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Here are 1-2 brief analogies to describe Kore:

• Verizon for smart devices: Kore provides the managed cellular and satellite connectivity that powers millions of Internet of Things (IoT) devices, much like Verizon provides network service for phones.
• Twilio for IoT connectivity: Kore offers a platform and services to connect, manage, and secure IoT devices at scale, similar to how Twilio provides programmable communication tools.

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• IoT Connectivity Services: Provides secure and reliable cellular, satellite, and other network connectivity solutions for Internet of Things (IoT) devices globally.
• IoT Solutions and Professional Services: Offers expertise and support for designing, deploying, and managing comprehensive IoT initiatives, including consulting, device integration, and managed services.
• IoT Platforms and Software: Delivers software platforms for device management, data orchestration, security, and application enablement across various IoT deployments.

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Kore (KORE) - Major Customers

Kore (KORE) primarily sells its Internet of Things (IoT) solutions and connectivity-as-a-service to other businesses (B2B).

According to its latest annual report (10-K filing for the fiscal year ended December 31, 2023), no single customer accounted for 10% or more of Kore's revenue for the years ended December 31, 2023, 2022, and 2021. Due to this diversified customer base and lack of single customer concentration above the disclosure threshold, Kore does not publicly disclose the names of its specific major customer companies. Therefore, it is not possible to list specific customer company names or their stock symbols.

However, Kore serves a wide range of enterprises across various industries that leverage its IoT capabilities. These customer categories include companies in:

• Healthcare: Including medical device manufacturers, remote patient monitoring providers, and other healthcare technology companies that require secure and reliable IoT connectivity for their devices and services.
• Fleet Management & Logistics: Companies that utilize IoT for tracking vehicles, managing assets in transit, optimizing routes, and ensuring compliance in transportation and supply chain operations.
• Asset Monitoring & Tracking: Businesses requiring real-time location and status monitoring for high-value assets, industrial equipment, and inventory across diverse environments.
• Utilities & Smart Cities: Enterprises and municipalities deploying smart infrastructure, such as smart meters, environmental sensors, and connected public services, to enhance efficiency and provide data-driven insights.

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• AT&T Inc. (T)
• Verizon Communications Inc. (VZ)
• T-Mobile US, Inc. (TMUS)
• Vodafone Group Plc (VOD)
• Semtech Corporation (SMTC)
• Qualcomm Incorporated (QCOM)

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Ronald Totton, President and Chief Executive Officer

Ronald Totton was appointed President and Chief Executive Officer of KORE in May 2024. He brings almost three decades of experience in strategy, finance, sales, and leadership within the Technology, Media, and Telecoms sectors. Prior to joining KORE, Mr. Totton served as Chief Executive Officer of ST Telemedia Cloud (Temasek Holdings) and Executive Vice President of Corporate Development at ST Telemedia Group. He also held leadership positions at BT Global Services, including Chief Executive Officer for Northern, Central, and Eastern Europe, and Russia, as well as Managing Director for South East Asia.

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

Anthony Bellomo was appointed Executive Vice President, Chief Financial Officer and Treasurer of KORE, effective June 2, 2025. Before joining KORE, Mr. Bellomo spent 15 years at Mitel Networks Corporation in various financial leadership roles, including Group Vice President of Finance M&A and Chief Accounting Officer since 2018. He also held a senior financial role at Onex Corporation and worked as an Audit Manager at Deloitte & Touche LLP.

Jared Deith, Executive Vice President, Chief Revenue Officer

Bruce Gordon, Executive Vice President and Chief Operating Officer

Jack Kennedy, Executive Vice President and Chief Legal Officer

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The key risks to Kore (KORE) are primarily centered around its financial stability, compliance with exchange regulations, and intense competition within the evolving Internet of Things (IoT) market.

1. Financial Instability and Solvency Concerns

Kore faces significant financial instability, marked by a total equity deficit of $145.7 million as of September 30, 2025, indicating that its total liabilities exceed total assets. The company relies heavily on debt and preferred equity, with a concerning Debt-to-Equity ratio of -302.5% as of the same date. An Altman Z-Score of -1.45 further suggests an increased risk of bankruptcy. Additionally, Kore has reported ongoing operating losses, with a net loss of $12.7 million in Q3 2025 and an accumulated deficit of $605.8 million for the first nine months of 2025. The company also has significant related-party preferred obligations, totaling $143.6 million in Series A-1 preferred stock due to an affiliate and approximately $41.5 million in accrued interest as of September 30, 2025, which it plans to continue deferring. This financial situation limits Kore's ability to secure additional equity capital or favorable refinancing terms.

2. Compliance and Regulatory Risks

Kore has encountered compliance challenges, including receiving a notice from the New York Stock Exchange (NYSE) in April 2025 for the late filing of its 2024 Form 10-K. This event highlighted internal control and financial reporting weaknesses. While the company has since regained compliance, such issues can erode investor confidence and trigger regulatory scrutiny. The NYSE notice also implied a risk of delisting if the company failed to meet compliance standards within the stipulated timeframe.

