KORE appoints new chief revenue officer to drive growth

ATLANTA - KORE Group Holdings, Inc. (NYSE: KORE), a company specializing in Internet of Things (IoT) solutions, announced the appointment of Jared Deith as Executive Vice President and Chief Revenue Officer (CRO). This strategic move follows the departure of the previous CRO and aims to bolster the company’s position in the IoT market. According to InvestingPro data, KORE operates with a market capitalization of $42.86 million and has shown revenue growth of 7% over the last twelve months, despite facing significant operational challenges.

Deith, an entrepreneur with a history of fostering high-performing teams and spearheading market growth, will now helm KORE’s global sales, partnerships, marketing, and revenue operations. He transitions from his role as Executive Vice President of Connected Health, a position where he has already demonstrated the potential of IoT solutions to drive customer growth. The appointment comes at a crucial time, as InvestingPro analysis indicates the company is quickly burning through cash while maintaining a current ratio of 1.3, suggesting adequate short-term liquidity.

"I’m honored and excited to step into the role of CRO and drive KORE to expected new heights of success and growth," Deith stated, expressing his commitment to leveraging the company’s capabilities in IoT.

KORE’s CEO, Ron Totton, praised Deith’s growth mindset and customer-centric approach, while Tim Donahue, Chairman of the Board, highlighted Deith’s understanding of customer needs and his energetic drive as key to taking the company forward.

In his new capacity, Deith is tasked with accelerating KORE’s momentum as a go-to provider for IoT solutions. The company emphasizes its role as a pioneer, leader, and trusted advisor in the IoT space, aiming to simplify the complexity of IoT and improve business outcomes for customers across various industries.

The press release also included cautionary notes regarding forward-looking statements, advising that such statements are not guarantees of future performance and are subject to risks and uncertainties. These statements should not be relied upon as being indicative of current or future events or performance.

This leadership change is part of KORE’s ongoing strategy to enhance its market leadership and innovation in the IoT sector. The information for this article is based on a press release statement from KORE. For deeper insights into KORE’s financial health and future prospects, including 15 additional ProTips and comprehensive valuation metrics, investors can access the full Pro Research Report available on InvestingPro.

In other recent news, KORE Group Holdings, Inc. has undergone several noteworthy developments. The company announced a significant change in its executive lineup with the departure of Jason Dietrich as Executive Vice President and Chief Revenue Officer. Simultaneously, KORE Group appointed Jared Deith, previously the Executive Vice President of Connected Health, as the new Chief Revenue Officer.

KORE Group has also been grappling with a notice of non-compliance from the New York Stock Exchange (NYSE) due to not meeting the required market capitalization and stockholders’ equity standards. In response, the company plans to submit a detailed plan to regain compliance with the listing standards. This development follows the acceptance of KORE’s compliance plan by the NYSE, which includes measures based on previously announced operational restructuring.

TD Cowen, a renowned financial firm, adjusted its price target for KORE Group to $2.50 from the previous $2.00, while maintaining a Hold rating on the stock. This adjustment reflects an improved forecast for KORE’s EBITDA in the fiscal year 2025. However, TD Cowen downgraded KORE’s stock rating from "Buy" to "Hold," mainly due to concerns over revenue growth challenges and significant internal restructuring.

In the midst of these changes, KORE Group revised its 2024 financial guidance. Despite a 16% growth in IoT connectivity revenue, the company reported a substantial net loss of $64.3 million for the recent quarter. The updated 2024 guidance anticipates revenue of $275 million to $285 million and adjusted EBITDA of $54 million to $56 million. These are the recent developments in KORE Group’s ongoing efforts to enhance its financial performance.

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