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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, a leader in IoT solutions, will present at the Oppenheimer 5G Summit on December 14, 2021, at 3:45 p.m. Eastern time. The conference will cover the Wireless and Cloud Convergence theme. KORE's executive team will engage in one-on-one meetings with investors during the event. Registration is required, and a webcast of the presentation will be available afterward. Investors can contact KORE's Investor Relations for further details. For more information, visit www.korewireless.com.
KORE Group Holdings, Inc. (NYSE: KORE) has appointed Paul Holtz as interim Chief Financial Officer, succeeding Puneet Pamnani, who is leaving for new opportunities. Holtz has been with KORE since 2017 and has extensive public company experience in the technology sector. Pamnani will remain with the company until February 28, 2022, to assist in the transition. KORE is conducting a search for a permanent CFO to support its growth strategy. President and CEO Romil Bahl expressed confidence in Holtz's capabilities during this transition.
KORE (NYSE: KORE) has launched KORE OmniSIM™, a global eSIM solution aimed at simplifying IoT connectivity worldwide. This next-generation connectivity offers zero-touch provisioning and resilient network access through two offerings: OmniSIM Reach™ and OmniSIM Rush™. OmniSIM Reach enables access to nearly 600 networks in 198 countries, while OmniSIM Rush focuses on high-bandwidth performance across 61 networks in 34 countries. KORE's innovative solutions are recognized in the industry, highlighting its leadership in eSIM technology.
KORE Group Holdings reported strong financial results for Q3 and nine months ending September 30, 2021, highlighting a 22.8% revenue increase to $67.9 million compared to Q3 2020. The company expects 2021 revenue to exceed $240 million, driven by significant growth in its IoT Solutions segment, which surged 68.2%. Total customer connections rose to 13.6 million. Net loss narrowed to $4.5 million from $5.6 million. KORE also completed its business combination with Cerberus Telecom, enhancing its financial flexibility.
KORE Group Holdings, Inc. (NYSE: KORE) will host a conference call on November 15, 2021, at 5:00 p.m. ET to discuss its financial results for the third quarter ending September 30, 2021. Financial results will be shared in a press release prior to the call. Participants can join via a U.S. dial-in number (877) 407-3039 or an international line (215) 268-9922. A webcast will also be available for public access. KORE is a leader in Internet of Things (IoT) solutions, empowering organizations globally with its Connectivity-as-a-Service offerings.
KORE (NYSE: KORE) introduced a new Connected Health Telemetry Solution (CHTS) that enhances remote patient monitoring by integrating data telemetry into healthcare services. This solution addresses the challenges faced by connected health providers in managing complex data while enabling them to focus on improving patient care outcomes. CHTS offers benefits like secure data routing, device management, and compliance with regulations. Developed in response to increased demand during the pandemic, CHTS aims to accelerate large-scale remote patient monitoring initiatives.
Halo Collar, co-founded by Cesear Millan, is set to launch its innovative pet safety technology at Mobile World Congress in Los Angeles on Oct. 26. This collar offers boundary training and activity tracking using IoT tech, ensuring dogs' safety in various environments. KORE, a leader in IoT solutions, provides crucial connectivity at less than $5 per month. The collar features rugged design, improved battery life, and international functionality, expanding its reach beyond the U.S. and Canada. Halo's aim is to enhance pet safety and owner peace of mind as the IoT market grows.
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