Latest news with #Totton
Yahoo
14-07-2025
- Sport
- Yahoo
Swimming club stages gala for local schoolchildren
The gala was made possible as a result of kind sponsorship by The Rotary in Romsey and contributions to core costs by Freedom Leisure and LAB Swim (Image: Romsey & Totton Swimming Club) A swimming club hosted a gala for local schools for "the first time in years". Romsey & Totton Swimming Club invited local schools to Totton Leisure Centre on July 1. Twenty-one events took place, including individual and relay events, with a final fun big float squadron. Advertisement Head coach, Steve Harrison, and head swim teacher, Fran Harrison, supported the children and helped announce and present medals and the winning team's trophy. READ MORE: Football tournament held in memory of 'lifelong saints fan' raises hundreds (Image: Romsey & Totton Swimming Club) This was the first time in many years the club has run the gala, which was sponsored by The Rotary in Romsey and contributions by Freedom Leisure and LAB Swim. With continued support, the club hopes to make the gala an annual event. The event allowed pupils of all abilities to come together and cheer each other on, with every swimmer taking part with enthusiasm. Advertisement A spokesperson for the club said: "The club would like to thank all its volunteers and officials for helping to make a memorable afternoon dedicated to swimming. "The event allowed pupils of all abilities to come together, make a splash, and cheer each other on. "It was great to see swimmers from other schools cheering on their swimming friends. "Every swimmer participated with enthusiasm, giving their best efforts and the whole event embodied the Clubs ethos of being 'a friendly swimming club for all levels.'"
The Sun
04-07-2025
- Business
- The Sun
Major food and drinks business that supplies Aldi & Tesco is on edge of collapse with staff ‘totally devastated'
A MAJOR baby food manufacturer is facing liquidation as the business is on the verge of collapse. Workers are "totally devastated" as they are about to lose their livelihood. 1 Nourisher, which produces and supplies yogurts, soups and tray meals to Aldi and Tesco, is reportedly shutting down. The Totton-based firm is set to have its assets sold to settle debts, according to Daily Echo. Devastated workers Around 100 locals who are employed by the company are now facing the grim prospect of losing their jobs. The staff have been crushed to learn the news as they struggle to make ends meet. Team leader Alan Morgan, who worked at Nourisher for six years, told Daily Echo: "Totally devastated after six years. "We had a text saying don't come into work until further notice. "Then we were told that they were looking for an administrator, then they said they were looking for a buyer, then they appointed an administrator, then back to waiting for an administrator, it's all been lies after lies." Alan hasn't received his paycheck for over 12 weeks, and he's not the only worker left to fend for himself. He continued: "Because of this, my bills couldn't be paid. "I had a letter from the landlord seeking possession of my car and bike finance unpaid, struggling to put food on the table, and there are about 50 of us left sorting things out to survive." Liquidation meeting scheduled The company has generated millions of pounds in sales annually, producing goods for companies like Mamia. But it is now awaiting closure with a meeting scheduled in London today to nominate joint liquidators, according to an official notice. Finbarr Thomas O'Connell and Clare Lloyd, both insolvency professionals from S&W Partners LLP, have been identified as the company's potential liquidators. The company is currently led by Ajay Chowdhary who was appointed just a month prior following the dismissal of the former directors. The Sun has reached out to Nourisher for comment. Other closures It comes after a major manufacturer has suddenly shut down due to "very difficult" market conditions. The furniture maker, which supplied "leading brands" across the UK, had to cease trading. Andrew Paul Furniture, which manufactured bespoke chairs and sofas, has closed down after a decline in sales. The firm stopped trading on June 26 after 15 years on the market and is about to go into liquidation. Meanwhile, a popular 138 year old bakery is set to axe 250 jobs following two very difficult years. Roberts Bakers, which supplies products to major supermarkets like Asda, Morrisons, and Tesco, is set to slash its workforce at its factory in Cheshire. The decision follows two years of tough challenges, including a devastating fire in 2023 that severely disrupted operations. The bakery, which employs around 700 people, said it had lost two-thirds of its bread production capacity for over a year after the fire. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Yahoo
23-06-2025
- Entertainment
- Yahoo
Crowds gather for Totton Carnival as it marks 120 years
