of service sales$6 $6 $12 $13 
Cost of product sales6 5 5 10 
Research and development6 41 — (8)
Sales, marketing and support59 77 107 154 
General and administrative334 305 593 602 
$411 $434 $717 $771 

(d) Accumulated Other Comprehensive Loss (AOCL)

Comprehensive income (loss) includes net income (loss), unrealized gains and losses from foreign currency translation, and unrealized gains and losses on available for sale marketable securities. The components of the Company’s comprehensive income (loss) and the effect on earnings for the periods presented are detailed in the accompanying consolidated statements of comprehensive income.

The balances for the three months ended June 30, 2026 and 2025 are as follows: 

Foreign Currency TranslationTotal Accumulated Other Comprehensive Loss
Balance, March 31, 2026$(4,395)$(4,395)
Other comprehensive income104 104 

Balance, June 30, 2026$(4,291)$(4,291)

Foreign Currency TranslationTotal Accumulated Other Comprehensive Loss
Balance, March 31, 2025$(3,310)$(3,310)
Other comprehensive income278 278 

Balance, June 30, 2025$(3,032)$(3,032)

12

The balances for the six months ended June 30, 2026 and 2025 are as follows:

Foreign Currency TranslationTotal Accumulated Other Comprehensive Loss
Balance, December 31, 2025$(4,161)$(4,161)
Other comprehensive loss(130)(130)

Balance, June 30, 2026$(4,291)$(4,291)

Foreign Currency TranslationTotal Accumulated Other Comprehensive Loss
Balance, December 31, 2024$(4,032)$(4,032)
Other comprehensive income1,000 1,000 

Balance, June 30, 2025$(3,032)$(3,032)

(5)     Net Income (Loss) per Common Share

    Basic net income (loss) per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted net income per share incorporates the dilutive effect of common stock equivalent options, warrants and other convertible securities, if any, as determined with the treasury stock accounting method. For the three and six months ended June 30, 2026, the computation of diluted weighted-average common shares outstanding excludes 151 thousand and 166 thousand weighted average anti-dilutive stock-based awards outstanding, respectively. For the three months ended June 30, 2025, the computation of diluted weighted-average common shares outstanding excludes 1,396 thousand weighted average anti-dilutive stock-based awards outstanding. For the six months ended June 30, 2025, since there was a net loss, the company excluded 1,252 thousand shares in underlying outstanding stock options and non-vested restricted shares from its diluted loss per share calculation, as inclusion of these convertible securities would have reduced the net loss per share.

A reconciliation of the basic and diluted weighted average common shares outstandin