KVH Receives $7.9 Million Fiber Optic Gyro Order for Remote Weapons Systems
August 05 2021 - 7:00AM
KVH Industries, Inc., (Nasdaq: KVHI), announced today that it has
received a $7.9 million fiber optic gyro (FOG) order from
Escribano, a Spanish defense contractor, for its new Guardian 30
remotely controlled turret. The Guardian 30 turret was recently
chosen by the Spanish Ministry of Defense for the Spanish Army’s
VCR 8x8 Dragon wheeled combat vehicle. KVH’s DSP-1750 FOG will
provide stabilization for the Guardian 30 turret. KVH’s shipment of
FOGs to Escribano is expected to continue through 2025. Shipments
increase annually over the term of the order, with a small portion
scheduled for delivery in 2021 and the substantial majority of
shipments scheduled for delivery after 2022.
“Escribano relies on the precision of KVH fiber optic gyros to
ensure our remote weapons systems have the stabilization they need
to perform in challenging defense environments,” says Angel
Escribano, CEO. “We value the collaboration with a worldwide
company such as KVH and we look forward to working together to
produce the Guardian 30 turrets for the Spanish Army.”
“We are thrilled that Escribano has chosen our fiber optic gyros
for this major remote weapons systems program,” says Sean
McCormack, senior director of global inertial systems sales for
KVH. “The DSP-1750 has proven its reliability in a wide range of
applications for many years and continues to be the gyro of choice
for platforms needing a combination of high performance and compact
design.”
The innovative design of the DSP-1750 makes it easy to integrate
into platforms where space and payload weight are at a premium
including long-range optical and sensor systems, gimbals,
autonomous vehicle navigation, and the stabilization of defense and
commercial platforms.
KVH is a leading innovator for assured navigation and autonomous
accuracy using high-performance sensors and integrated inertial
systems. KVH’s widely fielded TACNAV® systems are currently in use
by the U.S. Army and Marine Corps and more than 20 allied
militaries around the world. KVH’s FOGs and FOG-based inertial
measurement units (IMUs) are in use today in a wide variety of
applications ranging from optical, antenna, and sensor
stabilization systems to mobile mapping solutions and autonomous
platforms and cars.Note to Editors: For more information about
KVH’s DSP-1750 FOG, please visit the KVH website, kvh.com/FOG.
High-resolution images of KVH products are available at the KVH
Press Room Image Library, kvh.com/Press-Room/Image-Library.
About KVH Industries, Inc.KVH Industries, Inc.,
is a global leader in mobile connectivity and inertial navigation
systems, with innovative technology designed to enable a mobile
world. A market leader in maritime VSAT, KVH designs, manufactures,
and provides connectivity and content services globally. KVH is
also a premier manufacturer of high-performance sensors and
integrated inertial systems for defense and commercial
applications. Founded in 1982, the company is based in Middletown,
RI, with research, development, and manufacturing operations in
Middletown, RI, and Tinley Park, IL, and more than a dozen offices
around the globe.
This press release contains forward-looking
statements that involve risks and uncertainties. For example,
forward-looking statements include statements regarding our
financial goals for future periods, anticipated revenue and the
impact of our future initiatives on revenue, competitive
positioning, profitability, and product orders. Actual results
could differ materially from the forward-looking statements made in
this press release. Factors that might cause these differences
include, but are not limited to: the customer’s right to cancel,
suspend or delay the order for unshipped products at its
convenience; the customer’s right to inspect and reject shipments;
delays in recognition of revenue arising from the customer
acceptance process; unanticipated expenses arising from the
customer’s warranty terms; potential financial penalties for late
delivery; the need for, or delays in, qualification of products to
customer specifications or regulatory standards; export
restrictions, delays in procuring export licenses, and other
international risks. These and other factors are discussed in more
detail in KVH’s most recent Form 10-Q filed with the SEC on July
30, 2021. Copies are available through its Investor Relations
department and website, ir.kvh.com. KVH does not assume any
obligation to update its forward-looking statements to reflect new
information and developments.
KVH Industries, Inc., has used, registered, or
applied to register its trademarks in the U.S.A. and other
countries around the world, including but not limited to the
following marks: KVH and TACNAV. All other trademarks are the
property of their respective companies.
For further information, please contact:Jill
ConnorsSr. Manager, Media & Industry Analyst RelationsKVH
Industries, Inc.Tel: +1 401 851 3824jconnors@kvh.com
KVH Industries (NASDAQ:KVHI)
Historical Stock Chart
From Jun 2024 to Jul 2024
KVH Industries (NASDAQ:KVHI)
Historical Stock Chart
From Jul 2023 to Jul 2024