ATLANTA, May 16, 2022
/PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE,
KORE WS) ("KORE" or the "Company"), a global leader in
Internet of Things (IoT) solutions and worldwide IoT
Connectivity-as-a-Service ("CaaS"), today reported financial and
operational results for the quarter ended March 31, 2022.
"KORE built off a record-setting 2021 with a strong start to
2022. We delivered 25% year-over-year revenue growth, grew our IoT
Solutions business by 70%, and continued to grow our total
connected devices. We accomplished all of this despite a volatile
backdrop of network sunsets and supply chain constraints," said
Romil Bahl, President and CEO of
KORE. "Based on this strong quarter, we are reiterating our
guidance for the year, which will result in KORE beating our
go-public two-year revenue forecast by at least $50 million."
KORE: Company Highlights
- First-quarter revenue of $68.9
million increased 25% year-over-year, driven by 70% growth
in IoT Solutions and 8% growth in IoT Connectivity.
- DBNER*** increased to 122% for the first quarter of 2022,
compared to 108% in the first quarter of 2021. This DBNER has been
helped by the LTE Transition project with our largest customer,
which is substantially complete at the end of first quarter
2022.
- The Company is reiterating its fiscal 2022 revenue guidance of
$260 million to $265 million and Adjusted EBITDA, a non-GAAP
metric*, guidance of $63 million to
$64 million.
- KORE is the only independent IoT Connectivity provider to be
named a leader in Managed IoT Connectivity by Gartner in the 2022
Magic Quadrant report for the third consecutive year. The Company
was also listed as a leader by IDC MarketScape, highlighting the
breadth and scale of KORE's solutions.
- The Company doubled down on Connected Health with the
acquisition of Business Mobility Partners and Simon IoT. The
acquisition of these strategically aligned companies expands KORE's
capabilities in the rapidly growing Life Sciences space.
Financial Performance for First
Quarter 2022, Compared to the Same Period of 2021:
- Total revenue increased 25% to $68.9
million, compared to $55.3
million.
- IoT Connectivity revenue increased 8% to $44.1 million, compared to $40.7 million.
- IoT Solutions revenue increased 70% to $24.8 million, compared to $14.6 million. Our performance in the quarter
benefited from the last full quarter of the LTE transition project
with our largest customer.
- Connected Health revenue increased 24% to $24.3 million, compared to $19.7 million.
- Net loss increased to $10.9
million, or $0.15 per share,
compared to $1.1 million, or
$0.27 per share.
- Adjusted EBITDA, a non-GAAP metric*, decreased 5% to
$15.6 million, compared to
$16.4 million. The decrease is mainly
attributable to approximately $2.0
million in additional operating costs related to being a
publicly traded company. Adjusting Q1 2021 for these additional
expenses, Q1 2022 Adjusted EBITDA would have increased 8% year over
year.
The table below summarizes our revenue and certain key
metrics:
(amounts in thousands USD, except for Total
Connections***)
|
|
Three Months
Ended
|
|
|
|
March
31
|
|
Revenue
|
|
2022
|
|
|
2021
|
|
IoT
Connectivity
|
$
|
44,098
|
64%
|
|
$
|
40,720
|
74%
|
|
IoT
Solutions
|
|
24,843
|
36%
|
|
|
14,577
|
26%
|
|
Total
Revenue
|
$
|
68,941
|
100%
|
|
$
|
55,297
|
100%
|
|
Period End Total
Connections
|
|
15.3
million
|
|
|
12.9 million
|
|
Average Total
Connections for the Period
|
|
15.1
million
|
|
|
12.7
million
|
|
First Quarter 2022 Key Metrics and
Business Successes
- KORE grew subscriptions to approximately 15.3 million Total
Connections***, a year-over-year increase of 19%, despite
supply chain headwinds and network technology transitions.
- DBNER*** was 122% for the first quarter of 2022, compared to
108% in the first quarter 2021.
- KORE was named a Leader by IDC MarketScape and is the only
independent IoT Connectivity provider listed as a leader in Managed
IoT Connectivity by Gartner in its Magic Quadrant report for three
consecutive years.
- KORE collaborated with Kigen and Energy Web to provide an
integrated, eSIM-based, trusted identity system for smart grid
applications, demonstrating the Company's commitment to security by
designing and securing IoT solutions from the ground up.
- The Company doubled down on Connected Health with the
acquisition of Business Mobility Partners and Simon IoT. This
strategically aligned Company expands KORE's services in the
rapidly growing Life Sciences space.
2022 Financial Outlook
For the twelve months ending December 31,
2022, the Company continues to expect:
- Revenue of $260 million to
$265 million.
