Paul Holtz

“Total revenue for the first quarter decreased $3.9 million or approximately 5% year-over-year to $72.1 million. Breaking that down by business lines, IoT Connectivity revenue of $53.9 million decreased approximately 7% year-over-year and represented 75% of first quarter revenue.”

“Unfortunately, we found a calculation error in our goodwill impairment calculation from the prior quarter, so we decided to restate our second quarter results. It is important to emphasize revenue, adjusted EBITDA, and cash flows for all periods were unaffected by this restatement.”

“Now, let's look at our second quarter financial results on slide 10. Second quarter revenue of $67.9 million decreased 2% year-over-year.”

“Now let's look at our first quarter financial results on Slide 5. KORE's first quarter revenue of $76 million increased 15.2% year-over-year.”

“As Romil highlighted, fourth quarter revenue increased 16% year-over-year to $72.4 million compared to $62.4 million in the fourth quarter of 2022.”