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S e c o n d Q u a r t e r 2 0 2 5 E a r n i n g s P r e s e n t a t i o n August 14, 2025
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Di scl a ime rs 2 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 expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements generally are accompanied by words such as "believe," "guidance," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook,“ and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected financial and other risks, statements regarding future operational performance and efficiency, 2025 guidance, statements regarding the expected cost savings, revenue growth and profitability from the Company’s restructuring plan, estimates and forecasts of revenue, Adjusted EBITDA, Free Cash Flow and other financial and performance metrics, statements regarding growth from the Company’s indirect channel partner relationships,projections regarding recent customer engagements, projections of market opportunity and conditions, the impact of SGP.32 eSIM architecture,and the Estimated Annual Recurring Revenue ("eARR") of contracts and potential revenue opportunities in KORE’s sales funnel. These statements are based on various assumptions and on the current expectations of KORE’s management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks related to the rollout of KORE's business and the timing of expected business milestones; risks relating to the integration of KORE’s acquired companies, changes in the assumptions underlying KORE's expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of the eARR of customer commitments as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; the effects of competition on KORE's future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this presentation. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Use of Projections This presentation also contains certain financial forecasts of KORE. KORE's independent auditors have not studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them has expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of KORE's control. Accordingly, there can be no assurance that the prospective results are indicative of future performance of KORE or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.
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Di scl a ime rs 3 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-GAAP Margin to evaluate our ongoing operations and for internal planning and forecasting purposes. Non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. We believe that along with our GAAP financial information, our non-GAAP financial information when taken collectively and evaluated appropriately, is helpful to investors in assessing our operating performance. EBITDA is defined as net loss before interest expense, income tax expense or benefit, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain unusual and other significant items and removes the volatility associated with non-cash items and operational income and expenses that are not expected to be ongoing. Such adjustments include goodwill impairment charges, changes in the fair value of certain of our warrants required by GAAP to be accounted for at fair value, gains or losses on debt extinguishment, “transformation expenses” related to the implementation of our strategic transformation plan and include the costs of a re-write of our core technology platform, expenses incurred to design certain new IoT Solutions, and “go-to-market” capabilities. All of which expenses were completed in 2023, acquisition costs, integration-related restructuring costs, stock-based compensation, and foreign currency gains and losses. Adjusted EBITDA as a percentage of revenue is calculated as Adjusted EBITDA divided by revenue, and has no GAAP equivalent, as net loss as a percentage of revenue is not considered meaningful. Free cash flow is defined as net cash provided by operating activities reduced by capital expenditures consisting of purchases of property and equipment, purchases of intangible assets and capitalization of internal use software. We believe free cash flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a non-GAAP measure defined as net cash used in operating activities - continuing operations, reduced by capital expenditures (consisting of purchases of property and equipment), purchases of intangible assets and capitalization of internal use software. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations because it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along with other operating and financial performance measures presented in accordance with GAAP. Gross profit and gross margin as calculated in accordance with GAAP include depreciation and amortization as part of a cost of revenue, which is shown separately for convenience in the GAAP reconciliation included in the supplementary schedules of this presentation. Non-GAAP Margin is a non-GAAP measure defined as non-GAAP Gross Profit (“Non-GAAP Profit”) divided by revenue, expressed as a percentage. Non-GAAP Profit is a non-GAAP measure defined as gross profit excluding certain (i) inventory adjustments that may not be indicative of ongoing operations, (ii) depreciation and (iii) amortization. We have not provided the forward-looking equivalents calculated using accounting principles generally accepted in the United States (GAAP) for the forward-looking non-GAAP financial measures Adjusted EBITDA and Free Cash Flow or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items including but not limited to stock-based compensation expense, foreign currency loss or gain and acquisition and integration-related expenses. Accordingly, a reconciliation of this non-GAAP guidance metric to its corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results and, as such, we also believe that any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.
