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KORE Group Holdings, Inc. (NYSE: KORE) is a trailblazer in the Internet of Things (IoT) industry, providing comprehensive IoT solutions and services that enable organizations to manage, deploy, and scale their IoT applications globally. Since its inception in 2003, KORE has emerged as the world’s largest managed network services provider focusing on IoT and machine-to-machine (M2M) communications.
KORE's offerings include a wide range of connectivity services, location-based services, device solutions, and managed services that cater to the diverse needs of the IoT market. By providing these critical services, KORE helps businesses navigate the complexities of IoT technology, ensuring seamless connectivity and operational efficiency.
Recent achievements highlight KORE's financial resilience and strategic initiatives. The company recently refinanced its senior debt, reducing its overall debt by approximately $120 million and extending its debt maturity by five years. This strategic move aims to enhance cash efficiency and support the company's growth prospects.
In the third quarter of 2023, KORE reported significant financial and operational successes, including strong organic growth in its core IoT Connectivity business. The company also integrated the Twilio IoT team and plans to launch a new combined eSIM product in 2024. Despite macroeconomic challenges, KORE has maintained its Adjusted EBITDA guidance and streamlined operating costs to align with revenue shifts.
KORE's leadership in the IoT sector is further validated by its recurring recognition in the Gartner Magic Quadrant for Managed IoT Connectivity Services. This acknowledgment underscores KORE's commitment to delivering reliable, multi-technology, and global connectivity solutions.
Notable partnerships and collaborations demonstrate KORE's innovative approach to IoT solutions. For instance, KORE's collaboration with Medical Guardian on a groundbreaking eSIM-based medical alert device showcases the company's ability to address healthcare access disparities and ensure optimal connectivity.
Looking ahead to 2024, KORE expects to achieve double-digit organic growth in its core connectivity business and remains focused on profitability and EBITDA. The company’s robust financial outlook and strategic initiatives position it well to capitalize on the opportunities presented by the Decade of IoT.
With a broad portfolio of IoT services, a commitment to customer-centric innovation, and a strong financial foundation, KORE Group Holdings continues to lead the way in transforming the IoT landscape.
KORE has won the 'Connected Car Product of the Year' award at the 9th annual IoT Breakthrough Awards for its In-Vehicle Video (IVV) solution. The solution combines IoT dash cams with AI technology to enhance fleet operations and safety.
The IVV system offers continuous video streaming with multiple cameras, infrared night vision capabilities, and remote access features. Its AI functionality monitors driver fatigue and distracting behaviors, sending alerts to headquarters for immediate intervention. The platform enables fleet managers to:
- Improve driver behavior through targeted coaching
- Reduce collision frequency and insurance costs
- Establish accident fault with video evidence
- Monitor fleet performance with contextual data
KORE's turn-key solution includes fleet management applications, managed network connectivity from Tier 1 cellular operators, and support for advanced vehicle tracking devices. This recognition comes at a important time, as commercial fleets face a 20% annual accident rate, highlighting the importance of innovative safety solutions in the transportation industry.
KORE Group Holdings (NYSE: KORE) has received acceptance from the NYSE for its plan to regain compliance with continued listing standards. The plan addresses requirements related to minimum market capitalization and stockholders' equity under Section 802.01B of the NYSE Listed Company Manual. The company has been granted an 18-month period from September 12, 2024 to achieve compliance.
During this period, KORE must provide quarterly updates on its progress towards the plan's goals, which includes operational restructuring activities and business outlook. The company's common stock will continue trading on the NYSE during the compliance period, subject to adherence to the plan and other listing standards. This development does not affect KORE's business operations or SEC reporting requirements.
KORE reported Q3 2024 financial results with revenue of $68.9 million, a 0.4% increase year-over-year. IoT Connectivity revenue grew 3% to $56.7 million, while IoT Solutions revenue decreased 9% to $12.2 million. The company reported a net loss of $19.4 million, an 80% improvement from the previous year's $95.4 million loss. Total Contract Value increased 19% to $32 million. The company completed its restructuring plan and maintains approximately 19 million connections with $1 monthly ARPU. KORE tightened its 2024 outlook, projecting revenue between $280-285 million and Adjusted EBITDA of $54-55 million.
