KORE(US:KORE)2022-11-14 23:29Financial Performance - Q3 2022 - Total revenue decreased by 2% to $66.6 million compared to $67.9 million in Q3 2021[16] - IoT Connectivity revenue increased by 4% to $43.4 million compared to $41.5 million in Q3 2021[16] - IoT Solutions revenue decreased by 12% to $23.3 million compared to $26.3 million in Q3 2021[16] - Gross margin increased by 500 bps to 53% compared to 48% in Q3 2021[16] - Net loss was $13.0 million, or $0.17 per share, compared to a net loss of $4.5 million, or $0.26 per share in Q3 2021[16] - Adjusted EBITDA decreased by 2% to $15.6 million compared to $15.9 million in Q3 2021[16] - Adjusted EBITDA margin was flat at 23.4% compared to Q3 2021[16] Financial Outlook - 2022 - The company increased its 2022 revenue outlook to $265-$267 million, despite a $5 million F/X headwind[16] - The company's two-year stack revenue for 2021-22 is forecast at $513-$515 million compared to the forecast of $457 million provided in the 'go public' model[16] - Adjusted EBITDA for 2022 is projected to be $63-$64 million, representing approximately a 24% margin[16] Business Highlights - KORE formed a strategic partnership with Ericsson to provide connectivity in the U S for over 8,500 Ericsson enterprise customers[14] - KORE launched KORE Connected Hub for Connected Health to streamline the integration of medical devices and sensors[14] - KORE was named a 2022 Competitive Strategy Leader by Frost & Sullivan[14]