KORE Group Holdings, Inc. (KORE): Lienzo del modelo de negocio [Actualizado en enero de 2025]

En el panorama en rápida evolución de la conectividad de Internet de las cosas (IoT), Kore Group Holdings, Inc. surge como una fuerza transformadora, ofreciendo a las empresas un ecosistema integral de soluciones inalámbricas que trascienden las barreras de conectividad tradicionales. Al crear meticulosamente un modelo de negocio innovador que integra la infraestructura tecnológica avanzada con asociaciones estratégicas, Kore ofrece gestión de IoT de extremo a extremo Eso simplifica implementaciones inalámbricas complejas en diversas industrias. Su enfoque único permite a las empresas navegar por el intrincado mundo de la conectividad global con una eficiencia sin precedentes, lo que las convierte en un jugador fundamental en el viaje de transformación digital de las empresas modernas.

Kore Group Holdings, Inc. (Kore) - Modelo de negocios: asociaciones clave

Operadores de red móvil que proporciona conectividad celular

Kore se asocia con múltiples operadores de redes móviles a nivel mundial para garantizar una cobertura integral de conectividad IoT.

Operador de red móvil	Región de cobertura	Estado de asociación
Verizon	Estados Unidos	Asociación Estratégica Activa
AT&T	Estados Unidos	Asociación Estratégica Activa
Vodafone	Europa	Asociación Global Activa

Proveedores de tecnología de Internet de las cosas (IoT)

Kore colabora con los principales proveedores de tecnología IoT para mejorar sus ofertas de servicios.

• Sierra inalámbrica
• Comunicaciones de telit
• Comunicaciones AERIS
• Holograma

Proveedores de servicios en la nube

Kore mantiene asociaciones estratégicas con los principales proveedores de servicios en la nube para apoyar su infraestructura de plataforma IoT.

Proveedor de nubes	Servicios utilizados	Alcance de la asociación
Servicios web de Amazon (AWS)	Infraestructura en la nube	Integración integral de plataforma IoT
Microsoft Azure	Computación en la nube	Soluciones empresariales de IoT

Fabricantes de equipos de telecomunicaciones

Kore se asocia con fabricantes especializados de equipos de telecomunicaciones para admitir la conectividad del dispositivo IoT.

• Sistemas de Cisco
• Ericsson
• Redes Nokia

Integradores de sistemas globales

Kore trabaja con integradores de sistemas para ofrecer soluciones integrales de IoT en varias industrias.

Integrador de sistemas	Especialización	Enfoque de asociación
Acentuar	Soluciones empresariales de IoT	Transformación digital
IBM	Plataformas IoT avanzadas	Implementaciones específicas de la industria

Kore Group Holdings, Inc. (Kore) - Modelo de negocio: actividades clave

Gestión de conectividad del dispositivo IoT

Kore administra más de 17 millones de dispositivos IoT a nivel mundial a partir de 2023. La compañía apoya la conectividad en múltiples tecnologías inalámbricas, incluidas redes celulares, satelitales y de baja potencia.

Tecnología de conectividad	Cobertura del dispositivo	Alcance global
IoT celular	12.5 millones de dispositivos	Más de 180 países
IoT satelital	2,3 millones de dispositivos	Cobertura global
Lpwan	2,2 millones de dispositivos	Más de 50 países

Desarrollo de soluciones de red inalámbricas

Kore invierte $ 24.3 millones anuales en I + D para tecnologías de red inalámbricas.

• Algoritmos de optimización de red
• Soluciones de conectividad multi-portadores
• Tecnologías avanzadas de enrutamiento IoT

Ingeniería de plataforma de IoT Enterprise

La plataforma IoT de Kore es compatible 3,200+ clientes empresariales en varias industrias.

Segmento de la industria	Clientes empresariales	Características de la plataforma
Transporte	680 clientes	Gestión de la flota
Cuidado de la salud	450 clientes	Monitoreo remoto
Industrial	620 clientes	Seguimiento de activos

Servicios de conectividad de extremo a extremo

Kore proporciona soluciones de conectividad integrales con 99.5% de confiabilidad de la red.

• Adquisición de dispositivos
• Gestión de conectividad
• Análisis de datos
• Servicios de seguridad

Gestión de IoT basada en suscripción

Kore genera $ 187.6 millones en ingresos recurrentes anuales de suscripciones de gestión de IoT.

