KORE Group Holdings Inc (KORE) 2025 Q2 法說會逐字稿

Greetings. Welcome to the KORE Group Holdings second-quarter 2025 earnings call.

問候。歡迎參加 KORE 集團控股公司 2025 年第二季財報電話會議。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Vik Vijayvergiya, Vice President, Investor Relations and Corporate Development. Thank you. You may begin.

現在我將把會議交給主持人，投資者關係和企業發展副總裁 Vik Vijayvergiya。謝謝。你可以開始了。

Thank you, operator.

謝謝接線生。

On today's call, we will refer to the second-quarter 2025 earnings presentation, which will be helpful to follow along with; as well as the press release filed this afternoon that details the company's second-quarter 2025 results. Both of these can be found on our Investor Relations page at ir.korewireless.com.

在今天的電話會議上，我們將參考 2025 年第二季財報，以便大家更能理解；同時，我們也將參考今天下午發布的新聞稿，其中詳細介紹了公司 2025 年第二季的業績。這兩份文件都可以在我們的投資者關係頁面 ir.korewireless.com 上找到。

Finally, a recording of the call will be available in the Investors section of the company's website later today.

最後，本次電話會議的錄音將於今天稍晚在公司網站的投資者關係版塊提供。

The company encourages you to review the Safe Harbor Statements, risk factors, and other disclaimers contained on this slide and today's press release; as well as in the company's filings with the Securities and Exchange Commission, which identify specific risk factors that may cause actual results or events to differ materially from those described in our forward-looking statements. The company does not undertake to publicly update or revise any forward-looking statements after this webcast.

本公司鼓勵您查看本投影片和今天新聞稿中包含的安全港聲明、風險因素和其他免責聲明；以及本公司向美國證券交易委員會提交的文件，其中列出了可能導致實際結果或事件與我們前瞻性聲明中描述的結果或事件存在重大差異的具體風險因素。本公司不承諾在本次網路直播後公開更新或修改任何前瞻性聲明。

The company also notes that it will be discussing non-GAAP financial information on this call. The company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or US GAAP. You can find a reconciliation of these metrics to the company's reported GAAP results in the reconciliation tables provided in today's earnings release and presentation.

該公司也指出，將在本次電話會議上討論非GAAP財務資訊。本公司提供此資訊是為了補充依照美國公認會計原則（US GAAP）所編製的資訊。您可以在今天發布的收益報告和簡報中提供的調整表中找到這些指標與公司報告的 GAAP 結果的調整。

I'll now turn the call over to Ron Totton, the company's President and Chief Executive Officer.

現在我將把電話交給公司總裁兼執行長羅恩·托頓。

Thank you, Vik. Good afternoon, everyone.

謝謝你，維克。大家下午好。

Before we begin, I'd like to take a moment to introduce our new Chief Financial Officer, Anthony Bellomo. He is a seasoned financial leader with an understanding of our industry and a successful track record of finance operations, strategic financial planning, and capital allocation.

在正式開始之前，我想花一點時間介紹我們的新任財務長安東尼·貝洛莫。他是一位經驗豐富的財務領導者，了解我們所在的行業，並在財務營運、策略財務規劃和資本配置方面擁有成功的業績記錄。

We are confident that his expertise will be invaluable, as we continue to execute on our growth strategy and deliver long-term value for our shareholders. I'm excited to have him as part of our leadership team, as he has hit the ground running. I look forward to the contributions he will make.

我們相信，他的專業知識將發揮不可估量的作用，幫助我們繼續執行成長策略，為股東創造長期價值。我很高興他能加入我們的領導團隊，因為他很快就進入了工作狀態。我期待他能做出貢獻。

For today's call, I'll provide an update on the company's business highlights for the second quarter; and then, turn the call over to Anthony to go through the financial results; after which, I will share our current view on the financial guidance for 2025 before turning over the call to the operator for Q&A.

