KORE Group Sees 11% Connection Growth with $65.8M Q1 Revenue
KORE Group’s Q1 revenue was $65.8 million while IoT Connectivity revenue rose $2.3 million, driving an 11% increase in connections to 21.9 million. Net loss widened to $28.5 million, yet adjusted EBITDA grew 7% to $15.4 million and free cash flow climbed $2.1 million ahead of a $726 million acquisition.
1. Q1 Financial Highlights
During the quarter ended March 31, revenue totaled $65.8 million, down $6.3 million year-over-year. Net loss was $28.5 million, a 91% increase, while adjusted EBITDA rose 7% to $15.4 million.
2. IoT Connectivity and Connections
IoT Connectivity revenue increased by $2.3 million to $56.2 million, representing 85% of total revenue. Total connections reached 21.9 million, up 11% from 19.8 million a year earlier, underscoring core business growth.
3. Cash Flow and Operational Cash
Operating cash flow improved by $1.9 million to $4.7 million, and free cash flow rose by $2.1 million to $2.7 million, marking back-to-back positive free cash flow and reflecting disciplined cost management.
4. Pending Merger and Going Private
The company agreed to an all-cash acquisition valued at approximately $726 million, including debt assumption. The transaction is expected to close in Q2 or Q3 2026, pending shareholder and regulatory approvals.