Nivel de suscripción	Precio mensual	Nivel de servicio
Basic	$ 49/mes	Conectividad estándar
Profesional	$ 199/mes	Monitoreo avanzado
Empresa	$ 499/mes	Acceso completo a la plataforma

Kore Group Holdings, Inc. (Kore) - Modelo de negocio: recursos clave

Infraestructura de conectividad IoT avanzada

Kore opera una red global de conectividad IoT que abarca 197 países y territorios. La empresa mantiene Más de 7 millones de conexiones IoT activas A partir del cuarto trimestre 2023.

Métricas de infraestructura de red	Detalles cuantitativos
Países de cobertura total	197
Conexiones activas de IoT	7,000,000+
Confiabilidad de red	99.5% de tiempo de actividad

Plataforma de gestión inalámbrica patentada

La plataforma de gestión inalámbrica de Kore admite múltiples tecnologías y proporciona soluciones de conectividad integrales.

• Admite redes 2G, 3G, 4G LTE y 5G
• Capacidades de administración de dispositivos integrados
• Monitoreo de conectividad en tiempo real

Talento de ingeniería técnica

Al 31 de diciembre de 2023, Kore empleó Aproximadamente 320 profesionales técnicos en ubicaciones globales.

Desglose de la fuerza laboral de ingeniería	Número de profesionales
Personal técnico total	320
Ingenieros de software	135
Arquitectos de red	45

Asociaciones estratégicas de telecomunicaciones

Kore mantiene asociaciones con Más de 40 operadores de telecomunicaciones globales.

• Las principales asociaciones de operadores en América del Norte
• Colaboraciones de redes europeas de la red de telecomunicaciones
• Acuerdos de transportista de la región de Asia-Pacífico

Soluciones tecnológicas basadas en la nube escalables

La infraestructura de la nube de Kore es compatible Soluciones de conectividad IoT de grado empresarial.

Métricas de tecnología en la nube	Presupuesto
Disponibilidad de la plataforma en la nube	99.99% de tiempo de actividad
Capacidad de procesamiento de datos	Escala de petabyte
Centros de datos globales	6 ubicaciones redundantes

Kore Group Holdings, Inc. (Kore) - Modelo de negocio: propuestas de valor

Conectividad de dispositivo IoT simplificada en múltiples redes

Kore admite más de 7 millones de conexiones IoT a nivel mundial en múltiples redes y tecnologías. A partir del tercer trimestre de 2023, la compañía ofrece soluciones de conectividad que abarcan más de 190 países y más de 700 redes de operadores.

Cobertura de red	Métricas de conectividad
Países globales cubiertos	190+
Redes de operadores	700+
Conexiones totales de IoT	7,000,000+

Servicios integrales de gestión inalámbrica global

Kore proporciona una gestión inalámbrica de extremo a extremo con monitoreo y apoyo en tiempo real en múltiples industrias.

• Tiempo de actividad de la red promedio: 99.5%
• Disponibilidad de servicio en 5 continentes
• Soporte para múltiples tecnologías inalámbricas (2G, 3G, 4G, 5G, LPWAN)

Soluciones IoT de extremo a extremo integradas

Categoría de soluciones	Penetración del mercado
Soluciones de IoT de atención médica	35% de participación de mercado
Telemática automotriz	28% de cobertura del mercado
IoT industrial	22% de penetración del mercado

Reducción de la complejidad en implementaciones inalámbricas empresariales

Kore simplifica la implementación inalámbrica con plataformas de gestión unificadas y servicios de apoyo integrales.

• Tiempo de implementación promedio reducido en un 47%
• Reducción de costos del 35% en gestión de infraestructura inalámbrica
• Plataforma única Administración de múltiples tecnologías de red

Eficiencia operativa mejorada para las empresas

Métrica de eficiencia	Indicador de rendimiento
Reducción de costos operativos	32% Reducción promedio
Velocidad de implementación	60% más rápido en comparación con los métodos tradicionales
Respuesta de soporte técnico	Tiempo de respuesta promedio de 15 minutos

Kore Group Holdings, Inc. (Kore) - Modelo de negocios: relaciones con los clientes

Equipos de apoyo empresarial dedicados

Kore ofrece equipos de soporte especializados para clientes empresariales en múltiples industrias. A partir del cuarto trimestre de 2023, la compañía mantuvo 47 profesionales de soporte empresarial dedicado Sirviendo a clientes de conectividad global.

Categoría de apoyo	Número de personal dedicado	Tiempo de respuesta promedio
Soporte de IoT Enterprise	22	2.3 horas
Consulta técnica	15	1.7 horas
Gestión del éxito del cliente	10	3.1 horas

Portales de gestión de IoT de autoservicio

Kore ofrece plataformas integrales de autoservicio con gestión de conectividad en tiempo real.

