KORE Group (KORE) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2024 results, with revenue reaching $286.1 million and IoT Connectivity revenue up 12% year-over-year, driven by new and existing customer wins and operational restructuring.

• Total connections grew by 1.2 million to 19.7 million by year-end.

• Net loss improved to $25.4 million in Q4 and $146.1 million for the year; Adjusted EBITDA was $14.0 million for Q4 and $53.1 million for the year.

• Cash flow from operations and free cash flow both showed significant improvement year-over-year, supported by a completed restructuring plan delivering over $20 million in annual run-rate savings.

• Notable new business wins in healthcare, electronics, security, and GPS tracking, totaling $11 million in estimated TCV.

Financial highlights

• Q4 2024 revenue was $73.3 million, up 1.1% year-over-year; full-year revenue reached $286.1 million, up 3.4%.

• Adjusted EBITDA for Q4 was $14 million (19% margin), flat year-over-year; full-year adjusted EBITDA was $53.1 million, down $2.5 million.

• Free cash flow in Q4 was $1.6 million, a turnaround from negative $15.5 million last year; full-year free cash flow improved by $23 million to negative $3.5 million.

• Net loss for Q4 was $25.4 million, an $8.1 million improvement; full-year net loss was $146.1 million, improving by $20.9 million.

• Cash at year-end was $19.4 million, down from $27.1 million the prior year.

Outlook and guidance

• 2025 revenue guidance: $288–$298 million (2% year-over-year growth), reflecting exit from unprofitable contracts.

• Adjusted EBITDA guidance: $62–$67 million (20% year-over-year increase); free cash flow: $10–$14 million (443% improvement).

• Focus remains on profitable growth, margin expansion, operational efficiency, and investments in AI, security, and cloud.