KORE(KORE)2025-05-15 20:19Revenue 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]