在今天的電話會議上，我將介紹公司第二季度的業務亮點；然後，將電話交給 Anthony 來介紹財務業績；之後，我將分享我們目前對 2025 年財務指引的看法，然後再將電話交給接線員進行問答環節。

I'm excited to share our results for the second quarter. First, we delivered steadily improving operating performance, with solid growth in both revenue and profitability. This is the result of our relentless focus on execution and our commitment to driving profitable growth.

我很高興與大家分享我們第二季的業績。首先，我們的經營業績穩定提升，收入和獲利能力均實現了穩健成長。這是我們堅持不懈地專注於執行以及致力於推動獲利成長的結果。

Our total revenue for the quarter grew to $71.3 million, an increase of $3.4 million over the same period last year. This upward trend is a direct result of our growing number of connections and key customer wins.

本季總營收成長至 7,130 萬美元，比去年同期成長 340 萬美元。這一上升趨勢是我們不斷成長的客戶聯繫和贏得重要客戶的直接結果。

Next and just as important is our profitability. While we had a substantial improvement in net profit, more importantly, our adjusted EBITDA rose by $5.3 million to reach $16.7 million. This demonstrates that we are not just growing but we are growing profitably; and our focus on operational excellence is paying off.

其次，同樣重要的是我們的獲利能力。雖然我們的淨利潤大幅提高，但更重要的是，我們的調整後 EBITDA 成長了 530 萬美元，達到 1,670 萬美元。這表明我們不僅在發展，而且在獲利成長；我們對​​卓越營運的關注正在取得成效。

Next, I want to highlight what I believe is one of the most important indicators of our company's health, our improvement in cash flow and, in particular, our free cash flow. This quarter, we generated $1.6 million in positive free cash flow, marking our third consecutive quarter of doing so. This sustained cash generation strengthens our balance sheet, reduces our reliance on external capital, and gives us the financial flexibility to strategically reinvest in our business to accelerate our leadership position.

接下來，我想重點介紹我認為是我們公司健康狀況最重要的指標之一，即現金流的改善，特別是自由現金流的改善。本季度，我們產生了 160 萬美元的正自由現金流，這是我們連續第三個季度實現正自由現金流。持續的現金流量增強了我們的資產負債表，減少了我們對外部資本的依賴，並賦予我們財務靈活性，以便對我們的業務進行策略性再投資，從而加速鞏固我們的領先地位。

In summary, the financial narrative of this quarter is clear: we are delivering consistent revenue growth, improvements in profitability, and generating sustainable free cash flow.

總而言之，本季的財務狀況很明確：我們實現了持續的收入成長、獲利能力的提高，並產生了可持續的自由現金流。

As I mentioned previously, our execution is guided by our five-pillar value-creation plan. This is our blueprint for building a world-class company. On this slide, you can see tangible proof of the progress we're making across every pillar.

正如我之前提到的，我們的執行以我們的五大支柱價值創造計畫為指導。這是我們打造世界級公司的藍圖。在這張投影片上，你可以看到我們在各個方面取得進展的實際證據。

Let's start with profitable growth. We've delivered three straight quarters of positive cash flow across the 20 million connection milestone, while improving our IoT Solutions gross margin. This is the core of our strategy: to grow in a smart, sustainable, and profitable way. That growth is fueled by product innovation.

讓我們從獲利成長開始。在連線數突破 2,000 萬大關後，我們連續三個季度實現了正現金流，同時提高了物聯網解決方案的毛利率。這就是我們策略的核心：以智慧、永續和獲利的方式發展。產品創新是推動這項成長的動力。

In a fast-moving industry like ours, standing still is not an option. We're leading the way with our Super SIM offerings and preparing our customers for the future with SGP.32 readiness. Our wins in the highly-regulated connected health space are a direct result of this forward-thinking approach, proving that our innovation is solving real-world challenges for our customers.

在我們這樣瞬息萬變的產業中，停滯不前是不可行的。我們在超級 SIM 卡產品方面處於領先地位，並透過 SGP.32 就緒性為我們的客戶面向未來做好準備。我們在監管嚴格的互聯醫療領域取得的成功，正是這種前瞻性方法的直接結果，證明我們的創新正在為客戶解決現實世界的挑戰。

This all comes together in service of our most important pillar, customer intimacy. Our goal is to be loved by our customers and to be the easiest company to work with in the IoT industry. We are unifying the customer experience on our KORE One Platform and have introduced KOREY, an AI-powered live assistant, to provide instant customer support. We are constantly listening to our customers and launching enhancements to make managing their IoT deployment simpler and more intuitive.

