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KORE Group Holdings (KORE)
NYSE:KORE
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Earnings Data
Report Date
Apr 01, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.49Last Year’s EPS
-$0.95Same Quarter Last Year
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 19, 2024
|% Change Since: -27.32%
|Next Earnings Date:Apr 01, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mix of positive developments in IoT Connectivity growth, cost savings from restructuring, and significant customer wins. However, these were tempered by challenges in IoT Solutions revenue decline, adjusted EBITDA reduction, and high debt concerns. The company appears to be on a stable path forward, with improvements in cash flow and operational metrics.Company Guidance
During the Q3 2024 earnings call, KORE Group Holdings reaffirmed and adjusted its guidance based on third-quarter results and fourth-quarter outlook. The company reported a total revenue of $68.9 million, slightly up from the previous year, with IoT Connectivity revenue increasing by 3% to $56.7 million, representing 82% of the total revenue. Adjusted EBITDA stood at $13 million, a slight decrease from $14.2 million in the same quarter last year. Free cash flow remained flat year-over-year for Q3, although it improved by $6 million year-to-date compared to the prior year. The company reported significant growth in Total Contract Value (TCV), closing $32 million in Q3, with 91% attributed to IoT Connectivity. KORE has narrowed its full-year revenue guidance to $280-285 million and adjusted EBITDA guidance to $54-55 million, reflecting strong demand in IoT Connectivity and strategic initiatives. The company highlighted its strategic focus on customer intimacy, profitable growth, and operational excellence as key drivers for future performance.Growth in IoT Connectivity Revenue
Revenue for IoT Connectivity increased by 3% year-over-year, representing 82% of third quarter revenue. The growth was driven by strong market demand and effective sales strategies.
Increase in Total Contract Value
Closed $32 million in Total Contract Value (TCV) in Q3 2024, with 91% related to IoT Connectivity. Year-to-date closed TCV was $128 million, up from $87 million in the prior year.
Restructuring and Cost Rationalization Completion
Completed restructuring and cost rationalization, generating $20 million in gross run-rate cash savings. This included a 25% workforce reduction and onetime costs of $4 million.
Operational and Financial Improvements
Year-to-date free cash flow improved by $6 million compared to the previous year, despite $1.5 million in onetime severance payments.
Positive Customer Wins Across Industries
Secured significant contracts in asset monitoring, healthcare, smart agriculture, and remote patient monitoring, contributing to strong IoT Connectivity growth.
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KORE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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KORE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 19, 2024 | $1.83 | $1.90 | +3.83% |
| Aug 15, 2024 | $3.39 | $2.74 | -19.17% |
| May 15, 2024 | $3.80 | $3.79 | -0.26% |
| Apr 11, 2024 | $3.50 | $3.73 | +6.57% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does KORE Group Holdings (KORE) report earnings?
KORE Group Holdings (KORE) is schdueled to report earning on Apr 01, 2025, TBA Not Confirmed.
What is KORE Group Holdings (KORE) earnings time?
KORE Group Holdings (KORE) earnings time is at Apr 01, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is KORE EPS forecast?
KORE EPS forecast for the fiscal quarter 2024 (Q4) is -$0.49.
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