KORE Group Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>KORE Group Holdings, Inc. has filed its 2023 10-K annual report, detailing its financial performance and corporate information.</b>

AI Summary

KORE Group Holdings, Inc. (KORGW) filed a Annual Report (10-K) with the SEC on April 15, 2024. KORE Group Holdings, Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing is a Form 10-K, indicating a comprehensive overview of the company's financial performance and condition. The company's principal business address is located at 3 Ravinia Drive NE, Suite 500, Atlanta, GA 30346. KORE Group Holdings, Inc. was formerly known as King Pubco, Inc. before a name change on April 6, 2021. The SIC code for KORE Group Holdings, Inc. is 4899, categorized under Communication Services, NEC.

Why It Matters

For investors and stakeholders tracking KORE Group Holdings, Inc., this filing contains several important signals. This 10-K filing provides investors and stakeholders with a detailed look into KORE Group Holdings' financial health, operational results, and strategic positioning for the fiscal year 2023. The comprehensive report allows for analysis of the company's revenue streams, expenses, assets, liabilities, and other key financial metrics, crucial for investment decisions and understanding the company's trajectory.

Risk Assessment

Risk Level: medium — KORE Group Holdings, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a significant amount of detailed financial and operational information, including risk factors, requiring thorough review to fully assess the company's standing and potential risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand KORE Group Holdings' performance and potential challenges in fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-15 — Filing Date (Date of submission)
• 2023-01-01 — Fiscal Year Start (Reporting period)
• 2022-12-31 — Prior Year End (Comparison period)

Key Players & Entities

• KORE Group Holdings, Inc. (company) — Filer name
• King Pubco, Inc. (company) — Former company name
• 3 Ravinia Drive NE, Suite 500, Atlanta, GA 30346 (company) — Business address
• 0001855457 (company) — Central Index Key
• 4899 (company) — Standard Industrial Classification

FAQ

Industry Context

KORE Group Holdings operates in the Communication Services, NEC sector, providing services related to communication technologies.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for FY2023.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing KORE Group Holdings.
3. Compare current year financial data with prior periods to identify trends and significant changes.

Key Dates

• 2024-04-15: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2021-04-06: Name Change — Date KORE Group Holdings, Inc. changed its name from King Pubco, Inc.

Year-Over-Year Comparison

This is the initial 10-K filing for KORE Group Holdings, Inc. for the fiscal year ending December 31, 2023, following its name change from King Pubco, Inc.

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value per share KORE New York Stock
• $1.22 — approximately $ 50.3 million based upon $1.22 per share, the closing price of the reg
• $120.0 million — tes in an aggregate principal amount of $120.0 million issued to a lender and its affiliates b
• $12.50 — ompany; "Base Exchange Rate" means the $12.50 per share that is exchangeable for a Ba

Filing Documents

• kore-20231231.htm (10-K) — 1798KB
• exhibit43-warrantdatedasof.htm (EX-4.3) — 201KB
• exhibit44-amendedandrestat.htm (EX-4.4) — 203KB
• exhibit47-descriptionofsec.htm (EX-4.7) — 165KB
• exhibit103-amendmenttoinve.htm (EX-10.3) — 213KB
• exhibit108-votingagreement.htm (EX-10.8) — 37KB
• kore2023xex14xcodeofethics.htm (EX-14.1) — 29KB
• a2023-yeex211xlistofsubsid.htm (EX-21.1) — 26KB
• a2023-yeex231xconsentofind.htm (EX-23.1) — 3KB
• kore20231231-exx311.htm (EX-31.1) — 9KB
• kore20231231-exx312.htm (EX-31.2) — 8KB
• kore20231231-exx321.htm (EX-32.1) — 5KB
• kore20231231-exx322.htm (EX-32.2) — 5KB
• exhibit971-clawbackpolicy.htm (EX-97.1) — 29KB
• 0001855457-24-000015.txt (&nbsp;) — 12321KB
• kore-20231231.xsd (EX-101.SCH) — 83KB
• kore-20231231_cal.xml (EX-101.CAL) — 150KB
• kore-20231231_def.xml (EX-101.DEF) — 440KB
• kore-20231231_lab.xml (EX-101.LAB) — 1017KB
• kore-20231231_pre.xml (EX-101.PRE) — 733KB
• kore-20231231_htm.xml (XML) — 1674KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 7 ITEM 1B. UNRESOLVED STAFF COMMENTS 21 ITEM 1C. CYBERSECURITY 22 ITEM 2.