KORE Group Holdings (NYSE: KORE) announced the rescheduling of its Q3 2024 financial results release and webcast from November 13 to November 19, 2024, at 5PM ET. The company will restate its Q2 2024 financial statements due to errors in computing a non-cash goodwill impairment charge. The restatement is not expected to impact revenues, cash flows, or Adjusted EBITDA for the affected period. KORE plans to file a Form 10-Q/A with restated unaudited condensed consolidated financial statements by November 19, 2024.
KORE Group Holdings (NYSE: KORE), a global IoT hyperscaler and provider of IoT Connectivity, Solutions and Analytics, has announced it will release its third quarter 2024 financial results on November 13, 2024, after U.S. market close. The company will host a live webcast and Q&A session at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) on the same day to discuss the results.
KORE Group Holdings, Inc. (NYSE: KORE), an IoT solutions provider, has received a notice from the New York Stock Exchange (NYSE) regarding non-compliance with listing standards. The company's average global market capitalization over 30 consecutive trading days and stockholders' equity were both below the required $50 million threshold. KORE plans to submit a plan within 45 days to address this issue and regain compliance. If accepted, KORE will have an 18-month cure period to meet the standards, during which its stock will continue to trade on the NYSE, subject to other listing requirements and periodic reviews. This notice does not affect KORE's business operations or SEC reporting obligations.
KORE and Social Mobile have announced a collaboration in the Connected Health sector, focusing on Remote Patient Monitoring (RPM) and clinical research. This partnership combines KORE's IoT connectivity solutions with Social Mobile's enterprise-grade devices, designed specifically for healthcare applications. The collaboration aims to improve patient outcomes and enhance data collection in clinical trials.
A key success story involves Biofourmis, where KORE and Social Mobile provided a turnkey solution for remote patient care. The partnership also addresses the needs of clinical research organizations by ensuring data integrity and patient safety. Both companies will showcase their innovations at HLTH® 2024 in Las Vegas, October 20-23, demonstrating the future of Connected Health.
KORE Group Holdings reported Q2 2024 results and announced a restructuring plan. Key points include:
- Revenue decreased 2% to $67.9 million
- IoT Connectivity revenue increased 16% to $55.8 million
- IoT Solutions revenue decreased 43% to $12.1 million
- Net loss increased 230% to $64.3 million, including a $45.4 million goodwill impairment charge
- Adjusted EBITDA decreased 20% to $11.4 million
The company appointed Ron Totton as President and CEO, and announced a restructuring plan expected to generate $5-6 million in cash savings in 2024 and $20-22 million annually thereafter. KORE updated its 2024 guidance, now expecting revenue of $275-285 million and Adjusted EBITDA of $54-56 million.
KORE, a global leader in Internet of Things (IoT) Solutions, has been awarded the 2024 IoT LPWAN Excellence Award for its KORE LPHub™ platform. This recognition, presented by TMC and Crossfire Media, highlights products that effectively utilize Low Power Wide Area Network (LPWAN) protocols for secure device communication.
KORE LPHub, a SaaS-based Service Delivery Platform, simplifies the deployment, management, and connectivity of LoRaWAN devices over cost-effective, low-power networks. It supports both private and public networks, offering cloud and on-premise solutions to enhance LoRaWAN footprints with reduced costs and complexity.
Ron Totton, KORE's Interim President and CEO, emphasized that LPHub is not just a messaging platform but a comprehensive toolkit for LoRaWAN deployments. It enables management of multiple networks through a single interface, easy gateway provisioning, and real-time analytics for full control and visibility.
KORE Group Holdings, Inc. (NYSE: KORE), a global IoT hyperscaler, has announced it will release its second quarter 2024 financial results on August 15, 2024, before the U.S. market opens. The company will host a live webcast at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) on the same day to discuss the results, followed by a question-and-answer session.
Investors and interested parties can access the webcast through a provided link or join via phone using the following details:
- U.S. dial-in: (877) 407-3039
- International dial-in: (215) 268-9922
- Conference ID: 13747164
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