Kore Group Holdings, Inc. · NYSE:KORE
Kore — Q4 2023 Earnings Presentation
18 slides from Kore's earnings presentation, Apr 11, 2024
Slide 1: Fourth Quarter 2023 Earnings Presentation
Fourth Quarter 2023 Earnings Presentation April 11, 2024 © 2023 © KORE 2023 KORE 1
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements Use of Non-GAAP Financial Measures This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measure
Slide 3: Objectives of Our Earnings Call
Objectives of Our Earnings Call Review key Provide financial Answer analyst announcements performance and investor overview and questions key metrics © 2023 KORE 3
Slide 4: Key Announcements
Key Announcements Launched eSIM-powered Medical Alert Device with Medical Guardian This revolutionary technology is designed to overcome the challenges of limited carrier flexibility and coverage, enabling network switching to optimize connectivity across different regions and operational phases and
Slide 5: Summary – Q4 2023 Earnings
Summary – Q4 2023 Earnings Q4 2023 vs. Q4 2022 • Total revenue of $72.4 million vs. $62.4 million (+16%); +6% sequentially from Q3 2023 ‒ IoT Connectivity of $55.3 million vs. $43.7 million (+27%); flat sequentially from Q3 2023 ‒ IoT Solutions revenue of $17.1 million vs. $18.7 million (-9%); +27%
Slide 6: Financial Highlights
Financial Highlights Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Revenue (In millions USD) Revenue % Revenue % Revenue % Revenue % IoT Connectivity $55.3 76% $43.7 70% $202.3 73% $175.9 68% IoT Solutions 17.1 24% 18.7 30% 74.3 27% $92.5 32% Total revenue $72.
Slide 7: Financial Highlights (continued)
Financial Highlights (continued) Three Months Ended Twelve Months Ended December 31, December 31, (In millions USD) 2023 2022 2023 2022 Operating Expense $49.6 $98.1 $266.8 $224.7 Operating Loss ($12.7) ($64.3) ($118.8) ($84.3) Net Loss ($33.7) ($69.6) ($167.0) ($106.2) Adj. EBITDA $13.8 $15.7 $55.6
Slide 8: Global Sales Pipeline as of December 31, 2023
Global Sales Pipeline as of December 31, 2023 Qualification & Technical Evaluation Stage Sal Proposal Stage es F Total 1,600Pipeline Opportunities unn $545 million TCV Contract Signed Stage el Beta Site Stage Total Closed Won Closed Won $28 million TCV © 2023 KORE 8
Slide 9: Key Business Successes
Key Business Successes 1. Increasing Wallet Share/Product 2. Cross-Selling IoT Solutions with the Expansion KORE One-Stop-Shop A leading provider of high-performance software KORE won a contract with one of the largest privately solutions for the real estate industry is adding 15,000 held homebuilde
Slide 10: 2024 EBITDA Guidance
2024 EBITDA Guidance Confidence in 2024 outlook reflects: 1 IoT Connectivity Growth Above 20%. 2 Streamlined Operating Costs and Improving Economies of Scale. 3 First Quarter 2024 Adjusted EBITDA is larger than any quarter in 2023. h A G rowt E BITD $65.0 33% $55.6 $49.0 - $6.6 2023 Adjusted EBITDA
Slide 11: Summary Q4 2023 Messages and 2024 Outlook
Summary Q4 2023 Messages and 2024 Outlook Double-digit IoT Added $28 million Increased sales Maintaining cost Clear visibility to Connectivity of TCV, bringing momentum with discipline in 2024, double-digit growth to accelerate year-to-date TCV to streamlined sales resulting in higher- adjusted EBIT
Slide 12: Appendix
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Slide 13: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended Twelve Months Ended December 31, December 31, (In millions USD) 2023 2022 2023 2022 Net loss ($33.7) ($69.6) ($167.0) ($106.2) Income tax benefit ($0.2) ($4.1) ($4.2) ($10.4) Interest Expense, net $11.5 $9.2 $42.7 $31.4 Depr
Slide 14: IoT use cases are everywhere… deployments are complex
IoT use cases are everywhere… deployments are complex • Sample IoT use cases • Top challenges in IoT deployments Connected Fleet Mgmt. Blood Sugar Monitors Lack of in-house IoT expertise and resources Inability to Challenges in Connected contextualize interoperability Home Security Gas Tank and anal
Slide 15: KORE is building the world's first pure-play IoT enabler
KORE is building the world’s first pure-play IoT enabler What we do for customers... Deploy Manage Scale Connectivity. How Solutions. we do it… Analytics. © 2023 KORE 15
Slide 16: Building a Pure Play IoT Company
Building a Pure Play IoT Company Industry Sectors/Verticals Current Future Communication Fleet Assets Industrial Services Industrial Connected Health Fleet Management, Remote Monitoring, Connectivity Resellers, IIoT, OEMs, Smart Cities, and IoT-enabled Telematics, Connected Home/Business Security, F
Slide 17: Customer IoT Journey
Customer IoT Journey 1 IoT Strategy & End-to-end 2 Technology Evaluation, 3 IoT Connectivity, Device & Data 4 Deployment (forward 5 Operations Management & 6 Sustainment (reverse 7 Analysis & AIoT Security Selection, Dev Management logistics) Support logistics) Business Business Outcomes Outcomes/ /
Slide 18: KORE is the only pure play IoT enabler
KORE is the only pure play IoT enabler IoT Applications Analytics Visualization Enterprises KORE’s customers deliver end-to-end industry solutions. Unencumbered by solution management IoT & Enablement and deployment complexities, these customers can focus on their end customer experience Onboard Con