Company Summary: KORE Group Holdings, Inc.

Business Overview

• Core Business: Provides IoT (Internet of Things) connectivity and related solutions for enterprise customers.
• Main Offerings:
  • IoT Connectivity Services: Secure, reliable, wireless internet access for mobile and fixed devices.
  • IoT Solutions: Device management, location-based services, security software, and device configuration.
  • Managed & Professional Services: Support and development services for IoT applications.
• Partnerships:
  • Collaborates with the world's largest mobile network operators.
  • Partners include enterprise IoT software providers, hardware OEMs, semiconductor and module OEMs, cloud providers, and system integrators.
• Unique Technologies:
  • KORE One® Platform: A microservices-based, scalable platform managing connectivity and IoT solutions.
  • eSIM (OmniSIM / SuperSim): Programmable SIM technology offering global and local connectivity on a single SIM, remotely updated over-the-air.
  • Cellular Core Network as a Service (Cloud Native HyperCore): Provides cellular core network capabilities built on top of carrier networks.
  • ConnectivityPro® Platform: Manages global IoT connectivity including provisioning, rating, diagnostics, and eSIM orchestration.

Industry Verticals & Customer Base

• Vertical Markets Served:
  • Connected Health (healthcare devices and solutions)
  • Fleet Management and Vehicle Tracking
  • Asset Monitoring
  • Retail Communications
  • Industrial IoT
• Customers:
  • Operate across diverse sectors like healthcare, fleet, asset management, retail, and manufacturing.
  • No single customer accounts for more than 10% of revenue (for years ending 2023 & 2024).
• Customer Metrics:
  • Total IoT Connectivity Connections:
    • 19.7 million as of December 31, 2024
    • 18.5 million as of December 31, 2023
  • Average Connections Count:
    • 18.7 million in 2024
    • 17.3 million in 2023
  • Revenue from Services:
    • $234.2 million in 2024 (+10% year-over-year)
    • $212.6 million in 2023
  • Revenue from Products:
    • $51.8 million in 2024 (-19%)
    • $64.0 million in 2023
  • Revenue Disaggregation:
    • IoT Connectivity: $226.9 million (2024) vs $202.4 million (2023)
    • IoT Solutions: $59.2 million (2024) vs $74.2 million (2023)

Revenue & Financials

• Total Revenue:
  • $286.1 million in 2024
  • $276.6 million in 2023
  • Increase: $9.5 million (3%)
• Gross Profit & Margin (2024):
  • Total gross profit: $111.6 million (~39% margin)
  • Services gross profit: $96.3 million (~41.1%)
  • Products gross profit: $15.3 million (~29.5%)
  • Non-GAAP profit (including depreciation adjustment): $161.1 million (~56.3%)
• Net Loss (2024):
  • $146.1 million, attributed to goodwill impairment among other factors.
• Employees:
  • 539 full-time employees as of December 31, 2024.
• Market Capitalization:
  • Approximate market value based on stock price of $2.12 as of June 28, 2024:
    • About $12.9 million (market value of stock held by non-affiliates).
• Stock Outstanding:
  • 17,160,061 shares of common stock as of April 28, 2025.
• Listing:
  • Traded on NYSE under the symbol KORE.

Key Technologies & IP

• Proprietary KORE One® platform—scalable, open, modular microservices architecture.
• eSIM Technology:
  • OmniSIM and SuperSim offering remote over-the-air updates for global/local connectivity.
• Cellular Core as a Service:
  • Cloud-native cellular core network solutions.
• ConnectivityPro Platform:
  • Manages global IoT connectivity, diagnostics, and orchestration.

Business Strategy & Operations

• Focuses on expanding coverage, increasing connections, and developing new IoT solutions.
• Works with channel partners, resellers, and enterprise clients.
• Plans to exit Cellular Core as a Service (CEaaS) by end of 2025.
• Maintains a diversified customer portfolio to minimize concentration risk.
• Continues to evaluate acquisitions and invests heavily in R&D especially in 5G technology.

Summary

KORE Group Holdings, Inc. is a leading provider of IoT connectivity and solutions globally, with a strong strategic focus on developing scalable, innovative proprietary platforms, particularly eSIM and cellular core network offerings. They serve a broad base of enterprise customers across multiple industries and have a workforce of over 530 employees. In 2024, the company generated approximately $286 million in revenue with a net loss primarily driven by impairments and restructuring costs.