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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 Group Holdings reported preliminary financial and operational results for Q4 and the full year ending December 31, 2022. Q4 revenue was $62.4 million, down 3.1% year-over-year, while full-year revenue reached $268.4 million, an 8.1% increase. Notably, KORE announced the acquisition of Twilio's IoT business for ten million shares, enhancing its service capabilities. The company expects 2023 revenue between $300 to $310 million, reflecting a growth outlook. Adjusted EBITDA for 2022 increased by 3.1% to $62.8 million, despite a significant net loss of $105.4 million due to a goodwill impairment charge. The total connections rose to 15 million, marking a 2.7% year-over-year increase.
KORE Group Holdings (NYSE:KORE) has reached an agreement to acquire Twilio's (NYSE:TWLO) IoT business unit, which will enhance KORE's IoT solutions and customer base. Under the deal, KORE will issue 10 million shares, representing about 11.5% of its outstanding shares, to Twilio as payment. The acquisition aims to provide a comprehensive suite for building and managing IoT operations, leveraging Twilio's digital expertise and KORE's connectivity solutions. This strategic move is positioned to accelerate KORE's growth and establish its place as a leader in the IoT sector.
KORE Group Holdings, a leader in IoT Solutions, plans to file its Form 10-K within the 15-day extension provided by SEC Rule 12b-25. A conference call is scheduled for March 27, 2023, at 5:00 p.m. ET to discuss Q4 and full-year results for 2022. The filing deadline for Form 10-K has been extended to March 31, 2023. Financial results will be released prior to the call. Investors can join via dial-in or webcast. The company's solutions aim to simplify IoT complexities for various organizations, enhancing operational results.
KORE Group Holdings, a leader in IoT solutions, will participate in the 35th Annual ROTH Conference held in Laguna Niguel, California, from March 12-14, 2023. Romil Bahl, President and CEO, and Paul Holtz, Executive VP and CFO, will engage in one-on-one and small group meetings with institutional investors. This event highlights KORE's commitment to connecting with investors and showcases its industry expertise. KORE is traded under the ticker symbol KORE on the NYSE. For more details, interested parties can register at Roth Conference Registration.
KORE, a leader in IoT solutions, will unveil its new software MODGo at Mobile World Congress Barcelona from February 27 to March 2, 2023. MODGo is a SaaS solution designed to streamline IoT asset management, addressing challenges in implementation and logistics. It allows organizations to manage the entire lifecycle of connected devices, covering aspects like deployment, monitoring, and inventory management. KORE collaborated with IMS to develop MODGo, aiming to simplify complex processes and improve operational efficiency. The launch emphasizes KORE's commitment to enhancing IoT experiences for businesses and consumers alike.
KORE Group Holdings (NYSE: KORE) announced its participation in the Needham Growth Conference on January 12, 2023. CEO Romil Bahl and CFO Paul Holtz will host virtual one-on-one meetings with institutional investors and present at 4:30 pm ET. The webcast can be accessed on the KORE investor relations website and will be available for replay for 90 days post-event. KORE is recognized as a leader in IoT solutions and Connectivity-as-a-Service, helping organizations simplify IoT complexities.
KORE (NYSE: KORE) announced a collaboration with Amazon Web Services (AWS) to enhance IoT device connectivity and security. Utilizing the innovative OmniSIM SAFE solution, KORE aims to address security challenges in global Massive IoT deployments. This eSIM technology adheres to the GSMA IoT SIM Applet for Secure End-2-End standard, fostering safer device communications. KORE's approach supports zero-touch provisioning, simplifying device management. The company anticipates significant growth in IoT, expecting up to 75 billion connected devices by 2030.
KORE has announced a multi-year alliance with Google Cloud to enhance IoT capabilities for global businesses. This partnership aims to leverage Google Cloud's infrastructure alongside KORE's IoT Solutions, simplifying IoT deployment for enterprises. KORE's innovative platform will be integrated into Google Cloud, facilitating better device management and connectivity. The collaboration is set to expand market paths for various industries including healthcare, logistics, and retail, ultimately aiming to improve operational outcomes through enhanced IoT services.
KORE (NYSE: KORE) has partnered with Care Daily, an AI-driven in-home senior care company, to enhance Connected Health solutions for seniors. With the senior population projected to reach 95 million by 2060, KORE aims to support the aging-in-place trend by providing scalable IoT connectivity and managed services. Care Daily's AI-assistant platform, validated for its efficacy in aiding caregivers, will leverage KORE's services to streamline operations and hardware logistics. This collaboration seeks to empower seniors with safe, autonomous living while facilitating real-time health monitoring.
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