KORE Group Holdings (NYSE: KORE) reported Q4 2025 revenue of $73.9M and full-year revenue of $285.9M, roughly flat year-over-year. Net loss narrowed sharply to $63.0M from $146.1M in 2024. Adjusted EBITDA grew 19% to $63.3M for the full year. No EPS guidance was issued. Stock held near $9.00 following the pending $726M going-private deal.
About KORE Group Holdings
KORE Group Holdings, Inc. (NYSE: KORE) is a global pure-play Internet of Things (IoT) hyperscaler and provider of IoT Connectivity, Solutions, and Analytics. Founded in 2002 and headquartered in Atlanta, Georgia, the company enables organizations of all sizes to deploy, manage, and scale IoT devices and applications across more than 190 countries. KORE operates through two core business lines – IoT Connectivity and IoT Solutions – serving customers in connected health, fleet management, asset monitoring, retail communications, and industrial IoT verticals.
The company employs approximately 539 people. As of early 2026, KORE had a market capitalization of approximately $158 million prior to the announcement of its pending acquisition. The company has entered into a definitive merger agreement with affiliates of Searchlight Capital Partners and Abry Partners in an all-cash deal valued at approximately $726 million (including the assumption of debt), at $9.25 per share, which is expected to close in Q2 or Q3 of 2026. No P/E ratio is available as KORE is currently operating at a net loss. Dividend yield is not applicable.
Top Financial Highlights
- Revenue was $73.9 million, roughly flat compared to the same period last year
- Total Connections reached 20.9 million, up 6% from 19.7 million in Q4 2024
- Net Loss decreased to $18.5 million, an improvement of $7.0 million or 27% year-over-year
- Adjusted EBITDA increased to $17.7 million, up $3.7 million or 26% year-over-year
- Cash provided by operations was $10.4 million, up $8.4 million from the same period last year
- Free Cash Flow increased to $7.8 million, an improvement of $6.3 million from Q4 2024
- Full-year revenue totaled $285.9 million, compared to $286.1 million one year ago
- IoT Connectivity segment revenue was $224.0 million (78% of total revenue)
- IoT Solutions segment revenue was $62.0 million (22% of total revenue)
- Full-year Net Loss was $63.0 million, compared to $146.1 million in 2024, an improvement of $83.1 million or 57%
- Full-year Adjusted EBITDA was $63.3 million, compared to $53.1 million, an increase of $10.2 million or 19%
- Cash provided by operating activities was $18.5 million for the full year, an improvement of $9.4 million year-over-year
- Free Cash Flow was $8.9 million for the full year, an improvement of $12.4 million year-over-year
Beat or Miss?
| Metric | Reported | Estimated/Expected | Difference / Analysis |
| Q4 2025 Revenue | $73.9M | ~$73.3M (Q4 2024 baseline) | Slight growth vs prior year |
| Full Year Revenue | $285.9M | $288M–$298M (2025 guidance) | Came in slightly below the low end of issued guidance |
| Full Year Adjusted EBITDA | $63.3M | $62M–$67M (2025 guidance) | Within guided range; met expectations |
| Full Year Free Cash Flow | $8.9M | $10M–$14M (2025 guidance) | Slightly below the guided range |
| Q4 Net Loss | $18.5M | N/A | Improved 27% year-over-year |
| Total Connections | 20.9 million | N/A | Up 6% from 19.7 million in Q4 2024 |
What Leadership Is Saying?
CEO Ron Totton on strategy and execution:
“Our fourth-quarter performance showcased disciplined execution, and our full-year results reflected meaningful expansion in profitability and Free Cash Flow. We also advanced our growth engine with continued expansion in Total Connections, underscoring durable demand for our IoT platform.”
CFO Anthony Bellomo on financials and operations (Q3 2025, the most recent earnings call before the Q4 press release):
“The timing of customer orders affected IoT Solutions revenue, while our restructuring initiatives drove significant reductions in operating expenses, contributing to our overall profitability improvement.”
Historical Performance
Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $73.9M | $73.3M | 0.80% |
| IoT Connectivity Revenue | $57.2M | $56.5M | 1.40% |
| IoT Solutions Revenue | $16.6M | $16.8M | -1.20% |
| Net Loss | $18.5M | $25.4M | -27.2% (improvement) |
| Adjusted EBITDA | $17.7M | $14.0M | 26.40% |
| Cash from Operations | $10.4M | $2.1M | 395% |
| Free Cash Flow | $7.8M | $1.6M | 387.50% |
| Total Connections | 20.9M | 19.7M | 6.10% |
Full Year 2025 vs Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $285.9M | $286.1M | -0.07% |
| IoT Connectivity Revenue | $224.0M | $226.9M | -1.30% |
| IoT Solutions Revenue | $62.0M | $59.2M | 4.70% |
| Net Loss | $63.0M | $146.1M | -56.9% (improvement) |
| Adjusted EBITDA | $63.3M | $53.1M | 19.20% |
| Cash from Operations | $18.5M | $9.1M | 103.30% |
| Free Cash Flow | $8.9M | ($3.5M) | Swing to positive |
Competitor Comparison
The following table compares KORE against key IoT connectivity peers. Full direct competitor annual financials for 2025 are not publicly available for private peers. Data shown reflects the most recently available metrics for context.
| Metric | KORE (FY 2025) | Aeris Communications | 1NCE | Notes |
| Revenue | $285.9M | Private (N/A) | Private (N/A) | KORE is the only pure-play publicly listed IoT MVNO at scale |
| Total Connections | 20.9M | 100M+ devices | N/A | Aeris powers 100M+ connected devices vs KORE’s 20M+ managed connections |
| Geographic Reach | 190+ countries | 190+ countries | 180+ countries | All three operate globally |
| Business Model | Connectivity + Solutions | Connectivity management | Flat-rate IoT data | KORE differentiates via bundled IoT Solutions |
| Market Ranking | Top-tier IoT specialist | Top-of-mind competitor | Top-of-mind competitor | Per Cisco CMP and Transforma Insights rankings |
| Adjusted EBITDA | $63.3M (FY 2025) | N/A | N/A | KORE’s profitability improving significantly year-over-year |
| Net Loss | $63.0M (FY 2025) | N/A | N/A | Improved 57% vs 2024 |
How the Market Reacted?
KORE shares were trading near $9.00 on March 30, 2026, the day the Q4 and full-year 2025 results were published, a level largely pinned by the announced $9.25 per share all-cash acquisition price. The stock had already surged approximately 76% to 78.64% in a single session on February 27, 2026, when Searchlight Capital Partners and Abry Partners announced the $726 million going-private deal. Prior to this announcement, KORE shares traded as low as $1.17 on December 18, 2024, meaning the $9.25 acquisition price represents a 691% premium over that unaffected price.
Because the pending merger effectively anchors the share price close to the acquisition price, the Q4 2025 earnings report itself had a minimal impact on stock movement, with shares closing at $9.00 on the release date and showing negligible volatility. The sentiment overall is considered deal-driven and bullish, with the earnings report confirming that the improving profitability trajectory underlines the strategic rationale for the acquisition.