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4 P r e s e n t a t i o n O u t l i n e Q2 2025 and YTD Business Highlights1 Q2 2025 and YTD Financial Results2 3 Q&A
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5 Q 2 2 0 2 5 H i g h l i g h t s • Revenue increased $3.4 million to $71.3 million • Net Loss decreased by $66.7 million to $16.9 million • Adjusted EBITDA increased by $5.3 million to $16.7 million 67.9 71.3 Q2'24 Q2'25 $ millions Revenue 11.4 16.7 Q2'24 Q2'25 $ millions Adjusted EBITDA (83.6) (16.9) Q2'24 Q2'25 $ millions Net Profit/(Loss)
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6 Q 2 2 0 2 5 H i g h l i g h t s - C a s h F l o w • Cash from Operations increased by $0.1 million to $4.1 million • Free Cash Flow increased by $1.7 million to $1.6 million 4.0 4.1 Q2'24 Q2'25 $ millions Cash from Operations -0.1 1.6 Q2'24 Q2'25 $ millions Free Cash Flow
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2025 Busi nes s Highl ights and Ini tia tives Customer Intimacy Profitable Growth Winning TeamProduct Innovation Operational Excellence 7 • Improving operating performance and cash flow, with three consecutive quarters of positive cash flow • Crossed 20 million total connections • Strong improvement in IoT Solutions Gross Margin • Introduced new SuperSIM® Pooled Plan and dual-profile • Global profile deployments with Brazil and China Carriers • Connected Health is leveraging SGP.32 readiness to win in regulated trials and diagnostics • Values relaunch and Workforce redesign • New recognition efforts and performance development process • Launched employee learning platform • Infrastructure and Technology upgrades • Launching an enhanced customer support process, shortening detection and resolution times • Eight AI initiatives focused on Customer Experience, Business Growth, Security and Operational Excellence • Introduced KOREY – virtual assistant for customers • KORE One® unifies customer interactions across platforms • User experience enhancements launching new user interfaces like KORE Console
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I o T C o n n e c t i v i t y - S t e a d y G r o w t h • IoT Connectivity revenue increased $0.3 million despite winding down non- strategic product revenue • Total Connections1 were up 8% to 20.1 million as new and existing customer Connections continue to grow 55.8 56.1 Q2'24 Q2'25 $ millions IoT Connectivity Revenue 18.6 20.1 Q2'24 Q2'25 millions Period End Total Connections 8 (1) Total Connections for any financial period is the total of all our IoT Connectivity services connections at the end of such period, including the contribution of eSIMs
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9 C onnecti vity eAR R O ppor t uniti es Incr ea s ing • The Total Pipeline for Estimated Annual Recurring Revenue (eARR)1 increased to $84.6 million with New Business driving the growth • eARR- Closed Won for the quarter increased to $10.2 million with a balance across new and existing business (1) eARR, for any customer contract, multiplies the estimated monthly recurring revenue in the twelfth month of the contract by twelve to estimate the annual recurring revenue 51.7 57.7 29.8 26.9 Q1'25 Q2'25 $ millions eARR - Total Pipeline New Existing 2.2 4.7 3.9 5.5 Q1'25 Q2'25 $ millions eARR – Closed Won New Existing 81.5 84.6 6.1 10.2