- Adjusted EBITDA, a non-GAAP metric*, of $63 million to $64
million, representing a margin of approximately 24%.
"Overcoming over two years of a global pandemic, technology
sunsets, and supply chain shortages, KORE continues to prove it is
a resilient company with a strong business model and a healthy base
of recurring revenue," Bahl continued. "As 5G gradually matures,
providing additional tailwinds for our business, I am confident
that KORE is the best-positioned pure-play IoT services provider.
KORE will enable our customers' digital transformation journeys,
and drive growth and value for all our stakeholders through what I
refer to as the 'Decade of IoT' ahead."
*See "Non-GAAP Financial Measures" and "Reconciliation of Net
Loss to EBITDA to Adjusted EBITDA" below for more
information
***See Key Metrics for definitions
Conference Call Details
KORE management will hold a conference call today (May 16, 2022) at 5:00 p.m.
Eastern time (2:00 p.m. Pacific
time) to discuss its financial results, business highlights
and outlook.
President and CEO Romil Bahl and
CFO Paul Holtz will host the call,
followed by a question-and-answer session.
Webcast: Link
U.S. dial-in: (877) 407-3039
International dial-in: (215) 268-9922
Conference ID: 13729122
The conference call and a supplemental slide presentation to
accompany management's prepared remarks will be available via the
webcast link and for download via the investor relations section of
the Company's website at ir.korewireless.com.
For the conference call, please dial-in 5-10 minutes prior to
the start time and an operator will register your name and
organization, or you can register here. If you have any difficulty
with the conference call, please contact Gateway at (949)
574-3860.
About KORE
KORE is a pioneer, leader, and trusted advisor delivering
mission critical IoT solutions and services. We empower
organizations of all sizes to improve operational and business
results by simplifying the complexity of IoT. Our deep IoT
knowledge and experience, global reach, purpose-built solutions,
and deployment agility accelerate and materially impact our
customers' business outcomes. For more information, visit
www.korewireless.com.
Non-GAAP Financial
Measures
In addition to our results determined in accordance with GAAP,
we believe the following non-GAAP measures are useful in evaluating
our operational performance. We use the following non-GAAP
financial information to evaluate our ongoing operations and for
internal planning and forecasting purposes. We believe that
non-GAAP financial information, when taken collectively, may be
helpful to investors in assessing our operating performance.
EBITDA and Adjusted EBITDA
"EBITDA" is defined as net income (loss) before interest expense
or interest income, income tax expense or benefit, and depreciation
and amortization. "Adjusted EBITDA" is defined as EBITDA adjusted
for unusual and other significant items that management views as
distorting the operating results from period to period. Such
adjustments may include stock-based compensation, integration and
acquisition-related charges, tangible and intangible asset
impairment charges, certain contingent liability reversals,
transformation, and foreign currency transaction gains and losses.
EBITDA and Adjusted EBITDA are intended as supplemental measures of
our performance that are neither required by, nor presented in
accordance with, GAAP. We believe that the use of EBITDA and
Adjusted EBITDA provides an additional tool for investors to use in
evaluating ongoing operating results and trends and in comparing
the Company's financial measures with those of comparable
companies, which may present similar non-GAAP financial measures to
investors. However, you should be aware that when evaluating EBITDA
and Adjusted EBITDA we may incur future expenses similar to those
excluded when calculating these measures. In addition, our
presentation of these measures should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items. Our computation of Adjusted EBITDA may not be
comparable to other similarly titled measures computed by other
companies, because all companies may not calculate Adjusted EBITDA
in the same fashion.
Because of these limitations, EBITDA and Adjusted EBITDA should
not be considered in isolation or as a substitute for performance
measures calculated in accordance with GAAP. We compensate for
these limitations by relying primarily on our GAAP results and
using EBITDA and Adjusted EBITDA on a supplemental basis. You
should review the reconciliation of net loss to EBITDA and Adjusted
EBITDA below and not rely on any single financial measure to
evaluate our business.
We have not provided the forward-looking GAAP equivalents for
the forward-looking non-GAAP financial measure Adjusted EBITDA 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.
Key Metrics
KORE reviews a number of metrics to measure our performance,
identify trends affecting our business, prepare financial
projections, and make strategic decisions. The calculation of the
key metrics and other measures discussed below may differ from
other similarly titled metrics used by other companies, securities
analysts, or investors.