Balloons, colourful ribbons and smiles from ear to ear were all on show at the Totton Carnival 2025 despite fears that it could be the last one. The Totton Carnival has been a staple of the town for around 120 years with floats from charities, schools and community groups being greeted by hundreds of people who lined the streets of Totton to cheer on the annual parade. Despite the fun at the event, coupled with the glorious sunshine, some were a little downbeat that this could be the last Totton Carnival after more than a century due to a lack of volunteers. Ann Page, 69, and Helen Chant, 56, from the Totton and Eling Community Association have been creating and designing their trailer and costumes for more than six weeks. Helen Chant, Charlotte Orchard and Ann Page (Image: NQ) Helen, a Totton resident for more than 25-years, said: "We have so many organisations taking part today - there are dance schools, scout groups, charities and community groups like ourselves. "We then parade through the town on the back of our trailers for all the residents to enjoy. "Our team have put a huge amount of work into today. We have handmade everything using what time we have after work and at the weekend." Floats paraded the Totton streets (Image: NQ) Ann has been taking part in the Totton carnival since she was four-years-old. READ MORE: Kate Nash 'superfan' from Southampton dies at just 22 She said: "The carnival is fantastic but it needs more support if its going to happen again next year. "Without the carnival we would loose our community spirit. Totton is a really big town and we need community events just like the carnival. it brings people together and puts smiles on faces." Gill Knighton is the chairman for the Totton Carnival and has had to do much of the work herself. Gill Knighton (Image: NQ) She said: "Its taken a whole year just to pull all of this together - this year marks 120 years - and if volunteers don't come forward this really could be the last one. "I'm looking for eight to 14 volunteers for our committee who can get in touch with us on our Facebook page. We have all sorts of different jobs that need doing and it would be devastating if we could not do this again." The floats and trailers started the carnival at the AFC Totton ground on Saturday, June 21, then paraded through Totton town centre and finished at Eling Recreational ground.
BBC News
23-05-2025
- General
- BBC News
Totton students late for GCSE due to Redbridge flyover works
Students were "upset" at being late for one of their GCSE exams as a result of controversial roadworks in the city, a headteacher has Veal, headteacher of Hounsdown School in Totton, Hampshire, said students experienced "profound" traffic problems as a result of Southern Water's works to fix a faced queues of up to two hours as a result of the eastbound carriageway closure on the A35 Redbridge flyover into Southampton from Totton, which started on Tuesday.A spokesperson for Southern Water apologised for the disruption, adding that limiting disruption was "challenging" on "arterial routes like this one". "We will take away all learnings from this week to explore how we may be able to improve and adapt our approach to similar challenges in the future," they added. The closure of one of the main routes into the city caused traffic described as "horrendous" by one driver, with some reporting that it took them an hour to move less than 1.6km (1 mile).Mr Veal said he had to delay the start of an English literature GCSE by 40 minutes on Tuesday because school buses were caught up in the delays - but the students on board did not know that."There were students stuck on a school bus... in traffic with these delays, thinking that their GCSE English literature exam had started without them," he said staff and invigilators were also late a result of the congestion, and questioned why the work did not take place next week - during half Keogh, Southampton City Council's cabinet member for transport, said the council had to grant Southern Water the permit because it was for emergency added that the available space on the bridge, the proximity of slip roads, the bend in the road and the blind summit meant the Southern Water was unable to open a lane on the flyover. 'Not a good start' Mr Veal said the students "coped admirably under the circumstances", and praised his staff for supporting them as best they could."But its not a great start for them at such an important time in their lives," he said."They've put an enormous amount of work and preparation into this and so they found that extremely difficult."He said he "sincerely" hoped it did not affect results."But it is possible," he said."The state of mind of young people before they start their exam is a factor."He said the school would apply for a concession through the exam board. You can follow BBC Hampshire & Isle of Wight on Facebook, X (Twitter), or Instagram.
