#1KORE ..... Second Quarter 2023 Earnings Presentation August 9, 2023 © 2023 KORE#2Disclaimers Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. KORE's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "target" 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 the benefits of the acquisition of Twilio's loT assets, estimates and forecasts of revenue, adjusted EBITDA and other financial and performance metrics, future capital availability, projections regarding recent customer engagements, projections of market opportunity and conditions, the total contract value (TCV) of signed contracts and potential revenue opportunities in KORE's sales funnel, and related expectations. 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, 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 Total Contract Value (TCV) 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 presentation. 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 presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Use of Projections This presentation also contains certain financial forecasts of KORE. KORE's independent auditors have not studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them has expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of KORE's control. Accordingly, there can be no assurance that the prospective results are indicative of future performance of KORE or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. KORE Use of Non-GAAP Financial Measures In addition to our results 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" is defined as net income (loss) before interest expense or interest 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. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. 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, Adjusted EBITDA and Adjusted EBITDA margin 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, Adjusted EBITDA and Adjusted EBITDA margin 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, Adjusted EBITDA and Adjusted EBITDA margin 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 and Adjusted EBITDA margin 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, Adjusted EBITDA and Adjusted EBITDA margin 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, Adjusted EBITDA and Adjusted EBITDA margin on a supplemental basis. You should review the reconciliation of net loss to EBITDA, Adjusted EBITDA and Adjusted EBITDA margin below and not rely on any single financial measure to evaluate our business. "Organic revenue" is defined as GAAP revenues adjusted for the impact of foreign currency exchange and acquisitions and (a) for loT Connectivity, exclusion of revenue of non-core customers and LTE pricing adjustments and (b) for loT Solutions, exclusion of LTE transition revenue from our largest customer. "Organic revenue growth" is defined as the year-over-year change in organic revenue divided by organic revenue in the prior period. We have not provided the forward-looking GAAP equivalents for the forward-looking non-GAAP financial measures Adjusted EBITDA, Adjusted EBITDA margin 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 this non-GAAP guidance metric to its 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. © 2023 KORE 2 ● ● ● ● ● ● ● ● ● ● • ● ● ● ● ● ● • ● ● ● ● ● ● ● · ● 0 ● ● 6 ● ● ● ● • ● . ● ● ● • ● ● • ● ● • ● ● e ● ● ● ● ● ●#3Objectives of Our Earnings Call Review key announcements KORE Provide financial performance overview and key metrics Answer analyst and investor questions © 2023 KORE 3 ● ● ● ● ● ● ● ● ● e ●#4Key Announcements 05 KORE Closing the Acquisition of Twilio's loT Business Unit The acquisition of Twilio's loT business unit, which closed on June 1, 2023, accelerates KORE's journey to becoming the world's first loT hyperscaler and creates a one-stop- shop for building, deploying, managing, and scaling loT solutions. Developing CSP/Retail Vertical KORE announced improvements to our pre-configured managed solution that offers retailers, restaurants, and other multi-site companies high-bandwidth 5G connectivity through fixed wireless access (FWA), which provides internet access traditionally available only through wireline solutions. Supporting ESG and delivering on the promise of "IoT for Good" KORE is providing scalable global loT connectivity to Syngenta's