KORE Group Holdings

KORE

Information Technology Services · Technology

Price

$9.26

+0.01 (+0.11%)

Market Cap

$163.2M

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+234987.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.4M (2021) → 19.72B (2025)

KORE Group Holdings is a company that helps other businesses connect devices to the internet wirelessly — this is called the Internet of Things, or IoT. Its customers are companies in healthcare, fleet management, and financial services that need to track equipment, vehicles, or data remotely. KORE acts as a middleman, providing the connectivity, software, and analytics that make those connected devices actually work.

KORE makes money through recurring subscriptions for connectivity and software services, plus fees for managing IoT deployments. It operates globally, with customers across North America, Europe, and other regions, and generates roughly $300 million in annual revenue. The company's main competitive advantage is its ability to bundle connectivity with software and professional services in one package, but it currently operates at a loss, and its biggest challenge is reaching consistent profitability while competing against large telecom carriers and specialized IoT platforms that have significantly more resources.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-85.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

72.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$29M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

KORE Group Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

39.4%

Modest — 39.4% gross margin

Operating Margin

0.9%

Thin — 0.9% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-0.9%

Shrinking sales (-0.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

4.3%

Thin free cash flow (4.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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