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 ...

Financial Data and Key Metrics Changes - Third quarter revenue increased by 4% year-over-year to $68.6 million compared to $66.1 million in Q3 2022 [12] - Adjusted EBITDA for Q3 2023 was $14.2 million, a decline of approximately 6% year-over-year [30] - Adjusted EBITDA margin decreased by 220 basis points to 20.6% from 22.8% in the prior year [10][30] - The company revised its 2023 revenue guidance down to a range of $280 million to $290 million from the previous range of $300 million to $310 million [24][59] Business Line Data and Key Metrics Changes - IoT Connectivity revenue increased by 27% year-over-year to $55.2 million, including the first full quarter of revenue from the Twilio IoT acquisition [12][22] - IoT Solutions revenue declined by 41% year-over-year to $13.4 million due to customer order deferrals [26] - Gross margin for IoT Solutions decreased by 174 basis points year-over-year to 26.9% [27] Market Data and Key Metrics Changes - Total connections at the end of Q3 2023 reached 18.9 million, an increase of over 300,000 from Q2 2023 [54] - The dollar-based net expansion rate (DBNER) for the 12 months ended September 30, 2023, was 96%, down from 100% in the prior year [14] Company Strategy and Development Direction - The company announced a refinancing of approximately $300 million term loan, reducing the first lien leverage ratio from roughly 5x to 3x estimated adjusted EBITDA [6][31] - KORE is focusing on driving organic top-line and adjusted EBITDA growth while removing debt overhang concerns [7] - The company is reallocating costs based on current priorities, expecting approximately $10 million in operating expense savings in 2024 [34][67] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment is impacting deployments, particularly among larger Connected Health customers [44][97] - Despite order deferrals, the company expects year-over-year revenue growth in Q4 2023 [50] - Management expressed confidence in achieving double-digit revenue growth in 2024, supported by an increasing global sales pipeline [61] Other Important Information - KORE received a 2023 IoT Evolution LPWAN Excellence Award for its innovative LoRaWAN solution, KORE LPHub [21] - The company is collaborating with GrandPad to support seniors with IoT connectivity solutions [8] Q&A Session Summary Question: How is the macro environment affecting business deployments? - Management acknowledged that while the macro environment is slowing some deployments, new business bookings remain strong, particularly among larger Connected Health customers [44] Question: Can you elaborate on the order deferrals? - Management indicated that the order deferrals primarily involve the same larger Connected Health customers, with some pushing deployments into 2024 due to various operational challenges [74] Question: What is the status of the refinancing? - Management confirmed that the refinancing is fully committed and expected to close shortly, with no anticipated conditions remaining [101] Question: How is the Twilio IoT business performing? - Management reported that the Twilio IoT business is performing below initial expectations but is expected to regain momentum as the integration progresses [112]

PART I - FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) KORE reported a $133.4 million net loss for the nine months ended September 30, 2023, primarily due to a $78.3 million goodwill impairment, impacting assets and operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $586.2 million as of September 30, 2023, primarily due to reduced goodwill, while stockholders' equity sharply declined to $71.1 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $19,767 | $34,645 | | Goodwill | $294,600 | $369,706 | | Total assets | $586,176 | $688,736 | | **Liabilities & Equity** | | | | Total current liabilities | $62,838 | $48,808 | | Long-term debt and other borrowings, net | $412,633 | $413,910 | | Total liabilities | $515,070 | $508,064 | | Total stockholders' equity | $71,106 | $180,672 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q3 2023 revenue slightly increased to $68.6 million, but a $78.3 million goodwill impairment led to a $95.4 million net loss, widening the nine-month net loss to $133.4 million Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $68,633 | $66,137 | $204,144 | $206,036 | | Operating loss | $(87,853) | $(7,996) | $(106,104) | $(21,050) | | Goodwill impairment | $78,255 | $— | $78,255 | $— | | Net loss | $(95,361) | $(14,277) | $(133,350) | $(36,639) | | Basic and diluted EPS | $(1.10) | $(0.19) | $(1.65) | $(0.49) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly decreased to $4.5 million for the nine months ended September 30, 2023, leading to a $14.9 million reduction in cash and restricted cash Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $4,493 | $20,527 | | Net cash used in investing activities | $(15,596) | $(57,974) | | Net cash used in financing activities | $(3,759) | $(3,599) | | Change in cash and restricted cash | $(14,944) | $(43,060) | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Key notes include the June 2023 Twilio IoT acquisition, a $78.3 million goodwill impairment in Q3 2023, and a major post-quarter refinancing with a new $185 million term loan and $150 million preferred stock investment Disaggregated Revenue (in thousands) | Revenue Type | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | IoT Connectivity | $54,217 | $42,949 | $145,161 | $129,816 | | Hardware Sales | $9,541 | $16,266 | $42,484 | $56,747 | | Total | $68,633 | $66,137 | $204,144 | $206,036 | - On June 1, 2023, the company acquired certain assets of Twilio Inc.'s IoT Business, funded by issuing **10,000,000 shares** of KORE common stock valued at **$14.7 million**[36](index=36&type=chunk)[37](index=37&type=chunk)[40](index=40&type=chunk) - In Q3 2023, the company recorded a goodwill impairment loss of approximately **$78.3 million**, triggered by a sustained decline in its share price indicating the carrying value exceeded fair value[81](index=81&type=chunk)[83](index=83&type=chunk) - Subsequent to the quarter end, on November 9, 2023, the company executed a major refinancing, replacing its existing credit facility with a new **$185.0 million** term loan and a **$25.0 million** revolving facility, and agreeing to issue **$150.0 million** of Series A-1 Preferred Stock and warrants[84](index=84&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2023 revenue growth driven by the Twilio IoT acquisition, a 96% DBNER, and a post-quarter refinancing that significantly altered the capital structure [Key Metrics](index=25&type=section&id=Key%20Metrics) Total connections grew to 18.9 million, boosted by the Twilio IoT acquisition, while DBNER decreased to 96%, and sales funnel TCV significantly increased to $740.0 million Total Number of Connections | Metric | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Number of Connections at Period End | 18.9 million | 15.0 million | - The increase in connections includes approximately **3.1 million** added from the acquisition of Twilio's IoT Business[124](index=124&type=chunk) - DBNER was **96%** for the twelve months ended September 30, 2023, compared to **100%** for the prior year period, mainly due to a revenue decline from the largest customer after its LTE transition project concluded[130](index=130&type=chunk) - The sales funnel TCV grew to approximately **$740.0 million** as of September 30, 2023, from **$434.0 million** at the end of 2022[133](index=133&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q3 2023 total revenue increased 4% to $68.6 million, driven by Services revenue growth offsetting Product declines, with total gross margin improving to 55% and SG&A expenses rising 13% Revenue by Type (in thousands) | Revenue Type | Q3 2023 | Q3 2022 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Services | $57,046 | $46,448 | $10,598 | 23% | | Products | $11,587 | $19,689 | $(8,102) | (41)% | | **Total Revenue** | **$68,633** | **$66,137** | **$2,496** | **4%** | Gross Margin Rate | Category | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Services | 60% | 64% | 63% | 64% | | Products | 29% | 24% | 27% | 23% | | **Total gross margin** | **55%** | **52%** | **54%** | **51%** | - SG&A expenses increased by **$3.9 million (13%)** in Q3 2023 compared to Q3 2022, primarily driven by increased headcount-related costs from the Twilio IoT acquisition[150](index=150&type=chunk)[151](index=151&type=chunk) [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA for Q3 2023 decreased to $14.2 million, with the nine-month