KORE Reports Third Quarter 2024 Results and Completion of Restructuring Plan | PR Newswire [Video]

• Restructuring plan completed
• Growth in Connectivity and Connections
• On track to meet 2024 guidance

, /PRNewswire/ — KORE Group Holdings, Inc. (NYSE: KORE) (“KORE” or the “Company”), the global pure-play Internet of Things (“IoT”) hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today reported financial and operational results for the three and nine months ended September 30, 2024.

Q3 Highlights

• Third quarter 2024 revenue was $68.9 million, a 0.4% increase from $68.6 million in the same period last year.
  • A 3% increase in IoT Connectivity revenue of $56.7 million from $55.2 million in the same period last year was driven by organic growth.
  • A 9% decrease in IoT Solutions revenue of $12.2 million from $13.5 million in the same period last year was due to the decision to wind down lower margin hardware business.
• Net loss was $19.4 million for the third quarter of 2024, a 80% decrease from a net loss of $95.4 millionfor the same period a year …