Kore Group Holdings Stock Price, News & Analysis

KORE Group Holdings, Inc. (NYSE: KORE) has closed the acquisition of Twilio's IoT business unit, positioning itself to become the world's first IoT hyperscaler. As consideration, KORE issued Twilio 10 million shares of common stock, representing approximately 11.5% of KORE's issued and outstanding shares.

The acquisition enhances KORE's portfolio of services, including:

• A powerful connectivity suite with eSIM technologies
• A one-stop-shop for IoT operations across the entire lifecycle
• Accelerated time to market through global support and 20 years of IoT experience
• The ability to address every touchpoint across the IoT journey

In connection with the acquisition, KORE is granting equity inducement awards to 18 former Twilio employees, covering up to 1,760,268 shares of KORE common stock.

KORE Group Holdings, a leader in Internet of Things (IoT) solutions, announced that it will release its financial results for the first quarter of 2023 on May 9, 2023. The results will be available after the U.S. market close, followed by a live webcast at 5:00 p.m. Eastern time. KORE provides IoT connectivity and analytics solutions, helping businesses improve operational results. The webcast will allow investors and analysts to engage with KORE's management during a Q&A session. A replay will be accessible for thirty days on their investor relations website, ensuring stakeholders can review the financial outcomes and guidance.

KORE, a leader in IoT Solutions, announced its partnership with Syngenta to enhance global biodiversity through scalable IoT connectivity. This collaboration aims to connect farmlands worldwide, facilitating analytics that protect biodiversity and support agriculture. With climate change impacting ecosystems, the Biodiversity Sensor Project addresses crucial agricultural challenges. Currently, over 200 hectares are digitally connected, with a target of 1 billion hectares in 2-3 years. KORE will provide global SIM cards and strategic support to ensure reliable connectivity. This initiative reflects growing recognition of data-driven agriculture and sustainable practices. A webinar on the project's value is scheduled for April 25, 2023, showcasing the role of IoT in agriculture.

KORE Group Holdings (NYSE: KORE, KORE WS) announced details regarding its delayed filing of the Annual Report on Form 10-K for fiscal year 2022. The Company filed a Form 12b-25 to notify of its inability to file by the deadline of March 16, 2023, and expects to do so no later than April 7, 2023. Management discovered misstatements relating to income tax liabilities affecting prior periods, which will necessitate a revision of past financial statements in the upcoming 10-K. However, KORE confirmed that revenue and adjusted EBITDA remain unchanged for 2022, as reported in a preceding press release. The filing delay is not due to disagreements with auditors.

KORE Group Holdings reported preliminary financial and operational results for Q4 and the full year ending December 31, 2022. Q4 revenue was $62.4 million, down 3.1% year-over-year, while full-year revenue reached $268.4 million, an 8.1% increase. Notably, KORE announced the acquisition of Twilio's IoT business for ten million shares, enhancing its service capabilities. The company expects 2023 revenue between $300 to $310 million, reflecting a growth outlook. Adjusted EBITDA for 2022 increased by 3.1% to $62.8 million, despite a significant net loss of $105.4 million due to a goodwill impairment charge. The total connections rose to 15 million, marking a 2.7% year-over-year increase.