The following is a summary of the KORE Group Holdings, Inc. (KORE) Q4 2023 Earnings Call Transcript:
Financial Performance:
KORE Group reported an increase in Q4 revenue to $72.4 million, a 16% increase Y-o-Y, spurred by a 27% surge in high-margin IoT connectivity but offset by a fall in IoT Solutions revenue.
The gross margin for Q4 2023 stood at 52.6%, a decline of 150 basis points compared to Q4 2022.
Full-year revenue for 2023 peaked at $27.6 million, a 3% rise from 2022, with IoT connectivity revenue adding 15% to reach $202.3 million.
The company projects 2024 revenue to range between $300 million to $305 million and adjusted EBITDA to be between $64 million and $66 million.
Business Progress:
In collaboration with Medical Guardian, KORE unveiled an eSIM-powered medical alert device to aid active aging.
KORE was recognised as a Managed IoT Connectivity Services Worldwide Leader by Gartner for the fifth consecutive year.
KORE secured a TCV achievement of $26 million in global home respiratory therapy for over 65,000 patients, reflecting its ability to streamline complex medical device IoT deployment.
The company plans to boost the growth of its high-margin IoT connectivity business in 2024.
KORE plans to introduce a next-gen eSIM product and cultivate relations with companies such as Google Cloud Platform, while also planning to grow by leveraging opportunities from the respiratory telemetry market and higher-end hardware, and reducing lower-margin hardware business, all the while focusing on operating efficiency and recurring revenue.
More details: KORE Group IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.