Kore Group Holdings Stock Price, News & Analysis

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.

KORE Group Holdings (NYSE:KORE) has reached an agreement to acquire Twilio's (NYSE:TWLO) IoT business unit, which will enhance KORE's IoT solutions and customer base. Under the deal, KORE will issue 10 million shares, representing about 11.5% of its outstanding shares, to Twilio as payment. The acquisition aims to provide a comprehensive suite for building and managing IoT operations, leveraging Twilio's digital expertise and KORE's connectivity solutions. This strategic move is positioned to accelerate KORE's growth and establish its place as a leader in the IoT sector.

KORE Group Holdings, a leader in IoT Solutions, plans to file its Form 10-K within the 15-day extension provided by SEC Rule 12b-25. A conference call is scheduled for March 27, 2023, at 5:00 p.m. ET to discuss Q4 and full-year results for 2022. The filing deadline for Form 10-K has been extended to March 31, 2023. Financial results will be released prior to the call. Investors can join via dial-in or webcast. The company's solutions aim to simplify IoT complexities for various organizations, enhancing operational results.

KORE Group Holdings, a leader in IoT solutions, will participate in the 35th Annual ROTH Conference held in Laguna Niguel, California, from March 12-14, 2023. Romil Bahl, President and CEO, and Paul Holtz, Executive VP and CFO, will engage in one-on-one and small group meetings with institutional investors. This event highlights KORE's commitment to connecting with investors and showcases its industry expertise. KORE is traded under the ticker symbol KORE on the NYSE. For more details, interested parties can register at Roth Conference Registration.

KORE, a leader in IoT solutions, will unveil its new software MODGo at Mobile World Congress Barcelona from February 27 to March 2, 2023. MODGo is a SaaS solution designed to streamline IoT asset management, addressing challenges in implementation and logistics. It allows organizations to manage the entire lifecycle of connected devices, covering aspects like deployment, monitoring, and inventory management. KORE collaborated with IMS to develop MODGo, aiming to simplify complex processes and improve operational efficiency. The launch emphasizes KORE's commitment to enhancing IoT experiences for businesses and consumers alike.

KORE Group Holdings (NYSE: KORE) announced its participation in the Needham Growth Conference on January 12, 2023. CEO Romil Bahl and CFO Paul Holtz will host virtual one-on-one meetings with institutional investors and present at 4:30 pm ET. The webcast can be accessed on the KORE investor relations website and will be available for replay for 90 days post-event. KORE is recognized as a leader in IoT solutions and Connectivity-as-a-Service, helping organizations simplify IoT complexities.