Yahoo
15-05-2025
- Business
- Yahoo
KORE Reports First Quarter 2025 Results
Growth in Connections, Operating Cash and Free Cash Flow ATLANTA, May 15, 2025 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE) ("KORE" or the "Company"), the global pure-play Internet of Things ("IoT") hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today reported financial and operational results for the quarter ended March 31, 2025. Company Highlights Total Connections1 increased to 19.8 million, up 8% from 18.3 million in the same period last year. Cash provided by operations increased to $2.9 million, up 51% from the same period a year ago, positive for the second consecutive quarter. Free Cash Flow increased to $0.6 million, up 121% from the same period a year ago, positive for the second consecutive quarter. Operating Expense declined to $41.6 million, down 15% from $49.1 million in the same period last year directly related to restructuring efforts announced in August 2024. IoT Solutions Margin rose to 33.0%, up 210 basis points from the same period last year. IoT Solutions Non-GAAP Margin rose to 39.9%, up 370 basis points from the same period last year. "We had a solid quarter of operating performance with growth in cash provided by operations and Free Cash Flow, posting a consecutive quarter of positive cash flow. We added several exciting new customers in the quarter and continue to add new IoT connections as we approach 20 million Total Connections - an important milestone for KORE. We saw strong demand for new IoT connections that should convert to more Connectivity revenue as the year progresses," said Ron Totton, President and Chief Executive Officer of KORE. "We also expanded our indirect channel in the quarter as part of our focus on profitable growth and are encouraged by the opportunities we are seeing and leveraging the KORE brand," added Totton. ____________________________ 1 See "Key Operational Metrics" below for definitions. The tables below summarize the Company's revenue and specific key operational Months Ended March 31, ($ in thousands) 20252024 IoT Connectivity $53,91775 %$57,88476 % IoT Solutions $18,22525 %$18,09124 % Total Revenue $72,142100 %$75,975100 % Period End Total Connections 19.8 million18.3 million Average Total Connections for the Period 19.7 million18.1 million ARPU* $0.91 $1.05 DBNER* 99 %94 %* See "Key Operational Metrics" below for definitions. 2025 Financial Outlook For the twelve months ending December 31, 2025, the Company continues to expect the following: Revenue in the range of $288 million to $298 million; Adjusted EBITDA in the range of $62 million to $67 million; and Free Cash Flow in the range of $10 million to $14 million. Conference Call Details KORE management will hold a conference call today at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss its financial results, business highlights and outlook. Interim President and CEO Ron Totton and CFO Paul Holtz will host the call, followed by a question-and-answer session. Webcast: LinkU.S. dial-in: (877) 407-3039International dial-in: (215) 268-9922Conference ID: 13753735 The conference call and a supplemental slide presentation to accompany management's prepared remarks will be available via the webcast link and for download via the investor relations section of the Company's website, For the conference call, please dial in 5-10 minutes prior to the start time, and an operator will register your name and organization, or you may register here. If you have difficulty with the conference call, please contact KORE investor relations at (770) 280-0324. A replay of the conference call will be available approximately three hours after the conference call ends. It will remain on the investor relations section of the Company's website for 90 days. An audio replay of the conference call may be accessed by calling (877)-660-6853 or (201)-612-7415 using access code 13753735. About KORE KORE is a pioneer, leader, and trusted advisor delivering mission-critical IoT solutions and services. We empower organizations of all sizes to improve operational and business results by simplifying the complexity of IoT. Our deep IoT knowledge and experience, global reach, purpose-built solutions, and deployment agility accelerate and materially impact our customers' business outcomes. For more information, visit Non-GAAP Financial Measures In addition to our results as determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operational performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing our operating performance. EBITDA and Adjusted EBITDA "EBITDA" is defined as net income (loss) before other non-operating expenses or income, income tax expense or benefit, and depreciation and amortization. "Adjusted EBITDA" is defined as EBITDA adjusted for unusual and other significant items that management views as distorting the operating results from period to period. Such adjustments may include stock-based compensation, integration and acquisition-related charges, tangible and intangible asset impairment charges, certain contingent liability reversals, transformation, and foreign currency transaction gains and losses. EBITDA and Adjusted EBITDA are intended as supplemental measures of our performance that are neither required by nor presented in accordance with GAAP. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because all companies may not calculate Adjusted EBITDA in the same fashion. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis. You should review the reconciliation of net loss to EBITDA and Adjusted EBITDA below and not rely on any single financial measure to evaluate our business. Free Cash Flow Free Cash Flow is a non-GAAP measure defined as net cash used in operating activities - continuing operations, reduced by capital expenditures (consisting of purchases of property and equipment), purchases of intangible assets and capitalization of internal use software. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations because it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along with other operating and financial performance measures presented in accordance with GAAP. Non-GAAP Margin Non-GAAP Margin is a non-GAAP measure defined as non-GAAP Gross Profit ("Non-GAAP Profit") divided by revenue, expressed as a percentage. Non-GAAP Profit is a non-GAAP measure defined as gross profit excluding certain (i) inventory adjustments that may not be indicative of ongoing operations, (ii) depreciation and (iii) amortization. We have not provided the forward-looking GAAP equivalents for the forward-looking non-GAAP financial measures Adjusted EBITDA and Free Cash Flow or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items including but not limited to stock-based compensation expense, foreign currency loss or gain and acquisition and integration-related expenses. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results, and, as such, we also believe that any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors. Key Operational Metrics KORE reviews a number of operational metrics to measure our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. The calculation of the key operational metrics discussed below may differ from other similarly titled metrics used by other companies, securities analysts, or investors. Number of Customer Connections Our "Total Number of Connections" or "Total Connections" with respect to any financial period constitutes the total of all our IoT Connectivity services connections for such period, which includes the contribution of eSIMs but excludes certain connections where mobile carriers license our subscription management platform from us. The "Average Connections Count" with respect to any financial period is the simple average of the total connections for such period. These metrics are the principal measures used by management to assess the growth of the business on a periodic basis, on a SIM and/or device-based perspective. We believe that investors also use these metrics for similar purposes. Dollar-Based Net Expansion Rate (DBNER) Dollar-Based Net Expansion Rate (DBNER) tracks the combined effect of cross-sales of IoT Solutions to KORE's existing customers, its customer retention and the growth of its existing business. KORE calculates DBNER by dividing the revenue for a given period ("given period") from existing go-forward customers by the revenue from the same customers for the same period measured one year prior ("base period"). The revenue included in the current period excludes revenue from (i) customers that are "non-go-forward" customers, meaning customers that have either communicated to KORE before the last day of the current period their intention not to provide future business to KORE or customers that KORE has determined are transitioning away from KORE based on a sustained multi-year time period of declines in revenue and (ii) new customers that started generating revenue after the end of the base period. For the purposes of calculating DBNER, if KORE acquires a company during the given period or the base period, then the revenue of a customer before the acquisition but during either the given period or the base period is included in the calculation. For example, to calculate our DBNER for the trailing 12 months ended March 31, 2025, we divide (i) revenue, for the trailing 12 months ended March 31, 2025, from go-forward customers that started generating revenue on or before March 31, 2024, by (ii) revenue, for the trailing 12 months ended March 31, 2024, from the same cohort of customers. It is often difficult to ascertain which customers should be deemed not to be go-forward customers for purposes of calculating DBNER. Customers are not required to give notice of their intention to transition off of the KORE platform, and a customer's exit from the KORE platform can take months or longer, and total connections of any particular customer can at any time increase or decrease for any number of reasons, including pricing, customer satisfaction or product fit—accordingly, a decrease in total connections may not indicate that a customer is intending to exit the KORE platform, particularly if that decrease is not sustained over a period of several quarters. DBNER would be lower if it were calculated using revenue from non-go-forward customers. DBNER is used by management as a measure of growth of KORE's existing customers (i.e., "same store" growth) and as a measure of customer retention, from a revenue perspective. It is not intended to capture the effect of either new customer