biodiversity sensor project which provides farmers with analytics to adapt to climate change and improve biodiversity. KORE also announced that it will reduce SIM card plastic content and waste by 50%, which will lower KORE's carbon footprint related to SIM cards by 16%. © 2023 KORE 4 ● ● ● .. ● ● ● ● ● ● ● ● ● ● ● ● ● ... e#5Summary - Q2 2023 Earnings & 2023 Outlook KORE 8 Q2 2023 vs. Q2 2022 Total revenue of $69.5 million vs. $70.9 million (-2%); +5% sequentially from Q1 2023 IoT Connectivity of $48.3 million vs. $44.7 million (+8%); +11% sequentially from Q1 2023 loT Solutions revenue of $21.3 million vs. $26.2 million (-19%); -5% sequentially from Q1 2023 Gross margin of 54.4% vs. 52.6% (+180 bps); +34 bps sequentially from Q1 2023 • Net loss of $19.5 million, or $0.24 per share vs. $10.8 million, or $0.14 per share DBNER was 99% vs. 114% (115% vs. 109% excluding our largest customer) Adjusted EBITDA of $14.2 million vs. $16.8 million (-15%); +7% sequentially from Q1 2023 Adjusted EBITDA margin of 20.5% vs. 23.7% (-320 bps); +30 bps sequentially from Q1 2023 Cash provided by (used in) operating activities of ($0.7) million vs. $14.7 million ● ● ● ● ● 2023 Outlook Revenue: $300-$310 million Adjusted EBITDA, a non-GAAP metric, of $60-$62 million and a margin of 20%. © 2023 KORE 5 ● ● ● ● ● ● ● ● ● .. ● ●● ● ● ● ● ● . ● ● ● ● ● ● ● ● ● ● • ● ● ... ● e ●#6Financial Highlights Revenue (In millions USD) IoT Connectivity IoT Solutions Total revenue Gross Margin % loT Connectivity loT Solutions Overall Gross Margin % Period End Connections Average Connections Count for the Period DBNER¹ Adjusted DBNER² (1) (2) (Unaudited) Three Months Ended June 30, KORE 2023 Revenue $48.3 21.3 $69.5 65.2% 29.9% 54.4% 18.5 16.5 99% 115% % 69% 31% 100% 2022 Revenue $44.7 26.2 $70.9 65.4% 30.8% 52.6% 15.2 15.2 114% 109% % 63% 37% 100% (Unaudited) Six Months Ended June 30, 2023 Revenue $91.9 43.6 $135.5 65.2% 31.1% 54.2% 18.5 15.8 99% 115% % 68% 32% 100% 2022 Revenue $88.8 51.1 $139.9 63.6% 28.5% 50.8% 15.2 15.1 114% 109% % 64% 36% 100% DBNER is calculated by dividing trailing twelve-month revenue by prior year trailing twelve-month revenue for the same customer cohort in both periods. Excludes revenue from both non go-forward customers, and new customers that started generating revenue after the end of the base period Adjusted DBNER excludes our largest customer © 2023 KORE 6 ● ● ● ● • ● ● ● ● ● ● ● ● ● e ● . ● ● ● ● ● ● ● • ● 0 ●#7Financial Highlights (continued) (In millions USD) Operating Expense Operating Loss Net Loss Adj. EBITDA Net Cash Provided By (Used In) Operating Activities Net Cash (Used) In Investing Activities Net Cash (Used In) Financing Activities Cash at the end of the Period* *Excludes restricted cash KORE (Unaudited) Three Months Ended June 30, 2023 $47.4 ($9.6) ($19.5) $14.2 ($0.7) ($5.4) ($1.3) $22.9 2022 $43.2 ($5.9) ($10.8) $16.8 $14.7 ($4.7) ($0.9) $40.4 (Unaudited) Six Months Ended June 30, 2023 $91.7 ($18.3) ($38.0) $27.6 $1.3 ($10.2) ($2.7) $22.9 2022 $84.1 ($13.1) ($22.4) $32.1 $10.7 ($53.2) ($2.5) $40.4 © 2023 KORE 7 ● . ● ● ● ● ● ● ● ● ● . ● ● e ● ● ● ● ● 6 ● ● ● ● ● ● ● ● • ● ● ● ● • • • • • ● ● e#8Global Sales Pipeline as of June 30, 2023 KORE Sales Funnel Qualification & Technical Evaluation Stage Proposal Stage Contract Signed Stage Beta Site Stage Closed Won Total 1,488 Opportunities $660 million TCV Total Closed Won $32 million TCV © 2023 KORE 8 ● ● ● ● ● ● ● ● ● ● ● ● .. ● ● . ● ● ● ● ● ● ● ● ● ● ● ● • ● ● ● e ●● ● ● ●#9Key Business Successes Increasing Share of Wallet KORE secured contracts with TCVS of over $9 million, $6 million, and $1.5 million from customers in the fleet, asset tracking, and healthcare markets, respectively, as these customers consolidated carrier business on KORE to improve operational efficiency. Upsell/Land and Expand Expanding on a recent win with a major restauran chain, KORE has been selected to provide fixed wireless access (FWA) services to 650 of the customer's locations and will be upgrading these locations to 5G technology. This contract has a TCV of $850,000. KORE Cross-Selling loT Solutions KORE won a $500,000 TCV engagement to support IoT Managed Services for a usage-based insurer (UBI) seeking to upgrade and improve its logistics. * International Opportunities KORE won contracts with a leader in fleet Al video telematics