period showing $41.7 million, reflecting adjustments for goodwill impairment and other non-cash items Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(95,361) | $(14,277) | $(133,350) | $(36,639) | | EBITDA | $(73,382) | $5,812 | $(62,996) | $19,819 | | Goodwill impairment | $78,255 | $— | $78,255 | $— | | **Adjusted EBITDA** | **$14,159** | **$15,112** | **$41,726** | **$47,178** | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) Total debt stood at $416.9 million as of September 30, 2023, with cash decreasing, followed by a major post-quarter refinancing on November 9, 2023, significantly altering the capital structure - As of September 30, 2023, the company's financing arrangements included a Senior Secured UBS Term Loan with a drawn amount of **$298.0 million** and Backstop Notes of **$117.8 million**[162](index=162&type=chunk) - On June 1, 2023, the company issued **10,000,000 shares** of common stock to Twilio, Inc. as purchase consideration for its IoT Business[177](index=177&type=chunk) - Net cash provided by operating activities for the nine months ended September 30, 2023, was **$4.5 million**, a significant decrease from **$20.5 million** in the same period of 2022, partly due to a **$9.1 million** increase in interest expense[179](index=179&type=chunk)[181](index=181&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) KORE, as a smaller reporting company, is exempt from providing quantitative and qualitative disclosures about market risk - The company is a smaller reporting company and is not required to provide the information for this item[186](index=186&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of September 30, 2023, due to previously reported material weaknesses in internal control over financial reporting - The company's CEO and CFO concluded that disclosure controls and procedures were not effective as of September 30, 2023, due to previously reported material weaknesses in internal control over financial reporting[187](index=187&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, its internal control[188](index=188&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings beyond routine litigation incidental to its business - As of the reporting date, the company is not involved in any material legal proceedings outside the ordinary course of business[191](index=191&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) Key risk factors include potential stock dilution from new financing, future goodwill impairment charges, interest rate risk on variable debt, and the risk of NYSE delisting due to minimum share price non-compliance - Future issuances of common stock, including from the new Series A-1 Preferred Stock financing and outstanding warrants, could cause market value to decline and result in dilution[193](index=193&type=chunk)[195](index=195&type=chunk) - The company may incur significant impairment charges for goodwill and/or long-lived assets in the future if macroeconomic or market conditions deteriorate, which would adversely affect operating results[196](index=196&type=chunk) - The company is subject to interest rate risk from its variable rate indebtedness, which could significantly increase debt service obligations[197](index=197&type=chunk) - The company is not in compliance with NYSE's minimum average share price requirement as of August 30, 2023, and its common stock may be delisted if compliance is not regained[198](index=198&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities, use of proceeds from registered securities, or issuer purchases of equity securities were reported during Q3 2023 - There were no unregistered sales of equity securities during the quarter ended September 30, 2023[200](index=200&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q3 2023 - During the quarter ended September 30, 2023, no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement[205](index=205&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files

... .. . . 。 。 。 . . . Because of these limitations, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA, Adjusted EBITDA and Adjusted EBITDA margin on a supplemental basis. You should review the reconciliation of net loss to EBITDA, Adjusted EBITDA and Adjusted EBITDA margin below and not rely on an ...

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 ...

