KORE Group Holdings, Inc.KORE
KORE Group Holdings, Inc. Segments Disclosure
SEGMENT DISCLOSURES
The Company has one reportable operating segment, IoT services. This segment sells IoT services that are grouped into two primary categories: IoT Connectivity services and IoT Solutions services (collectively, the “Services”) as well as products including IoT Connectivity (consisting of SIM cards) and IoT devices (within a comprehensive IoT solution) together referred to as “Products”.
The Company’s Chief Operating Decision Maker (“CODM”) is its President and Chief Executive Officer. The CODM uses Net Income (Loss), as reported on the consolidated statements of operations and comprehensive loss, for the purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company derives approximately 84% and 84% of its revenues from the United States for the years ended December 31, 2025 and 2024, respectively. No single customer of the Company generated 10% or more of the Company’s total net sales for the years ended December 31, 2025 and 2024, respectively. See Note 22 — Geographic Location of Long-Lived Assets for information regarding the geographic location of the Company’s assets. The measure of segment assets is reported on the Company’s consolidated balance sheets as total consolidated assets. The segment’s accounting policies are the same as the accounting policies for the Company, as described in Note 2 — Summary of Significant Accounting Policies.
The following table sets forth the operating financial results of the Company’s singular operating segment that are regularly reviewed by the Company’s CODM for the years ended December 31, 2025 and 2024:
| For the Year Ended December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Services revenue | $ | 227,278 | $ | 234,247 | |||||||
| Products revenue | 58,667 | 51,840 | |||||||||
| Total revenue | $ | 285,945 | $ | 286,087 | |||||||
| Less: expenses | |||||||||||
| Cost of revenue, Services, excluding depreciation and amortization | $ | 90,262 | $ | 93,663 | |||||||
| Cost of revenue, Products, excluding depreciation and amortization | 37,750 | 32,498 | |||||||||
| Salaries and benefits | 74,242 | 91,577 | |||||||||
| Goodwill impairment | — | 65,861 | |||||||||
| Depreciation and amortization | 54,891 | 56,218 | |||||||||
| Interest expense | 53,377 | 52,516 | |||||||||
| Professional services | 10,481 | 10,164 | |||||||||
| Facilities and office | 8,850 | 8,588 | |||||||||
| Channel partner commissions | 7,881 | 7,003 | |||||||||
| License, memberships and subscriptions | 7,729 | 8,164 | |||||||||
| Network services | 5,860 | 2,464 | |||||||||
Other selling, general, and administrative expenses (1) | 5,480 | 6,906 | |||||||||
| Change in fair value of warrant liabilities to affiliates | 2,405 | (4,040) | |||||||||
| Loss on sale of assets | 1,115 | — | |||||||||
| Interest income | (649) | (1,120) | |||||||||
| Income tax benefit | (1,579) | (5,937) | |||||||||
| Foreign exchange | (4,997) | 5,207 | |||||||||
Others (2) | (4,177) | 2,431 | |||||||||
| Segment net loss | $ | (62,976) | $ | (146,076) | |||||||
(1) Certain expense line items which the Company deemed immaterial, both individually and in the aggregate, primarily comprised of travel and expense, sales and use tax, and bad debt expense.
(2) Included in "Other" for the year ended December 31, 2025 is $3.4 million related to a tax credit recovery, as described in Note 18 — Consolidated Financial Statement Details.
GEOGRAPHIC LOCATION OF LONG-LIVED ASSETSThe following table sets forth the geographic location of the Company’s long-lived assets, by major asset category, as of December 31, 2025, and 2024:
| December 31, | |||||||||||||||||
| ($ in thousands) | 2025 | 2024 | |||||||||||||||
| Goodwill: | |||||||||||||||||
| United States | $ | 116,642 | 51 | % | $ | 116,642 | 51 | % | |||||||||
| Switzerland | 112,202 | 49 | % | 112,202 | 49 | % | |||||||||||
| Total goodwill | $ | 228,844 | 100 | % | $ | 228,844 | 100 | % | |||||||||
| Intangible assets, net: | |||||||||||||||||
| United States | $ | 63,074 | 76 | % | $ | 91,498 | 73 | % | |||||||||
Switzerland (1) | 3,217 | 4 | % | 14,247 | 11 | % | |||||||||||
All other countries (2) | 16,714 | 20 | % | 19,312 | 16 | % | |||||||||||
| Total intangible assets, net | $ | 83,005 | 100 | % | $ | 125,057 | 100 | % | |||||||||
| Property and equipment, net: | |||||||||||||||||
| United States | $ | 4,947 | 73 | % | $ | 6,127 | 68 | % | |||||||||
| Netherlands | 1,125 | 17 | % | 1,807 | 20 | % | |||||||||||
All other countries (2) | 672 | 10 | % | 1,118 | 12 | % | |||||||||||
| Total property and equipment, net | $ | 6,744 | 100 | % | $ | 9,052 | 100 | % | |||||||||
| Operating lease right-of-use assets: | |||||||||||||||||
| United States | $ | 766 | 51 | % | $ | 6,850 | 81 | % | |||||||||
| Netherlands | 346 | 23 | % | 1,056 | 13 | % | |||||||||||
| Malta | 171 | 11 | % | 12 | — | % | |||||||||||
All other countries (2) | 230 | 15 | % | 494 | 6 | % | |||||||||||
| Total operating lease right-of-use assets | $ | 1,513 | 100 | % | $ | 8,412 | 100 | % | |||||||||
(1) Switzerland accounts for 4% of the total intangible assets as of December 31, 2025, and it was separately disclosed as it represented 11% as of December 31, 2024.
(2) No single country in “all other countries” exceeded 10% of the total balance as of December 31, 2025, and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Apr 30, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.