KORE reports Q4 revenue $62.4M, net loss $68.8M; FY23 guidance $300-310M

KORE Group Holdings, Inc.

Q4 revenue $62.4M (-3.1% YoY); full-year $268.4M (+8.1% YoY), beating raised guidance of $265-267M.
Net loss $68.8M ($0.90/share) includes ~$57M non-cash goodwill impairment; prior year loss $12.2M.
2023 revenue guidance $300-310M (12-15% YoY growth); adjusted EBITDA $60-62M.
Agreed to acquire Twilio's IoT business for 10M shares of KORE common stock.
Announced multi-year alliance with Google Cloud; introduced OmniSIM SAFE eSIM.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KORE Group Holdings, Inc. reported the fiscal year ended December 31, 2022 results: revenue $268.4 million. Guidance initiated.

Period: the fiscal year ended December 31, 2022
Revenue: $268.4 million
Guidance: initiated
Result: preliminary results

Exact text from the filing

Fourth quarter revenue of $62.4 million exceeded our expectations bringing full-year 2022 revenue to $268.4 million, an increase of 8.1% over full-year 2021 and beating our previously upward revised guidance range of $265 to $267 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KORE Group Holdings, Inc. reported the fourth quarter ended December 31, 2022 results: revenue $62.4 million, net income $68.8 million, EPS $0.90 per share. Guidance initiated.

Period: the fourth quarter ended December 31, 2022
Revenue: $62.4 million
Net income: $68.8 million
EPS: $0.90 per share
Guidance: initiated
Result: preliminary results

Exact text from the filing

Preliminary Financial Performance for Fourth Quarter 2022, Compared to the Same Period of 2021: • Total revenue decreased by 3.1% to $62.4 million, compared to $64.4 million. In Q4 2021, we had LTE transition project revenue of approximately $7.0 million, which, as expected, did not repeat in Q4 2022. Excluding LTE transition project revenue, normalized revenue increased by 10.9%. • IoT Connectivity revenue of $43.7 million increased by 1.0% compared to $43.3 million in the fourth quarter of 2021. • IoT Solutions revenue declined by 11.4% to $18.7 million, compared to $21.1 million a year ago. A difficult year-over-year comparison drove the decline in IoT Solutions. The fourth quarter of 2021 included a significant amount of revenue related to the one-time LTE transition project at our largest customer; this project was completed in the second quarter of 2022. • Net loss increased to $68.8 million, or $0.90 per share, compared to $12.2 million, or $0.17 per share, a year ago.

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Source: SEC EDGAR

accession 0001628280-23-009284

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