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AI & BI SERVICE PROVIDER WIN • Leveraged strong OEM relationships to create opportunities. • Applied strategic expertise to connect a leading AI-driven security provider with a top-tier residential security platform. • Navigated competitive pressures to maintain deal momentum. • Accelerated deal progress, enabling faster decision-making.. TELEM ATICS HARDWARE PROVID ER • Delivered multi-carrier connectivity that outperforms single-carrier solutions. • Addressed key coverage challenges while maintaining a competitive price. • Provided technical advantages, including support for SuperSIM VPNs to AWS and Azure. • Positioned KORE as the ideal partner for future adoption of carrier-plus SGP.32 solutions. GLOBAL VIRTUAL FENCE WIN • Delivered seamless, reliable roaming through OmniSIM Reach, outperforming MNOs in early testing. • Offered “it just works” performance for a dependable user experience. • Provided access to critical networks, including Tier 1 networks in the U.S. with downloadable profiles to support global expansion. REMOTE PATIENT MONITORING WIN • Eliminated the complexity of managing multiple carrier contracts and SKUs through a single-SIM, multi- carrier solution. • Provided access to all three Tier 1 U.S. networks via one platform, KORE streamlined operations and improved scalability - key advantages over carrier- direct options. • Unified approach was especially valuable given work with major healthcare systems. Q 2 2025 Wi ns 10
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11 Q2 2025 Financial Results
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Q 2 2025 and Y TD Fi nanci al Res ult s 12 (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 prior year trailing twelve-month revenue for the same customer cohort in both periods. Excludes revenue from both non go-forward customers, and new customers that started generating revenue after the end of the base period Columns may not sum due to rounding Revenue (In millions USD) % % Amount % % % Amount % IoT Connectivity $56.1 79% $55.8 82% $0.3 1% $110.0 77% $113.7 79% ($3.7) (3%) IoT Solutions $15.2 21% $12.1 18% $3.1 25% $33.4 23% $30.2 21% $3.2 11% Total Revenue $71.3 100% $67.9 100% $3.4 5% $143.4 100% $143.8 100% ($0.5) (0%) Gross Margin % IoT Connectivity IoT Solutions Overall Margin % Non-GAAP Margin % IoT Connectivity IoT Solutions Overall Margin % Key Metrics Amount % Amount % Period End Connections 1.5 million 8% 1.5 million 8% Average Connections for Period 1.6 million 9% 1.6 million 9% ARPU1 ($0.06) (6%) DBNER2 20.1 million 18.6 million 20.1 million 18.6 million 20.1 million 18.5 million 19.9 million 18.3 million Basis Points Three Months Ended June 30, 682 Basis Points Six Months Ended June 30, 700 $0.94 $1.00 Basis Points 99% 92% (25) 45.3% 38.5% 43.2% 37.1% 608 56.9% 56.9% (5) 55.6% 55.9% Basis Points 60.0% 60.9% (92) 59.4% 60.9% (146) Variance2025 2024 Variance 2025 2024 Basis Points 35.4% 38.9% (358) 36.2% 40.5% (438) 263 35.1% 37.5% (241) 35.6% 38.5% (296) 34.1% 30.9% 321 33.7% 31.0%
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Q 2 2025 a nd Y TD Res ults ( c o n t i n u e d ) 13 Columns may not sum due to rounding 2025 2024 2025 2024 (In millions USD) Amount % Amount % Total Revenue $71.3 $67.9 $3.4 5.0% $143.4 $143.8 ($0.5) (0.3%) Operating Expense $44.6 $115.3 ($70.8) (61.4%) $86.1 $164.5 ($78.3) (47.6%) Operating Profit/(Loss) ($5.2) ($76.7) $71.5 93.2% ($7.7) ($84.1) $76.4 90.9% Net Profit/ (Loss) ($16.9) ($83.6) $66.7 79.8% ($31.8) ($101.2) $69.4 68.6% Adj. EBITDA $16.7 $11.4 $5.3 46.3% $31.2 $26.2 $5.0 19.0% Adj. EBITDA Margin (%) 23.4% 16.8% 21.7% 18.2% Net Cash Provided By/(Used In) Operating Activities $4.1 $4.0 $0.1 2.9% $7.0 $5.9 $1.1 18.4% Net Cash (Used In) Investing Activities ($1.3) ($0.9) ($0.4) (48.5%) ($4.8) ($8.8) $4.0 45.4% Net Cash Provided By/(Used In) Financing Activities ($1.5) ($3.2) $1.8 54.2% ($1.1) ($1.7) $0.7 38.2% Cash at the end of the Period * $21.0 $22.3 ($1.3) (6.0%) * Excludes restricted cash 660 basis pts. 350 basis pts. Three Months Ended June 30, Six Months Ended June 30, Variances Incr. / (Decr.) Variances Incr. / (Decr.)
