KORE Group Holdings, Inc., 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 ended March 31, 2026.
First Quarter 2026 Financial Highlights
- Revenue was $65.8 million, down $6.3 million due to a decline in IoT Solutions partially offset by $2.3 million increase in IoT Connectivity.
- Total Connections[1] was 21.9 million, up 11% from the same period last year.
- Net Loss was $28.5 million, an increase of $13.5 million or 91% from the same period last year due to transaction-related expenses and the change in fair value of warrant liability.
- Adjusted EBITDA increased to $15.4 million, up $1.0 million or 7% from the same period last year.
- Cash provided by operations was $4.7 million, up $1.9 million from the same period last year.
- Free Cash Flow increased to $2.7 million, up $2.1 million from the same period last year.
"The first quarter of 2026 demonstrates the momentum in our core IoT Connectivity business, which continues to be the engine of our growth. Adding over two million connections year-over-year while increasing our IoT Connectivity revenue is a testament to the essential role we play for our customers," said Ron Totton, KORE's President & CEO. "This focus on our core services allowed us to once again deliver positive free cash flow for our stockholders," 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.
