Revenue Performance - Total revenue for the three months ended March 31, 2024, was $75.975 million, representing a 15% increase from $65.975 million in the same period of 2023[93]. - Revenue from IoT Connectivity services increased by approximately $14.3 million, or 33%, driven primarily by the acquisition of Twilio's IoT business[95]. - Revenue from IoT Solutions declined by approximately $4.3 million, or 19%, primarily due to reduced demand from major customers[96]. - Services revenue growth of approximately $12.1 million was driven by new customer business and increased connectivity utilization[93]. Cost Analysis - Cost of services increased by $7.4 million, or 44.8%, primarily due to additional carrier costs related to the Twilio acquisition[98]. - Cost of products decreased by $3.5 million, or 25.5%, due to lower hardware sales volume from existing IoT Solutions customers[100]. - Overall blended cost of revenue as a percentage of revenue was 55.0% for the three months ended March 31, 2024, compared to 54.0% in the same period of 2023[99]. - The cost of IoT Connectivity increased by $7.5 million, or 49.6%, primarily due to additional carrier costs and increased connectivity consumption[100]. - The cost of IoT Solutions decreased by $3.6 million, or 23.9%, primarily due to lower costs associated with reduced revenue from existing customers[102]. Operating Expenses - Selling, general, and administrative (SG&A) expenses increased by $5,526 thousand, or 18%, from $30,011 thousand in Q1 2023 to $35,537 thousand in Q1 2024, primarily due to higher salaries, benefits, and increased license and subscription costs[104]. - There were no SG&A expenses incurred with affiliates in Q1 2024, a decrease of 100% from $189 thousand in Q1 2023, following the termination of a technical assistance services agreement[105]. Financial Performance - EBITDA for Q1 2024 was $8,239 thousand, an increase from $5,461 thousand in Q1 2023, while Adjusted EBITDA rose to $14,757 thousand from $13,328 thousand[110]. - The Dollar-Based Net Expansion Rate (DBNER) decreased to 94% for the twelve months ended March 31, 2024, down from 107% for the same period in 2023, primarily due to reduced IoT solutions revenue from certain customers[120]. Debt and Financing - As of March 31, 2024, total long-term debt and other borrowings, net, amounted to $295,984 thousand, a slight decrease from $296,109 thousand as of December 31, 2023[125]. - The Company entered into a credit agreement with WhiteHorse Capital Management, consisting of a senior secured term loan of $185 million and a revolving credit facility of $25 million, effective November 15, 2023[126]. - Principal payments of approximately $0.5 million are due on the last business day of each quarter, with the maturity date of the Credit Facilities set for November 15, 2028[127]. - The Credit Facilities are secured by substantially all of the Company's subsidiaries' assets and are subject to customary financial covenants, including Total Net Leverage Ratio and First Lien Net Leverage Ratio[129]. - The Total Net Leverage Ratio is set at 6.25:1.00 for the quarterly periods ending March 31, 2024, and June 30, 2024, decreasing to 5.25:1.00 for periods ending December 31, 2025, and thereafter[131]. - The Backstop Notes consist of $95.1 million in senior unsecured exchangeable notes due 2028, with a second tranche of $24.9 million issued later[132]. - The Backstop Notes bear interest at a rate of 5.50% per annum, with the potential to exchange into approximately 9.6 million shares of common stock at a Base Exchange Rate of $12.50 per share[133]. - The Company has authorized 35,000,000 shares of preferred stock, with 152,857 shares of Series A-1 preferred stock issued, mandatorily redeemable for cash on November 15, 2033[136]. - The Series A-1 preferred stock accrues dividends at a rate of 13% per year, compounded and payable quarterly, with approximately $7.6 million in interest liability currently owed[139][144]. Cash Flow - Cash provided by operating activities for the three months ended March 31, 2024, was $1.904 million, a slight decrease from $1.915 million in 2023[140]. - Cash used in investing activities for the three months ended March 31, 2024, was $4.685 million, primarily for investments in internally developed software and property and equipment[142]. - Cash used in financing activities for the three months ended March 31, 2024, was $1.180 million, mainly due to scheduled principal payments on the Term Loan[143]. - The Company had a total of $46.3 million in purchase commitments payable that were not recorded as liabilities on the balance sheet as of March 31, 2024[145]. - The Company plans to defer cash payment of interest on the Series A-1 preferred stock to preserve cash for other purposes[144]. Market Environment - The overall macroeconomic environment remains challenging, with high interest rates and persistent inflation impacting business demand for IoT solutions[88]. - The sales funnel as of March 31, 2024, included over 1,190 opportunities with an estimated potential Total Contract Value (TCV) of over $422 million, compared to over 1,400 opportunities with a TCV of over $500 million as of March 31, 2023[122].