3. Intense Competition and Market Evolution

The Internet of Things (IoT) market, in which Kore operates, is rapidly expanding and highly competitive, with new entrants and technologies frequently emerging. Kore faces competition from major telecommunications companies, such as Verizon, AT&T, and Vodafone, as well as specialized IoT solution providers. The company's ability to maintain and expand its market share amidst this fierce competition is crucial for its future prospects. Kore's Q1 2025 financial performance showed a mixed picture, with a year-over-year decrease in overall revenue, emphasizing the ongoing challenges in this competitive environment.

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The increasing comprehensive offerings and market penetration of hyperscale cloud providers such as Amazon Web Services (AWS IoT), Microsoft Azure (Azure IoT), and Google Cloud (Google Cloud IoT) represent a clear emerging threat to Kore.

These large technology companies are aggressively expanding their Internet of Things (IoT) ecosystems to offer end-to-end solutions that encompass not only data processing and analytics but also critical components like device management, connectivity management platforms, and even direct connectivity services. Their vast resources, existing enterprise relationships, and ability to bundle services can put pricing pressure on specialized IoT players like Kore, which focuses on connectivity, eSIM, and device management. As these hyperscale providers continue to integrate more deeply into the IoT stack, they could potentially marginalize independent IoT solution providers by offering a more unified, scalable, and cost-effective single-vendor solution for enterprises.

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Kore (NYSE: KORE) operates within the expansive Internet of Things (IoT) market, primarily offering IoT connectivity, managed services, and eSIM technologies. The addressable markets for these main products and services are substantial on a global scale.

• Global IoT Connectivity Market: This market was valued at approximately USD 663.38 billion in 2024 and is projected to reach USD 2295.57 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 19.10%. North America held the largest revenue share in this market in 2024, accounting for 39.5%.
• Global eSIM Market: The global eSIM market was valued at an estimated USD 14.68 billion in 2024 and is poised to grow to USD 49.75 billion by 2032, with a CAGR of 16.5% during the forecast period (2025-2032). North America currently dominates this market, holding a significant share of over 40.2% in 2024.
• Global IoT Solutions and Services Market: This market is expected to grow from USD 330.5 billion in 2024 to approximately USD 1602.3 billion by 2034, exhibiting a CAGR of 17.10%. In 2024, North America was the dominant region in this market, capturing over 38.4% share and generating around USD 126.91 billion in revenue.

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Share Repurchases

• KORE Group Holdings reported total stock buybacks of $1.65 million between Q1 2024 and Q1 2025. This includes $135.79K in Q1 2024, $698.81K in Q2 2024, $755.44K in Q3 2024, $26.37K in Q4 2024, and $35.40K in Q1 2025. [cite: 21 in previous turn]
• Shares of common stock related to employee incentive plans were cancelled, but these were not part of publicly announced share repurchase programs. [cite: 1 in previous turn]

Share Issuance

• On September 30, 2021, KORE issued 22,500,000 shares to PIPE investors at $10.00 per share, totaling $225 million, as part of its Business Combination. A total of 71,810,419 shares were issued immediately following this Business Combination.
• On June 1, 2023, KORE issued 10 million shares of its common stock to Twilio Inc. as consideration for the acquisition of Twilio's IoT business unit. [cite: 3, 4 in previous turn, 6 in previous turn] This issuance was valued at approximately $14.6 million, based on KORE's opening share price of $1.46 on March 27, 2023, and represented about 11.5% of KORE's issued and outstanding shares at the time. [cite: 1, 4 in previous turn, 6 in previous turn, 7 in previous turn]
• In connection with the Twilio acquisition, approximately 1.76 million KORE shares were granted to 18 former Twilio employees as equity inducement awards. [cite: 3 in previous turn, 4 in previous turn]

Inbound Investments

• In November 2023, KORE completed a comprehensive debt refinancing that included a $150 million strategic investment from funds advised by Searchlight Capital Partners, L.P. This investment was in the form of non-convertible preferred stock with a ten-year maturity and a 13% per annum dividend rate. [cite: 4 in previous turn, 12 in previous turn]
• On November 4, 2025, KORE announced the receipt of a non-binding letter from Searchlight Capital Partners, L.P. and Abry Partners, LLC to acquire all outstanding common stock not already owned by them for cash consideration of $5.00 per share. [cite: 6 in previous turn, 14 in previous turn, 18 in previous turn]

Outbound Investments

• No information available for this category for KORE (KORE).

Capital Expenditures

• KORE reported capital expenditures of -$2.48 million in the trailing twelve months as of a recent reporting period (prior to November 2025), resulting in a free cash flow of $8.52 million. [cite: 8 in previous turn]
• Capitalized internal use computer software, which is included in intangible assets, amounted to $30.2 million as of December 31, 2022, and $25.2 million as of December 31, 2021. [cite: 21 in previous turn]
• The company's capital expenditures are primarily focused on supporting current operations and facilitating growth and expansion. [cite: 7 in previous turn]