Q4 2023 KORE Group Holdings Inc Earnings Call Transcript
Key Points
- KORE fourth quarter revenue of $72.4 million increased 16% year-over-year, driven by an acceleration in high-margin IoT connectivity.
- KORE launched a pioneering eSIM powered medical alert device, showcasing innovation and addressing societal challenges with IoT.
- Recognition from industry analysts, including Gartner, for managed IoT connectivity services, reinforcing KORE's market leadership.
- A significant win with a $26 million TCV for a connected health telemetry solution, demonstrating KORE's ability to manage complex medical device deployments.
- KORE's sales pipeline includes over 1,600 opportunities with an estimated potential TCV of approximately $545 million, indicating strong future growth potential.
- A decline in low margin IoT Solutions revenue partially offset the growth in IoT connectivity.
- Unexpected customer order deferrals in Q4, including from KORE's largest customers, impacted financial results.
- The company decided to reduce exposure to low margin hardware revenue, resulting in a reduction in TCV pipeline and lower projection of IoT Solutions revenue in 2024.
- Total gross margin in Q4 2023 was 52.6%, a decline of 150 basis points compared to the fourth quarter of 2024.
- Net loss in the fourth quarter was $33.7 million compared to $69.6 million in the prior year, although the decline was mainly due to a non-cash goodwill impairment charge in Q4 2022.
Hello, and welcome to the Core Group Holdings Fourth Quarter 2023 earnings call and webcast. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to David fund manager M&A. Please go ahead, David.
Thank you, operator. On today's call, we will refer to the fourth quarter 2023 earnings presentation, which will be helpful to follow along with as well as the press release filed this morning that details the company's fourth quarter 2023 results.
Press release can be found on our Investor Relations page at ir.core wireless.com. Finally, a recording of the call will be available in the Investors section of the company's website. Later today, the company encourages you to review the Safe Harbor statements, risk factors and other disclaimers contained on this slide in today's press release as well as in the company's filings with the Security and Exchange Commission.
Which identifies specific risk factors that may cause actual results or events
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