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2025 Guida nce Ma inta i ned Guidance reiterated as we execute on KORE’s Value Creation Plan $288mm-298mm $62mm-67mm 2025 Revenue 2025 Adjusted EBITDA 14 10 $10mm-14mm 2025 Free Cash Flow YOY*: 2% YOY*: 19% *midpoint YOY*: nm
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15 Q&A
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16 Appendix | Supplemental Information
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Reconcil ia tion of Ne t Los s to EBI TDA and Adjus te d EBI TDA 17 Columns may not sum due to rounding (1) “Other” adjustments are comprised of adjustments for certain indirect or non-income based taxes. (in thousands) 2025 2024 2025 2024 Net loss $ (16,878) $ (83,633) $ (31,786) $ (101,220) Income tax expense/ (benefit) 1,486 (1,654) 2,595 (2,074) Interest expense, net 13,073 12,650 25,906 25,290 Depreciation and amortization 13,576 14,423 27,487 28,029 EBITDA $ 11,257 $ (58,214) $ 24,202 $ (49,975) Goodwill impairment loss - 65,864 - 65,864 Change in fair value of warrant liability (192) (4,365) (1,996) (6,686) Integration-related restructuring costs 7,522 4,115 11,666 8,688 Stock-based compensation 355 3,963 944 6,671 Foreign currency (gain) loss (3,524) 858 (5,006) 2,202 Gain/ loss on sale of assets 1,115 - 1,115 - Other (1) 174 (801) 237 (587) Adjusted EBITDA $ 16,707 $ 11,420 $ 31,162 $ 26,177 Six Months Ended June 30,Three Months Ended June 30,
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Reconcil ia tion of Ne t Ca s h Provi ded by O pera ting Acti viti es t o Fr ee C a sh Flow 18 Columns may not sum due to rounding (in thousands) 2025 2024 2025 2024 Net cash provided by operating activities 4,101$ 3,986$ 6,975$ 5,890$ Purchases of property and equipment (1,283) (864) (1,409) (1,741) Additions to intangible assets (1,482) (3,235) (3,633) (7,043) Proceeds from sale of assets 250 - 250 - Free Cash Flow 1,586$ (113)$ 2,183$ (2,894)$ Six Months Ended June 30,Three Months Ended June 30,
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Reconcil ia tion of Gros s M ar gin a nd Non -GAAP Ma rgi n 19 Columns may not sum due to rounding ($ in thousands) IoT Connectivity $ % $ % $ % $ % Revenue $56,081 $55,772 $ 109,998 $ 113,656 Cost of revenue, excluding depreciation and amortization 23,447 21,809 45,662 44,485 Depreciation and amortization in cost of revenue (1) 12,801 12,244 24,559 23,097 Gross Profit $ / Margin % $19,833 35.4% $21,719 38.9% $ 39,777 36.2% $ 46,074 40.5% Exclude: Inventory adjustments 999 999 Exclude: Depreciation and amortization 12,801 12,244 24,559 23,097 Non-GAAP Profit $ / Non-GAAP Margin % $33,633 60.0% $33,963 60.9% $ 65,335 59.4% $ 69,171 60.9% IoT Solutions Revenue $15,169 $12,096 $ 33,394 $ 30,187 Cost of revenue, excluding depreciation and amortization 8,463 7,436 19,270 18,973 Depreciation and amortization in cost of revenue (1) 1,531 922 2,886 1,850 Gross Profit $ / Margin % $ 5,175 34.1% $ 3,738 30.9% $ 11,238 33.7% $ 9,364 31.0% Exclude: Inventory adjustments 172 - 313 - Exclude: Depreciation and amortization 1,531 922 2,886 1,850 Non-GAAP Profit $ / Non-GAAP Margin % $ 6,878 45.3% $ 4,660 38.5% $ 14,437 43.2% $ 11,214 37.1% Overall Gross Profit $ / Margin % $25,008 35.1% $25,457 37.5% $ 51,015 35.6% $ 55,438 38.5% Non-GAAP Profit $ / Non-GAAP Margin % $40,511 56.9% $38,623 56.9% $ 79,772 55.6% $ 80,385 55.9% (1) Depreciation and amortization as included in cost of revenue for GAAP. Separately shown for recalculation purposes. Three Months Ended June 30, 2025 2024 Six Months Ended June 30, 2025 2024