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KORE Group Holdings, Inc. reports news on Internet of Things connectivity, IoT solutions and analytics for enterprise device deployments. Company updates include global connectivity partnerships, eSIM and remote SIM provisioning capabilities, SGP.32-related connectivity solutions, and platform features used to manage connected-device fleets across regions and network conditions.
Recurring coverage also includes operating and financial results, material agreements, capital-structure disclosures, shareholder voting matters and governance developments tied to corporate transactions. KORE's business references center on IoT Connectivity and IoT Solutions, including connectivity services, location-based services, device solutions, and managed and professional services.
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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.
KORE (NYSE: KORE) announced a collaboration with Amazon Web Services (AWS) to enhance IoT device connectivity and security. Utilizing the innovative OmniSIM SAFE solution, KORE aims to address security challenges in global Massive IoT deployments. This eSIM technology adheres to the GSMA IoT SIM Applet for Secure End-2-End standard, fostering safer device communications. KORE's approach supports zero-touch provisioning, simplifying device management. The company anticipates significant growth in IoT, expecting up to 75 billion connected devices by 2030.
KORE has announced a multi-year alliance with Google Cloud to enhance IoT capabilities for global businesses. This partnership aims to leverage Google Cloud's infrastructure alongside KORE's IoT Solutions, simplifying IoT deployment for enterprises. KORE's innovative platform will be integrated into Google Cloud, facilitating better device management and connectivity. The collaboration is set to expand market paths for various industries including healthcare, logistics, and retail, ultimately aiming to improve operational outcomes through enhanced IoT services.
KORE (NYSE: KORE) has partnered with Care Daily, an AI-driven in-home senior care company, to enhance Connected Health solutions for seniors. With the senior population projected to reach 95 million by 2060, KORE aims to support the aging-in-place trend by providing scalable IoT connectivity and managed services. Care Daily's AI-assistant platform, validated for its efficacy in aiding caregivers, will leverage KORE's services to streamline operations and hardware logistics. This collaboration seeks to empower seniors with safe, autonomous living while facilitating real-time health monitoring.
KORE Group Holdings reported Q3 2022 revenue of $66.6 million, slightly down by 1.8% year-over-year, but raised its revenue guidance for the year to $265-$267 million, marking a 12% year-to-date increase. The company generated $9.8 million in cash flow from operations in Q3, and its IoT Connectivity revenue grew by 4.4%, despite foreign exchange headwinds. However, the net loss increased to $13 million, driven by higher SG&A expenses and interest costs. KORE's business development funnel shows promising opportunities valued at over $400 million.
KORE Group Holdings, a leader in IoT solutions, announced participation in ROTH's 11th Annual Technology Event on November 16, 2022, in New York City. President and CEO Romil Bahl, along with Executive VP and CFO Paul Holtz, will engage in one-on-one and small group meetings. KORE empowers businesses through its Connectivity-as-a-Service and IoT solutions, simplifying complex operations to enhance performance and outcomes. For more details, visit www.korewireless.com.
KORE Group Holdings, a leader in IoT solutions, will conduct a conference call on November 14, 2022, at 5:00 PM ET to discuss its Q3 financial results for the period ending September 30, 2022. Detailed financial results will be shared in a press release before the call. The call will include a presentation by KORE management and a Q&A segment. Interested parties can join via a dedicated link and are encouraged to register 5-10 minutes prior to the start time.
KORE Group Holdings reported a strong second quarter for 2022 with total revenues of $70.4 million, a 16% year-over-year increase, driven by a 47% growth in IoT Solutions. The number of connected devices rose to 15.2 million. Despite these gains, a net loss increased to $11.1 million. KORE maintains its fiscal guidance for 2022, expecting revenues between $260-265 million and adjusted EBITDA of $63-64 million. Challenges from LTE transitions for a major customer and ongoing 2G/3G sunsets are anticipated to impact the second half of the year.
KORE Group Holdings, Inc. (NYSE: KORE) announced a conference call scheduled for August 11, 2022, at 5:00 p.m. ET to discuss its second-quarter financial results ending June 30, 2022. The financial results will precede the call and will be available via a press release. Participants can access the conference using U.S. dial-in (877) 407-3039 or international dial-in (215) 268-9922, with the conference ID 13731223. A supplemental slide presentation will also be provided during the call, which is accessible via the company's investor relations website.