AWS for IoT

Verizon for IoT devices

• Connectivity-as-a-Service (CaaS): Provides essential network connectivity for IoT devices to communicate globally.
• Location-Based Solutions: Offers services utilizing location data from IoT devices for tracking and other applications.
• Device Solutions: Provides services for the management, deployment, and optimization of IoT devices.
• Managed and Professional Services: Delivers comprehensive support and expertise for the development, deployment, and ongoing management of IoT solutions.
• Industry-Specific IoT Solutions: Offers tailored IoT solutions and analytics for sectors such as healthcare, fleet/vehicle management, asset management, and industrial/manufacturing.

• Healthcare
• Fleet and vehicle management
• Asset management
• Communication services
• Industrial/manufacturing

Ronald Totton, President and Chief Executive Officer

Ronald Totton was appointed President and Chief Executive Officer of KORE Group Holdings, Inc. in May 2024. He is responsible for the company's current strategy and has outlined a clear vision for KORE's future, with a focus on the high-growth Connectivity segment.

Anthony Bellomo, Executive Vice President, Chief Financial Officer and Treasurer

Anthony Bellomo's appointment as Executive Vice President, Chief Financial Officer, and Treasurer became effective on June 2, 2025. Before joining KORE, he held various senior financial leadership roles at Mitel Networks Corporation, including Group Vice President of Finance M&A and Chief Accounting Officer since 2018. Bellomo is also a Chartered Accountant in Ontario, a Certified Public Accountant in Illinois, and a CFA charterholder.

Jared Deith, Executive Vice President, Chief Revenue Officer

Jared Deith assumed the role of Executive Vice President and Chief Revenue Officer, effective January 31, 2025. He previously served as the Executive Vice President of Connected Health from August 2024 and has been with KORE since February 2022. Prior to his tenure at KORE, Deith was the President and Founder of Business Mobility Partners, Inc. and the CEO and Co-Founder of Simon IoT LLC, and was instrumental in their acquisition.

Bruce Gordon, Executive Vice President and Chief Operating Officer

Bruce Gordon serves as the Executive Vice President and Chief Operating Officer, having been appointed in July 2024. In this role, he is responsible for overseeing the operational execution of KORE's IoT services.

Jack W. Kennedy Jr., Executive Vice President, Chief Legal Officer and Secretary

Jack W. Kennedy Jr. holds the position of Executive Vice President, Chief Legal Officer, and Secretary at KORE Group Holdings, Inc.

Here are the key risks to KORE Group Holdings, Inc. (symbol: KORE):

1. Strategic Uncertainty and Pending Acquisition Risks: KORE Group Holdings, Inc. is currently undergoing a significant strategic review, which includes a definitive merger agreement for an affiliate of private investment firms Searchlight Capital Partners and Abry Partners to acquire all common shares they do not already own. This transaction, valued at approximately $726 million, is expected to take KORE private, with closing targeted for the second or third quarter of 2026. This ongoing process has led to the suspension of 2025 financial guidance and has created significant investor uncertainty and stock volatility. The completion of this acquisition is subject to approval by disinterested shareholders and regulatory clearances, meaning there is still risk associated with the deal not closing or facing delays.
2. Significant Financial Stress and Lack of Consistent Profitability: KORE is operating under substantial financial stress, characterized by a significant equity deficit and high total liabilities. As of September 30, 2025, the company reported a total equity deficit of $145.7 million and total liabilities of $569 million. Furthermore, KORE has a negative Altman Z-Score, which indicates potential financial distress. The company remains in a loss-making phase on a GAAP (Generally Accepted Accounting Principles) basis, and while it has shown signs of narrowing net losses, it has faced flat or declining revenue growth, with overall revenue for Q3 2025 being essentially flat year-over-year at $68.7 million. This capital structure and lack of consistent profitability limit KORE's flexibility and ability to invest in the highly competitive Internet of Things (IoT) market.
3. Intense Competition and Rapid Technological Advancements in the IoT Market: KORE operates in a rapidly evolving and highly competitive Internet of Things (IoT) industry. The market is constantly affected by new product introductions and new industry participants, including large telecom carriers and specialized IoT providers. The ongoing integration of technologies like AI and 5G is continuously enhancing IoT capabilities, requiring KORE to continuously innovate and adapt to maintain its market position. This competitive pressure poses an ongoing challenge, particularly in light of KORE's financial constraints, which can limit its ability to scale and invest in crucial areas.

