KORE Q1 revenue $66.0M beats expectations; reaffirms FY 2023 revenue $300-310M guidance

KORE Group Holdings, Inc.

2023-Q1 EPS reported -$0.24 revenue$65,975,000

Q1 revenue $66.0M, down 4.4% YoY but up 5.7% sequentially; net loss $18.5M ($0.24/share).
Gross margin expanded 500+ bps to 54.0% from 48.9% YoY; adjusted EBITDA $13.3M, down 12.8% YoY.
Reaffirms FY 2023 revenue $300-310M and adjusted EBITDA $60-62M; expects YoY revenue growth in H2 2023.
IoT Solutions revenue (ex-LTE transition) grew ~35% YoY; IoT Connectivity revenue down 1.3% YoY.
Sales funnel TCV over $500M (+15% seq.); Twilio IoT acquisition on track for June 1 close.

item 2.02 item 7.01 item 9.01

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 2023 results: revenue $300 million to $310 million. Guidance reaffirmed.

Period: 2023
Revenue: $300 million to $310 million
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The Company is maintaining its 2023 revenue guidance 2 of a range of $300 million to $310 million and maintaining adjusted EBITDA, a non-GAAP metric 3 , guidance of $60 million to $62 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KORE Group Holdings, Inc. reported first quarter ended March 31, 2023 results: revenue $66.0 million, net income -$18.5 million, EPS -$0.24.

Period: first quarter ended March 31, 2023
Revenue: $66.0 million
Net income: -$18.5 million
EPS: -$0.24
Result: reported results

Exact text from the filing

Financial Performance for First Quarter 2023, Compared to the Same Period of 2022: • Total revenue decreased by 4.4% to $66.0 million, compared to $69.0 million. In Q1 2022, KORE had a significant amount of 2G/3G revenue and LTE transition project revenue from our largest customer. The LTE project revenue alone was approximately $8.6 million, which, as expected, did not repeat in Q1 2023. Excluding LTE transition project revenue, normalized revenue increased by 9.0%. • IoT Connectivity revenue of $43.5 million declined by 1.3% compared to$44.1 million in the first quarter of 2022, which was the highest Non-Core customer and 2G/3G revenue quarter in 2022, making for a difficult comparison. Excluding Non-Core customers, IoT Connectivity revenue increased 7.0%. • IoT Solutions revenue declined by 9.7% to $22.4 million, compared to$24.8 million one year ago as this segment also faced a difficult year-over-year comparison, owing to the one-time LTE transition engagement at our largest custo

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Source: SEC EDGAR

accession 0001628280-23-016840

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