Company delivers strong profitability and Free Cash Flow growth in 2025
ATLANTA, March 30, 2026 /PRNewswire/ -- KORE Group Holdings, Inc. $(KORE)$ ("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
$12.4 million year over year.
________________
(1) See "Key Operational Metrics" below for definitions.
"Our fourth--quarter performance showcased disciplined execution, and our full--year results reflected meaningful expansion in profitability and Free Cash Flow," said Ron Totton, KORE's President & CEO. "We also advanced our growth engine with continued expansion in Total Connections, underscoring durable demand for our IoT platform," added Totton.
The tables below summarize the Company's revenue and specific key operational metrics:
Three Months Ended December 31,
--------------------------------------
($ in thousands) 2025 2024
------------------- -----------------
IoT Connectivity $57,248 78 % $56,476 77 %
IoT Solutions $16,613 22 % $16,848 23 %
---------- ------- --------- ------
Total Revenue $73,861 100 % $73,324 100 %
========== ======= ========= ======
Period End Total Connections 20.9 million 19.7 million
Average Connections Count for
the Period 20.9 million 19.6 million
Twelve Months Ended December 31,
--------------------------------------
($ in thousands) 2025 2024
------------------- -----------------
IoT Connectivity $223,993 78 % $226,853 79 %
IoT Solutions $61,952 22 % $59,234 21 %
---------- ------- --------- ------
Total Revenue $285,945 100 % $286,087 100 %
========== ======= ========= ======
Period End Total Connections 20.9 million 19.7 million
Average Connections Count for
the Period 20.3 million 18.7 million
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.
About KORE
KORE is a pioneer, leader, and trusted advisor delivering mission-critical IoT solutions and services. We empower organizations of all sizes to improve operational and business results by simplifying the complexity of IoT. Our deep IoT knowledge and experience, global reach, purpose-built solutions, and deployment agility accelerate and materially impact our customers' business outcomes. For more information, visit www.korewireless.com.
Non-GAAP Financial Measures
In addition to our results as determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operational performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing our operating performance.
EBITDA and Adjusted EBITDA
"EBITDA" is defined as net income (loss) before other non-operating expenses or income, income tax expense or benefit, and depreciation and amortization. "Adjusted EBITDA" is defined as EBITDA adjusted for unusual and other significant items that management views as distorting the operating results from period to period. Such adjustments may include stock-based compensation, integration and acquisition-related charges, tangible and intangible asset impairment charges, certain contingent liability reversals, transformation, and foreign currency transaction gains and losses. EBITDA and Adjusted EBITDA are intended as supplemental measures of our performance that are neither required by nor presented in accordance with GAAP. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because all companies may not calculate Adjusted EBITDA in the same fashion.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis. You should review the reconciliation of net loss to EBITDA and Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.
Free Cash Flow
Free Cash Flow is a non-GAAP measure defined as net cash provided by (used in) operating activities, reduced by capital expenditures, net. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations because it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along with other operating and financial performance measures presented in accordance with GAAP.
Key Operational Metrics
KORE reviews a number of operational metrics to measure our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. The calculation of the key operational metrics discussed below may differ from other similarly titled metrics used by other companies, securities analysts, or investors.
Number of Customer Connections
Our "Total Number of Connections" or "Total Connections" with respect to any financial period constitutes the total of all our IoT Connectivity services connections for such period, which includes the contribution of eSIMs but excludes certain connections where mobile carriers license our subscription management platform from us. The "Average Connections Count" with respect to any financial period is the simple average of the total connections for such period.
These metrics are the principal measures used by management to assess the growth of the business on a periodic basis, on a SIM and/or device-based perspective. We believe that investors also use these metrics for similar purposes.
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