The increasing comprehensiveness and ease of adoption of Internet of Things (IoT) platforms offered by major cloud hyperscalers (such as Amazon Web Services (AWS IoT), Microsoft Azure IoT, and Google Cloud IoT) represent a clear emerging threat. These hyperscalers are continuously expanding their native IoT capabilities, offering robust, end-to-end solutions that encompass device connectivity and management, data ingestion, analytics, and application integration. As enterprises increasingly consolidate their IT infrastructure and development efforts within a primary cloud environment, leveraging these integrated hyperscaler IoT platforms can become a more attractive and potentially cost-efficient alternative to specialized third-party IoT service providers like KORE. This trend could disintermediate KORE by diminishing the perceived need for its specialized connectivity, device solutions, and managed services, as customers may increasingly build or manage their IoT ecosystems directly through their chosen cloud provider.

KORE Group Holdings, Inc. (KORE) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Growth in IoT Solutions Segment: The company is strategically focused on expanding its higher-margin IoT Solutions segment. This segment demonstrated robust growth, with revenue surging by 25% year-over-year in Q2 2025. KORE anticipates its IoT Solutions gross margin percentage to return to historical averages in the future, further contributing to profitability.

2. Increasing IoT Connectivity and Customer Connections: KORE continues to grow its total connections, surpassing the 20 million milestone in Q2 2025, an 8% increase year-over-year. By Q3 2025, total connections further increased to 20.5 million, up 9% from the prior year. Management expects the strong demand and sequential growth in connectivity revenue to persist through 2025 and into 2026.

3. Product Innovation and Platform Enhancement: KORE is investing in product innovation, including its Super SIM offerings and preparing customers for future technologies like SGP.32 readiness. The company launched the KORE One platform, a new connectivity offering, and introduced an AI assistant ("KOREY") in Q3 2025. A focus on improving the KORE One® IoT platform, built on a microservices architecture, and leveraging eSIM technologies, which are projected for substantial market growth, are also key innovation drivers.

4. Expansion into High-Growth Verticals: KORE is actively targeting and expanding its presence in high-growth sectors, such as connected health and cloud communication. The company's success in highly regulated sectors, like connected health, is expected to expand recurring, higher-margin revenue streams and support stable, long-term top-line growth.

5. Strategic Acquisitions and Partnerships: Strategic partnerships and acquisitions are integral to KORE's expansion strategy. The company has completed multiple acquisitions in areas such as IoT infrastructure and operational support systems (OSS) & business support systems (BSS), including recent integrations of BMP, SIMON IoT, and Integron.

Share Issuance

• KORE became a publicly-listed company on the NYSE in October 2021 through a SPAC merger with Cerberus Telecom Acquisition Corp. (CTAC).
• The SPAC transaction provided approximately $484 million of gross cash proceeds, including a $225 million Private Investment in Public Equity (PIPE) investment.
• Warrants to purchase shares of common stock were issued in November and December 2023, and a 1-for-5 reverse stock split became effective on July 1, 2024.

Inbound Investments

• Upon its SPAC merger in October 2021, KORE received approximately $484 million in gross cash proceeds, which included a $225 million PIPE investment.
• In February 2026, KORE announced an agreement to be acquired by Searchlight Capital Partners and Abry Partners in an all-cash transaction valued at approximately $726 million, taking the company private.
• Equity financing of $175 million from funds affiliated with Searchlight Capital underpins the consideration for the go-private transaction.

Outbound Investments

• KORE acquired Twilio's Internet of Things (IoT) business in 2023 for a purchase price of $65 million.

Capital Expenditures

• Purchases of property and equipment were approximately $0.184 million for the third quarter of 2025 and $0.203 million for the third quarter of 2024.
• Year-to-date purchases of property and equipment were approximately $8.038 million for 2025 and $7.066 million for 2024.