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ATLANTA - KORE Group Holdings, Inc. (NYSE:KORE), a technology company currently trading below its InvestingPro Fair Value despite generating $282.25 million in revenue over the last twelve months, has formed a strategic alliance with TD SYNNEX to simplify access to Internet of Things (IoT) connectivity solutions, according to a press release statement issued Wednesday.
The partnership makes KORE’s OmniSIM US connectivity plans available through TD SYNNEX’s distribution network, creating a more direct path for channel partners and end customers to acquire IoT connectivity services. With a healthy gross margin of 55.72%, KORE’s connectivity solutions represent a significant portion of its business model.
Under the arrangement, KORE will provide flat-rate billing models for its connectivity services, which the company states will reduce complexity for businesses implementing IoT solutions. The collaboration also enables TD SYNNEX partners to source hardware and components that may not typically be available through TD SYNNEX’s standard offerings. While KORE maintains a solid current ratio of 1.23, indicating strong ability to meet short-term obligations, InvestingPro analysis shows the company is not yet profitable, with analysts anticipating continued challenges this fiscal year. For deeper insights into KORE’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
Ryan Yahrmatter, Senior Vice President of Strategic Partnerships & Carrier Relations at KORE, said the partnership aims to eliminate connectivity complexity so businesses can focus on innovation and growth.
Marcie Stout, Vice President of Cloud Marketplace and ISV at TD SYNNEX, noted that the partnership would offer comprehensive cloud and connectivity solutions with multiple market routes for advisors and resellers.
KORE, which describes itself as a "pure-play Internet of Things hyperscaler," provides IoT connectivity, solutions, and analytics services. TD SYNNEX operates as a global distributor and IT solutions aggregator.
The companies did not disclose financial terms of the partnership in the announcement.
In other recent news, KORE Group Holdings reported a 5% decline in revenue for the first quarter of 2025, totaling $72.1 million. Despite the dip in revenue, the company showed an improvement in net loss compared to the previous year and expressed optimism for future growth, projecting a 2% year-over-year revenue increase for 2025. Additionally, KORE Group Holdings has been added to the Russell Microcap Index as part of the 2025 Russell indexes reconstitution. This inclusion is effective from June 30 and will last for one year, allowing the company automatic inclusion in relevant growth and value style indexes. The addition to the index is a noteworthy development for the company, reflecting its market capitalization ranking among the largest 4,000 U.S. stocks. These recent developments provide insight into the company’s current financial standing and its anticipated growth trajectory.
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