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KORE(KORE) - 2025 Q1 - Quarterly Results
KOREKORE(KORE)2025-04-30 20:15

Revenue Performance - Revenue for Q4 2024 was 73.3million,a1.173.3 million, a 1.1% increase from 72.5 million in Q4 2023, driven by a 1.1milliongrowthinIoTConnectivityrevenue[5]−Fullyearrevenuetotaled1.1 million growth in IoT Connectivity revenue[5] - Full year revenue totaled 286.1 million, up 9.5millionor3.49.5 million or 3.4% from 276.6 million in 2023, with IoT Connectivity revenue increasing by 24.5millionto24.5 million to 226.9 million[9] - KORE's total revenue for the year ended December 31, 2024, was 146,076,000,downfrom146,076,000, down from 167,042,000 in 2023[38] - The company expects revenue for 2025 to be in the range of 288millionto288 million to 298 million[14] Financial Loss and Improvement - Net loss for Q4 2024 improved to 25.4million,areductionof24.625.4 million, a reduction of 24.6% compared to 33.7 million in Q4 2023[9] - KORE Group Holdings reported a net loss of 25,448,000forQ42024,animprovementfromanetlossof25,448,000 for Q4 2024, an improvement from a net loss of 33,692,000 in Q4 2023[38] - The company incurred a goodwill impairment loss of 65,861,000fortheyearendedDecember31,2024[38]CashFlowandEBITDA−AdjustedEBITDAforQ42024was65,861,000 for the year ended December 31, 2024[38] Cash Flow and EBITDA - Adjusted EBITDA for Q4 2024 was 14.0 million, a slight increase of 1.1% from 13.8millioninQ42023[9]−AdjustedEBITDAforQ42024was13.8 million in Q4 2023[9] - Adjusted EBITDA for Q4 2024 was 13,976,000, slightly up from 13,824,000inQ42023[38]−FreeCashFlowforQ42024was13,824,000 in Q4 2023[38] - Free Cash Flow for Q4 2024 was 1.6 million, a significant improvement from a negative 15.5millioninQ42023[9]−FreecashflowforQ42024was15.5 million in Q4 2023[9] - Free cash flow for Q4 2024 was 1,562,000, compared to a negative free cash flow of 15,546,000inQ42023[39]−TotalcashprovidedbyoperatingactivitiesforQ42024was15,546,000 in Q4 2023[39] - Total cash provided by operating activities for Q4 2024 was 2,840,000, a significant recovery from a cash used of 10,912,000inQ42023[39]OperationalMetrics−ThetotalnumberofIoTConnectionsincreasedby1.2millionto19.7millionbytheendof2024[4]−TheDollar−BasedNetExpansionRate(DBNER)forthetwelvemonthsendingDecember31,2024,was9510,912,000 in Q4 2023[39] Operational Metrics - The total number of IoT Connections increased by 1.2 million to 19.7 million by the end of 2024[4] - The Dollar-Based Net Expansion Rate (DBNER) for the twelve months ending December 31, 2024, was 95%, down from 96% in the previous year[11] - KORE's average revenue per user (ARPU) is a key metric for assessing revenue generation per connection, calculated on a quarterly basis[33][34] Restructuring and Future Outlook - KORE completed its restructuring plan, resulting in over 20 million in annual run-rate savings[5] - Notable new business wins in Q4 included closed-won Total Contract Value (TCV) of 29.3million,with29.3 million, with 9.4 million related to Connectivity[13] - The company anticipates future revenue growth and operational efficiency improvements as part of its restructuring plan[35] - KORE's integration-related restructuring costs for the year were 19,159,000,comparedto19,159,000, compared to 16,532,000 in 2023[38] - The company reported a change in fair value of warrant liability of $2,309,000 for Q4 2024[38]