Kore Group reports Q3 EPS ex-items (20c), consensus (10c)

Including the $78.3M non-cash goodwill impairment charge related to the decline in the company’s share price, Q3 EPS was ($1.10). Reports Q3 revenue $68.6M, consensus $76.73M. “I am delighted to announce a successful refinancing of our senior debt, which upon closing in the next couple of weeks, will reduce our overall debt level by approximately $120M. Our improved balance sheet results in greater cash efficiency to service debt and extends our debt maturity by five years, giving the company plenty of time to delever, especially in light of our Adjusted EBITDA growth prospects. We are particularly pleased by a significant reduction in required annual cash interest payments from approximately $42M in 2023 to approximately $28M in 2024. With this important refinancing behind us, we are singularly refocused on the tremendous opportunity ahead of us through the Decade of IoT. Our best-in-class eSIM-powered IoT connectivity value proposition represents an exciting opportunity for profitable growth,” said Romil Bahl, CEO.