Economic Environment and Market Conditions - The company emphasizes that fluctuations in quarterly operating results may be pronounced in the current economic environment, advising against reliance on quarter-to-quarter comparisons for future performance [99]. - Revenue, results of operations, and cash flows are highly dependent on overall demand for the company's platforms and solutions, which may be negatively impacted by macroeconomic conditions such as inflation and rising interest rates [100]. - The company is focusing on the growth of the 5G market, which may take longer to materialize than expected, potentially delaying commercial milestones and affecting financial performance [104]. - The deployment of 5G technology is subject to risks such as equipment availability and regulatory delays, which could affect network performance and customer retention [126]. - The ongoing military conflict between Russia and Ukraine may trigger additional economic sanctions, potentially impacting supply chains and financial conditions [156]. Financial Performance and Results - For the year ended December 31, 2022, total revenue increased to $268.4 million, up 8.1% from $248.4 million in 2021 [321]. - The company reported a net loss of $106.2 million for 2022, compared to a net loss of $24.8 million in 2021, reflecting a significant increase in losses [323]. - Operating expenses rose to $224.8 million in 2022, up from $142.6 million in 2021, primarily due to a goodwill impairment of $58.1 million [321]. - Cash and cash equivalents decreased to $34.6 million as of December 31, 2022, down from $86.0 million in 2021 [316]. - The company’s accumulated deficit increased to $248.2 million in 2022 from $142.3 million in 2021, highlighting ongoing financial challenges [319]. - The company incurred net losses of $106.2 million in 2022 and has an accumulated deficit of $248.2 million as of December 31, 2022 [189]. Risks and Challenges - The company is facing challenges in supporting low latency and high throughput IoT use cases, which are critical for revenue growth and profitability [107]. - There are risks associated with the introduction of new products, including potential supply chain disruptions and competition from new entrants in the market [101]. - Cybersecurity threats pose a significant risk, with potential breaches affecting the integrity and availability of the company's systems and customer data [114]. - The company may face litigation that could adversely affect its financial condition and operations, including costs related to intellectual property disputes [120]. - The company faces risks related to rapid technological changes and must adapt to evolving industry standards to remain competitive [124]. - The company faces risks related to compliance with evolving privacy laws, which could require substantial costs to ensure compliance [165]. - Changes in U.S. and foreign tax rules may result in adverse tax consequences, affecting the company's financial condition [167]. - The company faces risks related to increased borrowing costs and liquidity problems if cash flows are insufficient to meet debt service obligations [176]. Customer and Revenue Concentration - The largest customer accounted for approximately 11% of total revenue for the year ended December 31, 2022, while the next largest customer contributed about 8% [121]. - Revenue from connectivity services built on cellular networks provided by the top three carrier relationships accounted for approximately 40% of the business for the year ended December 31, 2022 [154]. - The company actively seeks to sell additional solutions to existing customers, but a significant increase in churn rate could adversely affect revenue growth [127]. Investment and Growth Strategies - Significant investments are being made in 4G and 5G technologies, with the company aiming to develop leading and cost-effective products in these areas [106]. - Investment in new business strategies and acquisitions may lead to operational difficulties and financial risks, impacting overall business performance [132]. - The company made payments for acquisitions totaling $46,002,000 in 2022, indicating ongoing investment in growth through M&A [328]. Operational and Compliance Issues - The company has identified material weaknesses in its internal controls over financial reporting, which could impair its ability to produce accurate financial statements [181]. - The company is subject to examination by tax authorities, which could result in material differences from historical tax provisions and adversely affect financial statements [173]. - The company relies on a limited number of suppliers for critical components, and any disruption in the supply chain could adversely affect revenue and results of operations [155]. - The company is dependent on telecommunications carriers for IoT Connectivity Services, and disruptions in these relationships could significantly impact business [153]. Accounting and Financial Reporting - The company adopted new accounting standards for leases and cash conversion features effective January 1, 2022, which may impact future financial reporting [310][311]. - The Company recognizes revenue primarily from IoT Connectivity and IoT Solutions, with monthly recurring charges and usage charges forming the bulk of its revenue stream [345]. - The Company recognizes stock-based compensation as an expense over the requisite service period using the straight-line attribution method [374]. - The cumulative after-tax effect of adopting ASC 842 resulted in operating lease right-of-use assets of $9.278 million and total operating lease liabilities of $9.604 million as of January 1, 2022 [393].

