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, today reported financial and operational results for the quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
- Revenue was $73.9 million, roughly flat to the same period last year, while Total Connections1 increased to 20.9 million, up 6% from 19.7 million from the same period last year.
- Net Loss decreased to $18.5 million, an improvement of $7.0 million or 27% from the same period last year.
- Adjusted EBITDA increased to $17.7 million, up $3.7 million or 26% from the same period last year.
- Cash provided by operations was $10.4 million, up $8.4 million from the same period last year.
- Free Cash Flow increased to $7.8 million, an improvement of $6.3 million from the same period last year.
Full Year Consolidated Financial Results
- Revenue for the full year totaled $285.9 million, compared to $286.1 million one year ago.
- Net Loss for the full year was $63.0 million, compared to $146.1 million one year ago, an improvement of $83.1 million, or 57%.
- Adjusted EBITDA for the full year was $63.3 million, compared to $53.1 million a year ago, an increase of $10.2 million, or 19%.
- Cash provided by operating activities was $18.5 million for the full year, an improvement of $9.4 million year over year.
- Free cash flow was $8.9 million for the full year, an improvement of $12.4 million year over year.
"Our fourth‑quarter performance showcased disciplined execution, and our full‑year results reflected meaningful expansion in profitability and Free Cash Flow," said Ron Totton, KORE's President & CEO. "We also advanced our growth engine with continued expansion in Total Connections, underscoring durable demand for our IoT platform," added Totton.
Pending Transaction
As previously announced, on February 27, 2026, the Company entered into the Agreement and Plan of Merger, dated February 26, 2026, with KONA Parent, L.P. and KONA Merger Sub Co. (the "Merger Agreement") whereby the Company would be acquired by affiliates of Searchlight Capital Partners, L.P. and Abry Partners, as well as certain other stockholders of the Company in an all-cash transaction with an enterprise value of approximately $726 million, including the assumption of debt. The proposed transaction will result in the Company becoming a private company and is expected to close in the second or third quarter of 2026, subject to customary closing conditions, including receipt of regulatory approvals and approval of the holders of a majority of the voting power represented by the outstanding shares that are entitled to vote thereon and approval by the holders of a majority of the votes cast by Disinterested Stockholders, as defined in the Merger Agreement.
In light of the transaction, the Company will not host an earnings conference call.