Number of Customer Connections
Total Customer Connections or "Total Connections" constitutes
the total of all KORE Connectivity services connections, including
both CaaS and CEaaS connections, but excluding certain connections
where mobile carriers license KORE's subscription management
platform from KORE. Total Connections include the contribution of
eSIMs and is the principal measure used by management to assess the
performance of the business on a periodic basis.
DBNER
DBNER (Dollar Based Net Expansion Rate) tracks the combined
effect of cross-sales of IoT Solutions to KORE's existing
customers, its customer retention and the growth of its existing
business. KORE calculates DBNER by dividing the revenue for a given
period ("given period") from existing go-forward customers by the
revenue from the same customers for the same period measured one
year prior ("base period"). The revenue included in the current
period excludes revenue from (i) customers that are non go-forward
customers, meaning customers that have either communicated to KORE
before the last day of the current period their intention not to
provide future business to KORE or customers that KORE has
determined are transitioning away from KORE based on a sustained
multi-year time period of declines in revenue and (ii) new
customers that started generating revenue after the end of the base
period. For example, to calculate our DBNER for the trailing 12
months ended March 31, 2022, we
divide (i) revenue, for the trailing 12 months ended March 31, 2022, from go-forward customers that
started generating revenue on or before March 31, 2022, by (ii) revenue, for the trailing
12 months ended March 31, 2021, from
the same cohort of customers. For the purposes of calculating
DBNER, if KORE acquires a company during the given period or the
base period, then the revenue of a customer before the acquisition
but during either the given period or the base period is included
in the calculation. Further, it is often difficult to ascertain
which customers should be deemed not to be go-forward customers for
purposes of calculating DBNER. Customers are not required to give
notice of their intention to transition off of the KORE platform,
and a customer's exit from the KORE platform can take months or
longer, and total connections of any particular customer can at any
time increase or decrease for any number of reasons, including
pricing, customer satisfaction or product fit – accordingly, a
decrease in total connections may not indicate that a customer is
intending to exit the KORE platform, particularly if that decrease
is not sustained over a period of several quarters. DBNER would be
lower if it were calculated using revenue from non go-forward
customers.
As of March 31, 2022, and
March 31, 2021, DBNER excludes
connections from non go-forward customers, the vast majority of
which are connections from Non-Core Customers. KORE defines
"Non-Core Customers" to be customers that management has judged to
be lost as a result of the integration of Raco Wireless, Wyless and
other acquisitions completed during in the 2014-2017 period, but
which continue to have some connections (and account for some
revenue) each year with KORE. Non-Core Customers are a subset of
non go-forward customers.
DBNER is used by management as a measure of growth at KORE's
existing customers (i.e., "same store" growth). It is not intended
to capture the effect of either new customer wins or the declines
from non go-forward customers on KORE's total revenue growth. This
is because DBNER excludes new customers which started generating
revenue after the base period, and also excludes any customers
which are non go-forward customers on the last day of the current
period. Revenue increases from new customer wins, and a decline in
revenue from non go-forward customers are also important factors in
assessing KORE's revenue growth, but these factors are independent
of DBNER.
Cautionary Note on Forward-Looking
Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"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 estimates and
forecasts of revenue and other financial and performance metrics,
