KORE

United States · www.korewireless.com · 25 vendors

Resilience scores

Technology vendors

Services catalogue

1 service in catalogue across 1 category; runs on 25 sub-vendors.

Insights

Last updated 2026-08-02 · revision 2

25 direct vendors, 308 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 7/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

KORE exhibits a moderate to high level of migration readiness, primarily driven by its adoption of modern, API-driven core technologies and inferred cloud infrastructure (AWS). The use of eSIM/eUICC (SGP.32) and REST APIs for SIM automation suggests a flexible and programmable environment, which is conducive to migration. The "KORE ConnectivityPro™" platform, with its unified management and scalable APIs, indicates a structured approach to their core services that could facilitate modular migration. Furthermore, the mention of GDPR/HIPAA compliant network infrastructure suggests a focus on data governance, which is crucial for managing data during migration. A significant challenge is the lack of specified data residency requirements, which can introduce considerable complexity and cost to any migration effort, especially for a global company. The internal tech stack, while including modern elements, does not explicitly detail a cloud-native, containerized, or microservices architecture for its core IoT platform, which could indicate potential legacy components. The vendor data is contradictory ("Total Vendors: 0" vs. "Total Services: 53" from diverse countries); assuming there are vendors, the number of vendors is unknown, making it difficult to assess vendor concentration and potential lock-in risks that could impede migration. Financial stability data is also missing, which impacts the assessment of KORE's capacity to fund a significant migration. Despite these unknowns, the modern technological foundation provides a solid base for future migration initiatives.

Compliance

10 in-scope frameworks identified; showing 3.

NIS2 (source) — Assessment Required

KORE provides digital infrastructure and ICT connectivity services (IoT connectivity, eSIM, connectivity management platforms) to EU-based entities, including utilities (Stedin, a Dutch energy/utilities company), healthcare providers, and other critical sectors. Digital infrastructure providers and ICT service management providers are explicitly listed as Essential Entities under NIS2. KORE's EU subsidiary Aspider-NGI and its EU customer base suggest EU establishment. However, it is unclear whether KORE itself is directly classified as an Essential or Important Entity under NIS2 versus being a supplier to such entities. If KORE is deemed a digital infrastructure or ICT service management provider with EU establishment and meets the size threshold (50+ employees or €10M+ turnover — both very likely given 3,600+ customers and 21M+ connected devices), NIS2 would apply. Risk is Medium pending formal classification assessment.

Evidence: https://www.korewireless.com/renewable-and-utilities/, https://www.korewireless.com/connected-health/, https://www.korewireless.com/global-iot-connectivity/, https://www.korewireless.com/privacy-policy/

CPRA — Assessment Required

KORE is headquartered in the United States and processes personal data of California residents through its website, enterprise customer relationships, and IoT services. As a company with global scale (3,600+ customers, 21M+ devices), KORE almost certainly meets CCPA/CPRA thresholds (annual gross revenue >$25M, or buying/selling/receiving/sharing personal information of 100,000+ consumers/households). CCPA/CPRA grants California residents rights similar to GDPR and imposes obligations on businesses processing their data. Fines up to $7,500 per intentional violation.

Evidence: https://www.korewireless.com/privacy-policy/

SOC 2 (source) — Assessment Required

KORE is a cloud-based IoT connectivity management platform provider serving 3,600+ enterprise customers across critical industries including healthcare, utilities, fleet, and financial services. SOC2 Type II certification is a standard expectation for B2B SaaS and connectivity platform providers at KORE's scale. Enterprise customers in regulated industries (healthcare, financial services) routinely require SOC2 reports as part of vendor due diligence. Absence of SOC2 certification could represent a competitive and contractual risk. However, no evidence of non-compliance with SOC2 was found — the status is unknown/unverified rather than confirmed non-compliant.

Evidence: https://www.korewireless.com/iot-connectivity-management/, https://www.korewireless.com/privacy-policy/

Financials

Three-year financials

Financial Resilience Score: 4/10

KORE Group Holdings exhibits a mixed financial resilience profile characterized by operational improvement offset by significant balance sheet weakness. On the positive side, the company has made meaningful progress in FY2025: Adjusted EBITDA grew 19% to $63.3M, free cash flow flipped from negative to positive ($8.9M), cash on hand grew 38% to $26.7M, and net loss narrowed by 57% to $63.0M. Restructuring benefits reduced SG&A by $24.5M (17%), and the customer base is diversified with no single customer exceeding 10% of revenue. The company operates in a growing IoT market with 20.9M connections (+6% YoY) and long-standing carrier relationships across 200+ countries. However, the balance sheet is severely stressed. Total liabilities of $574M exceed total assets of $410M, resulting in a stockholders' deficit of $163.8M that widened by $64M during 2025. Accumulated deficit stands at $624M. The debt structure includes $295M in long-term debt, $144M in mandatorily redeemable Series A-1 preferred stock, and $48M in accrued preferred dividends. Interest expense of $52.7M in 2025 consumed most of Adjusted EBITDA. A significant debt maturity wall looms in November 2028 with the $181M WhiteHorse Term Loan and $120M Backstop Notes both maturing. Additional risk factors include ongoing material weaknesses in internal controls (IT General Controls and Order-to-Cash), a prior Q2 2024 restatement of goodwill impairment, flat revenue growth (2024 to 2025 both approximately $286M) suggesting limited organic momentum, ARPU compression (Q4 2025 $0.93 vs Q4 2024 $0.97), and goodwill representing over 50% of total assets ($228.8M). The pending take-private transaction at $9.25/share by Searchlight Capital and Abry Partners provides a defined value floor for shareholders but reflects the company's need for private-market restructuring rather than public-market strength.

Key strengths: Adjusted EBITDA grew 19% YoY to $63.3M in FY2025, Free cash flow turned positive at $8.9M vs -$3.5M in FY2024, Cash on hand increased 38% to $26.7M, Diversified customer base with no customer >10% of revenue, 20.9M IoT connections (+6% YoY) across 200+ countries, Restructuring reduced SG&A by $24.5M (17%), Net loss narrowed 57% to $63.0M, Pending take-private deal at $9.25/share provides value floor

Risk factors: Stockholders' deficit of $163.8M with liabilities exceeding assets by $164M, Accumulated deficit of $624M, $295M long-term debt plus $144M mandatorily redeemable preferred stock, Interest expense of $52.7M consumes most of Adjusted EBITDA, Debt maturity wall in November 2028 ($181M term loan + $120M notes), Material weaknesses in internal controls (IT General Controls and Order-to-Cash), Prior Q2 2024 goodwill impairment restatement, Flat revenue growth over two consecutive years, ARPU compression indicating price pressure, Goodwill of $228.8M represents >50% of total assets, Heavy dependence on top three US telecom carriers, Previously fell below NYSE minimum listing standards, Concentrated ownership by Searchlight, Abry and CTAC (~35%)

Revenue by geography

Revenue by product/service

Workforce by country

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