KORE Group (KORE) Investor presentation summary

Market trends and growth

• Connected devices are projected to surpass 96 billion by 2030, with a CAGR over 20%.

• Cellular IoT connections are expected to grow from 3.8 billion to 6.6 billion by 2030.

• eSIM adoption in IoT is forecasted to rise from 10% market share in 2024 to 24% by 2030.

• SGP.32 enables scalable, cloud-native eSIM provisioning for global deployments.

Business overview and strategy

• Operates in 180+ countries with 20M+ managed IoT connections and 3,600+ customers.

• Focuses on end-to-end IoT solutions across verticals like health, industrial, EV charging, and smart buildings.

• Value Creation Plan prioritizes profitable growth, cost optimization, customer intimacy, eSIM innovation, and margin improvement.

• Recent restructuring included a 25% workforce reduction and product rationalization, targeting $20–22M in annual savings.

Financial performance and guidance

• 2024 connectivity revenue grew to $226.9M, with total revenue at $286.1M and improved cash flow from operations to $9.9M.

• Q1 2025 saw $72.1M revenue, $2.9M cash flow from operations, and $0.6M free cash flow.

• 2025 guidance: revenue of $288–298M, adjusted EBITDA of $62–67M, and free cash flow of $10–14M.

• Gross and non-GAAP margins improved across both IoT connectivity and solutions segments.