Company Overview - KORE is building the world's first pure-play IoT enabler[18] - KORE has over 3,600 customers and 153 million connections[11, 60] - KORE's revenue visibility through 2022 is approximately 95%[11] Financial Performance - KORE's 2021 revenue was $248 million[152] - Q3 2022 revenue was $666 million, a decrease of 2% compared to September 30, 2021[72, 152] - KORE expects to exceed its $457 million revenue forecast for 2021-22 by $56 million+[61] - Adjusted EBITDA for the nine months ended September 30 was $471 million in 2022 and $470 million in 2021[5] Revenue Streams - IoT Connectivity accounted for 65% of revenue in both Q3 2022 and the nine months ended September 30, 2022[24, 72] - IoT Solutions accounted for 35% of revenue in Q3 2022 and the nine months ended September 30, 2022[24, 72] Market Positioning - KORE is positioned for growth in the IoT market, with a focus on industries representing over 80% of IoT spending[14, 63] - KORE's five focus industry sectors are growing fast[50]

Financial Data and Key Metrics Changes - Fourth quarter revenue was $62.4 million, a decline of 3% year-over-year, primarily due to significant revenue from the LTE transition project in the previous year and the impact of 2G/3G sunsets in the U.S. [5][10][12] - Adjusted EBITDA for the fourth quarter was $15.7 million, an increase of approximately 20% compared to the same period last year, with an adjusted EBITDA margin of 25.1% [9][101]. - Full year 2022 net loss was $105.4 million, which includes a goodwill impairment charge of $56.9 million [10][119]. Business Line Data and Key Metrics Changes - IoT connectivity revenue for the full year increased 4% to $175.9 million, while IoT solutions revenue increased 16.5% to $92.5 million [12][103]. - In the fourth quarter, IoT solutions revenue declined 11% year-over-year to $18.7 million, largely due to the previous year's LTE transition project revenue [103]. - Dollar-based net expansion rate (DBNER) for the 12 months ended December 31, 2022, was 92%, down from 122% in the prior year [8]. Market Data and Key Metrics Changes - The company noted that approximately 60% of total revenue is derived from connected health, which is the largest industry vertical [15]. - The company expects to expand its presence in other targeted industry verticals to increase total addressable market (TAM) and drive further growth [15]. Company Strategy and Development Direction - The acquisition of Twilio's IoT business is expected to enhance KORE's eSIM leadership position and expand its deploy, manage, and scale value proposition [97][112]. - The company aims to be one of the few large IoT hyperscalers following market consolidation, leveraging Twilio's capabilities to optimize customer acquisition costs [112][114]. - KORE is focusing on building preconfigured solutions and expanding its offerings in analytics and massive IoT edge computing [86][112]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the revenue and adjusted EBITDA guidance for 2023, projecting revenue in the range of $300 million to $310 million despite headwinds from 2G/3G sunsets and the LTE transition project [116]. - The company anticipates that the worst is behind them and expects organic growth in the mid to high single digits for 2023 [48][116]. - Management acknowledged the impact of macroeconomic conditions on sales cycles, noting a shift towards cost optimization and efficiency-oriented opportunities [18]. Other Important Information - The company reported a significant increase in operating expenses due to a non-cash goodwill impairment charge and other operational costs associated with being a public company [10][104]. - Cash and cash equivalents at the end of Q4 2022 were $35 million, down from $86.3 million at the end of Q4 2021, primarily due to slower collections [105]. Q&A Session Summary Question: Could you give some color on the sales cycle? - Management noted a shift in customer focus from top-line growth to cost optimization and efficiency due to macroeconomic concerns, but expressed confidence in their business model's resilience [18]. Question: How could the supply chain loosening help gross margin and revenue growth this year? - Management indicated that while there are signs of supply chain improvement, challenges remain, and they expect gradual recovery over the next 12 to 18 months [19]. Question: Are there metrics to discuss regarding gross margins and customer installations within the Twilio base? - Management highlighted the strategic fit of the Twilio acquisition and its potential to enhance KORE's offerings, but refrained from disclosing specific metrics until the deal closes [22]. Question: What is the outlook for 2023 revenue guidance? - Management provided guidance of $300 million to $310 million for 2023, factoring in the expected contributions from the Twilio acquisition [116]. Question: How do you feel about the overall trajectory in the pace of IoT deployment? - Management expressed optimism about normalized growth rates and the potential for market share gains, despite the challenges faced [52].

KORE. 1 Investor Presentation November 16, 2022 Disclaimers Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. KORE's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements generally are accompanied by words such as ...