KORE Group Holdings, Inc.

Third-quarter revenue was approximately flat year over year at $68.7 million. IoT Connectivity revenue was flat at $56.7 million, while IoT Solutions revenue was $11.9 million, down slightly year over year. Non-GAAP gross margin was 55.2%, down 147 basis points from the prior year quarter; Connectivity gross margin fell to 59.6% from 60.9% and Solutions gross margin fell to 34.3% from 37%. Adjusted EBITDA increased 12% year over year to $14.5 million, net loss improved to $12.7 million from $19.4 million, cash provided by operations was $1.1 million, free cash flow was negative $1.1 million, and cash and restricted cash were $19.6 million as of September 30, 2025. The company suspended guidance for the remainder of fiscal 2025 due to the strategic review process.

Ron Totton framed the quarter as evidence that KORE’s transformation is starting to show through, citing improving profitability, sequential connectivity growth, stronger cash flow, and new business wins. He emphasized the 5-pillar value creation plan, product launches like KORE One and a new connectivity offering, and AI-driven support improvements that cut support tickets by more than 50%. His tone was constructive and execution-focused, but he also made clear that the strategic review now takes precedence over issuing outlook.

Anthony Bellomo said operating expenses fell to $42.2 million, down $1.7 million year over year, primarily from restructuring actions taken over the last 12 months. He highlighted that adjusted EBITDA improved to $14.5 million from the prior year and that net loss narrowed to $12.7 million, helped by a tax recovery tied to recent U.S. legislation and lower operating expenses. On cash flow, he noted $1.1 million of cash from operations, free cash flow of negative $1.1 million due to lower capitalized expenditures, and cash and restricted cash of $19.6 million.

There was no analyst Q&A in the transcript. The main new issue raised on the call was management’s disclosure that Searchlight Capital Partners and Abry Partners expressed interest in acquiring the shares they do not already own, leading the board to form a special committee. Management said the strategic review makes it difficult to provide a meaningful outlook, which is why fiscal 2025 guidance was suspended.