EXHIBIT 99.1 KORE Reports First Quarter 2024 Results ATLANTA – May 15, 2024 – 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, 2024. Company Highlights "KORE delivered solid results in the first quarter driven by investments in IoT Connectivity and organic growth," said Ron Totton, Interim Pre ...

ATLANTA, May 9, 2024 /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, 2024, after the U.S. market closes it will release its financial results for the first quarter of 2024. 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 financial ...

Romil Bahl to step down and Ronald Totton named as Interim President and CEO ATLANTA, April 29, 2024 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE) ("KORE," the "Company," "we" or "our"), a global leader in Internet of Things ("IoT") Solutions and pioneering IoT hyperscaler, and provider of IoT Connectivity, Solutions and Analytics, announced today that Romil Bahl will be stepping down as President and Chief Executive Officer and that the Company's Board of Directors (the "Board") has named Ronald T ...

Revenue Performance - IoT Connectivity revenue increased by approximately $26.5 million, primarily driven by the acquisition of Twilio's IoT business, along with organic growth and increased connectivity consumption [307]. - IoT Solutions revenue declined by approximately $18.3 million due to reduced demand from major customers and the completion of a significant LTE transition project [308]. - Total revenue for the year ended December 31, 2023, was $276.61 million, an increase of 3% from $268.45 million in 2022 [417]. - Service revenue increased to $212.65 million, up 12.5% from $188.99 million in the previous year [417]. - Product revenue decreased to $63.97 million, down 19.5% from $79.46 million in 2022 [417]. - The estimated potential Total Contract Value (TCV) in the sales funnel increased to over $545 million as of December 31, 2023, compared to $434 million in 2022, reflecting a growth of approximately 25.6% [354]. Financial Metrics - Adjusted EBITDA for the year ended December 31, 2023, was $55.6 million, down from $62.8 million in 2022 [321]. - The net loss for the year was $167.04 million, compared to a net loss of $106.20 million in 2022, representing a 57% increase in losses [417]. - Basic and diluted loss per share for 2023 was $1.99, compared to $1.40 in 2022 [417]. - Total operating expenses for 2023 were $266.81 million, compared to $224.67 million in 2022, reflecting a 19% increase [417]. - The Company recorded a goodwill impairment loss of $78.3 million in Q3 2023, following a loss of $58.1 million in Q4 2022 [368]. Cost Management - Total cost of revenue for the year ended December 31, 2023, was $128.6 million, a slight decrease of $0.6 million compared to $129.2 million in 2022 [311]. - Selling, general, and administrative expenses decreased due to the termination of certain agreements, resulting in reduced costs for technical assistance and office lease [318]. - Selling, general, and administrative expenses incurred with affiliates decreased by 86% year-over-year, from $2.6 million in 2022 to $372,000 in 2023 [345]. - The cost of services as a percentage of revenue decreased from 64.4% in 2022 to 61.2% in 2023, attributed to the lower margin services from the Twilio acquisition [311]. Debt and Equity - The Company's total long-term debt and other borrowings, net, decreased to $296.1 million in 2023 from $413.9 million in 2022, a reduction of approximately 28.4% [357]. - The company entered into a stock purchase agreement to repurchase 5,000,000 shares of common stock for approximately $2.9 million, completed on December 13, 2023 [303]. - The maturity date of the Credit Facilities is November 15, 2028, with principal payments of approximately $0.5 million due quarterly [333]. - Cash provided by financing activities was $18.9 million in 2023, compared to cash used of $4.7 million in 2022 [364]. Asset and Liability Changes - Total assets decreased to $586.98 million in 2023 from $688.68 million in 2022, a decline of approximately 15% [415]. - Total liabilities increased to $550.01 million in 2023, up from $508.01 million in 2022, indicating a rise of about 8.3% [415]. - Stockholders' equity significantly decreased to $36.97 million in 2023 from $180.67 million in 2022, a drop of approximately 79.6% [415]. Cash Flow - For the year ended December 31, 2023, cash used in operating activities was $6.4 million, a decrease from $16.4 million in 2022 [342]. - Net cash used in operating activities was $(6,419,000) in 2023, a decrease from $16,356,000 provided in 2022 [420]. - Net cash used in investing activities decreased to $(20,230,000) in 2023 from $(62,547,000) in 2022 [420]. - The company reported a net decrease in cash and restricted cash of $(7,570,000) for the year, compared to $(51,336,000) in 2022 [420]. Goodwill and Impairment - The company reported a goodwill impairment of $78.26 million in 2023, compared to $58.07 million in 2022 [417]. - Goodwill is tested for impairment annually on October 1 or when circumstances indicate that the carrying amount may not be recoverable [465]. - Goodwill impairment was recorded at $78,257,000 in 2023, up from $58,074,000 in the previous year [420]. Operational Insights - The total number of connections increased by approximately 3.3 million as of December 31, 2023, largely due to the acquisition of Twilio's IoT business [326]. - The total number of connections at period end increased to 18.5 million in 2023 from 15.0 million in 2022, representing a growth of approximately 23.3% [352]. - The average connections count for the period rose to 17.3 million in 2023, up from 15.2 million in 2022, indicating a year-over-year increase of about 13.8% [352]. - The Company has determined it operates in one operating segment, with financial information reviewed on a consolidated basis [467]. Revenue Recognition - Revenue from IoT Connectivity consists of monthly recurring charges (MRCs) and overage/usage charges, with contracts generally being short-term in nature [469]. - The Company recognizes revenue for MRCs and overage/usage charges over time as performance obligations are satisfied, typically starting when an enrolled device is activated [469]. - Contract liabilities, or deferred revenue, are recorded when the Company receives consideration in advance of performing a service, primarily related to connectivity monthly recurring charges [499]. - The Company estimates the transaction price based on expected amounts to be received, which may include fixed or variable consideration [497]. - Product sales to IoT Connectivity customers are recognized when control is transferred, typically upon shipment of the product [495]. Accounting Policies - The Company applies ASC 606, which includes costs of connectivity, hardware products, materials, and direct labor in the cost of revenue [523]. - The Company capitalizes certain costs of platform and software applications developed for internal use as intangible assets, amortized over their useful lives [485]. - The Company does not accrue for contingent losses that are considered reasonably possible but not probable, disclosing the range of such losses if estimable [491]. - The Company plans to change its method of depreciation for long-lived assets to the straight-line method effective January 1, 2024 [426].

ATLANTA, April 12, 2024 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE) ("KORE" or the "Company") is providing this press release to correct clerical errors in tables contained in the press release filed on April 11, 2024 regarding (i) previously reported Average Total Connections for fiscal year 2022, (ii) previously reported revenue for fiscal year 2022, (iii) reported change in fair value of warrant liability, loss on debt extinguishment and integration-related restructuring costs for the quarter ...

ATLANTA, April 11, 2024 /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 and full year ended December 31, 2023. Company Highlights The Company is providing 2024 revenue guidance in the range of $300 to $305 million and Adjusted EBITDA, a non-GAAP metric1, guidance in a range of $64 to $66 mil ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 86-3078783 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3 Ravinia Drive NE, Suite 500, Atlanta, Georgia 30346 (Address of principal executive offices and Zip Code) FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o 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: 001-40856 KORE Group Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) __________________________ Delaw ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q __________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR o 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: 001-40856 KORE Group Holdings, Inc. (Exact Name of Regist ...