KORE Group Holdings, Inc. reported its financial results for the third quarter of 2025, revealing total revenue of $68.7 million, a slight decrease from $68.9 million in the same period last year. For the nine months ending September 30, 2025, revenue totaled $212.1 million, down from $212.8 million in the prior year. The company experienced a decline in service revenue, which fell to $57.1 million from $58.2 million year-over-year, primarily due to the sale of certain intangible assets. Conversely, product revenue increased to $11.6 million, up from $10.7 million, driven by higher volumes from key customers.
The company's operating loss for the third quarter was $4.2 million, an improvement from a loss of $5.6 million in the same quarter of 2024. For the nine-month period, the operating loss was $11.9 million, significantly reduced from $89.7 million in the previous year, largely due to a substantial goodwill impairment charge recorded in 2024. KORE's net loss for the third quarter was $12.7 million, compared to a net loss of $19.4 million in the prior year, reflecting a loss per share of $0.64, an improvement from $1.00 per share.
Operationally, KORE reported a total of 20.5 million connections as of September 30, 2025, an increase from 19.7 million at the end of 2024. The average connections count for the third quarter was 20.4 million, up from 18.6 million in the same quarter of 2024. The company also noted a dollar-based net expansion rate (DBNER) of 98% for the trailing twelve months, indicating stable customer retention and growth in existing accounts. KORE's cash position at the end of the quarter was approximately $19.3 million, with an additional $25 million available from its revolving credit facility.
Strategically, KORE is focusing on restructuring its business to emphasize core service offerings while winding down unprofitable segments. The company plans to exit two facilities by the end of 2025 and is actively rationalizing its legal entities. Additionally, KORE has amended its Google Cloud Platform commitment, reducing the total commitment amount significantly. The company is also exploring potential strategic transactions, as indicated by a recent non-binding letter from Searchlight Capital Partners and Abry Partners to acquire outstanding shares of KORE.
Looking ahead, KORE anticipates continued challenges in the macroeconomic environment, including inflation and geopolitical uncertainties. The company is committed to enhancing liquidity through various measures, including deferring preferred dividends, which currently amount to approximately $41.5 million. KORE's management remains focused on improving operational efficiency and maintaining financial stability while navigating the evolving landscape of the Internet of Things (IoT) market.
About KORE Group Holdings, Inc.
KORE Group Holdings, Inc. provides IoT connectivity and solutions, enabling enterprises to deploy, manage, and scale IoT applications across various industries. Its core offerings include connectivity services, device management, and platform solutions like the KORE One platform and eSIM technology. Serving global markets, the company partners with telecom providers and hardware OEMs to deliver secure, reliable wireless connectivity and IoT management services.
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