PROPERTIES

PROPERTIES 22 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 22 ITEM 4. MINE SAFETY DISCLOSURES 22 PART II. 23 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 23 ITEM 6. [RESERVED] 23 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 36 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 73 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 73 ITEM 9B. OTHER INFORMATION 76 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 76 PART III. 77 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 77 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 77 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 77 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS, AND DIRECTOR INDEPENDENCE 77 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 77 PART IV. 78 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 78 ITEM 16. FORM 10-K SUMMARY 80

SIGNATURES

SIGNATURES 81 i T able of Contents Unless otherwise indicated, the terms "KORE Group Holdings, Inc.," "KORE," "we," "us," "our," "ours," "our company," and "the Company" refer to KORE Group Holdings, Inc. and its wholly-owned subsidiaries. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements express our opinions, expectations, beliefs, plans, objectives, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may," "can," "will," "could," "would," or "should" or, in each case, their negative or other variations or comparable terminology, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include all matters that are not historical facts. The forward-looking statements in this Annual Report on Form 10-K are only current expectations and predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. The forward-looking statements in this Annual Report on Form 10-K are based upon information available to us as of the date of this Annual Report on Form 10-K, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These

BUSINESS

ITEM 1. BUSINESS Overview We offer IoT connectivity to the Internet ("Connectivity") and other IoT solutions to our customers. We are one of the largest global independent IoT enablers, delivering critical services globally to customers to deploy, manage, and scale their IoT application and use cases. We provide advanced connectivity services, location-based services, device solutions, and managed and professional services used in the development and support of IoT solutions and applications. Our IoT platform is delivered in partnership with the world's largest mobile network operators and provides secure, reliable, wireless Internet connectivity to mobile and fixed devices. This technology enables us to expand our global technology platform by transferring capabilities across the new and existing vertical markets (as described below) and to deliver complementary products to channel partners and resellers worldwide. We are a Delaware corporation, and our operations are primarily located in North America. We began operations in 2003. On October 1, 2021, our common stock, $0.0001 par value per share (the "common stock"), began trading on the NYSE under the symbol "KORE." Products and Services We help clients deploy, manage, and scale their mission-critical IoT Solutions, offering a "one-stop shop" for enterprise customers seeking to obtain multiple IoT services and solutions from a single provider. We provide Connectivity and IoT Solutions to enterprise customers across five key industry verticals, comprised of (i) Connected Health, (ii) Fleet Management, (iii) Asset Monitoring, (iv) Retail Communications Services and (v) Industrial IoT. We have built a platform to serve our clients in three areas: CaaS, IoT Managed Services/Solutions, and Analytics, which we refer to as "CSA," or connectivity, solutions, and analytics. Our industry verticals are not considered to be segments for the purposes of financial reporting, as discrete financial information is n

RISK FACTORS

ITEM 1A. RISK FACTORS An investment in our common stock or other securities involves significant risks. Before making a decision to invest in our common stock or other securities, you should carefully consider the following risks in addition to the other information contained in this Annual Report on Form 10-K. The risks discussed in this Annual Report on Form 10-K can materially adversely affect our business, financial condition, liquidity, results of operations and prospects (which we refer to collectively as "materially and adversely affecting us" or having "a material adverse effect on us," and comparable phrases). This could cause the market price of our common stock or other securities to decline significantly, and you could lose all or part of your investment in our common stock or other securities. Some statements in this Annual Report on Form 10-K, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section entitled "Special Note Regarding Forward-Looking Statements." Summary Risk Factors We are subject to a number of risks that, if realized, could materially and adversely affect our business, financial condition, liquidity, results of operations and prospects and our ability to make distributions to our stockholders. Some of our more significant challenges and risks include, but are not limited to, the following, which are described in greater detail below: We face risks related to compliance with laws and regulations, including, without limitation, compliance with the SEC rules and regulations and tax law compliance in various jurisdictions, and failure to comply with these various laws and regulations could result in incurrence of substantial costs or otherwise materially and adversely affect us; We are heavily indebted, which subjects us to an increased risk of loss; Our significant stockholders and their respective affiliates have significant influence over us and their actions migh

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View this 10-K filing on SEC EDGAR