Restructuring plan completed Growth in Connectivity and Connections On track to meet 2024 guidance ATLANTA , Nov. 19, 2024 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE ) ("KORE" or the "Company"), the global pure-play Internet of Things ("IoT") hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today reported financial and operational results for the three and nine months ended September 30, 2024 .
Q3 Highlights Third quarter 2024 revenue was $68.9 million , a 0.4% increase from $68.
6 million in the same period last year. A 3% increase in IoT Connectivity revenue of $56.7 million from $55.
2 million in the same period last year was driven by organic growth. A 9% decrease in IoT Solutions revenue of $12.2 million from $13.
5 million in the same period last year was due to the decision to wind down lower margin hardware business. Net loss was $19.4 million for the third quarter of 2024, a 80% decrease from a net loss of $95.
4 million for the same period a year ago largely due to the goodwill impairment recorded in the third quarter of the previous year. Adjusted EBITDA was $13.0 million for the third quarter of 2024, an 8% decrease from $14.
2 million for the same period a year ago largely resulting from a $1.5 million reversal of performance-based variable compensation in the third quarter of 2023. The Company maintained positive sales momentum this quarter with a closed-won Total Contract Value (TCV)* of $32 million , a 19% increase from $27 million.