Communications Services, NECIFRS · EUR

KORE Group Holdings, Inc.

KORE Group Holdings, Inc. provides IoT connectivity and related managed services that help enterprises connect, monitor, and manage devices and assets across cellular networks. The company’s platform is built around recurring connectivity revenue, customer retention metrics such as DBNER, and subscription-style measures like eARR.

Ask about the company
Revenue286m EUR
−0.0 %y/y
Operating profit (EBIT)-12.5m EUR
+87.9 %y/y
EBIT margin-4.4%
+31.6 ppy/y
Net income-63.0m EUR
+56.9 %y/y
Free cash flow15.8m EUR
+122.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300m EUR2020: 214 m EUR2020: EBIT -9.5 m EUR20202021: 248 m EUR2021: EBIT -16 m EUR20212022: 268 m EUR2022: EBIT -86 m EUR20222023: 277 m EUR2023: EBIT -119 m EUR20232024: 286 m EUR2024: EBIT -103 m EUR20242025: 286 m EUR2025: EBIT -12 m EUR2025286-12
RevenueOperating profit (EBIT)
Ask Clarifo about KORE Group Holdings, Inc.

Business

Share of revenue
IoT Connectivity55 %

Cellular and related connectivity services that link customer devices and assets to networks.

Managed IoT Solutions25 %

Higher-touch services that bundle connectivity with device and deployment support.

Platform and Subscription Services15 %

Recurring software-like services and account-based offerings tied to customer usage.

Professional and Other Services5 %

Implementation, support, and other ancillary services around IoT deployments.

Products

Reported · share of revenue
75.8%20.5%FY2025100 %
  • Io T Connectivity and Solutions Services75.8 %
  • Hardware Sales20.5 %
  • Deployment Services Professional Services Referral Services and Other3.7 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

KORE sells primarily to enterprises that need to connect large fleets of devices, assets, or endpoints and want a managed partner rather than a pure carrier relationship. Its customer base appears to be recurring-revenue oriented, with management emphasizing existing-customer retention, cross-sales, and go-forward customer cohorts in DBNER calculations.

Enterprise IoT customers

Buy connectivity and device management for fleets of connected endpoints and assets.

Existing recurring-revenue customers

Renew and expand usage over time; management tracks them through DBNER and eARR.

Cross-sell customers

Buy additional IoT Solutions from the installed base, supporting expansion revenue.

New customer wins

Add incremental recurring revenue, but are excluded from DBNER cohort math.

Strategy

KORE’s near-term focus is on improving recurring revenue quality through retention, cross-sales, and better visibility into demand using DBNER and eARR. Management also appears focused on liquidity preservation and balance-sheet management, while explicitly stating it does not plan acquisitions in the foreseeable future.

Expand recurring revenue from existing customersShort term

DBNER and eARR show management is prioritizing same-store growth and retention over pure new-logo growth.

Preserve liquidity and manage leverageShort term

The company says it is highly leveraged and may need to rely on deferred preferred dividends and external capital.

Improve customer retention and platform stickinessMedium term

Retention is central to a connectivity business where churn can erode recurring revenue quickly.

Geography

The available excerpts do not disclose a formal country revenue split, so the business profile should be viewed as geography-light from the disclosed data. KORE is U.S.-based, but its IoT connectivity model typically depends on multi-country carrier relationships and customer deployments that can span several regions.

Risks

KORE faces elevated financial risk because it is highly leveraged and may need external capital under uncertain market conditions. Operationally, the business depends on retaining customers and correctly identifying go-forward accounts, while strategic uncertainty around a proposed transaction could distract management and affect employee and customer relationships.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer retention and churn1Proposed transaction / strategic review uncertainty4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer retention and churnImpact: HighLikelihood: Low

    Recurring connectivity revenue depends on keeping customers on the platform and expanding usage.

    ExposureDBNERRecurring revenueRevenue growth
  2. High leverage and liquidity pressureImpact: High

    Management says the company is highly leveraged and may need to rely on deferred preferred dividends or new capital.

    ExposureDebt serviceRefinancingWorking capital
  3. Goodwill impairmentImpact: High

    Management explicitly notes quarter-to-quarter earnings volatility from goodwill impairment indicators.

    Exposure: Reported earnings and balance sheet carrying values

  4. Proposed transaction / strategic review uncertaintyImpact: MediumLikelihood: Medium

    Board-level transaction discussions can distract management and create uncertainty for employees and customers.

    ExposureOperationsStock priceStakeholder relationships
Ask Clarifo about KORE Group Holdings, Inc.

Accounting

Judgemental items
DBNER cohort methodology

The metric excludes new customers and non-go-forward customers, so judgment affects the reported retention picture.

Impact: Can change the apparent strength of same-store revenue growth

eARR estimation

eARR extrapolates monthly recurring revenue into an annualized figure and is used for forecasting.

Impact: Affects visibility into recurring revenue pipeline

Goodwill impairment

Management says earnings can swing with changes in impairment indicators.

Impact: May create non-cash charges and volatility in reported earnings

Preferred dividend deferral accounting

Deferred preferred dividends are recorded as accrued interest for accounting purposes.

Impact: Affects liabilities and reported financing costs

Similar listed companies

Publicly listed companies with a comparable business focus.

Core AI Holdings, Inc.

CHAI · Radiotelephone Communications

Corebridge Financial, Inc.

CRBG · Life Insurance

Korro Bio, Inc.

KRRO · Pharmaceutical Preparations

CoreWeave, Inc.

CRWV · Services-Prepackaged Software

36Kr Holdings Inc.

KRKR · Services-Business Services, NEC

Roper Technologies, Inc

ROP · Industrial Instruments For Measurement, Display, and Control

Last updated: 24/09/2026