這一切都是為了服務我們最重要的支柱——客戶親密關係。我們的目標是贏得客戶的喜愛，並成為物聯網產業中最容易合作的公司。我們正在統一 KORE One 平台上的客戶體驗，並推出了人工智慧即時助理 KOREY，以提供即時客戶支援。我們始終傾聽客戶的意見，並不斷推出改進措施，以簡化和簡化物聯網部署的管理。

In our pillar of operational excellence, we're continuously strengthening our core operations to support our scale. This quarter, we've made key infrastructure and technology upgrades and launched an enhanced customer support process to serve our customers better and faster. Furthermore, we are embracing the future by deploying eight distinct AI initiatives across the company, aimed at enhancing everything from customer experience, revenue growth, as well as our own internal efficiency.

在卓越營運這一支柱下，我們不斷加強核心運營，以支持我們的規模發展。本季度，我們進行了關鍵的基礎設施和技術升級，並推出了改進的客戶支援流程，以便更好地、更快地為客戶提供服務。此外，我們正在擁抱未來，在公司範圍內部署八個不同的 AI 計劃，旨在提升客戶體驗、收入成長以及我們自身的內部效率等各個方面。

Of course, none of this would be possible without a winning team. We're making strategic investments in our people, the heart of KORE. Through initiatives like our values relaunch and new learning and development and recognition programs, we're building a culture of excellence and empowering our team to do their best work.

當然，如果沒有一支常勝之師，這一切都不可能實現。我們正在對員工進行策略性投資，因為員工是 KORE 的核心。透過諸如價值觀重塑、新的學習發展和表彰計劃等舉措，我們正在建立一種追求卓越的文化，並賦能我們的團隊，讓他們能夠做到最好。

As you can see, our progress is balanced and comprehensive. This is the core value creation plan in action. It is the engine that will continue to drive our success.

如您所見，我們的進展是均衡而全面的。這就是核心價值創造計畫的實踐。它是推動我們持續成功的引擎。

Diving a bit deeper into our KORE business, this slide clearly illustrates steady, foundational growth in our IoT Connectivity segment. The key metric here is our total connections, which grew by a robust 8% year over year to surpass 20.1 million. This is the engine of our recurring revenue model. Its growth is a testament to our ability to both win new customers and expand the share of wallet within our existing customer base. Naturally, this healthy growth in connections translates directly to our top line, driving the steady increase in our IoT Connectivity revenue.

更深入了解我們的 KORE 業務，這張投影片清楚地展示了我們物聯網連接領域的穩定、基礎性成長。這裡的關鍵指標是我們的總連結數，年增 8%，超過 2,010 萬。這是我們經常性收入模式的核心動力。它的成長證明了我們既有能力贏得新客戶，也能擴大現有客戶群的消費份額。當然，連結的健康成長直接轉化為我們的收入，推動了物聯網連接收入的穩定成長。

While our results are strong, our sales momentum is what gives us such confidence in our future. It shows the health of our sales engine, which we measure in estimated annual recurring revenue or eARR. This is our forward-looking metric for new, expected recurring revenue.

雖然我們的業績表現強勁，但真正讓我們對未來充滿信心的是我們強勁的銷售動能。它顯示了我們銷售引擎的健康狀況，我們用預計年度經常性收入或 eARR 來衡量。這是我們預測新增預期經常性收入的前瞻性指標。

There are two key stories here. First, our total pipeline of opportunities grew to $84.6 million this quarter. This is the fuel for our future growth. Critically, this increase is being driven by new logos, which tells us that our value proposition is resonating in the market and we are successfully capturing new demand.