• Usuarios totales de la plataforma: 3,427 a diciembre de 2023
• Usuarios activos mensuales: 1,865
• Duración promedio de la sesión del usuario: 24 minutos

Servicios de consulta técnica

Kore proporciona consultas técnicas avanzadas en múltiples dominios de conectividad.

Tipo de consulta	Tarifa por hora	Consultas anuales
Diseño de arquitectura de IoT	$ 350/hora	412
Estrategia de conectividad	$ 275/hora	589

Soluciones de conectividad personalizadas

Kore ofrece soluciones de conectividad personalizadas para diversos verticales de la industria.

• Total de soluciones personalizadas entregadas en 2023: 276
• Industrias atendidas: atención médica, transporte, fabricación, servicios públicos
• Tiempo de desarrollo de soluciones promedio: 6-8 semanas

Gestión continua del éxito del cliente

Kore mantiene un sólido marco de éxito del cliente con métricas de rendimiento medibles.

Métrica de éxito del cliente	2023 rendimiento
Tasa de retención de clientes	92.4%
Puntuación del promotor neto	68
Puntuación de satisfacción del cliente	4.7/5

Kore Group Holdings, Inc. (Kore) - Modelo de negocios: canales

Equipos de ventas empresariales directos

A partir del cuarto trimestre de 2023, Kore Group mantiene un equipo de ventas empresarial dedicado de aproximadamente 42 profesionales de ventas directas dirigidas a los mercados de IoT y de conectividad.

Métrica del equipo de ventas	2023 datos
Representantes de ventas empresariales totales	42
Cuota de ventas anual promedio por representante	$ 1.2 millones
Cobertura geográfica	América del Norte, Europa, Asia-Pacífico

Plataformas digitales en línea

Kore utiliza múltiples plataformas digitales para la participación del cliente y la prestación de servicios.

• Plataforma kore.cloud
• Portal de gestión de conectividad IoT
• Sistema de atención al cliente de autoservicio

Redes de socios tecnológicos

Kore mantiene asociaciones estratégicas con múltiples proveedores de tecnología.

Categoría de socio	Número de socios
Operadores de red celulares	27
Fabricantes de hardware	19
Proveedores de servicios en la nube	12

Marketing de conferencias de la industria

En 2023, Kore participó en 8 principales conferencias de la industria, generando un estimado de 215 pistas empresariales calificadas.

Marketing digital y generación de leads basada en la web

Los esfuerzos de marketing digital de Kore en 2023 generaron aproximadamente 3,750 clientes potenciales calificados a través de campañas en línea específicas.

Métrica de marketing digital	2023 rendimiento
Peedores calificados de marketing	3,750
Sitio web Visitantes mensuales	52,000
Tasa de conversión	2.3%

Kore Group Holdings, Inc. (Kore) - Modelo de negocios: segmentos de clientes

Empresas de tecnología de IoT empresarial

Kore atiende a más de 3,500 clientes de tecnología IoT Enterprise a nivel mundial a partir del cuarto trimestre de 2023.

Características del segmento de clientes	Penetración del mercado
Clientes de Fortune 500 Enterprise IoT	67 clientes empresariales activos
Ingresos anuales del segmento IoT	$ 187.4 millones en 2023

Empresas de transporte y logística

Kore proporciona soluciones de conectividad IoT para 1.250 empresas de transporte y logística.

• Soluciones de gestión de flota implementadas
• Sistemas de seguimiento telemático
• Monitoreo de activos en tiempo real

Métricas de clientes de logística	Puntos de datos
Vehículos conectados	425,000 vehículos rastreados
Ingresos del segmento logístico	$ 52.6 millones en 2023

Proveedores de tecnología de la salud

Kore admite 850 clientes de tecnología de salud con conectividad IoT especializada.

Segmento de IoT de atención médica	Métrica
Conexiones del dispositivo médico	215,000 conexiones activas del dispositivo
Ingresos de atención médica	$ 41.3 millones en 2023

Fabricantes de equipos industriales

Kore sirve a 975 fabricantes de equipos industriales con soluciones avanzadas de IoT.

• Conectividad de fabricación inteligente
• Sistemas de mantenimiento predictivo
• Seguimiento de rendimiento del equipo

Métricas industriales de IoT	Puntos de datos
Máquinas industriales conectadas	312,000 máquinas monitoreadas
Ingresos del segmento industrial	$ 63.7 millones en 2023

Organizaciones de infraestructura inteligente

Kore proporciona conectividad IoT para 620 clientes de infraestructura inteligente.

