ATLANTA, May 15, 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 quarter ended March 31, 2024. Company Highlights First quarter 2024 revenue was $76.0 million, a 15.2% increase over the same period last year. IoT Connectivity revenue of $57.9 million, a 33% increase over the same period last year, was driven by investments and organic growth. Organically, IoT Connectivity grew approximately 11% year-over-year. IoT Solutions revenue of $18.1 million, a 19% decline from the same period last year, was due to timing of shipments to KORE's top customers and a strategic decision to reduce lower margin hardware deals to improve working capital. Net loss was $17.6 million for the first quarter of 2024, a 4.9% reduction from $18.5 million for the same period a year ago. Adjusted EBITDA was $14.8 million for the first quarter of 2024, a 10.7% increase from $13.3 million for the same period a year ago. The Company had a strong sales quarter with a closed-won Total Contract Value (TCV)1 of $52 million, which included a $26 million Connected Health contract, up from $28 million in the same period a year ago. The Company reaffirms its full year 2024 revenue guidance in the range of $300 million to $305 million and Adjusted EBITDA, a non-GAAP metric2, guidance in a range of $64 million to $66 million, reflecting a re-acceleration in IoT Connectivity growth. IoT Connectivity revenue is projected to grow at a percentage rate in the high teens in 2024. "KORE delivered solid results in the first quarter, driven by investments in IoT Connectivity and organic growth," said Ron Totton, Interim President and CEO of KORE. "Stepping into the leadership role, I am excited by KORE's broad array of growth opportunities and, together with our talented team, will prioritize the best ones while simultaneously working to optimize operational performance. We believe this dual investment in growth and efficiency will translate into increased stockholder value."  The tables below summarize the Company's revenue and specific key metrics. Three Months Ended March 31,  ($ in millions)  2024 2023 IoT Connectivity  $             57.9 76 % $             43.5 66 % IoT Solutions  18.1 24 % 22.4 34 % Total Revenue  $             76.0 100 % $             66.0 100 % Period End Total Connections3  18.3 million 15.1 million Average Total Connections for the Period  18.1 million 15.1 million DBNER3 94 % 107 % 1 See "Key Metrics" below for definitions. 2 See "Non-GAAP Financial Measures" and "Reconciliation of Net Loss to EBITDA to Adjusted EBITDA" below for more information. 3 See "Key Metrics" below for definitions. 2024 Financial Outlook For the twelve months ending December ...