這裡有兩件關鍵的事情。首先，本季我們的潛在項目總額成長至 8,460 萬美元。這是推動我們未來發展的動力。至關重要的是，這一成長是由新標誌推動的，這表明我們的價值主張在市場上引起了共鳴，我們正在成功地抓住新的需求。

Second, we converted $10.2 million of that pipeline into Closed Won eARR. This is brand-new, committed annual recurring revenue that will layer into our financials over the coming year.

其次，我們將該銷售管道的 1,020 萬美元轉化為已成交的 eARR。這是全新的、有保障的年度經常性收入，將在未來一年逐步計入我們的財務報表。

What's more of this success is balanced. We are winning new logos while also successfully expanding our relationships with existing customers, which validates our account penetration strategy. This gives us visibility and a growing degree of confidence in our ability to deliver sustained, predictable revenue growth well into the future.

更重要的是，這種成功是平衡的。我們在贏得新客戶的同時，也成功地擴大了與現有客戶的關係，這驗證了我們的客戶拓展策略的有效性。這讓我們對未來實現持續、可預測的收入成長的能力有了更清晰的認識，也越來越有信心。

The numbers in the graph we just reviewed are important. But this slide shows how we are achieving them. This is the story behind the numbers. These four recent wins are excellent examples of our strategy in action and why customers are choosing KORE.

我們剛才查看的圖表中的數字很重要。但這張投影片展示了我們是如何實現這些目標的。這就是數字背後的故事。最近這四場勝利充分體現了我們的策略正在發揮作用，也解釋了為什麼客戶選擇 KORE。

First, with a leading AI-driven security provider, we won by acting as a true strategic partner and leveraged our deep OEM relationships and technical expertise to help them navigate a complex, competitive environment and accelerate their time-to-market. This is a perfect example of how we provide value far beyond our connectivity.

首先，我們與一家領先的人工智慧驅動型安全供應商合作，透過扮演真正的策略合作夥伴的角色，並利用我們深厚的 OEM 關係和技術專長，幫助他們應對複雜、競爭激烈的環境，加快產品上市速度，最終贏得了他們的信任。這是我們提供的價值遠遠超出網路連結範疇的一個完美例證。

Next, a win with a major telematics hardware provider. This is a story of technological leadership. We solve their critical coverage challenges with our multi-carrier Super SIM, provided advanced VPN capabilities to secure their data, and positioned them for the future with our SGP.32 solutions. According to the customer, we won because our technology is simply more powerful and more flexible than the competition.

接下來，我們與一家大型車載資訊服務硬體供應商達成了合作。這是一個關於技術領導力的故事。我們利用多運營商超級 SIM 卡解決了他們面臨的關鍵覆蓋難題，提供了先進的 VPN 功能來保護他們的數據，並透過我們的 SGP.32 解決方案為他們的未來發展奠定了基礎。客戶表示，我們之所以勝出，是因為我們的技術比競爭對手更強大、更靈活。

The win with a global virtual fence provider came down to product reliability, our OmniSIM reach delivered performing so reliable that the customer described it as, it just works under all circumstances, which is the highest praise you can get in the world of IoT. It demonstrates the power of our global roaming capabilities and strong carrier partnerships.

與全球虛擬圍籬供應商的合作成功，關鍵在於產品的可靠性。我們的 OmniSIM 效能可靠，客戶評論說，它在任何情況下都能正常運作，這在物聯網領域是最高的讚譽。這體現了我們強大的全球漫遊能力和與營運商的緊密合作關係。

And finally, I want to highlight another win in the connected health space for remote a patient monitoring customer. For this customer, we helped eliminate the complexity of managing multiple carriers through our single-SIM, multi-carrier solution. Our unified approach was critical, given the work requirements with major healthcare systems.

最後，我想重點介紹遠距患者監護客戶在互聯醫療領域的另一項勝利。對於這位客戶，我們透過單 SIM 卡多營運商解決方案，幫助他們消除了管理多個營運商的複雜性。考慮到與大型醫療保健系統合作的要求，我們採取的統一方法至關重要。

Customers aren't just buying connectivity, they're choosing KORE for our strategic expertise, our superior technology, our global reliability, and our IoT managed services. This is how we are winning. This is why our pipeline continues to grow.

