Group 1 - KORE Group Holdings, Inc. will release its financial results for the second quarter of 2025 on August 14, 2025, after the U.S. market closes [1] - A live webcast will be hosted on the same day at 5:00 p.m. Eastern time to discuss the financial results, followed by a question-and-answer session [1][2] - KORE is recognized as a pioneer and leader in delivering mission-critical IoT solutions and services, aiming to simplify the complexity of IoT for organizations of all sizes [2] Group 2 - The company emphasizes its deep IoT knowledge, global reach, and purpose-built solutions that significantly impact customers' business outcomes [2] - Contact information for investor relations is provided, including the Vice President of IR and Corporate Development [3]

ATLANTA, July 3, 2025 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE), the global pure-play IoT hyperscaler and provider of Connectivity, Solutions, and Analytics, has been added to the Russell Microcap® Index following the 2025 Russell indexes reconstitution, effective after the U.S. market opened on June 30. "We are pleased to be included in the Russell Microcap® Index, which we view as a meaningful acknowledgment of the progress we are making," said Anthony Bellomo, Chief Financial Officer of KORE ...

KORE Group (KORE) Q1 2025 Earnings Call May 15, 2025 05:00 PM ET Company Participants Vik Vijayvergiya - Vice President, Investor RelationsRonald Totton - President & CEOPaul Holtz - Executive VP, CFO & Treasurer Conference Call Participants Scott Searle - Managing Director, Senior Research AnalystLance Vitanza - MD & Senior Analyst Operator Greetings, and welcome to Core Group Holdings Incorporated First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A q ...

KORE Group (KORE) Q1 2025 Earnings Call May 15, 2025 05:00 PM ET Speaker0 Greetings, and welcome to Core Group Holdings Incorporated First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note that this conference is being recorded. I will now turn the conference over to your host, Vic Vigeberghia, Vice President of Investor Relations and Corporate Development. Thank you. You may begi ...

F i r s t Q u a r t e r 2 0 2 5 E a r n i n g s P r e s e n t a t i o n May 15, 2025 Di scl aime rs Use of Projections This presentation also contains certain financial forecasts of KORE. KORE's independent auditors have not studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them has expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this ...

Revenue Performance - Revenue for Q4 2024 was $73.3 million, a 1.1% increase from $72.5 million in Q4 2023, driven by a $1.1 million growth in IoT Connectivity revenue[5] - Full year revenue totaled $286.1 million, up $9.5 million or 3.4% from $276.6 million in 2023, with IoT Connectivity revenue increasing by $24.5 million to $226.9 million[9] - KORE's total revenue for the year ended December 31, 2024, was $146,076,000, down from $167,042,000 in 2023[38] - The company expects revenue for 2025 to be in the range of $288 million to $298 million[14] Financial Loss and Improvement - Net loss for Q4 2024 improved to $25.4 million, a reduction of 24.6% compared to $33.7 million in Q4 2023[9] - KORE Group Holdings reported a net loss of $25,448,000 for Q4 2024, an improvement from a net loss of $33,692,000 in Q4 2023[38] - The company incurred a goodwill impairment loss of $65,861,000 for the year ended December 31, 2024[38] Cash Flow and EBITDA - Adjusted EBITDA for Q4 2024 was $14.0 million, a slight increase of 1.1% from $13.8 million in Q4 2023[9] - Adjusted EBITDA for Q4 2024 was $13,976,000, slightly up from $13,824,000 in Q4 2023[38] - Free Cash Flow for Q4 2024 was $1.6 million, a significant improvement from a negative $15.5 million in Q4 2023[9] - Free cash flow for Q4 2024 was $1,562,000, compared to a negative free cash flow of $15,546,000 in Q4 2023[39] - Total cash provided by operating activities for Q4 2024 was $2,840,000, a significant recovery from a cash used of $10,912,000 in Q4 2023[39] Operational Metrics - The total number of IoT Connections increased by 1.2 million to 19.7 million by the end of 2024[4] - The Dollar-Based Net Expansion Rate (DBNER) for the twelve months ending December 31, 2024, was 95%, down from 96% in the previous year[11] - KORE's average revenue per user (ARPU) is a key metric for assessing revenue generation per connection, calculated on a quarterly basis[33][34] Restructuring and Future Outlook - KORE completed its restructuring plan, resulting in over $20 million in annual run-rate savings[5] - Notable new business wins in Q4 included closed-won Total Contract Value (TCV) of $29.3 million, with $9.4 million related to Connectivity[13] - The company anticipates future revenue growth and operational efficiency improvements as part of its restructuring plan[35] - KORE's integration-related restructuring costs for the year were $19,159,000, compared to $16,532,000 in 2023[38] - The company reported a change in fair value of warrant liability of $2,309,000 for Q4 2024[38]