Segmento de infraestructura inteligente	Métrica
Despliegues de la ciudad inteligente	178 proyectos municipales
Infraestructura IoT Ingresos	$ 35.9 millones en 2023

Kore Group Holdings, Inc. (Kore) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Kore Group Holdings, Inc. reportó gastos de I + D de $ 12.4 millones, lo que representa aproximadamente el 15.6% de los gastos operativos totales.

Año fiscal	Inversión de I + D	Porcentaje de gastos operativos
2023	$ 12.4 millones	15.6%

Mantenimiento de la infraestructura en la nube

Los costos anuales de mantenimiento de la infraestructura en la nube para Kore Group se estimaron en $ 5.7 millones en 2023, cubriendo múltiples proveedores de servicios en la nube y operaciones de centros de datos.

• Costos de infraestructura de Amazon Web Services (AWS): $ 2.3 millones
• Costos de infraestructura de Microsoft Azure: $ 1.9 millones
• Proveedores adicionales de servicios en la nube: $ 1.5 millones

Gastos de ventas y marketing

En 2023, Kore Group asignó $ 18.2 millones para actividades de ventas y marketing, lo que representa el 22.9% de los gastos operativos totales.

Categoría de gastos	Cantidad total	Porcentaje de gastos operativos
Ventas y marketing	$ 18.2 millones	22.9%

Costos operativos de la plataforma tecnológica

Los gastos operativos de la plataforma de tecnología para Kore Group en 2023 fueron de $ 7.9 millones, cubriendo licencias de software, mantenimiento y desarrollo de plataformas.

• Licencias de software: $ 2.6 millones
• Mantenimiento de la plataforma: $ 3.1 millones
• Actualizaciones de infraestructura tecnológica: $ 2.2 millones

Tarifas de la red global de telecomunicaciones

Las tarifas de red de telecomunicaciones globales para Kore Group en 2023 totalizaron $ 6.5 millones, apoyando los servicios internacionales de conectividad IoT.

Proveedor de red	Tarifas de red anuales
Nivel 1 Proveedores de telecomunicaciones	$ 4.3 millones
Operadores de redes regionales	$ 2.2 millones

Kore Group Holdings, Inc. (Kore) - Modelo de negocios: flujos de ingresos

Servicios de conectividad basados ​​en suscripción

Kore reportó ingresos del tercer trimestre de los servicios de conectividad de $ 39.4 millones, lo que representa un segmento central de su modelo de ingresos recurrentes.

Tipo de servicio	Ingresos anuales (2023)	Índice de crecimiento
Conectividad celular	$ 152.6 millones	8.3%
Conectividad satelital	$ 24.3 millones	5.7%

Tarifas de administración de dispositivos de IoT

Kore genera ingresos por gestión de dispositivos a través de servicios integrales de plataforma IoT.

• Tarifa promedio de administración mensual del dispositivo: $ 1.75 por dispositivo conectado
• Total de dispositivos IoT administrados: 8.2 millones a partir del tercer trimestre de 2023
• Ingresos anuales de la plataforma IoT: $ 43.2 millones

Servicios de consultoría profesional

Kore ofrece consultoría IoT especializada con flujos de ingresos dedicados.

Servicio de consultoría	Valor promedio del proyecto	Ingresos anuales
Consultoría de estrategia de IoT	$85,000	$ 6.7 millones
Servicios de implementación	$120,000	$ 9.3 millones

Cargos de integración de red

Network Integration Services contribuyó con $ 18.5 millones en ingresos para 2023.

• Valor promedio del proyecto de integración de red: $ 275,000
• Proyectos totales de integración de redes completados en 2023: 67

Licencias de hardware y software

Kore genera ingresos por licencias a través de tecnologías propietarias de IoT.

Categoría de licencias	Ingresos anuales	Modelo de licencia
Licencias de plataforma de software	$ 22.6 millones	Por dispositivo/por mes
Licencias de módulos de hardware	$ 14.3 millones	Perpetuo y suscripción

KORE Group Holdings, Inc. (KORE) - Canvas Business Model: Value Propositions

You're looking to understand the core value KORE Group Holdings, Inc. (KORE) delivers to its customers, which is all about making complex global Internet of Things (IoT) deployments manageable and reliable. Here are the hard numbers and facts that back up their claims as of late 2025.

Simplifying the complexity of global IoT deployment and management.