headquartered in the UK and a leading medical equipment and remote patient monitoring provider based in France, to support their entries into the U.S. market. The contracts have a combined TCV of $1.5 million. © 2023 KORE 9 ● ● ● ● .. ● ● ● ● ● ● ● ● ● ● ● ● • ● ● ● ● • • ● e ● ● ●#10Summary Q2 2023 Messages and 2023 Outlook Added 500k organic connections Total Connections now 18.5 million KORE Added $32 million of TCV bringing year-to-date TCV to $60 million $300-310mm Increased Global Sales Pipeline to almost 1,500 Opportunities Well Positioned for Continued Growth 2023 Revenue Outlook Recession resistant with 80%+ Recurring Revenues Accelerated loT hyperscaler journey with acquisition of Twilio's loT business $60-62mm 2023 Targeted Adjusted EBITDA il © 2023 KORE 10 ● .. ● ● ● ● ● ● ● ● ● ● ● • ● ● ● ●#11.............. ...................... ............... ........................ ............... ...................... ...................... Appendix ............... ...... KORE © 2023 KORE 11#12Reconciliation of Net Loss to EBITDA and Adjusted EBITDA (Unaudited) Six Months Ended June 30, (In millions USD) Net loss Net loss margin Income tax benefit Interest Expense Depreciation & Amortization EBITDA Change in FV of warrant liabilities (non-cash) Transformation expenses Acquisition costs Integration-related restructuring costs Stock-based compensation (non-cash) Foreign currency loss (non-cash) Other Adjusted EBITDA Adjusted EBITDA Margin Columns may not sum due to rounding KORE (Unaudited) Three Months Ended June 30, 2023 ($19.5) (28.0%) (0.5) 10.4 14.5 $4.9 0.0 1.7 0.8 3.1 3.0 0.1 0.6 $14.2 20.5% 2022 ($10.8) (15.2%) (2.3) 7.3 13.8 $8.0 (0.1) 1.9 0.0 3.8 2.5 0.5 0.2 $16.8 23.7% 2023 ($38.0) (28.0%) (0.9) 20.6 28.6 $10.4 0.0 3.6 1.8 5.3 5.6 0.2 0.7 $27.6 20.3% 2022 ($22.4) (16.0%) (4.5) 13.9 26.9 $14.0 (0.1) 3.5 1.4 7.7 4.6 0.5 0.6 $32.1 22.9% © 2023 KORE 12 ● ● • ● ● ●● ● ● ● .. ● ● e 0 ● ● • ● ● ● ● ● • ● 0 ● ● ● ● ●#13KORE business model: offering high-demand loT services Product line loT Connectivity 66% of 2022¹ 69% of Q2 2023² loT Solutions 34% of 2022¹ 31% of Q2 2023² KORE Products lo T Connectivity as a Service (CaaS) Connectivity Enablement as a Service (CEaaS) lot Device Management Services loT Security Location Based Services (LBS) ● • . Product description IoT connectivity services offered through market leading KORE One™ IoT platform Our loT connectivity solutions allow devices to seamlessly and securely connect anywhere in the world across any connected network, which we call our multiple devices, multiple locations, multiple carriers CaaS value prop Connectivity Management Platform as a Service (or individual KORE One engine) Cellular Core Network as a Service (cloud native HyperCore) Outsourced platform-enabled services (e.g., logistics, configuration, device management) Sourcing of 3rd party devices globally, device design and selection services KORE's Security ProTM SaaS platform KORE's Position LogicTM SaaS platform and LBS APIs Primary pricing method ¹Percentage of revenue from all customers (go-forward and non-core) for the year ending December 31, 2022. 2Percentage of revenue from all customers for the quarter ending June 30, 2023. Per subscriber per month for lifetime of device (7-10 years and growing) Multi-year contracts with automatic renewals Upfront fee per device or per device per month Per subscriber per month Per subscriber per month Product list is being expanded e.g., through industry pre-configured solutions © 2023 KORE 13 • ● • ● .. ● ● Ⓡ ● ● e ● ● ● • ● ● • ● ● ● • ● e ● ● Ⓡ • ● 0 ● • • • ● ● ●#14loT use cases are everywhere... deployments are complex KORE Sample loT use cases Fleet Mgmt. Home Security Offender Trackers Smart City Lighting Systems ili Connected Blood Sugar Monitors Connected Gas Tank Monitors Connected Alcohol Monitors Smart Meters Top challenges in loT deployments Inability to contextualize and analyze data Lack of solution deployment planning and experience Lack of in-house loT expertise and resources Fragmented ecosystem requiring multiple partners Risks and pitfalls in IoT Security Challenges in interoperability and compatibility Issues in compliance with regulations © 2023 KORE 14 ● ●● .. ● ● ● ● .. ● ● ● ● ● .. ● ●● ● ● ● ● ● ● ● ● ● ● • e ... ● ● ● ● ● ●#15KORE is building the world's first pure-play