KORE Group Holdings, Inc.

CIK:0001855457|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Total revenue	$ 65,819	$ 72,142
Cost of revenue
Total cost of revenue (exclusive of depreciation and amortization shown separately below)	26,703	33,022
Operating expenses
Selling, general, and administrative expenses	30,072	27,665
Depreciation and amortization	13,151	13,911
Total operating expenses	43,223	41,576
Operating loss	(4,107)	(2,456)
Other expense (income)
Interest income	(258)	(144)
Change in fair value of warrant liabilities to affiliates	11,544	(1,804)
Other (income) expense, net	(439)	314
Loss before income taxes	(28,382)	(13,799)
Income tax expense	74	1,109
Net loss	$ (28,456)	$ (14,908)
Loss per share:
Basic (in dollars per share)	$ (1.43)	$ (0.77)
Diluted (in dollars per share)	$ (1.43)	$ (0.77)
Weighted average shares outstanding:
Basic (in shares)	19,968,098	19,433,080
Diluted (in shares)	19,968,098	19,433,080
Comprehensive loss
Net loss	$ (28,456)	$ (14,908)
Other comprehensive loss:
Foreign currency translation adjustment	841	(944)
Comprehensive loss	(27,615)	(15,852)
Nonrelated Party
Other expense (income)
Interest expense, including amortization of deferred financing costs	6,710	7,032
Affiliate
Other expense (income)
Interest expense, including amortization of deferred financing costs	6,718	5,945
Services
Revenue
Total revenue	55,857	55,431
Cost of revenue
Total cost of revenue (exclusive of depreciation and amortization shown separately below)	21,139	23,326
Products
Revenue
Total revenue	9,962	16,711
Cost of revenue
Total cost of revenue (exclusive of depreciation and amortization shown separately below)	$ 5,564	$ 9,696

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 4,711	$ 2,845
Investing activities:
Purchases of property and equipment	(156)	(97)
Additions to intangible assets	(1,812)	(2,151)
Net cash used in investing activities	(1,968)	(2,248)
Financing activities:
Repayment of debt	(463)	(463)
Principal payments under finance lease obligations	0	(13)
Payment of employee tax withholdings through cancelled shares of stock	(4)	(36)
Net cash used in financing activities	(467)	(512)
Effect of exchange rate changes on cash	(82)	164
Net increase in cash and restricted cash	2,194	249
Cash and restricted cash, beginning of period	26,998	19,701
Cash and restricted cash, end of period	29,192	19,950
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	83	193
Purchases of property and equipment in accounts payable and accrued liabilities	0	29
Reconciliation of cash and restricted cash, end of period:
Cash	28,924	19,656
Restricted cash	268	294
Total cash and restricted cash, end of period:	$ 29,192	$ 19,950

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash	$ 28,924	$ 26,730
Accounts receivable, net	41,707	47,003
Inventories, net	3,705	3,170
Prepaid expenses and other current assets	8,759	9,022
Total current assets	83,095	85,925
Noncurrent assets:
Restricted cash	268	268
Property and equipment, net	5,963	6,744
Intangible assets, net	72,259	83,005
Goodwill	228,844	228,844
Operating lease right-of-use assets	1,453	1,513
Other non-current assets	4,230	4,246
Total assets	396,112	410,545
Current liabilities:
Accounts payable	13,322	12,353
Accrued liabilities	33,258	38,095
Current portion of operating lease liabilities	593	585
Deferred revenue	8,682	9,091
Current portion of long-term debt, net	1,850	1,850
Warrant liabilities to affiliates	21,573	10,029
Total current liabilities	79,278	72,003
Noncurrent liabilities:
Operating lease liabilities	1,169	1,279
Long-term debt, net	295,110	295,237
Deferred income tax liabilities, net	533	887
Accrued interest due to affiliate	54,342	47,907
Mandatorily redeemable preferred stock due to affiliate, net	144,194	143,912
Other liabilities	12,991	13,100
Total liabilities	587,617	574,325
Commitments and Contingencies
Stockholders’ deficit:
Common stock	8	8
Additional paid-in capital	470,502	470,612
Accumulated other comprehensive loss	(6,042)	(6,883)
Accumulated deficit	(652,788)	(624,332)
Treasury stock, at cost, 1,192,737 shares	(3,185)	(3,185)
Total stockholders’ deficit	(191,505)	(163,780)
Total liabilities and stockholders’ deficit	$ 396,112	$ 410,545