Kore Results Presentation Deck

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May 2023

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#1KORE ..... First Quarter 2023 Earnings Presentation May 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 proposed acquisition of Twilio's loT business and its expected consummation, as well as its timing and benefits, 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 KORE OmniSIMTM SAFE M2M Product of the Year Award KORE's eSIM solution, KORE OmniSIMTM SAFE was selected as a winner of the M2M Product of the Year by loT Breakthrough. KORE Named a Magic Quadrant Leader KORE was named a Leader in the 2023 Gartner Magic Quadrant for Managed loT Connectivity Services for the fourth consecutive year. Launched MODGO KORE launched MODGO at Mobile World Congress Barcelona; MODGo is a SaaS solution for loT device deployment and logistics management. © 2023 KORE 4 ● ● .. .. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● e#5Summary - Q1 2023 Earnings & 2023 Outlook KORE 8 Q1 2023 vs. Q1 2022 Total revenue of $66.0 million vs. $69.0 million (-4%); +6% sequentially from Q4 2022 IoT Connectivity of $43.5 million vs. $44.1 million (-1%); flat sequentially from Q4 2022 loT Solutions revenue of $22.4 million vs. $24.8 million (-10%); +20% sequentially from Q4 2022 Gross margin of 54.0% vs. 48.9% (+518 bps); +9 bps sequentially from Q4 2022 • Net loss of $18.5 million, or $0.24 per share vs. $11.6 million, or $0.16 per share DBNER was 107% vs. 122% (126% vs. 114% excluding our largest customer) Adjusted EBITDA of $13.3 million vs. $15.3 million (-13%) Adjusted EBITDA margin of 20.2% vs. 22.2% (-196 bps) Cash provided by (used in) operating activities of $1.9 million vs. ($4.0) million ● ● ● ● 2023 Outlook Revenue: $300-$310 million Adjusted EBITDA, a non-GAAP metric, of $60-$62 million representing approximately 20% margin "Assumes the acquisition of Twilio's loT business closes on June 1, 2023 © 2023 KORE 5 ● ● ● ● ● ● ● ● ● .. ● ●● ● ● ● ● ● . ● ● ● ● ● ● ● ● ● ● • ● ● ... ● e ●#6Financial Highlights KORE Revenue (In millions USD) IoT Connectivity IoT Solutions Total revenue Gross Margin % IoT Connectivity IoT Solutions Overall Gross Margin % Period End Connections Average Connections Count for the Period DBNER (Unaudited) Three Months Ended March 31, 2023 Revenue $43.5 22.4 $66.0 65.2% 32.4% 54.0% % 66% 34% 100% 15.1 million 15.1 million 107% 2022 Revenue $44.1 24.8 $69.0 61.7% 26.0% 48.9% % 64% 36% 100% 15.3 million 15.1 million 122% © 2023 KORE 6 ● ● ● ● ● ● ● ● ● ● .. ● ●● ● ● ● ● ● ● ● ● . ● ● ● ● ● ● ● ● • ● ● ● e ●#7Financial Highlights (continued) KORE (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 (Unaudited) Three Months Ended March 31, 2023 $44.3 ($8.7) ($18.5) $13.3 $1.9 ($4.8) ($1.3) $30.6 2022 $40.9 ($7.2) ($11.6) $15.3 ($4.0) ($48.5) ($1.6) $34.6 © 2023 KORE 7 ● ● ● ● ● ● ● ● ● ● ● ● .. ● ●● ● ● ● ● ● . ● ● ● ● ● ● ● ● ● • ● ● ● e ●#8Long-Term Organic Growth KORE $130.5 FY2020A $73.7 FY2020A IoT Connectivity Organic Revenue 2020A-2022A CAGR: 12.7% $151.6 FY2021A IoT Solutions Organic Revenue 2020A-2022A CAGR: 7.4% $77.7 FY2021A $165.7 FY2022A $85.1 FY2022A ● ● Commentary KORE has experienced strong organic growth since 2020 IoT Connectivity growth has been driven primarily by existing customers IoT Solutions growth has been driven by the organic growth of Connected Health revenues Organic growth is expected to continue / accelerate and is supported by an enhanced new business opportunity pipeline and long-term market tailwinds KORE continues to target, on an unadjusted basis, mid-to-high single-digit organic growth in 2023 and double this growth in 2024 when we do not have the ~$24 million headwind KORE is positioned to be a 20% top line grower with an EBITDA margin in excess of 20% by 2025 (Rule of 40) © 2023 KORE 8 ● ● ● • ● ● ● ● ● ● ● ● ● ● ● ● ● ● • 6 • ● ● ● • ● ● • ● • e ● • ● ● ● ●#9Global Sales Pipeline as of March 31, 2023 KORE Sales Funnel Qualification & Technical Evaluation Stage Proposal Stage Contract Signed Stage Beta Site Stage Closed Won Total 1,446 Opportunities $501 million TCV Total Closed Won $28 million TCV © 2023 KORE 9 ● ● ● ● ● ● ● ● ● ● ● ● .. ● . ● ● ● ● ● ● ● ● ● ● • ● ● ● ● ● ● e ●● ● ● ●#10Key Business Successes 100% wallet share of existing customer KORE selected by leader