Part I [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents KORE Group Holdings, Inc.'s unaudited Q1 2025 financial statements, highlighting a $14.9 million net loss and significant liabilities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $445.1 million, liabilities increased to $560.0 million, and stockholders' deficit widened to $114.9 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$445,134** | **$455,833** | | Total Current Assets | $80,534 | $79,963 | | Goodwill | $228,844 | $228,844 | | Intangible assets, net | $115,057 | $125,057 | | **Total Liabilities** | **$560,033** | **$555,433** | | Long-term debt and other borrowings, net | $295,528 | $295,661 | | Mandatorily redeemable preferred stock due to affiliate, net | $143,058 | $142,776 | | Accrued interest due to affiliate | $29,460 | $23,798 | | **Total Stockholders' Deficit** | **($114,899)** | **($99,600)** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2025 revenue decreased 5% to $72.1 million, operating loss narrowed, and net loss improved to $14.9 million Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $72,142 | $75,975 | | Operating Loss | ($2,456) | ($7,381) | | Net Loss | ($14,908) | ($17,587) | | Loss Per Share (Basic and Diluted) | $(0.77) | $(0.93) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 net cash from operations increased to $2.9 million, investing activities decreased, and cash ended at $20.0 million Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,874 | $1,904 | | Net cash used in investing activities | ($2,277) | ($4,685) | | Net cash used in financing activities | ($512) | ($1,180) | | Net (de)crease in cash and restricted cash | $249 | ($4,115) | | Cash and restricted cash, end of period | $19,950 | $23,322 | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, declining IoT Connectivity revenue, contingent tax liability, liquidity concerns, and a reduced Google Cloud Platform commitment Disaggregated Revenue by Service Line (in thousands) | Service Line | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | IoT Connectivity | $52,797 | $56,661 | | IoT Solutions | $2,634 | $2,979 | | **Total Services** | **$55,431** | **$59,640** | - As of March 31, 2025, the company had approximately **$37.7 million** of remaining performance obligations, with about **70%** expected to be recognized in 2025[28](index=28&type=chunk) - The company has identified a probable liability for sales and telecommunications taxes, with an estimated range of loss between **$4.2 million** and **$23.4 million**. A contingent loss of **$4.2 million** has been recorded[66](index=66&type=chunk) - The company faces liquidity challenges due to recurring operating losses. It plans to continue deferring preferred dividend payments to preserve cash, with approximately **$29.5 million** in accrued interest due to an affiliate as of March 31, 2025[78](index=78&type=chunk)[80](index=80&type=chunk) - Subsequent to the quarter end, on April 1, 2025, the company amended its Google Cloud Platform (GCP) commitment, reducing the total amount from **$22.0 million** to **$10.9 million**. This incurred a **$1.2 million** fee payable by May 1, 2025[72](index=72&type=chunk)[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 5% revenue decline, reduced SG&A, flat Adjusted EBITDA, ongoing liquidity challenges, and key operational metrics [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q1 2025 total revenue decreased 5% to $72.1 million, driven by a 7% decline in Services revenue, with SG&A expenses falling 22% Revenue by Type - Q1 2025 vs Q1 2024 (in thousands) | Revenue Type | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Services | $55,431 | $59,640 | $(4,209) | (7)% | | Products | $16,711 | $16,335 | $376 | 2% | | **Total Revenue** | **$72,142** | **$75,975** | **$(3,833)** | **(5)%** | - SG&A expenses decreased by approximately **$7.7 million (22%)** year-over-year, primarily due to reduced salaries and office-related expenses following restructuring events in 2024[107](index=107&type=chunk)[108](index=108&type=chunk) [Non-GAAP Financial Measures](index=28&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2025 Adjusted EBITDA was $14.5 million, Free Cash Flow improved to $0.6 million, and Non-GAAP Gross Margin slightly decreased Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(14,908) | $(17,587) | | EBITDA | $12,945 | $8,239 | | **Adjusted EBITDA** | **$14,455** | **$14,757** | Free Cash Flow (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,874 | $1,904 | | Purchases of property and equipment | $(126) | $(877) | | Additions to intangible assets | $(2,151) | $(3,808) | | **Free cash flow** | **$597** | **$(2,781)** | [Key Operational Metrics](index=31&type=section&id=Key%20Operational%20Metrics) Total connections grew to 19.8 million, DBNER improved to 99%, ARPU decreased, and eARR was introduced with a $52 million sales funnel Key Operational Metrics Comparison | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Number of Connections (period end) | 19.8 million | N/A | | Average Connections Count (for the period) | 19.7 million | 18.1 million | | DBNER (TTM) | 99% | 94% | | ARPU (for the quarter) | $0.91 | $1.05 | - The company adopted Estimated Annual Recurring Revenue (eARR) as a new key metric in 2025 and discontinued Total Contract Value (TCV). As of March 31, 2025, the sales funnel had an eARR of over **$52 million**[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is constrained, relying on deferred preferred dividend payments, with $19.7 million cash and a reduced GCP commitment - The company acknowledges it cannot meet short-term liquidity needs solely through operational cash flow and relies on its ability to defer preferred dividend payments to an affiliate (Searchlight) to maintain liquidity[142](index=142&type=chunk) - As of March 31, 2025, the company had **$19.7 million** in cash and **$25.0 million** available on its revolving credit facility[164](index=164&type=chunk) - The company owed approximately **$29.5 million** in accrued preferred dividends to Searchlight as of March 31, 2025, and plans to continue this arrearage to preserve cash[162](index=162&type=chunk) - On April 1, 2025, the company amended its Google Cloud Platform (GCP) commitment, reducing it from **$22.0 million** to **$10.9 million**, incurring a **$1.2 million** fee[163](index=163&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, KORE is not required to provide market risk disclosures - As a smaller reporting company, KORE is not required to provide information for this item[167](index=167&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective due to previously identified material weaknesses - The CEO and CFO concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to material weaknesses in internal control over financial reporting previously identified in the Annual Report on Form 10-K[168](index=168&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control[170](index=170&type=chunk) Part II [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings, none expected to be material to its financial condition - As of the filing date, there are no pending legal proceedings that are expected to be material to the company[172](index=172&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K[173](index=173&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, 14,049 common shares were repurchased from employees to cover tax withholding on vested RSUs - In Q1 2025, **14,049** shares of common stock were surrendered by employees to pay for tax withholding on vested RSUs. These repurchases were not part of a publicly announced program[174](index=174&type=chunk) [Defaults Upon Senior Securities](index=40&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company is in arrears on Series A-1 preferred stock dividend payments, totaling $32.4 million as of May 15, 2025 - The company is in arrears on its Series A-1 preferred stock dividends, with the unpaid amount totaling **$32.4 million** as of May 15, 2025[176](index=176&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[177](index=177&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the first quarter of 2025[178](index=178&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data

