KORE Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
KORE (NYSE: KORE) reported fourth-quarter and full-year 2025 results on March 30, 2026, showing improved profitability and cash generation. Q4 revenue was $73.9 million, roughly flat year-over-year, with Adjusted EBITDA rising 26% to $17.7 million and Free Cash Flow improving to $7.8 million.
For full-year 2025, revenue was $285.9 million, Net Loss narrowed to $63.0 million (improved $83.1 million, 57%), and Adjusted EBITDA increased to $63.3 million. Period-end Total Connections rose to 20.9 million. A pending all-cash acquisition valued at about $726 million was announced on February 27, 2026.
Positive
- Net loss improved by $83.1M (57%) year-over-year
- Adjusted EBITDA increased by $10.2M (19%) for full year 2025
- Free cash flow improved by $12.4M year-over-year for 2025
Negative
- Full-year net loss remained $63.0M in 2025
- Pending $726M acquisition will take KORE private, affecting public liquidity
News Market Reaction – KORE
On the day this news was published, KORE gained 0.22%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers showed mixed moves: telecom names like PCLA and KVHI were up, while SURG and FNGR were down. With KORE flat-to-slightly up and no peers in the momentum scanner, action appears stock-specific and dominated by the announced buyout terms rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | -3.0% | Q3 2025 showed flat revenue, higher EBITDA, and improved net loss performance. |
| Aug 14 | Q2 2025 earnings | Positive | -6.2% | Q2 2025 delivered 5% revenue growth, strong EBITDA gains, and free cash flow. |
| May 15 | Q1 2025 earnings | Neutral | -1.4% | Q1 2025 mixed results: connections and cash flow up, but revenue declined year over year. |
| Apr 30 | Q4/FY 2024 earnings | Positive | +2.9% | Q4/FY 2024 showed higher revenue, more connections, and improved cash flow metrics. |
| Nov 19 | Q3 2024 earnings | Positive | +3.8% | Q3 2024 results improved net loss and completed restructuring while modestly growing revenue. |
Earnings releases have often been fundamentally positive but met with modest or negative next-day moves, indicating a history of muted reactions to operational progress.
Across the last five earnings events since Nov 2024, KORE steadily improved profitability, cash flow, and IoT connection growth while completing a restructuring. Q4/FY 2024 results highlighted cost actions and positive free cash flow, followed by 2025 quarters that maintained revenue stability and expanded Adjusted EBITDA and connections. Despite this, average next-day move around earnings was about -0.78%, suggesting that operational gains alone historically produced limited upside, which contrasts with the later, deal-driven re-rating.
Historical Comparison
In the past year, KORE’s 5 earnings releases averaged a -0.78% next-day move, even as profitability and free cash flow improved. Today’s Q4/FY 2025 update added further cash flow gains but comes after a signed buyout, so trading tends to reflect deal terms rather than typical earnings volatility.
Earnings history shows a progression from 2024 restructuring and heavy losses to 2025 stability with rising Adjusted EBITDA, growing connections, and consistently improving free cash flow, culminating in results released after a definitive acquisition agreement.
Market Pulse Summary
This announcement highlights stable 2025 revenue alongside significantly lower net loss and stronger free cash flow, while also reminding investors of the pending all-cash acquisition valuing KORE at about $726 million. Relative to prior earnings, it extends the trend of improving profitability and connection growth. Key factors to watch include progress toward required shareholder and regulatory approvals, as well as any subsequent filings that might update transaction terms or timing.
Key Terms
free cash flow financial
adjusted ebitda financial
enterprise value financial
all-cash transaction financial
disinterested stockholders regulatory
agreement and plan of merger regulatory
internet of things technical
iot connectivity technical
AI-generated analysis. Not financial advice.
