KORE Group Holdings, Inc. ("KORE" or the "Company"), the global pure-play Internet of Things ("IoT") hyperscaler, and provider of IoT Connectivity, Solutions and Analytics announced that it expects to restate its second quarter 2024 financial statements and, as a result, is rescheduling the release of the Company's financial results for the third quarter of 2024 and live webcast to discuss those results from previously scheduled November 13, 2024 at 5PM ET to November 19, 2024 at the same time.
The Company's management, in consultation with the Audit Committee of the Company's Board of Directors and in consultation with BDO USA, P.C., the Company's independent registered public accounting firm, concluded that the Company's previously issued unaudited condensed consolidated financial statements contained within the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 should no longer be relied upon due to errors in computing a non-cash goodwill impairment charge. The restatement is not expected to have any impact on the Company's revenues, cash flows or Adjusted EBITDA for the period affected.
The Company intends to file a Form 10-Q/A for the quarter ended June 30, 2024, which will include restated unaudited condensed consolidated financial statements by November 19, 2024.
KORE will also now release its third quarter 2024 financial results on November 19, 2024, following the U.S. market closing. KORE will also host a live webcast, followed by a question-and-answer period the same day at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss the financial results. The delay is to allow KORE additional time to complete the review of the financial statements to be included in the Company's Form 10-Q for the quarter ended September 30, 2024 and to complete the restated financial statements to be included in the Company's Form 10-Q/A for the quarter ended June 30, 2024.
Date: November 19, 2024
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Webcast Event: Link
U.S. dial-in: (877) 407-3039
International dial-in: (215) 268-9922
Conference ID: 13749781