future capital availability, projections regarding recent customer
engagements, projections of market opportunity and conditions and
related expectations. 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; the potential effects of COVID-19; 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, including Business Mobility Partners Inc and
Simon IoT LLC, changes in the assumptions underlying KORE's
expectations regarding its future business; 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 press release. KORE
anticipate 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 press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
KORE Group
Holdings, Inc. and Subsidiaries
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands USD,
except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
March
31,
|
|
|
2022
|
|
|
2021
|
Revenue
|
|
|
|
|
|
Services
|
$
|
47,506
|
|
$
|
45,062
|
Products
|
|
21,435
|
|
|
10,235
|
Total revenue
|
|
68,941
|
|
|
55,297
|
Cost of
revenue
|
|
|
|
|
|
Cost of services
|
|
17,529
|
|
|
16,211
|
Cost of products
|
|
17,443
|
|
|
8,161
|
Total cost of revenue (exclusive of depreciation and
amortization shown separately below)
|
|
34,972
|
|
|
24,372
|
Gross
profit
|
|
33,969
|
|
|
30,925
|
Operating expenses
|
|
|
|
|
|
Selling, general and administrative
|
|
27,628
|
|
|
17,521
|
Depreciation and amortization
|
|
13,196
|
|
|
13,114
|
Total operating
expenses
|
|
40,824
|
|
|
30,635
|
Operating Income
(loss)
|
|
(6,855)
|
|
|
290
|
Interest expense, including amortization of deferred
financing costs, net
|
|
6,624
|
|
|
5,059
|
Change in fair value of warrant liability
|
|
(27)
|
|
|
(2,424)
|
Loss before income
taxes
|
|
(13,452)
|
|
|
(2,345)
|
Income tax expense
(benefit)
|
|
|
|
|
|
Current
|
|
1,306
|
|
|
102
|
Deferred
|
|
(3,851)
|
|
|
(1,366)
|
Total income tax
benefit
|
|
(2,545)
|
|
|
(1,264)
|
Net loss
attributable to the Company
|
$
|
(10,907)
|
|
$
|
(1,081)
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
|
Basic
|
$
|
(0.15)
|
|
$
|
(0.27)
|
Diluted
|
$
|
(0.15)
|
|
$
|
(0.27)
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
Basic
|
|
74,040,261
|
|
|
31,647,131
|
Diluted
|
|
74,040,261
|
|
|
31,647,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KORE Group
Holdings, Inc. and Subsidiaries
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands USD, except share and per share
amounts)
|
|
|
|
March
31
|
|
|
December
31
|
|
|
2022
|
|
|
2021
|
Assets
|
|
(Unaudited)
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
31,914
|
|
$
|
85,976
|
Accounts receivable, net of allowances for credits and
doubtful accounts of $2,417 and $1,800, at March 31, 2022 and
December 31, 2021, respectively
|
|
57,073
|
|
|
51,304
|
Inventories, net
|
|
12,069
|
|
|
15,470
|
Income taxes receivable
|
|
1,239
|
|
|
954
|
Prepaid expenses and other receivables
|
|
7,661
|
|
|
7,448
|
Total current assets
|
|
109,956
|
|
|
161,152
|
Non-current assets
|
|
|
|
|
|
Restricted cash
|
|
370
|
|
|
367
|
Property and equipment, net
|
|
12,167
|
|
|
12,240
|
Intangibles assets, net
|
|
222,759
|
|
|
203,474
|
Goodwill
|
|
426,700
|
|
|
381,962
|
Operating lease right-of-use assets
|
|
9,050
|
|
|
-
|
Other long-term assets
|
|
401
|
|
|
407
|
Total
assets
|
$
|
781,403
|
|
$
|
759,602
|
Liabilities,
temporary equity and stockholders' equity
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable
|
$
|
19,901
|
|
$
|
16,004
|
Accrued liabilities
|
|
11,424
|
|
|
21,502
|
Current portion of operating lease liabilities
|
|
2,027
|
|
|
-
|
Income taxes payable
|
|
959
|
|
|
467
|
Deferred revenue
|
|
7,020
|
|
|
6,889
|
Current portion of long-term debt and other borrowings,
net
|
|
3,206
|
|
|
3,326
|
Total current liabilities
|
|
44,537
|
|
|
48,188
|
Non-current liabilities
|
|
|
|
|
|
Deferred tax liabilities
|
|
36,443
|
|
|
36,722
|
Warrant liability
|
|
259
|
|
|
286
|
Non-current portion of operating lease liabilities
|
|
7,430
|
|
|
-
|
Long-term debt and other borrowings, net
|
|
414,026
|
|
|
399,115
|
Other long-term liabilities
|
|
3,624
|
|
|
3,148
|
Total
liabilities
|
$
|
506,319
|
|
$
|
487,459
|
Stockholders'
equity
|
|
|
|
|
|
Common stock, voting;
