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 September 30, 2025.
Third Quarter 2025 Company Highlights
- Revenue was $68.7 million, roughly flat to the same period last year, while Total Connections increased to 20.5 million, up 9% from 18.8 million from the same period last year.
- Net Loss decreased to $12.7 million, an improvement of $6.7 million or 35% from the same period last year.
- Adjusted EBITDA increased to $14.5 million, up $1.5 million or 12% from the same period last year.
- Cash provided by operations was $1.1 million, flat to the same period last year.
- Free Cash Flow increased to negative $1.1 million, an improvement of $1.1 million from the same period last year.
"We delivered a solid quarter and are successfully executing our profitable growth strategy demonstrated by our growth in Total Connections, now totaling over 20.5 million, while increasing Adjusted EBITDA by 12%, as compared to the same period last year," said Ron Totton, KORE's President & CEO. "We have delivered our second quarter of sequential growth in Connectivity Revenue and are seeing strong Connectivity demand from our customers. We fully expect this trend to continue for the rest of 2025 and into 2026," added Totton.
The tables below summarize the Company's revenue and specific key operational metrics:
|
Three Months Ended September 30, |
||||||
|
(in millions) |
2025 |
2024 |
||||
|
IoT Connectivity |
$ 56.7 |
83 % |
$ 56.7 |
82 % |
||
|
IoT Solutions |
11.9 |
17 % |
12.2 |
18 % |
||
|
Total Revenue |
$ 68.7 |
100 % |
$ 68.9 |
100 % |
||
|
Period End Total Connections |
20.5 million |
18.8 million |
||||
|
Average Total Connections for the Period |
20.4 million |
18.6 million |
||||
|
Nine Months Ended September 30, |
||||||
|
(in millions) |
2025 |
2024 |
||||
|
IoT Connectivity |
$ 166.7 |
79 % |
$ 170.4 |
80 % |
||
|
IoT Solutions |
45.3 |
21 % |
42.4 |
20 % |
||
|
Total Revenue |
$ 212.1 |
100 % |
$ 212.8 |
100 % |
||
|
Period End Total Connections |
20.5 million |
18.8 million |
||||
|
Average Total Connections for the Period |
20.1 million |
18.4 million |
||||
2025 Financial Update
On November 4, 2025, the Company announced that it had received a letter from Searchlight Capital Partners, L.P., on behalf of its affiliated investment funds (collectively, "Searchlight"), and Abry Partners, LLC, on behalf of its affiliated investment funds (collectively, "Abry"), to enter into discussions to acquire all of the outstanding shares of common stock (the "Common Stock") of the Company not already owned by Searchlight or Abry. In addition, KORE's Board of Directors has formed a Special Committee to review, evaluate and negotiate a potential strategic transaction and any alternative thereto. The potential range and timing of outcomes from the strategic review process make it difficult to continue to provide an outlook that would meaningfully represent the range of expected outcomes. As a result, the Company is suspending guidance for the remainder of Fiscal Year 2025.
The Company reiterates that there can be no assurance that the strategic review will result in any transaction.
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 and business highlights. President and CEO Ron Totton and CFO Anthony Bellomo will host the call.
Webcast: Link
U.S. dial-in: (877) 407-3039
International dial-in: (215) 268-9922
Conference ID: 13756825
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 13756825.
