KORE Group Holdings, Inc.

Listed Company

KORGWCIK 0001855457OTCNon-AcceleratedSmaller ReportingCommunications Services, NecDelawareSGFY ends Dec 31

Period

FY 2025

Revenue

$285.94M

Net Income

$-62.98M

Total Assets

—

Equity

—

Shares Out

17.59M

Op. Cash Flow

$18.49M

Business

KORE Group Holdings, Inc. provides IoT connectivity and related solutions that enable customers to deploy, manage, and scale mission-critical IoT applications. It offers IoT Connectivity (CaaS), IoT Connectivity Enablement (CEaaS), device management services, KORE One® platform capabilities, eSIM products, Cloud Native HyperCore, analytics, and managed and professional services. Its operations are organized around connectivity, solutions/managed services, and analytics (CSA) and serve industry verticals including connected health, fleet management, asset monitoring, retail communications, and industrial IoT. KORE distributes services globally through partnerships with mobile network operators, carrier integrations, channel partners, resellers, and cloud and systems integrator partners, with primary operations in North America.

Summary from filing dated 2025-04-30

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	286	286	277	268	248
Total cost of revenue (exclusive of depreciation and amortization shown separately below)	128	126	129	129	121
Depreciation and amortization	55	56	58	54	50
Goodwill impairment	0	66	78	58	0
Total operating expenses	170	263	267	225	143
Operating loss	−12	−103	−119	−85	−16
Interest income	−649,000	−1	−552,000	−464,000	—
Change in fair value of warrant liabilities to affiliates	2	−4	6	−300,000	−5
Loss on sale of assets	1	0	—	—	—
Other (income) expense, net	−4	2	—	—	—
Loss before income taxes	−65	−152	−171	−117	−34
Income tax benefit	−2	−6	−4	−10	−9
Net loss	−63	−146	−167	−106	−25
Basic (in dollars per share)	−3.19	−7.59	−9.97	−1.4	−1.04
Diluted (in dollars per share)	−3.19	−7.59	−9.97	−1.4	−1.04
Basic (in shares)	20	19	17	76	42
Diluted (in shares)	20	19	17	76	42
Foreign currency translation adjustment	−3	2	320,000	−3	—
Comprehensive loss	−66	−144	−167	−109	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash	27	19	27	35	43
Accounts receivable, net	47	44	52	45	42
Inventories, net	3	7	8	10	8
Prepaid expenses and other current assets	9	10	14	14	13
Total current assets	86	80	102	103	107
Restricted cash	268,000	293,000	300,000	362,000	358,000
Property and equipment, net	7	9	11	12	12
Intangible assets, net	83	125	168	193	200
Goodwill	229	229	295	370	427
Operating lease right-of-use assets	2	8	9	10	10
Other non-current assets	4	4	2	971,000	653,000
Total assets	411	456	587	689	759
Accounts payable	12	15	24	18	18
Accrued liabilities	38	32	23	16	15
Current portion of operating lease liabilities	585,000	1	1	2	2
Deferred revenue	9	9	9	8	7
Current portion of long-term debt, net	2	2	2	5	5
Warrant liabilities to affiliates	10	8	12	—	—
Total current liabilities	72	66	72	49	47
Operating lease liabilities	1	8	9	9	10
Long-term debt, net	295	296	296	414	415
Deferred income tax liabilities, net	887,000	4	14	25	33
Accrued interest due to affiliate	48	24	3	—	—
Mandatorily redeemable preferred stock due to affiliate, net	144	143	142	—	—
Other liabilities	13	15	15	11	—
Total liabilities	574	555	550	508	513
Commitments and Contingencies	—	—	—	—	—
Common stock, voting; par value $0.0001 per share; $315,000,000 shares authorized; $18,733,121 shares issued and $17,540,384 outstanding as of December 31, 2025, and 18,201,093 shares issued and 17,008,356 outstanding as of December 31, 2024	8,000	8,000	8,000	8,000	8,000
Additional paid in capital	471	469	461	435	433
Accumulated other comprehensive loss	−7	−4	−6	−6	−8
Accumulated deficit	−624	−561	−415	−248	−179
Treasury stock, at cost, 1,192,737 shares	−3	−3	−3	0	—
Total stockholders deficit	−164	−100	37	181	246
Total liabilities and stockholders deficit	411	456	587	689	759

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	55	56	58	54	50
Amortization of deferred financing costs	3	3	2	2	2
Stock-based compensation expense	2	8	11	10	5
Deferred income taxes	−3	−10	−11	−16	−10
Amortization of operating lease right-of-use assets	1	1	2	2	0
Loss on lease termination	322,000	0	—	—	—
Provision for credit losses	600,000	1	—	415,000	322,000
Provision for inventory write-downs	2	1	—	—	—
Unrealized (gain) loss on foreign currency translation	−5	5	−182,000	—	—
Accounts receivable	−3	7	−8	9	−12
Inventories	1	506,000	2	7	−10
Prepaid expenses and other assets	1	4	−87,000	−2	−1
Accounts payable and accrued liabilities	2	−832,000	13	−2	−8
Accrued interest due to affiliate	24	21	3	—	—
Deferred revenue	432,000	−418,000	1	980,000	−805,000
Operating lease liabilities	−1	−1	−2	−1	—
Other assets and liabilities	−2	−2	2	0	—
Net cash provided by operating activities	18	9	−6	16	−15
Purchases of property and equipment	−3	−2	−4	−3	−4
Additions to intangible assets	−7	−11	−16	−13	−9
Proceeds from sale of assets	250,000	0	—	—	—
Net cash used in investing activities	−10	−13	−20	−63	−13
Repayment of debt	−2	−2	−305	−4	—
Purchase of treasury stock	0	−431,000	−3	0	—
Principal payments under finance lease obligations	−24,000	−101,000	−123,000	−150,000	—
Payment of employee tax withholdings through cancelled shares of stock	−194,000	−839,000	−405,000	0	−2
Net cash used in financing activities	−2	−4	19	−5	104
Effect of exchange rate changes on cash	468,000	−405,000	173,000	−451,000	−226,000
Net increase (decrease) in cash and restricted cash	7	−8	−8	−51	76
Cash paid for interest	27	29	35	29	20
Cash paid for income taxes (net of refunds)	3	2	6	2	957,000
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	1	485,000	2	3	—
Right-of-use asset derecognized in connection with early lease termination	7	0	—	—	—
Purchases of property and equipment in accounts payable and accrued liabilities	62,000	783,000	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro