Kore Group Holdings, Inc. · NYSE:KORE
Kore — Investor Presentation (May 2025)
38 slides from Kore's investor presentation, May 28, 2025
Slide 1: Investor Presentation May 28, 2025
Proprietary & confidential to KORE Wireless I n v e s t o r P r e s e n t a t i o n May 28, 2025
Slide 2: Presentation Outline
Proprietary & confidential to KORE Wireless Proprietary & confidential to KORE Wireless | P R E S E N T AT I O N O U T L I N E KORE Overview 2024 and Q1 2025 Business Update 1 2 2 Value Creation3 Q & A4
Slide 3: Overview
Proprietary & confidential to KORE Wireless 3 OVERVIEW
Slide 4: IoT Market Growth & Trends
Proprietary & confidential to KORE Wireless I oT Marke t G rowth & Tr ends 4 C O N N E C T E D D E V I C E S S U R G E The number of connected devices is expected to exceed 96 billion by 2030, marking a CAGR of over 20%. C E L L U L A R I o T E X P A N S I O N Forecasted to grow from 3.8 billion con
Slide 5: One-Stop, Not One-Size: Full Lifecycle IoT Solutions
Proprietary & confidential to KORE Wireless 5 O N E - S T O P , N O T O N E - S I Z E : F U L L L I F E C Y C L E I O T S O L U T I O N S F O R L O C A L M A R K E T S A N D D I V E R S E U S E C A S E S 1 2 G L O B A L O F F I C E S HQ – Atlanta USA 4 5 C A R R I E R I N T E G R A T I O N S G L O B
Slide 6: KORE Overview
Proprietary & confidential to KORE Wireless KORE Overview 6 Leading global, independent enabler of mission-critical IoT solutions Who We Are Why We Win ▪ Market leader in enabling end-to-end IoT solutions for enterprises ▪ Trusted advisor, enabling our customers to Build, Deploy, Manage and Scale th
Slide 7: IoT Use Cases are Everywhere
Proprietary & confidential to KORE Wireless I oT Use Cases a r e Eve r ywher e… 7 S A M P L E I o T U S E C A S E S Fleet/Asset Management Connected Blood Sugar Monitors Smart Agriculture Mobile Point Of Sale Smart Pet Collar Smart MetersSmart City Lighting Systems Building Security Ev ChargingSmart
Slide 8: Customer Case Study
Proprietary & confidential to KORE Wireless Cus tomer Case S tudy 8 KORE Global Connectivity • Provided a global connectivity package to provide connectivity across a large number of countries • Acting as a trusted advisor for customer with transition of 2G/3G devices to LTE (in 2021/22) • Almost 1
Slide 9: KORE One: A Unified IoT Ecosystem
Proprietary & confidential to KORE Wireless K O R E O n e ® A Unified IoT Ecosystem for Global Connectivity, Hardware, Deployment, and Data Intelligence Services L o R a W A N S a t e l l i t e C O N N E C T I V I T Y & C O N N E C T I V I T Y M A N A G E M E N T Hardware Design Guidance Routers, Mo
Slide 10: Value Proposition Winning across Verticals
Proprietary & confidential to KORE Wireless 10 Value P ropos i t i on W inn ing ac ross Ve r t i ca l s CLOUD COMMUNICATIONS PLATFORM GLOBAL HVAC MANUFACTURER REMOTE PATIENT MONITORING MULTI-NATIONAL IOT ALLIANCE Total Estimated Annual Recurring Revenue (eARR) is $2.1million • Streamlined, all-in-on
Slide 11: Gartner Magic Quadrant for Managed IoT Connectivity Services
Proprietary & confidential to KORE Wireless GARTNER® MAGIC QUADRANT™ FOR MANAGED IOT CONNECTIVITY SERVICES, WORLDWIDE F O R T H E 6 T H C O N S E C U T I V E T I M E Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to
Slide 12: A Journey of Innovation and Expansion
Proprietary & confidential to KORE Wireless 2 0 M I L L I O N S I M S 1 5 M I L L I O N 2 0 1 9 - 2 0 2 2 2 0 2 3 - 2 0 2 5• Acquired BMP, Integron, SIMON IoT • Introduced IoT Managed Services • IoT security • Established healthcare practice • KORE One® platform • Acquired Twilio IoT Assets • Introd
Slide 13: 2024 and 1Q 2025 Business Update
Proprietary & confidential to KORE Wireless 13 13 2024 and 1Q 2025 Business Update
Slide 14: Q4 and Full-Year Business Highlights
Proprietary & confidential to KORE Wireless Proprietary & confidential to KORE Wireless | 2 0 2 4 Q 4 a n d F u l l - Ye a r B u s i n e s s H i g h l i g h t s 14 Strong Q4 2024 performance driving full-year success1 2 Focus on operational excellence is delivering results 3 Solid foundation for gro
Slide 15: Q4 and Full Year Highlights
Proprietary & confidential to KORE Wireless 15 Q 4 2 0 2 4 a n d F u l l Y e a r 2 0 2 4 H i g h l i g h t s F o u r t h Q u a r t e r 2 0 2 4 F u l l Ye a r 2 0 2 4 • Connectivity Revenue of $56.5 million increased $1.1 million • Cash Flow from Operations improved by $13.7 million to $2.8 million •
Slide 16: Restructuring & Cost Rationalization Program
Proprietary & confidential to KORE Wireless Res t ruc tu r ing & Cos t Ra t iona l i za t ion P rog ram 16 Program Overview Workforce Realignment Product Rationalization ▪ Actioned starting Q3-2024 and ending in Q1-2025 ▪ Cost-to-achieve (one-time expense) of $5mm-6mm ▪ 25% reduction in headcount ac
Slide 17: Q1 Business Highlights
Proprietary & confidential to KORE Wireless Proprietary & confidential to KORE Wireless | Q 1 2 0 2 5 B u s i n e s s H i g h l i g h t s 17 Solid operating performance with growth in cash from operations and free cash flow marking two consecutive quarters of positive cash flow 1 2 Connectivity grow
Slide 18: Q1 Highlights
Proprietary & confidential to KORE Wireless 18 Q 1 2 0 2 5 H i g h l i g h t s • Cash Flow from Operations improved by $1.0 million to $2.9 million • Free Cash Flow improved by $3.4 million to $0.6 million • Operating Expense declined $7.6 million to $41.6 million First Quarter amounts in $ millions
Slide 19: 2025 Financial Guidance
Proprietary & confidential to KORE Wireless 2025 F inanc ia l Gu idance Foundation for long-term profitable growth established $288mm-298mm $62mm-67mm 2025 Revenue 2025 Adjusted EBITDA 19 10 R e v e n u e G r o w t h P r o f i t a b i l i t y O p e r a t i o n a l E x c e l l e n c e • Modest Revenu
Slide 20: Value Creation
Proprietary & confidential to KORE Wireless 20 20 VALUE CREATION
Slide 21: KORE's Value Creation Plan Guides our Journey
Proprietary & confidential to KORE Wireless KORE ’s Va lue C r ea t ion P lan Gu ides ou r Jou r ney Customer Intimacy Profitable Growth Winning Team Product Innovation Operational Excellence 21 Vision To be the trusted global leader in IoT Connectivity Solutions for over 100,000,000+ connected devi
Slide 22: Strategy for Growth
Proprietary & confidential to KORE Wireless Growth Marketing (better cards) New Products Expanding TAM Indirect Channels / Focus on Strategic Partnerships / Increase Funnel Sell More of What We Already Have, Get Better Cards, and Drive New Product Roadmap fo r S t r a t e g i c G rowth KO R E i s d
Slide 23: Execution Driving Strong Financial Performance
Proprietary & confidential to KORE Wireless Execu t ion D r iv ing S t rong F inanc ia l Pe r fo r mance Guidance reflects increasing strength in financial discipline 23 Note: 2025F reflects midpoint of guidance 277 285 293 $0M $50M $100M $150M $200M $250M $300M $350M $400M 2023A 2024A 2025F Revenue
Slide 24: KORE Investment Highlights
Proprietary & confidential to KORE Wireless KORE Inves tmen t H igh l igh t s 24 1. Expansive Market Opportunity - eSIM and IoT markets are accelerating, with 34%+ CAGR expected through 2030 and 96B+ connected devices projected globally. 2. Established Market Leadership - KORE is a globally recogniz
Slide 25: Appendix
Proprietary & confidential to KORE Wireless 25 APPENDIX
Slide 26: Streamlined and Revamped Leadership Team
Proprietary & confidential to KORE Wireless Streamlined and Revamped Leadership Team 26 KORE has revamped its leadership team with industry leaders, transformation veterans and entrepreneurs Paul Holtz Chief Financial Officer Jack Kennedy Chief Legal Officer Bruce Gordon Chief Operating Officer Jare
Slide 27: 4Q 2024 and Full-Year 2024 Financial Results
Proprietary & confidential to KORE Wireless 4Q 2024 and Fu l l -Yea r 2024 F inanc ia l Resu l t s 27 (1) ARPU is calculated by dividing the total IoT Connectivity Revenue during the period by the total number of connections during that same period. (2) DBNER is calculated by dividing trailing twelv
Slide 28: 4Q 2024 and Full-Year 2024 Financial Results (continued)
Proprietary & confidential to KORE Wireless 4Q 2024 and Fu l l -Yea r 2024 F inanc ia l Resu l t s ( con t i n ued ) 28 Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 Variances Incr. / (Decr.) 2024 2023 Variances Incr. / (Decr.) (In millions USD) Amount % Amount % Total R
Slide 29: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Proprietary & confidential to KORE Wireless 4Q 2024 and Fu l l -Yea r 2024 Reconc i l i a t ion o f Ne t Loss to EB ITDA and Ad jus ted EB ITDA 29 Columns may not sum due to rounding (1) “Other” adjustments are comprised of adjustments for certain indirect or non-income based taxes. Three Months End
Slide 30: Reconciliation of Net Cash to Free Cash Flow
Proprietary & confidential to KORE Wireless 4Q 2024 and Fu l l -Yea r 2024 Reconc i l i a t ion o f Ne t Cash P rov ided by Oper a t ing Ac t iv i t i e s to F r ee Cash F low 30 Columns may not sum due to rounding Three Months Ended December 31, For the Year Ended December 31, (in thousands) 2024 2
Slide 31: Reconciliation of GAAP Margin and Non-GAAP Margin
Proprietary & confidential to KORE Wireless 4Q 2024 and Fu l l -Yea r 2024 Reconc i l i a t ion o f GAAP Mar g in and Non -GAAP Mar g in 31 Columns may not sum due to rounding Three Months Ended December 31, For the Year Ended December 31, ($ in thousands) 2024 2023 2024 2023 IoT Connectivity $ % $
Slide 32: Q1 2025 Financial Results
Proprietary & confidential to KORE Wireless Q1 2025 F inanc ia l Resu l t s 32 (1) ARPU is calculated by dividing the total IoT Connectivity Revenue during the period by the total number of connections during that same period. (2) DBNER is calculated by dividing trailing twelve-month revenue by prio
Slide 33: Q1 2025 Results (continued)
Proprietary & confidential to KORE Wireless Q1 2025 Resu l t s ( con t i n ued ) 33 Three Months Ended March 31, 2025 2024 Variances Incr. / (Decr.) (In millions USD) Amount % Total Revenue $72.1 $76.0 ($3.9) (5.1%) Operating Expense $41.6 $49.1 ($7.5) (15.3%) Operating Loss ($2.5) ($7.4) ($4.9) (66
Slide 34: Q1 2025 Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Proprietary & confidential to KORE Wireless Q1 2025 Reconc i l i a t ion o f Ne t Loss to EB ITDA and Ad jus ted EB ITDA 34 Columns may not sum due to rounding (1) “Other” adjustments are comprised of adjustments for certain indirect or non-income based taxes. Three Months Ended March 31, (in thousa
Slide 35: Q1 2025 Reconciliation of Net Cash to Free Cash Flow
Proprietary & confidential to KORE Wireless Q1 2025 Reconc i l i a t ion o f Ne t Cash P rov ided by Oper a t ing Ac t iv i t i e s to F r ee Cash F low 35 Columns may not sum due to rounding Three Months Ended March 31, (in thousands) 2025 2024 Net cash provided by operating activities $ 2,874 $ 1,
Slide 36: Q1 2025 Reconciliation of Gross Margin and Non-GAAP Margin
Proprietary & confidential to KORE Wireless Q1 2025 Reconc i l i a t ion o f G ross Mar g in and Non -GAAP Mar g in 36Columns may not sum due to rounding Three Months Ended March 31, ($ in thousands) 2025 2024 IoT Connectivity Revenue $ 53,917 $ 57,844 Cost of revenue, excluding depreciation and amo
Slide 37: Disclaimers: Forward-Looking Statements
Proprietary & confidential to KORE Wireless Disc la imers 37 Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. KORE's actual results may differ from their expe
Slide 38: Disclaimers: Use of Non-GAAP Financial Measures
Proprietary & confidential to KORE Wireless Disc la imers 38 Use of Non-GAAP Financial Measures In conjunction with net loss calculated in accordance with GAAP, we also use EBITDA and Adjusted EBITDA (as well as Adjusted EBITDA as a percentage of revenue), free cash flow, and Non-GAAP Profit and Non
KORE Group Holdings — Investor Presentation (May 2025) on 6ix