Kore Group Holdings, Inc. ( (KORE) ) has released its Q4 earnings. Here is a breakdown of the information Kore Group Holdings, Inc. presented to its investors.
KORE Group Holdings, Inc., a global leader in Internet of Things (IoT) solutions, specializes in providing IoT connectivity, solutions, and analytics, positioning itself as a pure-play IoT hyperscaler in the industry.
KORE Group Holdings has reported its financial results for the fourth quarter and full year of 2024, highlighting growth in IoT Connectivity revenue and improvements in cash flow metrics. The company has completed a restructuring plan aimed at enhancing operational efficiency and achieving significant cost savings.
In 2024, KORE achieved a revenue of $286.1 million, with a notable 12% increase in IoT Connectivity revenue. The total number of connections grew by 1.2 million, reaching 19.7 million. The company also reported a net loss reduction of $20.9 million year-over-year and improved free cash flow by $23.1 million. The restructuring plan contributed to over $20 million in annual run-rate savings.
For the fourth quarter, KORE’s revenue increased slightly to $73.3 million, driven by growth in IoT Connectivity. The net loss for the quarter improved by $8.3 million compared to the previous year. Adjusted EBITDA showed a modest increase, while free cash flow turned positive, marking a significant improvement from the prior year’s negative figure.
Looking ahead, KORE’s management anticipates continued growth with projected revenue between $288 million and $298 million for 2025. The company aims to enhance its Adjusted EBITDA and free cash flow, reflecting confidence in its strategic direction and operational improvements.