---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-016840"
form_type: "8-K"
ticker: "KORE"
cik: "0001855457"
company_name: "KORE Group Holdings, Inc."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T10:07:29.085700+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-016840
- form_type: 8-K
- ticker: KORE
- cik: 0001855457
- company_name: KORE Group Holdings, Inc.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1855457/000162828023016840/0001628280-23-016840-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1855457/000162828023016840/kore-20230509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-016840
- JSON: https://secwatch.observer/filing/0001628280-23-016840.json
- Plain text: https://secwatch.observer/filing/0001628280-23-016840.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855457/000162828023016840/0001628280-23-016840-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855457/000162828023016840/0001628280-23-016840-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.