Company delivers strong profitability and Free Cash Flow growth in 2025
Fourth Quarter 2025 Financial Highlights
- Revenue was
$73.9 million 6% from 19.7 million from the same period last year. - Net Loss decreased to
$18.5 million $7.0 million 27% from the same period last year. - Adjusted EBITDA increased to
$17.7 million $3.7 million 26% from the same period last year. - Cash provided by operations was
$10.4 million $8.4 million - Free Cash Flow increased to
$7.8 million $6.3 million
Full Year Consolidated Financial Results
- Revenue for the full year totaled
$285.9 million $286.1 million - Net Loss for the full year was
$63.0 million $146.1 million $83.1 million 57% . - Adjusted EBITDA for the full year was
$63.3 million $53.1 million $10.2 million 19% . - Cash provided by operating activities was
$18.5 million $9.4 million - Free cash flow was
$8.9 million $12.4 million
________________ |
1 See "Key Operational Metrics" below for definitions. |
"Our fourth‑quarter performance showcased disciplined execution, and our full‑year results reflected meaningful expansion in profitability and Free Cash Flow," said Ron Totton, KORE's President & CEO. "We also advanced our growth engine with continued expansion in Total Connections, underscoring durable demand for our IoT platform," added Totton.
The tables below summarize the Company's revenue and specific key operational metrics:
Three Months Ended December 31, | |||||||
($ in thousands) | 2025 | 2024 | |||||
IoT Connectivity | 78 % | 77 % | |||||
IoT Solutions | 22 % | 23 % | |||||
Total Revenue | 100 % | 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 | 78 % | 79 % | |||||
IoT Solutions | 22 % | 21 % | |||||
Total Revenue | 100 % | 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
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.
Cautionary Note on Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "guidance," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the completion of the acquisition of the Company pursuant to the Merger Agreement and expected timing for closing, the receipt of regulatory and stockholder approvals of the acquisition, expected financial and other risks, future operational performance and efficiency, expected revenue and Total Connections and Connectivity demand. These statements are based on various assumptions and on the current expectations of KORE's management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in the Risk Factors section in our most-recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks that the acquisition transaction will not close in the timeframe expected, or at all; the risk that the expected benefits and effects of the acquisition transaction will not be achieved; the risk that the requisite number of KORE stockholders fail to approve the acquisition transaction; the risk that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the acquisition transaction; the risk that KORE's business will suffer due to uncertainty related to the acquisition transaction risks related to the rollout of KORE's business and the timing of expected business milestones; risks relating to the integration of KORE's acquired companies changes in the assumptions underlying KORE's expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; the effects of competition on KORE's future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
KORE Investor Contact:
Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
KORE GROUP HOLDINGS, INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (UNAUDITED) | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | |||
Net loss | ( | ( | ( | ( | |||
Income tax benefit | 415 | (3,451) | (1,579) | (5,937) | |||
Interest expense, net | 13,440 | 13,047 | 52,728 | 51,396 | |||
Depreciation and amortization | 13,704 | 13,975 | 54,891 | 56,218 | |||
EBITDA | ( | ( | |||||
Goodwill impairment loss | - | (3) | - | 65,861 | |||
Change in fair value of warrant liability | 4,329 | 2,309 | 2,405 | (4,040) | |||
Integration-related restructuring costs | 4,111 | 4,897 | 19,806 | 19,159 | |||
Stock-based compensation | 570 | 1,279 | 2,095 | 8,481 | |||
Foreign currency (gain) loss | (185) | 4,008 | (4,997) | 5,207 | |||
Loss on sale of assets | - | - | 1,115 | - | |||
Other (1) | (251) | 3,363 | (146) | 2,869 | |||
Adjusted EBITDA | |||||||
(1) "Other" adjustments are comprised of adjustments for certain indirect or non-income based taxes. | |||||||
KORE GROUP HOLDINGS, INC.
| |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | |||
Net cash provided by operating activities | |||||||
Capital expenditures, net | (2,605) | (495) | (9,590) | (12,672) | |||
Free Cash Flow | ( | ||||||
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SOURCE KORE Group Holdings, Inc.