loT enabler What we do for customers... KORE How we do it... 3000 Deploy Manage Connectivity. Solutions. Scale Analytics. © 2023 KORE 15 ● ● ● ● ● .. ● ● ● .. ● ●● ● ● ● ● ● ● ● ● ● ● • ● .. ● e ● ● ● ● ●#16Building a Pure Play loT Company Horizontal Capabilities KORE Current KORE Connected Health and loT-enabled Clinical Drug Trials Strategy & Security Connected Health 1 2 Technology Selection Connectivity, 3 Device & Data Management 7 4 5 Operations Deployment (Fwd. Logistics) Management Sustainment (Rev. Logistics) Analytics and AloT KORE Fleet Fleet Management, Telematics, Connected Car, SVR, UBI Industry Sectors/Verticals Future KORE Assets Remote Monitoring, Home/Business Security, Offender Tracking Regional GTM: Americas, EAP KORE Communication Services Connectivity Resellers, Failover/Primary, PaaS KORE Industrial lloT, OEMs, Smart Cities, Smart Utilities etc. IoT Strategy, End to End Security & Technology Selection (a) Connectivity as a Service (SIM/eSIM/iSIM) *Connectivity Management Platform-aaS; Core Network-aaS; Private Network-aaS **Location Based Services (b) Connectivity Enablement as a Service (CMPaaS/CNaaS/PNaaS*) IoT Managed Services (Forward/Reverse Logistics, Operations) Analytics - LBS** / Usage / SecurityPro Network Intelligence / Store & Forward Advanced Advancing © 2023 KORE 16 ● ● ● ● ● ● ● ● ● ● ● ● ● . ● ● ● ● • • ● e ● • ● ● ●#17Customer loT Journey 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 loT Strategy & End-to-end Security Business Outcomes / Business Case Security by Design (entire stack) Partner Strategy Proof of Concept Global/Regional Footprint Organizational Governance Business Continuity / Disaster Recovery KORE 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2 Technology Evaluation, Selection, Dev Architecture Connectivity / Network Strategy loT Platform / Cloud Selection Application Design / Development Device / Module Selection, Validation & Certification Develop, Test, Prototype & Pilot Deployment Process Design 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3 loT Connectivity, Device & Data Management Network(s) Selection / Carrier Contracts Secured Data Exchange Subscription Lifecycle Integration Usage Optimization & Fraud Mgmt. Sales & Distribution Setup Device Management, Diagnostics & Troubleshooting Deployment Setup & Optimization 4 Deployment (forward logistics) 4.1 4.2 4.3 4.4 4.5 4.6 4.7 Forecast Management Supply Chain and Inventory Management Order and Configuration Management Forward Logistics / Shipping Global Import/ Export Management Quality Management (ISO 13458, 9001) Site Services 5 Operations 5.1 5.2 5.3 5.4 5.5 5.6 5.7 Management & Support Technical Support Tier 1 & 2 Tier 3 - Network & Systems Support Remote Device Management Network Mgmt. & Orchestration MDM Platform Management Regulatory Compliance Change Management Delivery: KORE Internal KORE & Partner Hybrid Partner 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6 Sustainment (reverse logistics) Asset Management Site Maintenance Reverse Logistics / Asset Recovery Advanced Exchange OEM Warranty Management Migration Services End of Life Management 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7 Analysis & AloT Data Cleansing & Normalization Data Storage, Retrievals & Replays Data Contextualization & LBS Data Visualization AloT- Descriptive, Prescriptive, Predictive Security & Deep Network Monitoring using Metadata Application Integration & Device Feedback © 2023 KORE 17 ● ● ● ● ● ● ● ● ● ● ● .. ● ● ● ● ● ● ● ● • ● ● • ● • ● ● ● ● ●#18KORE is the only pure play loT enabler Enterprises KORE's customers deliver end-to-end industry solutions. Unencumbered by solution management and deployment complexities, these customers can focus on their end customer experience KORE KORE fully delivers 44 of the 49 steps required to deploy an loT Solution, and partners with others to deliver another 5 steps. KORE can help manage partners who will be accountable for the remaining 5 areas to provide a holistic loT solution KORE IoT Applications Analytics Visualization IoT & Enablement Onboard Configure Monitor Manage Secure Deployment & Edge Device Management © 2023 KORE 18 B ● · 6 ● 1 • • D • D ● D ● D D ● ● D • 0 e D 6 D ● D 6 D ● - 0 0 D O Ⓡ O Ⓡ ● · 10 D ● D • D e 0 D D O B ● 0 D 6 D • ● D @ 0 0 ● D . Ⓡ @ D ● - Ⓡ 0 6 D • B O · · e ● ●