KORE Group Holdings, Inc. positions itself as a pioneer, leader, and trusted advisor whose purpose-built solutions simplify the complexity of IoT for organizations of all sizes. This simplification translates into measurable operational and business results for their clients. For instance, as of the third quarter of 2025, KORE was managing 20.5 million total IoT connections, up 9% from 18.8 million in the same period last year, demonstrating their ability to handle scale while simplifying management.

Mission-critical IoT solutions with high reliability and security.

The value proposition centers on dependability for mission-critical applications. KORE Group Holdings, Inc. has achieved a significant scale milestone, surpassing 20 million total IoT connections by mid-2025, which cements their role as a dependable global provider. This reliability is recognized externally; KORE was named a top-tier IoT specialist in the Transforma Insights 2025 Communications Service Provider IoT Peer Benchmarking Report on November 4, 2025. The company's focus on profitable growth is reflected in its financial performance, with Adjusted EBITDA growing to $14.5 million in Q3 2025, up 12% year-over-year.

Global reach and deployment agility across over 180 countries.

KORE Group Holdings, Inc. offers extensive global reach, supporting deployments across more than 180 countries globally, with managed services deployed across 23 countries and 45 carrier integrations. They operate as a global mobile virtual network operator (MVNO), offering multi-carrier connectivity in over 200 countries and territories. This global footprint has been instrumental for customers like Status Awareness Systems Australia, enabling them to grow into new regions.

Accelerating customers' business outcomes through deep IoT knowledge.

The company emphasizes that its deep IoT knowledge and experience accelerate and materially impact customers' business outcomes. This is evident in their revenue mix, where IoT Solutions Revenue grew by 25% year-over-year in Q2 2025, reaching $15.2 million, indicating successful deployment of advanced solutions. The overall 2025 revenue guidance, as stated in May 2025, was projected to be between $288 million and $298 million.

Single-pane-of-glass management for multi-carrier connectivity.

A key differentiator is the ability to provide a unified management experience, especially for multi-carrier needs. KORE secured a major win in fleet management specifically because the customer needed true multi-carrier capabilities and superior economics using KORE's SuperSIM technology. This capability is part of their portfolio which includes the KORE One Platform and eSIM technologies like OmniSIM and SuperSim.

Here's a snapshot of the operational scale supporting these value propositions as of late 2025:

Metric	Value (Latest Reported)	Date/Period End
Total IoT Connections	20.5 million	September 30, 2025 (Q3 2025)
Total IoT Connections	20.1 million	June 30, 2025 (Q2 2025)
Global Coverage (Countries/Territories)	Over 180 countries / Over 200	Late 2025
Carrier Integrations	45	Mid-2025
Q3 2025 Revenue	$68.7 million	Q3 2025
Q3 2025 Adjusted EBITDA	$14.5 million	Q3 2025

The focus on advanced technology is clear, with KORE citing leadership in eSIM innovation and SGP.32 deployment focus as areas where they are investing to stay ahead.

Finance: draft 13-week cash view by Friday.

KORE Group Holdings, Inc. (KORE) - Canvas Business Model: Customer Relationships

Dedicated account management for large enterprise customers.

KORE Group Holdings, Inc. serves a base that has grown to over 20.5 million Total IoT Connections as of September 30, 2025. This scale suggests a tiered relationship structure where the largest enterprise deployments receive dedicated attention to manage the complexity inherent in mission-critical Internet of Things (IoT) environments.

Self-service and platform-based tools for connectivity management.

KORE Group Holdings, Inc. is unifying the customer experience on its core KORE One platform. To enhance this, the company introduced Corey, an AI powered live assistant, in the second quarter of 2025 to provide instant customer support. This platform approach supports self-service for routine connectivity management tasks.

Customer intimacy model focused on deep vertical expertise.

KORE Group Holdings, Inc. is recognized for its customer intimacy model, which is supported by deep vertical specialization. The company was cited in the 2025 Transforma Insights Benchmarking Report for its strengths in this area.

The focus areas where this expertise is applied include:

• Healthcare
• Fleet
• Industrial IoT

Proactive support for complex, mission-critical IoT deployments.

Customer testimonials highlight the value placed on KORE Group Holdings, Inc.'s hands-on approach to complex issues, which goes beyond just providing carrier-agnostic bandwidth solutions. One customer noted KORE's willingness to step in and solve complex challenges, calling their support proactive. This level of engagement is critical for mission-critical deployments where downtime is costly.

Long-term contracts for recurring connectivity services.