par value $0.0001 per share; 315,000,000 shares authorized,
76,239,989 and 72,027,743 shares issued and outstanding at March
31, 2022 and December 31, 2021, respectively
|
$
|
8
|
|
$
|
7
|
Additional paid-in
capital
|
|
427,378
|
|
|
413,646
|
Accumulated other
comprehensive loss
|
|
(3,515)
|
|
|
(3,331)
|
Accumulated
deficit
|
|
(148,787)
|
|
|
(138,179)
|
Total stockholders'
equity
|
|
275,084
|
|
|
272,143
|
Total liabilities,
temporary equity and stockholders' equity
|
$
|
781,403
|
|
$
|
759,602
|
KORE Group
Holdings, Inc. and Subsidiaries
|
CONDENSED
CONSOLIDATED CASH FLOW STATEMENTS
|
(In thousands USD,
except share and per share amounts)
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
March
31,
|
|
|
2022
|
|
|
2021
|
Cash flows from
operating activities
|
|
|
|
|
|
Net
loss
|
$
|
(10,907)
|
|
$
|
(1,081)
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities
|
|
|
|
|
|
Depreciation and
amortization
|
|
13,196
|
|
|
13,114
|
Amortization of deferred
financing costs
|
|
587
|
|
|
524
|
Non-cash reduction to the right
of use asset
|
|
587
|
|
|
-
|
Deferred income
taxes
|
|
(3,851)
|
|
|
(1,366)
|
Non-cash foreign currency
loss
|
|
(3)
|
|
|
(70)
|
Share-based
compensation
|
|
2,050
|
|
|
315
|
Provision for doubtful
accounts
|
|
55
|
|
|
(18)
|
Change in fair value of warrant
liability
|
|
(27)
|
|
|
(2,424)
|
Change in operating
assets and liabilities, net of operating assets and liabilities
acquired:
|
|
|
|
|
|
Accounts receivable
|
|
(2,580)
|
|
|
(1,855)
|
Inventories
|
|
4,714
|
|
|
(878)
|
Prepaid expenses and other
receivables
|
|
806
|
|
|
(5,375)
|
Accounts payable and accrued
liabilities
|
|
(8,428)
|
|
|
(13,311)
|
Deferred revenue
|
|
132
|
|
|
(81)
|
Income taxes payable
|
|
199
|
|
|
186
|
Operating lease
liabilities
|
|
(510)
|
|
|
-
|
Net cash used in
operating activities
|
$
|
(3,980)
|
|
$
|
(12,320)
|
Cash flows used in
investing activities
|
|
|
|
|
|
Additions to intangible
assets
|
|
(2,790)
|
|
|
(2,302)
|
Additions to property and
equipment
|
|
(635)
|
|
|
(789)
|
Payments for
acquisitions, net of cash
acquired
|
|
(45,078)
|
|
|
-
|
Net cash used in
investing activities
|
$
|
(48,503)
|
|
$
|
(3,091)
|
Cash flows from
financing activities
|
|
|
|
|
|
Proceeds from revolving credit
facility
|
|
-
|
|
|
20,000
|
Repayment of term
loan
|
|
(788)
|
|
|
(797)
|
Repayment of other borrowings -
notes payable
|
|
(118)
|
|
|
-
|
Equity financing
fees
|
|
(126)
|
|
|
(445)
|
Payment of deferred financing
costs
|
|
(452)
|
|
|
(79)
|
Payment of financing lease
obligations
|
|
(66)
|
|
|
-
|
Payment of capital lease
obligations
|
|
-
|
|
|
(388)
|
Net cash provided by/(used in) financing
activities
|
$
|
(1,550)
|
|
$
|
18,291
|
Effect of Exchange Rate Change on Cash and Cash
Equivalents
|
|
(26)
|
|
|
(67)
|
Change in Cash and Cash Equivalents and Restricted
Cash
|
|
(54,059)
|
|
|
2,813
|
Cash and Cash Equivalents and Restricted Cash, beginning of
period
|
|
86,343
|
|
|
10,693
|
Cash and Cash Equivalents and Restricted Cash, end of
period
|
$
|
32,284
|
|
$
|
13,506
|
|
|
|
|
|
|
|
|
|
|
|
KORE Group
Holdings, Inc. and Subsidiaries
|
RECONCILIATION OF
NET LOSS TO EBITDA TO ADJUSTED EBITDA
|
(In
thousands USD, except share and per share
amounts)
|
|
|
Three Months Ended
March 31,
|
|
|
2022
|
|
2021
|
Net
loss
|
$
|
(10,907)
|
$
|
(1,081)
|
Income tax benefit
|
|
(2,545)
|
|
(1,264)
|
Interest expense
|
|
6,624
|
|
5,059
|
Depreciation and amortization
|
|
13,196
|
|
13,114
|
EBITDA
|
|
6,368
|
|
15,828
|
Change in Fair value of warrant liabilities
(non-cash)
|
|
(27)
|
|
(2,424)
|
Transformation expenses
|
|
1,565
|
|
1,803
|
Acquisition and integration-related restructuring
costs
|
|
5,293
|
|
851
|
Stock-based compensation (non-cash)
|
|
2,050
|
|
315
|
Foreign currency loss (non-cash)
|
|
(3)
|
|
(70)
|
Other
|
|
395
|
|
115
|
Adjusted
EBITDA
|
$
|
15,641
|
$
|
16,418
|
Contacts
KORE
Media and Investors:
Vik Vijayvergiya
Vice President, Investor Relations
investors@korewireless.com
+1-770-280-0324
or
Investors:
Matt Glover, Alex Thompson
Gateway Group, Inc.
KORE@gatewayir.com
+1-949-574-3860
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SOURCE KORE Wireless