KORE Group Holdings, Inc. reported a total revenue of $286.1 million for the fiscal year ending December 31, 2024, reflecting a 3% increase from $276.6 million in 2023. The growth was primarily driven by a 10% rise in services revenue, which reached $234.2 million, largely attributed to the acquisition of Twilio's IoT business in June 2023. However, product revenue saw a decline of 19%, falling to $51.8 million, due to reduced demand from key customers in the Connected Health sector and a strategic decision to limit less profitable hardware deals.
The company's net loss for 2024 was $146.1 million, an improvement from a loss of $167.0 million in the previous year. This reduction in losses was supported by a decrease in goodwill impairment charges, which amounted to $65.9 million in 2024 compared to $78.3 million in 2023. The overall cost of revenue decreased slightly by 2% to $126.2 million, with service costs rising due to increased carrier costs from the Twilio acquisition, while product costs dropped significantly due to lower hardware sales.
Operationally, KORE Group reported a total of 19.7 million connections as of December 31, 2024, up from 18.5 million the previous year, with an average connections count of 18.7 million for the year. The Dollar-Based Net Expansion Rate (DBNER) was 95%, slightly down from 96% in 2023, indicating stable customer retention and growth. The company also noted a significant sales funnel with over 1,062 opportunities valued at approximately $312 million, down from 1,600 opportunities worth $545 million the previous year.
Looking ahead, KORE Group anticipates stable revenue from its connectivity services, while the IoT Managed Services segment may experience volatility due to macroeconomic conditions. The company is focused on enhancing its operational efficiency and managing costs, particularly in light of its ongoing restructuring efforts that affected around 240 employees. KORE's management remains cautious about future revenue growth, especially in a competitive market environment, and plans to continue evaluating its business strategies to ensure long-term sustainability.
About KORE Group Holdings, Inc.
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