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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 Q3 2022 revenue of $66.6 million, slightly down by 1.8% year-over-year, but raised its revenue guidance for the year to $265-$267 million, marking a 12% year-to-date increase. The company generated $9.8 million in cash flow from operations in Q3, and its IoT Connectivity revenue grew by 4.4%, despite foreign exchange headwinds. However, the net loss increased to $13 million, driven by higher SG&A expenses and interest costs. KORE's business development funnel shows promising opportunities valued at over $400 million.
KORE Group Holdings, a leader in IoT solutions, announced participation in ROTH's 11th Annual Technology Event on November 16, 2022, in New York City. President and CEO Romil Bahl, along with Executive VP and CFO Paul Holtz, will engage in one-on-one and small group meetings. KORE empowers businesses through its Connectivity-as-a-Service and IoT solutions, simplifying complex operations to enhance performance and outcomes. For more details, visit www.korewireless.com.
KORE Group Holdings, a leader in IoT solutions, will conduct a conference call on November 14, 2022, at 5:00 PM ET to discuss its Q3 financial results for the period ending September 30, 2022. Detailed financial results will be shared in a press release before the call. The call will include a presentation by KORE management and a Q&A segment. Interested parties can join via a dedicated link and are encouraged to register 5-10 minutes prior to the start time.
KORE Group Holdings reported a strong second quarter for 2022 with total revenues of $70.4 million, a 16% year-over-year increase, driven by a 47% growth in IoT Solutions. The number of connected devices rose to 15.2 million. Despite these gains, a net loss increased to $11.1 million. KORE maintains its fiscal guidance for 2022, expecting revenues between $260-265 million and adjusted EBITDA of $63-64 million. Challenges from LTE transitions for a major customer and ongoing 2G/3G sunsets are anticipated to impact the second half of the year.
KORE Group Holdings, Inc. (NYSE: KORE) announced a conference call scheduled for August 11, 2022, at 5:00 p.m. ET to discuss its second-quarter financial results ending June 30, 2022. The financial results will precede the call and will be available via a press release. Participants can access the conference using U.S. dial-in (877) 407-3039 or international dial-in (215) 268-9922, with the conference ID 13731223. A supplemental slide presentation will also be provided during the call, which is accessible via the company's investor relations website.
KORE Group Holdings, a leader in IoT solutions, has been included in the Russell 3000 Index effective June 27, 2022, enhancing its profile in the market. This move follows significant revenue growth despite challenges such as network changes, the pandemic, and supply chain issues. Membership in the Russell 3000 also means inclusion in the Russell 1000 and 2000 indexes, which are essential for investment managers. KORE's addition is expected to increase visibility and potentially drive shareholder value.
KORE has officially moved to a larger facility in Pittsford, N.Y., to support its expanding managed services for IoT customers. The ribbon-cutting event, attended by local dignitaries and over 75 employees, highlights KORE's growth and commitment to the Connected Health industry, which focuses on remote patient monitoring solutions. CEO Romil Bahl emphasized the move's significance as a testament to the company's growth and ability to better serve its customers.
KORE Group Holdings reported impressive financial results for Q1 2022, achieving a 25% year-over-year revenue growth to $68.9 million. The IoT Solutions business surged by 70%, contributing significantly to overall revenue. KORE also noted an increase in Total Connections to approximately 15.3 million. Despite these successes, the company faced a net loss of $10.9 million. KORE reiterated its 2022 revenue guidance of $260-$265 million and emphasized its strong market positioning as a leader in IoT services.
KORE Group Holdings (NYSE: KORE) will hold a conference call on May 16, 2022, at 5:00 p.m. ET, to discuss its first quarter financial results for the period ended March 31, 2022. Prior to the call, a press release detailing the financial results will be issued. The call will include a presentation by KORE management followed by a Q&A session. Interested parties can access the call via the provided webcast link or dial-in using U.S. and international numbers. Additional information is available on the company's investor relations website.
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