客戶購買的不僅是連接服務，他們選擇 KORE 是因為我們的策略專長、卓越的技術、全球可靠性和物聯網管理服務。這就是我們取勝之道。這就是我們的業務持續成長的原因。

Now, I will turn the call over to Anthony to cover the financials in more detail.

現在，我將把電話交給安東尼，讓他更詳細地介紹財務狀況。

Thanks, Ron. Thanks to those joining us this evening for our second-quarter results.

謝謝你，羅恩。感謝各位今晚蒞臨參加我們第二季業績發表會。

Total revenue for the second quarter increased $3.4 million or approximately 5% year over year to $71.3 million. Breaking revenue down by business lines: IoT Connectivity revenue increased 1% to $56.1 million due to our increased number of connections; IoT Solutions revenue increased 25% to $15.2 million, driven by strong sales of connectivity-enabling hardware and services.

第二季總營收年增 340 萬美元，增幅約 5%，達到 7,130 萬美元。按業務線細分收入：物聯網連接收入增長 1% 至 5,610 萬美元，這得益於連接數量的增加；物聯網解決方案收入增長 25% 至 1520 萬美元，這主要得益於連接硬體和服務的強勁銷售。

Overall, non-GAAP gross margin in Q2 2025 was 56.9% versus the second quarter of the prior year. By business line: non-GAAP IoT Connectivity gross margin was down slightly to 60%, from 60.9% in the prior year due to the mix of revenue; non-GAAP IoT Solutions gross margin was up 682 basis points year over year to 45.3%, primarily due to certain high-margin sales in the second quarter of 2025. We expect non-GAAP IoT Solutions gross margin percentage to return to historical averages in the future.

整體而言，2025 年第二季非 GAAP 毛利率為 56.9%，去年同期為 56.9%。依業務線劃分：由於收入組成變化，非GAAP物聯網連接業務的毛利率從上年的60.9%略微下降至60%；非GAAP物聯網解決方案業務的毛利率同比增長682個基點至45.3%，主要原因是2025年第二季度某些高利潤率的銷售。我們預計未來非GAAP物聯網解決方案的毛利率將恢復到歷史平均值。

Total connections at the end of the second quarter were 20.1 million, an increase of 1.5 million year over year. Average revenue per user per month or ARPU for the current quarter was $0.94 compared to $1 in Q2 2024. The decrease in ARPU year over year was due to the recent additions to connections coming from lower ARPU use cases.

第二季末的總連線數為 2,010 萬，比上年同期增加 150 萬。本季每位使用者每月平均收入（ARPU）為 0.94 美元，而 2024 年第二季為 1 美元。ARPU年減的原因是近期新增的連線數來自ARPU較低的使用場景。

DBNER for the 12 months ended June 30, 2025, was 99% compared with 92% in the prior year. The increase in DBNER was mainly due to the stabilization of revenue over the past 12 months versus the previous year.

截至 2025 年 6 月 30 日的 12 個月內，DBNER 為 99%，而前一年為 92%。DBNER 的成長主要是由於過去 12 個月的收入與前一年相比趨於穩定。

As a reminder, DBNER is similar to same-store sales, as it measures the growth of existing customers in the trailing 12 months compared to the same customer cohort in the year-ago period.

提醒一下，DBNER 與同店銷售額類似，它衡量的是過去 12 個月現有客戶的成長情況，與去年同期同一客戶群的成長情況相比。

Operating expenses in the second quarter were $44.6 million, a decrease of $70.8 million compared to Q2 2024. Included in the second quarter of 2024 is a non-cash goodwill impairment charge of $65.9 million. Excluding this charge, operating expenses decreased by $4.9 million, largely due to a foreign exchange gain of $3.5 million in the second quarter of 2025 and savings from restructuring actions taken in the last 12 months. This was partially offset by a $2 million decrease in the capitalization of internal labor.

