Kore Group Holdings - KORE STOCK NEWS

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

KORE, a global leader in Internet of Things (IoT) Solutions, has received the 2024 IoT Evolution Product of the Year Award for its KORE Connectivity Suite. This award, presented by IoT Evolution World, recognizes the most innovative products powering IoT technology.

The KORE Connectivity Suite includes Connectivity as Service (CAAS), Connectivity Management Platform (CMP), and wireless 4G and 5G Broadband Solutions. KORE Interim CTO Ronald Weststrate emphasized the company's commitment to expanding IoT use cases for the greater good, highlighting its potential in areas such as food production and addressing the climate crisis.

This recognition underscores KORE's achievements in providing reliable connectivity to power diverse IoT applications and its role in creating a sustainable future through technology.

KORE Group Holdings announced the appointment of Bruce Gordon as Executive Vice President and Chief Operating Officer, effective July 2, 2024. Gordon brings over 30 years of experience in the technology sector, having held key leadership roles at GeoDigital, ABB Ventyx, Infor, and Descartes. His role at KORE will focus on enhancing operational efficiencies, fostering innovation, and driving growth. Gordon has been granted 100,000 restricted stock units as part of his compensation package. The RSUs will vest over four years, with specific milestones each year. This strategic hire aims to leverage Gordon's extensive experience to solidify KORE's position in the IoT market.

KORE, a leader in IoT Solutions, and mCare Digital have launched the mCareWatch MW-241, a next-gen personal emergency alarm powered by KORE's connectivity and provisioning platform. This innovation allows for seamless monitoring of patients at home or in healthcare facilities. Recently awarded the Best Innovative Assistive Technology product at the Asia Pacific Eldercare Awards, the mCareWatch MW-241 highlights mCare Digital's focus on customer satisfaction and innovation. Designed for independence and security, it features a lightweight design and extended battery life, catering particularly to seniors and those with disabilities. This collaboration aims to enhance health monitoring and set new standards in healthcare technology.

KORE Group Holdings announced a 1-for-5 reverse stock split of its common stock, effective July 1, 2024. The primary goal is to increase the share price to meet NYSE's minimum requirements. The stock symbol 'KORE' and new CUSIP 50066V 305 will be used. The reverse split was approved by the Board and shareholders on June 21, 2024, and June 12, 2024, respectively. No fractional shares will be issued; fractional entitlements will be rounded up to the next whole share. Proportionate adjustments will be made to exercise prices and equity awards. Continental Stock Transfer & Trust will handle the exchange, and no action is required by stockholders holding shares electronically or through brokers.

KORE, a leader in IoT solutions, has been honored with the 2023 Enterprise Partner of the Year Award by Cradlepoint, a top provider of cloud-delivered LTE and 5G solutions. This accolade, presented at Cradlepoint's 2024 Global Partner Summit, highlights KORE's significant year-over-year growth and excellence in sales, solution architecture, and customer service. The award emphasizes KORE's commitment to providing superior IoT connectivity solutions, fostering a strong relationship between the two companies and driving future opportunities in connected businesses. KORE collaborates with various businesses, including major cellular operators and telecom providers, benefiting from Cradlepoint's expanded portfolio of private networks and managed services.

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.