KORE Group Holdings, Inc. reported a total revenue of $285.9 million for the fiscal year ending December 31, 2025, a slight decrease of 0.05% from $286.1 million in 2024. The company's revenue is primarily derived from its IoT Connectivity services, which accounted for approximately 78% of total revenue, and IoT Solutions, which made up the remaining 22%. The decline in revenue was attributed to a decrease in service revenue, primarily due to the sale of certain intangible assets and a transition in operations related to Connectivity Enablement-as-a-Service (CEaaS). In contrast, product revenue increased by 13% to $58.7 million, driven by higher volumes from key customers and increased SIM shipments.
KORE's operational metrics showed a growth in customer connections, with a total of 20.9 million connections reported as of December 31, 2025, up from 19.7 million the previous year. The average connections count also rose to 20.3 million from 18.7 million. The company has adopted estimated Annual Recurring Revenue (eARR) as a key performance metric, with an estimated eARR of approximately $87 million as of the end of 2025. Despite these positive indicators, KORE continues to face challenges, including a net loss of $63 million for 2025, although this was an improvement from a net loss of $146 million in 2024.
Strategically, KORE announced a merger agreement on February 26, 2026, with KONA Parent and KONA Merger Sub, which will see KORE merge into KONA with shareholders receiving $9.25 per share in cash. The merger is subject to various conditions, including stockholder approval and regulatory clearances, and is expected to close in the second or third quarter of 2026. This move is part of KORE's strategy to enhance its market position and operational capabilities in the IoT sector.
The company reported a significant reduction in selling, general, and administrative expenses, which fell by 17% to $115.5 million in 2025, primarily due to restructuring efforts and decreased compensation-related expenses. KORE's total liabilities increased to $574.3 million, with long-term debt remaining stable at approximately $295.2 million. The company is highly leveraged, with a significant portion of its cash flow dedicated to servicing this debt, which may limit its operational flexibility.
Looking ahead, KORE's management has expressed cautious optimism regarding future performance, emphasizing the importance of executing the merger and continuing to adapt to market conditions. The company is focused on improving its operational efficiency and expanding its customer base, particularly in international markets, while navigating the complexities of its financial obligations and regulatory environment.
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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