Growth in Connections, Operating Cash and Free Cash Flow ATLANTA, May 15, 2025 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE) ("KORE" or the "Company"), the global pure-play Internet of Things ("IoT") hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today reported financial and operational results for the quarter ended March 31, 2025.Company Highlights Total Connections1 increased to 19.8 million, up 8% from 18.3 million in the same period last year. Cash provided by operation ...

ATLANTA, May 5, 2025 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE) ("KORE" or the "Company"), the global pure-play Internet of Things ("IoT") hyperscaler, and provider of IoT Connectivity, Solutions and Analytics announced that on May 15, 2025, following the U.S. market closing it will release its financial results for the first quarter of 2025. KORE will host a live webcast, followed by a question-and-answer period the same day at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss the fina ...

KORE Group (KORE) Q4 2024 Earnings Call April 30, 2025 05:00 PM ET Company Participants Vik Vijayvergiya - Vice President, Investor RelationsRonald Totton - President & CEOPaul Holtz - Executive VP, CFO & Treasurer Conference Call Participants Lance Vitanza - MD & Senior AnalystScott Searle - Managing Director, Senior Research Analyst Operator Greetings, and welcome to the Core Group Holdings Fourth Quarter twenty twenty four Earnings Call. As a reminder, this conference is being recorded. It is now my plea ...