KORE Group Holdings, Inc. adopted eARR (Estimated Annual Recurring Revenue) as a key performance metric beginning in fiscal year 2025 to better reflect its recurring revenue business model. The company discontinued using TCV (Total Contract Value) as a key operational metric starting in fiscal year 2025. As of September 30, 2025, the sales funnel contained opportunities with an eARR of approximately $80 million. Customer retention, viewed from a revenue perspective using DBNER (Dollar-Based Net Expansion Rate), was 98% for the twelve months ended September 30, 2025.

The growth in the installed base, which drives recurring connectivity revenue, is a key indicator of successful long-term relationships:

Metric	Q1 2025 End	Q2 2025 End	Q3 2025 End
Total Connections (Millions)	19.8	20.1	20.5
Year-over-Year Connection Growth	8%	8%	9%

The Dollar-Based Net Expansion Rate (DBNER) shows the following trend:

• Twelve Months Ended September 30, 2025: 98%
• Twelve Months Ended September 30, 2024: 95%

Finance: draft 13-week cash view by Friday.

KORE Group Holdings, Inc. (KORE) - Canvas Business Model: Channels

You're looking at how KORE Group Holdings, Inc. (KORE) gets its solutions-from connectivity to full-stack IoT enablement-into the hands of enterprise customers. Their channel strategy is clearly layered, balancing direct engagement for complex solutions with a broad partner network for scale.

The core of their go-to-market relies on a mix of direct sales and channel leverage. For instance, in the second quarter of 2025, the IoT Connectivity Revenue stood at $56.1 million, while IoT Solutions Revenue was $15.2 million. This split shows where the volume versus the high-touch sales effort lies. To be fair, the Solutions revenue grew a strong 25% year-over-year in Q2 2025, suggesting that direct engagement with large enterprises for complex deployments is paying off.

The direct sales force is definitely zeroed in on those big wins. KORE is recognized for its deep vertical specialization, particularly in sectors like healthcare, fleet, and industrial IoT. Landing a new partnership, like the one with Winnebago for their RV platform, is a direct sales success that contributes to the Solutions revenue stream, which was expected to deliver $2.1 million in estimated annual recurring revenue (eARR) from new business wins in Q1 2025.

The indirect channel is crucial for scaling the connectivity backbone. KORE explicitly noted an expansion of its indirect channel in the first quarter of 2025 as part of its focus on profitable growth. This channel likely drives a significant portion of the pure connectivity revenue. Consider the sheer scale: by the third quarter of 2025, KORE was supporting 20.5 million Total IoT Connections. That kind of scale requires partners to reach diverse customer bases efficiently.

Here's a quick look at how the revenue mix shifted between Q1 and Q2 2025, which gives you a hint about the channel dynamics:

Metric	Q1 2025 Amount	Q2 2025 Connectivity %	Q2 2025 Solutions Amount
Revenue Component	Total Revenue: $72.14 million	Connectivity Revenue: 82%	Solutions Revenue: $15.2 million
Connectivity Revenue	Services: $55.43 million	Connectivity Revenue: $55.8 million	Solutions Revenue Growth (YoY)
Product Sales	Product Sales: $16.71 million	Solutions Revenue: 18%	Solutions Revenue Growth (YoY): +25%

When you look at the global distribution aspect, KORE emphasizes its extensive global carrier agreements, which is the foundation for supporting deployments across the world. While the prompt suggests operations in over 180 countries, the hard data shows momentum: Total Connections grew from 18.3 million at the end of Q1 2024 to 20.5 million by the end of Q3 2025. That's growth of over 2.2 million connections in a year, demonstrating their ability to scale globally, which is a key function of their channel and carrier relationships.

The proprietary digital platforms are the engine for managing this scale. KORE leverages its IoT enablement platforms, which include offerings like the KORE One Platform and KORE OmniCore. These platforms are critical for simplifying global IoT adoption and managing the connections. The growth in total connections is a direct indicator of the platform's effectiveness in onboarding and managing devices, moving from 19.8 million connections at the end of Q1 2025 to 20.5 million by the end of Q3 2025.

The global reach is supported by these digital tools and carrier relationships, allowing KORE to deliver on its promise of enabling customers to deploy and manage devices anywhere. This is underpinned by their operational scale, which is evidenced by the connection base:

• Total IoT Connections reached 20 million as of June 2025.
• Total IoT Connections reached 20.1 million by June 30, 2025.
• Total IoT Connections reached 20.5 million by September 30, 2025.
• The company is accelerating toward a next milestone of 30 million connections.

If onboarding takes 14+ days, churn risk rises; KORE needs its platforms to keep that cycle fast for enterprise adoption.