wins or the declines from non-go-forward customers on KORE's total revenue growth. This is because DBNER excludes new customers who started generating revenue after the base period and also excludes any customers who are non-go-forward customers on the last day of the current period. Revenue increases from new customer wins, and a decline in revenue from non-go-forward customers are also important factors in assessing KORE's revenue growth, but these factors are independent of DBNER. Estimated Annual Recurring Revenue (eARR) eARR, or Estimated Annual Recurring Revenue, multiplies the estimated monthly recurring revenue in the twelfth month of the contract by twelve to estimate the annual recurring revenue. We believe that this key performance metric is useful to both management and investors for forecasting purposes and also for understanding the financial health of our subscription-based businesses. Average Revenue Per User (ARPU) Average Revenue Per User (ARPU) is used by management as a measure to assess the revenue generated per connection per month. It is calculated by dividing the total IoT Connectivity Revenue during the period by the total number of connections during that same period. We believe that ARPU is an important metric for both management and investors to help in understanding the financial performance and effectiveness of the company's monetization per connection. ARPU is calculated on a three-month (current quarter) basis only, as longer periods are not meaningful. Cautionary Note on Forward-Looking Statements This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "guidance," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected financial and other risks, statements regarding future operational performance and efficiency, statements regarding the expected cost savings, revenue growth and profitability from the Company's restructuring plan, 2025 guidance, estimates and forecasts of revenue, Adjusted EBITDA, Free Cash Flow and other financial and performance metrics, statements regarding growth from the Company's indirect channel partner relationships, projections regarding recent customer engagements, projections of market opportunity and conditions, the impact of SGP.32 eSIM architecture, and the Estimated Annual Recurring Revenue ("eARR") of contracts and potential revenue opportunities in KORE's sales funnel. These statements are based on various assumptions and on the current expectations of KORE's management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE's business and the timing of expected business milestones; risks relating to the integration of KORE's acquired companies, including the acquisition of Twilio's IoT business, changes in the assumptions underlying KORE's expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of the eARR of customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; the effects of competition on KORE's future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. KORE Investor Contact: Vik VijayvergiyaVice President, IR, Corporate Development and Strategy vvijayvergiya@ 280-0324 KORE GROUP HOLDINGS, INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (UNAUDITED) Three Months Ended March 31, (in thousands) 20252024 Net loss $ (14,908)$ (17,587) Income tax expense (benefit) 1,109(420) Interest expense, net 12,83312,640 Depreciation and amortization 13,91113,606 EBITDA $12,945$8,239 Change in fair value of warrant liability (1,804)(2,321) Integration-related restructuring costs 4,1444,573 Stock-based compensation 5892,708 Foreign currency (gain) loss (1,482)1,344 Other (1) 63214 Adjusted EBITDA $ 14,455$ 14,757(1) "Other" adjustments are comprised of adjustments for certain indirect or non-income based taxes. KORE GROUP HOLDINGS, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED) Three Months Ended March 31, (in thousands) 20252024 Net cash provided by operating activities $ 2,874$ 1,904 Purchases of property and equipment (126)(877) Additions to intangible assets (2,151)(3,808) Free cash flow $ 597$ (2,781) KORE GROUP HOLDINGS, INC. RECONCILIATION OF GROSS MARGIN TO NON-GAAP MARGIN (UNAUDITED) Three Months Ended March 31, ($ in thousands) 20252024 IoT ConnectivityRevenue $ 53,917 $ 57,844Cost of revenue, excluding depreciation and amortization 22,216 22,676Depreciation and amortization in cost of revenue (1) 11,710 10,808Gross Profit $ / Margin % $ 19,991 37.1 %$ 24,400 42.2 % Exclude: Depreciation and amortization 11,710 10,808Non-GAAP Profit $ / Non-GAAP Margin % $ 31,701 58.8 %$ 35,208 60.8 % IoT SolutionsRevenue $ 18,225 $ 18,091Cost of revenue, excluding depreciation and amortization 10,806 11,537Depreciation and amortization in cost of revenue (1) 1,403 972Gross Profit $ / Margin % $ 6,016 33.0 %$ 5,582 30.9 % Exclude: Inventory adjustments (141) -Exclude: Depreciation and amortization 1,403 972Non-GAAP Profit $ / Non-GAAP Margin % $ 7,278 39.9 %$ 6,554 36.2 % Overall Gross Profit $ / Margin % $ 26,007 36.0 %$ 29,982 39.5 % Non-GAAP Profit $ / Non-GAAP Margin % $ 38,979 54.0 %$ 41,762 55.0 %(1) Depreciation and amortization as included in cost of revenue for GAAP. Separately shown for recalculation purposes. View original content to download multimedia: SOURCE KORE Group Holdings, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
