Welcome to our dedicated page for Kore Group Holdings news (Ticker: KORE), a resource for investors and traders seeking the latest updates and insights on Kore Group Holdings stock.
KORE Group Holdings, Inc. (NYSE: KORE) is described by the company as a global pure-play Internet of Things ("IoT") hyperscaler and provider of IoT Connectivity, Solutions and Analytics. The KORE news feed on Stock Titan brings together company-issued updates and regulatory disclosures that illustrate how the business is evolving in the IoT connectivity and solutions market.
Recent KORE news items include quarterly financial results that detail revenue from IoT Connectivity and IoT Solutions, trends in Total Connections, and non-GAAP measures such as Adjusted EBITDA, Free Cash Flow and Non-GAAP Margin. These releases also explain how management uses metrics like Total Connections, ARPU, DBNER and eARR to assess performance and growth in connected devices and recurring revenue.
In addition to earnings announcements, KORE’s news flow features strategic and corporate developments. Examples include the company’s announcement that it surpassed 20 million Total IoT Connections, its inclusion in the Russell Microcap Index, and the formation of a Special Committee of the Board to evaluate a potential strategic transaction following a non-binding letter from investment funds affiliated with Searchlight Capital Partners and Abry Partners. The company has emphasized that there is no assurance this review will result in a transaction.
KORE also issues news about partnerships and go-to-market activity, such as a strategic alliance with TD SYNNEX to make certain KORE connectivity plans available through a distribution network, and corporate updates like executive leadership changes. For investors and observers interested in IoT connectivity, solutions and analytics, this news page offers a centralized view of KORE’s financial reporting, strategic milestones and operational highlights over time.
KORE, a leader in IoT Solutions, and mCare Digital have launched the mCareWatch MW-241, a next-gen personal emergency alarm powered by KORE's connectivity and provisioning platform. This innovation allows for seamless monitoring of patients at home or in healthcare facilities. Recently awarded the Best Innovative Assistive Technology product at the Asia Pacific Eldercare Awards, the mCareWatch MW-241 highlights mCare Digital's focus on customer satisfaction and innovation. Designed for independence and security, it features a lightweight design and extended battery life, catering particularly to seniors and those with disabilities. This collaboration aims to enhance health monitoring and set new standards in healthcare technology.
KORE Group Holdings announced a 1-for-5 reverse stock split of its common stock, effective July 1, 2024. The primary goal is to increase the share price to meet NYSE's minimum requirements. The stock symbol 'KORE' and new CUSIP 50066V 305 will be used. The reverse split was approved by the Board and shareholders on June 21, 2024, and June 12, 2024, respectively. No fractional shares will be issued; fractional entitlements will be rounded up to the next whole share. Proportionate adjustments will be made to exercise prices and equity awards. Continental Stock Transfer & Trust will handle the exchange, and no action is required by stockholders holding shares electronically or through brokers.
KORE, a leader in IoT solutions, has been honored with the 2023 Enterprise Partner of the Year Award by Cradlepoint, a top provider of cloud-delivered LTE and 5G solutions. This accolade, presented at Cradlepoint's 2024 Global Partner Summit, highlights KORE's significant year-over-year growth and excellence in sales, solution architecture, and customer service. The award emphasizes KORE's commitment to providing superior IoT connectivity solutions, fostering a strong relationship between the two companies and driving future opportunities in connected businesses. KORE collaborates with various businesses, including major cellular operators and telecom providers, benefiting from Cradlepoint's expanded portfolio of private networks and managed services.
KORE Group Holdings, a global IoT provider, reported its Q1 2024 financial results. The company achieved a revenue of $76.0 million, a 15.2% increase from last year, with IoT Connectivity revenue growing by 33% to $57.9 million. However, IoT Solutions revenue declined by 19% to $18.1 million due to shipment timing and a strategic pivot to higher-margin deals. The net loss was $17.6 million, a slight improvement from the previous year's $18.5 million. Adjusted EBITDA rose by 10.7% to $14.8 million. The company secured new contracts worth $52 million, including a $26 million Connected Health deal. KORE reaffirmed its 2024 revenue guidance of $300-$305 million and expects Adjusted EBITDA to be between $64-$66 million.
KORE Group Holdings, Inc. (NYSE: KORE) will report its first-quarter 2024 financial results on May 15, 2024, after the U.S. market closes. The company will host a live webcast and Q&A session to discuss the results.
KORE Group Holdings, Inc. announced the transition of Romil Bahl as President and CEO, with Ronald Totton appointed as Interim President and CEO. Bahl led KORE's growth strategy, enabling a significant increase in IoT connected devices and services, leading to its listing on the NYSE. The change, effective May 3, 2024, aims to position KORE for further success in the IoT market.
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