KORE Group Holdings, Inc. (KORE) - Canvas Business Model: Customer Segments

You're looking at the core customer base KORE Group Holdings, Inc. relies on to drive its Internet of Things (IoT) connectivity and solutions business. This isn't about small-scale projects; it's about massive, global deployments.

Large enterprises and organizations of all sizes globally form the foundation of KORE Group Holdings, Inc.'s revenue, primarily through its IoT Connectivity services. The sheer scale is best seen in the total active connections managed across their platform. As of the third quarter of 2025, KORE Group Holdings, Inc. reported 20.5 million Total Connections, which was up 9% year-over-year from the 18.8 million connections reported in the third quarter of 2024. This connectivity revenue stream is the most significant, accounting for 79% of total revenue for the year ended 2024. The pricing model here is typically per subscriber per month for the device's lifetime, often secured via multi-year contracts. Still, the Average Revenue per User (ARPU) per month saw a slight dip to $0.94 in Q3 2025, down from $1.01 in Q3 2024.

The company's strategy emphasizes capturing more wallet share from existing customers, evidenced by securing $11.3 million in new and expansion EARR (Estimated Annual Recurring Revenue) during the third quarter of 2025. This shows that while the total connection count grows, expansion within the existing enterprise base is a key driver.

KORE Group Holdings, Inc. focuses its efforts on specific, high-value verticals where IoT complexity is high. The company is recognized for its deep vertical focus, particularly in the following areas:

• Healthcare, including remote patient monitoring applications.
• Fleet and Vehicle management, serving telematics providers.
• Industrial IoT (IIoT) and manufacturing sectors.

The IoT Solutions segment, which includes device management and configuration services, is growing faster than pure connectivity, making these verticals crucial. In Q2 2025, IoT Solutions Revenue grew 25% year-over-year to $15.2 million, compared to a 1% year-over-year growth for IoT Connectivity Revenue, which was $56.1 million for that quarter.

Here's a look at the revenue contribution by segment based on the most recent full-year data available:

Revenue Segment	Percentage of Total Revenue (FY 2024)	Q2 2025 Revenue Amount
IoT Connectivity	79%	$56.1 million
IoT Solutions	21%	$15.2 million

The focus on specialized sectors like Connected Health is a stated strength, with KORE Group Holdings, Inc. being cited as a top-tier IoT specialist for its leadership in these areas.

For Fleet Management and Asset Monitoring, KORE Group Holdings, Inc. provides the underlying connectivity that powers telematics providers. The total connection base of over 20.5 million as of Q3 2025 includes a significant portion dedicated to these mobile asset tracking use cases.

In the Industrial IoT (IIoT) and manufacturing sectors, the growth in IoT Solutions revenue points to deeper integration beyond simple connectivity. The IoT Solutions Margin improved to 33.0% in Q1 2025.

The company is also investing in advanced capabilities that serve customers needing AI-driven security and complex technology. KORE Group Holdings, Inc. launched a new AI assistant that reportedly reduced support tickets by over 50%, which directly benefits customers deploying complex, high-touch IoT security or management solutions.

• Total Connections reached 19.8 million in Q1 2025.
• IoT Solutions Revenue was $18.23 million in Q1 2025.
• Adjusted EBITDA grew 12% year-over-year to $14.5 million in Q3 2025.
• Total Revenue for Q3 2025 was $68.7 million.

Finance: draft 13-week cash view by Friday.

KORE Group Holdings, Inc. (KORE) - Canvas Business Model: Cost Structure

You're looking at the direct costs KORE Group Holdings, Inc. incurs to run its IoT hyperscaler and service delivery platform as of late 2025. Honestly, for a company focused on connectivity, the carrier fees are the biggest variable cost, but the public filings give us the consolidated view first.

The total Operating expenses for KORE Group Holdings, Inc. in the third quarter of 2025 were reported at exactly $42.2 million. That figure represented a decrease of $1.7 million compared to the third quarter of 2024, which management attributed to cost savings realized from restructuring actions executed over the preceding twelve months.

Regarding capital deployment, KORE Group Holdings, Inc. reported that Free Cash Flow improved by $1.1 million to negative $1.1 million in Q3 2025 compared to the prior year quarter. The driver for this improvement was explicitly stated as a lower level of capitalized expenditures for infrastructure and technology upgrades during the period.

The Cost of IoT Connectivity, which primarily covers carrier fees and network access costs, is embedded within the Cost of Revenue, which we can infer from the gross margin figures. The overall Non-GAAP Gross Margin for KORE Group Holdings, Inc. in Q3 2025 was 55.2%. This margin is the result of the blended performance across the two main business lines.