第二季營運支出為 4,460 萬美元，比 2024 年第二季減少了 7,080 萬美元。2024 年第二季包含 6,590 萬美元的非現金商譽減損費用。除此費用外，營運支出減少了 490 萬美元，這主要是由於 2025 年第二季獲得 350 萬美元的外匯收益以及過去 12 個月採取的重組措施節省的資金。內部勞動力資本化減少 200 萬美元，部分抵銷了這一影響。

Net loss in the second quarter was $16.9 million compared to $83.6 million in the prior year. The decrease in our net loss of $66.7 million year over year was primarily attributable to the $65.9 million goodwill impairment in Q2 2024, along with the other factors previously discussed.

第二季淨虧損為 1,690 萬美元，而上年同期淨虧損為 8,360 萬美元。我們淨虧損年減 6,670 萬美元，主要歸因於 2024 年第二季 6,590 萬美元的商譽減值，以及先前討論過的其他因素。

In addition, we recorded other income of $3.8 million in Q2 2025, primarily due to other income from an employer tax credit related to prior years.

此外，我們在 2025 年第二季錄得其他收入 380 萬美元，主要原因是與前幾年相關的雇主稅收抵免的其他收入。

Adjusted EBITDA in the second quarter was $16.7 million, an increase of $5.3 million or 46% compared to the prior year. The $5.3 million increase in adjusted EBITDA was primarily attributable to lower operating expenses due to stronger expense management, increase in other income, as well as stronger gross profit due to higher revenue levels as discussed above.

第二季調整後 EBITDA 為 1,670 萬美元，較上年同期增加 530 萬美元，增幅達 46%。如上所述，調整後 EBITDA 增加 530 萬美元主要歸因於更強的費用控制帶來的營運費用降低、其他收入增加以及更高的收入水平帶來的毛利成長。

Finally, moving to cash flows, cash provided by operations in the second quarter was $4.1 million, as compared to cash provided by operations of $4 million in Q2 2024. Free cash flow, measured by cash provided by operations less cash used in investing activities, was positive $1.6 million in Q2 2025 compared to negative $0.1 million in the prior year quarter. Free cash flow was positive for the third consecutive quarter and is expected to continue to be positive for the rest of 2025. As of June 30, 2025, cash and restricted cash was $21.3 million compared to $22.6 million as of June 30, 2024.

最後，關於現金流，第二季經營活動產生的現金為 410 萬美元，而 2024 年第二季經營活動產生的現金為 400 萬美元。2025 年第二季自由現金流（經營活動產生的現金減去投資活動所使用的現金）為 160 萬美元，去年同期為 10 萬美元。自由現金流連續第三個季度為正，預計2025年剩餘時間將持續維持正值。截至 2025 年 6 月 30 日，現金和受限現金為 2,130 萬美元，而截至 2024 年 6 月 30 日為 2,260 萬美元。

With that, I'll pass it back to you, Ron.

好了，我把麥克風交還給你，榮恩。

Thank you, Anthony. Let's now look forward.

謝謝你，安東尼。現在讓我們展望未來。

On this slide, you'll see we are reiterating our full -year guidance for 2025. Before I walk through the numbers, I want to frame them within the context of the broader market environment.

在這張投影片中，您將看到我們重申了我們對 2025 年的全年業績預期。在詳細分析這些數字之前，我想先將它們置於更廣泛的市場環境背景中進行解讀。

The macro landscape is indeed complex. We are seeing some economic uncertainty globally and new tariffs are impacting the supply chains of some of our customers. However, KORE's business model is resilient. We have very limited direct impact from these tariffs.

宏觀形勢的確很複雜。我們看到全球經濟存在一些不確定性，新的關稅正在影響我們一些客戶的供應鏈。然而，KORE的商業模式卻具有很強的韌性。這些關稅對我們造成的直接影響非常有限。

Our focus remains on helping our clients navigate this environment with robust mission-critical connectivity; and in some cases, the ability to source devices or components from alternative suppliers, helping them navigate several supply chain constraints.

我們始終致力於協助客戶在這種環境下獲得強大的關鍵任務連接；在某些情況下，我們還能夠從其他供應商購買設備或組件，幫助他們克服供應鏈中的諸多限制。

More broadly, the outlook for our industry remains incredibly strong. Independent analysts are consistently forecasting strong growth for the IoT market, with CAGRs ranging from 9% to over 10.5% for the foreseeable future.

