KORE Reports Preliminary and Unaudited Fourth Quarter and Full-Year 2022 Results; Provides Full-Year 2023 Revenue Guidance of $300 to $310 Million, Representing Year-Over-Year Growth of 12% to 15%.

ATLANTA: KORE Group Holdings, Inc. (NYSE: KORE, KORE WS) ("KORE" or the "Company"), a global leader in Internet of Things (IoT) solutions and worldwide IoT Connectivity-as-a-Service ("CaaS"), today reported preliminary unaudited financial and operational results for the quarter and full year ended December 31, 2022. KORE intends to file its Form 10-K with fully audited results by March 31, 2023.

KORE: Company Highlights

KORE entered into an agreement to acquire Twilio's IoT business unit for ten million shares of KORE common stock to be issued to Twilio. This acquisition expands KORE's existing Deploy, Manage, and Scale capabilities by adding Build services to our one-stop-shop and, importantly, bolsters KORE's global, independent IoT Connectivity leadership position. Completion of the acquisition transaction is subject to customary closing conditions.

Fourth quarter revenue of $62.4 million exceeded our expectations bringing full-year 2022 revenue to $268.4 million, an increase of 8.1% over full-year 2021 and beating our previously upward revised guidance range of $265 to $267 million.

KORE announced a multi-year alliance with Google Cloud Platform to offer IoT capabilities to global businesses, simplifying the complexities of IoT deployment while leveraging Google Cloud infrastructure and KORE's IoT Solutions. The alliance aims to bring a range of value-added features to customers and to expand new paths to market for industries such as healthcare, logistics, retail, and communications service providers.

KORE introduced OmniSIM SAFE, our GSMA security standards-compliant eSIM, using AWS IoT Core to mitigate security challenges associated with global Massive IoT and other large-scale IoT deployments, along with device-to-cloud integration.

The Company is providing 2023 revenue guidance in a range of $300 to $310 million and adjusted EBITDA, a non-GAAP metric1, guidance in a range of $60 to $62 million.

"Today, in a separate press release, we announced that KORE has entered into an agreement to acquire Twilio's IoT business, which brings together two best-in-class IoT connectivity providers. This transaction is a fantastic fit with our growth strategy. It strengthens KORE's eSIM leadership position and expands our existing Deploy, Manage, and Scale capabilities by adding Build services, thereby bolstering our competitive positioning as a one-stop-shop for IoT connectivity and deployment," said Romil Bahl, President and CEO of KORE. Bahl...