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KORE Group Holdings, a global IoT provider, reported its Q1 2024 financial results. The company achieved a revenue of $76.0 million, a 15.2% increase from last year, with IoT Connectivity revenue growing by 33% to $57.9 million. However, IoT Solutions revenue declined by 19% to $18.1 million due to shipment timing and a strategic pivot to higher-margin deals. The net loss was $17.6 million, a slight improvement from the previous year's $18.5 million. Adjusted EBITDA rose by 10.7% to $14.8 million. The company secured new contracts worth $52 million, including a $26 million Connected Health deal. KORE reaffirmed its 2024 revenue guidance of $300-$305 million and expects Adjusted EBITDA to be between $64-$66 million.
KORE Group Holdings, Inc. (NYSE: KORE) will report its first-quarter 2024 financial results on May 15, 2024, after the U.S. market closes. The company will host a live webcast and Q&A session to discuss the results.
KORE Group Holdings, Inc. announced the transition of Romil Bahl as President and CEO, with Ronald Totton appointed as Interim President and CEO. Bahl led KORE's growth strategy, enabling a significant increase in IoT connected devices and services, leading to its listing on the NYSE. The change, effective May 3, 2024, aims to position KORE for further success in the IoT market.