更廣泛地說，我們行業的前景依然非常​​強勁。獨立分析師一致預測物聯網市場將強勁成長，在可預見的未來，複合年增長率將在 9% 到 10.5% 以上。

It is a powerful secular growth trend. KORE is perfectly positioned to capture this demand.

這是一個強勁的長期成長趨勢。KORE 擁有得天獨厚的優勢，能夠滿足這項需求。

Finally, we recognize the significant shifts happening in the tech landscape around AI adoption and workforce changes. Our approach is strategic and deliberate. As you saw in our value-creation plan, we are proactively implementing AI to drive efficiency for our teams and accelerate business growth, while simultaneously investing in our winning team pillar.

最後，我們認識到人工智慧應用和勞動力變化在技術格局中正在發生重大轉變。我們的方法具有策略性和深思熟慮性。正如您在我們的價值創造計畫中所看到的，我們正在積極實施人工智慧，以提高團隊效率並加速業務成長，同時投資於我們勝利的團隊支柱。

We are building a company for the long term, with a strong culture that embraces innovation.

我們正在打造一家著眼長遠、擁有強大創新文化的公司。

So it is with this full understanding of the opportunities and challenges that we reiterate our 2025 guidance.

正是基於對機會和挑戰的充分了解，我們重申了我們對 2025 年的指導方針。

We expect revenue in the range of $288 million to $298 million. We expect adjusted EBITDA between $62 million and $67 million, representing a powerful 19% year-over-year growth at the midpoint. And underscoring our commitment to financial discipline, we project free cash flow between $10 million and $14 million.

我們預計營收將在 2.88 億美元至 2.98 億美元之間。我們預計調整後的 EBITDA 在 6,200 萬美元至 6,700 萬美元之間，以中間值計算，年增 19%。為了強調我們對財務紀律的承諾，我們預計自由現金流將在 1000 萬美元至 1400 萬美元之間。

Our guidance is a direct reflection of the momentum you've seen today, the strength of our pipeline, and the disciplined execution of our value-creation plan. We are confident in our ability to deliver on these commitments and create significant value for our shareholders.

我們的業績指引直接反映了您今天所看到的良好勢頭、我們強大的產品線以及我們價值創造計劃的嚴格執行。我們有信心履行這些承諾，並為股東創造巨大價值。

Before we open the line for questions, I want to build on a point I made last quarter about our team's determination. It's been very rewarding to see that same focus translate directly into the strong, consistent results we've shared with you today. The progress we're making is a direct reflection of our employees' hard work and their clear commitment to serving our customers.

在開放提問環節之前，我想就上個季度我提出的關於我們團隊決心這一點再補充一點。看到這種專注精神直接轉化為我們今天與大家分享的強勁、穩定的成果，我感到非常欣慰。我們所取得的進步直接反映了員工的辛勤工作以及他們對服務客戶的堅定承諾。

To the entire KORE team, thank you. Your contributions are the foundation of our success. They are genuinely appreciated.

感謝KORE團隊全體成員。您的貢獻是我們成功的基石。我們真心感謝他們。

With that, we will now open the line for questions.

接下來，我們將開放提問通道。

(Operator Instructions)

（操作說明）

Jonnathan Navarrete, TD Cowen.

喬納森·納瓦雷特，TD·考恩。

Good job on the quarter, guys.

夥計們，這季度表現不錯。

You mentioned that while you're not facing any tariff-related or very limited tariff-related headwinds that some of your clients are, I'm just wondering, how are you guys gauging the possibility of some of your clients potentially pushing back some of the projects they're working on with you guys into 2026?

您提到，雖然您不像您的一些客戶那樣面臨關稅相關的阻力或只有非常有限的關稅相關阻力，但我只是想知道，您是如何評估您的一些客戶可能會將他們正在與您合作的一些項目推遲到 2026 年的可能性的？

Yeah. Thanks, Jonnathan.