Technology development and platform maintenance costs, along with Sales, General, and Administrative (SG&A) expenses, are aggregated into the total Operating Expenses figure of $42.2 million for Q3 2025. Specific, segregated dollar amounts for these components weren't broken out in the latest disclosures, so you have to treat that $42.2 million as the ceiling for those overheads.

Here's a look at the revenue and margin structure that dictates the Cost of Goods Sold (COGS), which includes those critical carrier fees:

Metric	Q3 2025 Amount	Context/Comparison
Total Revenue	$68.7 million	Roughly flat year-over-year
IoT Connectivity Revenue	$56.7 million	Showed sequential growth of 1.7% over Q2 2025
IoT Solutions Revenue	$11.9 million	Down slightly year-over-year due to order timing
IoT Connectivity Non-GAAP Gross Margin	59.6%	Down from 60.9% in Q3 2024
IoT Solutions Non-GAAP Gross Margin	34.3%	Down from 37% in Q3 2024

To be fair, understanding the true cost of connectivity requires knowing the COGS for the Connectivity segment, but we only have the margin. If the Connectivity Revenue was $56.7 million and the margin was 59.6%, the associated cost of revenue for that segment was approximately $22.91 million (calculated as $56.7 million (1 - 0.596)).

The cost structure is clearly weighted toward the direct costs of providing the network service, given the high revenue contribution from IoT Connectivity. You see the discipline in the OpEx reduction, which helped push Adjusted EBITDA up to $14.5 million, a 12% increase year-over-year.

• Cost of IoT Connectivity (Carrier Fees) is the largest component of COGS.
• Operating Expenses totaled $42.2 million in Q3 2025.
• Technology development and SG&A are bundled within Operating Expenses.
• Capital Expenditures were at a lower level in Q3 2025 compared to Q3 2024.
• Overall Non-GAAP Gross Margin stood at 55.2% for the quarter.

Finance: draft 13-week cash view by Friday.

KORE Group Holdings, Inc. (KORE) - Canvas Business Model: Revenue Streams

You're looking at the engine room of KORE Group Holdings, Inc. (KORE)'s value capture, which is heavily weighted toward the sticky, long-term nature of connectivity. The core of the revenue model is built around recurring service fees, which historically accounts for over 90% of total revenue. This high recurrence is what analysts like me focus on when assessing valuation stability.

Looking at the most recent hard data from the third quarter of 2025, the revenue streams are clearly segmented. The primary driver remains the connectivity piece. IoT Connectivity Revenue hit $56.7 million in Q3 2025, which management noted showed sequential quarter-over-quarter growth of 1.7% in that period. This is the highly recurring foundation we want to see growing.

The secondary stream comes from the more integrated offerings. IoT Solutions Revenue, which bundles hardware, software, and managed services, brought in $11.9 million in Q3 2025. While this segment is important for driving stickiness and higher-value contracts, it saw a slight decline in the quarter, which is something to watch as the company works through its transformation.

Here's a quick look at how the top line broke down in Q3 2025, based on the reported segment figures against the total revenue of $68.7 million for the quarter:

Revenue Component	Q3 2025 Amount
Total Revenue	$68.7 million
IoT Connectivity Revenue	$56.7 million
IoT Solutions Revenue	$11.9 million

The overall health of the connectivity base, which underpins that recurring revenue, is measured by key performance indicators. You need to track these metrics to gauge future revenue durability. For instance, the Average Revenue Per User (ARPU) was reported at $0.94 per month in Q2 2025, and this figure held flat into Q3 2025. The total number of connections supporting this revenue base grew to 20.5 million by the end of Q3 2025, a 9% increase year-over-year.

Regarding the full-year outlook, KORE Group Holdings, Inc. had projected full-year 2025 revenue to be between $288 million and $298 million. However, you must note that management suspended this guidance in November 2025 due to ongoing discussions around a potential strategic transaction. This uncertainty means the final number will depend entirely on the outcome of that review process.

To summarize the key revenue-related statistics as of late 2025:

• Q3 2025 IoT Connectivity Revenue: $56.7 million.
• Q3 2025 IoT Solutions Revenue: $11.9 million.
• Historical Recurring Service Revenue Share: Over 90%.
• FY 2025 Revenue Projection (Pre-Suspension): $288 million to $298 million.
• ARPU (Q2/Q3 2025): $0.94 per month.
• Total Connections (End of Q3 2025): 20.5 million.

Finance: draft 13-week cash view by Friday.