KORE Q2 revenue $69.5M, net loss $19.5M; maintains FY2023 guidance

KORE Group Holdings, Inc.

2023-Q2 EPS reported -$0.49 revenue$135,511,000

Revenue $69.5M, down 2% YoY; IoT Connectivity up 8% to $48.3M, IoT Solutions down 19% to $21.3M.
Net loss $19.5M ($0.24/share) vs $10.8M ($0.14/share) a year ago; adjusted EBITDA $14.2M, up 7% sequentially.
Total connections 18.5M as of June 30, including ~2.9M from Twilio IoT acquisition; added ~500K in Q2.
Sales funnel TCV ~$660M, up 32% sequentially; Q2 bookings highest in company history.
Maintains FY2023 revenue guidance $300M-$310M and adjusted EBITDA guidance $60M-$62M.

item 2.02 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 the quarter ended June 30, 2023 results: revenue $69.5 million, net income $19.5 million, EPS $0.24 per share. Guidance reaffirmed.

Period: the quarter ended June 30, 2023
Revenue: $69.5 million
Net income: $19.5 million
EPS: $0.24 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Financial Performance for Second Quarter 2023, Compared to the Same Period of 2022: • Total revenue decreased by 2% to $69.5 million, compared to $70.9 million in the second quarter of 2022. In Q2 2022, KORE had 2G/3G revenue and LTE transition project revenue from our largest customer, which, as expected, did not repeat in Q2 2023. Excluding the impact of LTE transition project revenue, Non-Core customers 2 , and the Twilio IoT acquisition, second quarter normalized revenue increased by 2% year-over-year. • IoT Connectivity revenue of $48.3 million increased by 8%, compared to $44.7 million in the second quarter of 2022. The second quarter of 2022 included 2G/3G revenue from Non-Core customers, largely offset by revenue from Twilio IoT in the second quarter of 2023. • IoT Solutions revenue declined by 19% to $21.3 million, compared to $26.2 million one year ago, as this segment faced a difficult year-over-year comparison owing to the one-time LTE transition engagement at our largest c

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accession 0001855457-23-000010

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