KORE Reports Fourth Quarter and Full Year 2024 Results

Core Insights - KORE Group Holdings, Inc. reported significant financial improvements in 2024, driven by a focus on customer intimacy, operational excellence, and profitable growth [3][4] - The company added 1.2 million IoT connections in 2024, reaching a total of 19.7 million connections by year-end [4][11] - KORE's revenue for the full year was $286.1 million, a 3.4$276.6 million in 2023, primarily due to a $24.5 million increase in IoT Connectivity revenue [9][10] Financial Performance - Fourth quarter revenue was$73.3 million, up 1.1% from $72.5 million in the same quarter of 2023, with IoT Connectivity revenue increasing to$56.5 million [10] - For the full year, IoT Connectivity revenue reached $226.9 million, a 12$59.2 million [9][11] - The net loss for the fourth quarter improved to $25.4 million from$33.7 million in the previous year, marking a 24.6% reduction [10] Cash Flow and Operational Metrics - Cash provided by operating activities for the fourth quarter was $2.8 million, an increase of$13.8 million compared to the same quarter in 2023 [10] - Free cash flow improved significantly to $1.6 million in the fourth quarter, compared to a negative$15.5 million in the same period of 2023 [10] - The company completed its restructuring plan, resulting in over $20 million in annual run-rate savings [9] Future Outlook - For the twelve months ending December 31, 2025, KORE expects revenue in the range of$288 million to $298 million, with Adjusted EBITDA projected between$62 million and $67 million [19]