Kore Group Holdings Stock Price, News & Analysis

KORE Group Holdings (NYSE: KORE) has received acceptance from the NYSE for its plan to regain compliance with continued listing standards. The plan addresses requirements related to minimum market capitalization and stockholders' equity under Section 802.01B of the NYSE Listed Company Manual. The company has been granted an 18-month period from September 12, 2024 to achieve compliance.

During this period, KORE must provide quarterly updates on its progress towards the plan's goals, which includes operational restructuring activities and business outlook. The company's common stock will continue trading on the NYSE during the compliance period, subject to adherence to the plan and other listing standards. This development does not affect KORE's business operations or SEC reporting requirements.

KORE reported Q3 2024 financial results with revenue of $68.9 million, a 0.4% increase year-over-year. IoT Connectivity revenue grew 3% to $56.7 million, while IoT Solutions revenue decreased 9% to $12.2 million. The company reported a net loss of $19.4 million, an 80% improvement from the previous year's $95.4 million loss. Total Contract Value increased 19% to $32 million. The company completed its restructuring plan and maintains approximately 19 million connections with $1 monthly ARPU. KORE tightened its 2024 outlook, projecting revenue between $280-285 million and Adjusted EBITDA of $54-55 million.

KORE Group Holdings (NYSE: KORE) announced the rescheduling of its Q3 2024 financial results release and webcast from November 13 to November 19, 2024, at 5PM ET. The company will restate its Q2 2024 financial statements due to errors in computing a non-cash goodwill impairment charge. The restatement is not expected to impact revenues, cash flows, or Adjusted EBITDA for the affected period. KORE plans to file a Form 10-Q/A with restated unaudited condensed consolidated financial statements by November 19, 2024.

KORE Group Holdings (NYSE: KORE), a global IoT hyperscaler and provider of IoT Connectivity, Solutions and Analytics, has announced it will release its third quarter 2024 financial results on November 13, 2024, after U.S. market close. The company will host a live webcast and Q&A session at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) on the same day to discuss the results.

KORE Group Holdings, Inc. (NYSE: KORE), an IoT solutions provider, has received a notice from the New York Stock Exchange (NYSE) regarding non-compliance with listing standards. The company's average global market capitalization over 30 consecutive trading days and stockholders' equity were both below the required $50 million threshold. KORE plans to submit a plan within 45 days to address this issue and regain compliance. If accepted, KORE will have an 18-month cure period to meet the standards, during which its stock will continue to trade on the NYSE, subject to other listing requirements and periodic reviews. This notice does not affect KORE's business operations or SEC reporting obligations.

KORE and Social Mobile have announced a collaboration in the Connected Health sector, focusing on Remote Patient Monitoring (RPM) and clinical research. This partnership combines KORE's IoT connectivity solutions with Social Mobile's enterprise-grade devices, designed specifically for healthcare applications. The collaboration aims to improve patient outcomes and enhance data collection in clinical trials.

A key success story involves Biofourmis, where KORE and Social Mobile provided a turnkey solution for remote patient care. The partnership also addresses the needs of clinical research organizations by ensuring data integrity and patient safety. Both companies will showcase their innovations at HLTH® 2024 in Las Vegas, October 20-23, demonstrating the future of Connected Health.

KORE Group Holdings reported Q2 2024 results and announced a restructuring plan. Key points include:

- Revenue decreased 2% to $67.9 million
- IoT Connectivity revenue increased 16% to $55.8 million
- IoT Solutions revenue decreased 43% to $12.1 million
- Net loss increased 230% to $64.3 million, including a $45.4 million goodwill impairment charge
- Adjusted EBITDA decreased 20% to $11.4 million

The company appointed Ron Totton as President and CEO, and announced a restructuring plan expected to generate $5-6 million in cash savings in 2024 and $20-22 million annually thereafter. KORE updated its 2024 guidance, now expecting revenue of $275-285 million and Adjusted EBITDA of $54-56 million.

KORE, a global leader in Internet of Things (IoT) Solutions, has been awarded the 2024 IoT LPWAN Excellence Award for its KORE LPHub™ platform. This recognition, presented by TMC and Crossfire Media, highlights products that effectively utilize Low Power Wide Area Network (LPWAN) protocols for secure device communication.

KORE LPHub, a SaaS-based Service Delivery Platform, simplifies the deployment, management, and connectivity of LoRaWAN devices over cost-effective, low-power networks. It supports both private and public networks, offering cloud and on-premise solutions to enhance LoRaWAN footprints with reduced costs and complexity.

Ron Totton, KORE's Interim President and CEO, emphasized that LPHub is not just a messaging platform but a comprehensive toolkit for LoRaWAN deployments. It enables management of multiple networks through a single interface, easy gateway provisioning, and real-time analytics for full control and visibility.

KORE Group Holdings, Inc. (NYSE: KORE), a global IoT hyperscaler, has announced it will release its second quarter 2024 financial results on August 15, 2024, before the U.S. market opens. The company will host a live webcast at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) on the same day to discuss the results, followed by a question-and-answer session.

Investors and interested parties can access the webcast through a provided link or join via phone using the following details:

• U.S. dial-in: (877) 407-3039
• International dial-in: (215) 268-9922
• Conference ID: 13747164