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, reported financial and operational results for the quarter and year-to-date period ended June 30, 2025.
Second Quarter 2025 Company Highlights
- Revenue increased to $71.3 million, up $3.4 million or 5% from the same period last year.
- Total Connections1 increased to 20.1 million, up 8% from 18.6 million from the same period last year.
- Net Loss decreased to $16.9 million, an improvement of $66.8 million or 80% from the same period last year.
- Adjusted EBITDA increased to $16.7 million, up $5.3 million or 46% from the same period last year.
- Cash provided by operations increased to $4.1 million, up $0.1 million from the same period last year.
- Free Cash Flow increased to $1.6 million, up $1.7 million from the same period last year.
"We are pleased with our results this quarter, as we are seeing growth in revenue, Total Connections, Adjusted EBITDA and Free Cash Flow. It is great to see our investments and hard work in profitable growth pay off with over 1.5 million new connections in the last year. We signed some great new business, saw healthy growth from our existing customers, and grew our pipeline in our targeted business lines for the quarter," said Ron Totton, President and Chief Executive Officer. "We are encouraged by our results and believe our value creation plan is showing positive momentum and positions us well for the future."
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1 |
See "Key Operational Metrics" below for definitions. |
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The tables below summarize the Company's revenue and specific key operational metrics:
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Three Months Ended June 30, |
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($ in thousands) |
2025 |
2024 |
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IoT Connectivity |
$56.1 |
79 % |
$55.8 |
82 % |
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IoT Solutions |
$15.2 |
21 % |
$12.1 |
18 % |
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Total Revenue |
$71.3 |
100 % |
$67.9 |
100 % |
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|
Period End Total Connections |
20.1 million |
18.6 million |
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Average Total Connections for the |
20.1 million |
18.5 million |
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Six Months Ended June 30, |
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($ in thousands) |
2025 |
2024 |
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|
IoT Connectivity |
$110.0 |
77 % |
$113.7 |
79 % |
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|
IoT Solutions |
$33.4 |
23 % |
$30.2 |
21 % |
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Total Revenue |
$143.4 |
100 % |
$143.8 |
100 % |
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Period End Total Connections |
20.1 million |
18.6 million |
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Average Total Connections for the |
19.9 million |
18.3 million |
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2025 Financial Outlook
For the twelve months ending December 31, 2025, the Company reiterates the following outlook:
- Revenue in the range of $288 million to $298 million;
- Adjusted EBITDA in the range of $62 million to $67 million; and
- Free Cash Flow in the range of $10 million to $14 million.
Conference Call Details
KORE management will hold a conference call today at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss its financial results, business highlights and outlook. President and CEO Ron Totton and CFO Anthony Bellomo will host the call, followed by a question-and-answer session.
Webcast: Link
U.S. dial-in: (877) 407-3039
International dial-in: (215) 268-9922
Conference ID: 13755120
The conference call and a supplemental slide presentation to accompany management's prepared remarks will be available via the webcast link and for download via the investor relations section of the Company's website, ir.korewireless.com.
For the conference call, please dial in 5-10 minutes prior to the start time, and an operator will register your name and organization, or you may register here. If you have difficulty with the conference call, please contact KORE investor relations at (770) 280-0324. A replay of the conference call will be available approximately three hours after the conference call ends. It will remain on the investor relations section of the Company's website for 90 days. An audio replay of the conference call may be accessed by calling (877)-660-6853 or (201)-612-7415 using access code 13755120.