是的。謝謝你，喬納森。

Yeah. I would say that it's not a perfect science here. I think what we're finding is the demand from the customers isn't changing. In fact, I think if we look at where we were at the same time last year, we're up definitely double digits in terms of SIM demand, for example.

是的。我認為這方面還不是一門完美的科學。我認為我們發現的是，顧客的需求並沒有改變。事實上，我認為如果我們回顧去年同期的情況，例如，就 SIM 卡需求而言，我們肯定實現了兩位數的成長。

I think what we're seeing is they're coming to us with our expertise in the solutions business on helping them source alternative suppliers; or, again, just looking into the supply chain, some of the challenges they're having.

我認為我們看到的是，他們正利用我們在解決方案業務方面的專業知識來幫助他們尋找替代供應商；或者，再次強調，只是調查供應鏈，以及他們面臨的一些挑戰。

At this point, we're not seeing any projects canceled. I think that in terms of our customers, the orders of new connections are strong. So we're really not seeing any customers or certainly any trend that's evolving, whereby projects are being canceled or certain verticals, there's softness. We haven't seen that, as of yet.

目前為止，我們還沒有看到任何項目被取消。我認為就我們的客戶而言，新連接的訂單量很大。所以，我們並沒有看到任何客戶，或沒有任何趨勢正在發展，例如專案被取消，或某些垂直領域出現疲軟。截至目前，我們還沒有看到這種情況。

But again, it's still early days. I think our larger global customers are the ones that is impacted most, which would be very obvious to everybody, right?

但話說回來，現在下結論還太早。我認為受影響最大的還是我們的大型全球客戶，這大家都能明顯看出，對吧？

We're not seeing products being canceled or project delays and so forth. But thanks for the question.

我們沒有看到產品被取消或專案延期等情況。不過，謝謝你的提問。

Sure. Just one more on my end, any particular milestones that you guys are working in the back half 2025 that are most critical to set up a stronger growth trajectory into 2026?

當然。我這邊還有一個問題，你們在 2025 年下半年有哪些特別重要的里程碑目標，對於在 2026 年建立更強勁的成長動能至關重要？

Yeah. Sure. Yeah, I think, for us, we talked, in our value-creation plan, our five pillars. And so I would say that our milestones and priorities are directly laid out there.

是的。當然。是的，我認為，對我們來說，我們在價值創造計畫中談到了我們的五大支柱。因此，我認為我們的里程碑和優先事項都已明確列出。

To me, maybe just in terms of the ones that are top of mind for me, growth is, I would say, number 1 priority, in this case -- so pipeline growth; growth in Closed Won eARR. We'd like to see connections pushing out past 21 million before the end of the year. I say that would probably be the primary -- where the focus is.

對我而言，或許就我最關心的方面而言，成長是首要任務——即銷售通路成長；已成交 eARR 的成長。我們希望在年底前看到連結數突破 2,100 萬。我認為這可能是主要的關注點。

I think we also have three fairly significant, what I'll call, tech-related projects that we want to conclude in the second half of the year, both in terms of product but also infrastructure that are really important to support our growth.

我認為我們還有三個相當重要的、我稱之為技術相關的項目，我們希望在今年下半年完成，這些項目不僅涉及產品，還涉及基礎設施，這對支持我們的成長至關重要。

So those would probably be the ones that are top of mind.

所以這些可能是人們首先想到的。

Thank you.

謝謝。

Thank you.

謝謝。

That's the end of the question-and-answer session.

問答環節到此結束。

I'll now hand it back to Ron Totton for closing remarks.

現在我將發言權交還給羅恩·托頓，請他作總結發言。

Well, thank you, everyone, for joining today's earnings call. We look forward to updating you next quarter on our progress in the third quarter of 2025.

謝謝大家參加今天的財報電話會議。我們期待在下個季度向您報告我們在 2025 年第三季的進展。

Have a great night. Thank you for your time. Good night.

祝你有個美好的夜晚。感謝您抽出時間。晚安。

Thank you. This concludes today's conference.

謝謝。今天的會議到此結束。

All parties may disconnect. Have a good evening.

所有參與者均可中斷連線。祝你晚上愉快。