in the advertising market for OmniSIM™ technology; the unique eSIM solution resulted in the customer transferring 100% of its North American business, generating over $10 million in TCV. Expansion into restaurant chains 食 er KORE has been selected to provide fixed wireless access services, with a TCV of over $1 million, to a major restaurant chain with over 700 locations and will be upgrading these locations to 5G technology. KORE 8 Supporting customer growth KORE won a contract worth almost $2 million to provide a new remote patient monitoring (RPM) customer a combination of hardware, connectivity services, and forward and reverse logistics. Winning globally KORE secured a contract worth over $500k to provide managed connectivity for an Australian customer's expansion to the U.S. market of their mobile personal emergency response system (mPERS) for the U.S. Department of Veterans Affairs © 2023 KORE 10 ● ● ● ● ● ● ● ● ● ● ● ● ● • ● ● ● ● • • • e ● ● ● ● ●#11Positioned for the Decade of loT as the only Pure-Play loT Company Strategy for "KORE 3.0" finalized Transformation program and investments approved One Team KORE; high-performance culture Phase 1 Foundational Phase 2 Acceleration Phase 3 Leadership KORE 2018 - 2022 Begin transformation of connectivity proposition / platform Integrate acquisitions including Aspider, bring eSIM to market Launch loT Solutions & Managed Services D 10 Acquisition/integration of Integron; launch of loT managed services Launch KORE One & LPWA offering Introduce intelligent network monitoring TH eSIM industry leadership Pre-configured Solutions Industry GTM (2 of 5 sectors launched) 5G innovation e ........ 2023 Launched Analytics P&L Line with GCP Partnership Acquired Twilio's loT Business adding Build services OmniSim ™M SAFE using AWS loT Core Introduced MODGO SaaS solution EVOLUTION ROADMAP 2026 Broadened industry sector (all 5 or more focus sectors) expertise with integrated products Massive loT 5G, edge analytics off KORE One platform 900 2030 Healthy revenue mix connectivity/ solutions / analytics Accelerating 5G adoption Lead with the promise of "Al + loT" Edge compute maturity © 2023 KORE 11 ● ● ● ● ● ... ● ● ● ● ● ● • ● ● ● • • ● ● ● . ● ●#12Summary Q1'23 Messages and 2023 Outlook Expanded gross margin over 500 basis points vs. Q1'22 Added $28 million of TCV KORE $300-310mm 2023 Revenue Outlook *Assumes the acquisition of Twilio's loT business closes on June 1, 2023 Increased Global Sales Pipeline to over 1,400 Opportunities Well Positioned for Growth and Value Creation Recession resistant with 80%+ Recurring Revenues Positioned in high-growth end markets such as Connected Health $60-62mm 2023 Targeted Adjusted EBITDA il © 2023 KORE 12 ● ● ● ● ● ● e ● ● ● ●● ● ● • ● ● ● ●#13.............. ...................... ............... ........................ ............... ...................... ...................... Appendix ............... ...... KORE © 2023 KORE 13#14Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended March 31, KORE (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 and 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 2023 ($18.5) (28.0%) (0.4) 10.2 14.1 5.5 (0.0) 1.9 3.2 2.6 0.1 0.1 13.3 20.2% 2022 ($11.6) (16.8%) (2.2) 6.6 13.2 $6.0 (0.0) 1.6 5.3 2.1 (0.0) 0.4 $15.3 22.2% © 2023 KORE 14 ● ● ● ● ● ● ● ● ● ● ● ● ● .. . ●● ● ● ● ● ● ● ● ● ● • ● ● ● ● ● ● e ● ● ● ● ●#15Breakdown of Long-Term Organic Growth Total Revenue (per F/S) Less: Non-Core Customers Total Revenue (w Non-Core) Less: Constant Currency Adjustment C Total Revenue (w Non-Core & CC Adj.) Less: LTE pricing adj. D Total Revenue (w Non-Core, CC Adj., & LTE) Add: BMP Proforma Total Organic Revenue A B C D IoT Connectivity E KORE FY2020A Total $158.8 ($21.2) $137.6 ($1.7) $135.9 ($8.2) $127.7 $2.8 $130.5 FY2021A Total $169.0 ($15.8) $153.2 ($3.2) $150.0 ($4.8) $145.2 $6.4 $151.6 FY2022A Total $175.9 ($11.2) $164.8 $0.2 $164.9 ($0.8) $164.1 $1.6 $165.7 IoT Solutions Total Revenue (Per F/S) Less: #1 Customer LTE Transition B Total Revenue (w Non-Core) Less: Constant Currency Adjustment Total Revenue (w Non-Core & CC Adj.) Add: BMP Proforma E Total Organic Revenue Organic Revenue Adjustments Includes acquired customers that have left over time due to technology sunsetting over the last 3 years FY2020A Total $55.1 $0.0 $55.1 ($0.4) $54.7 $19.1 $73.7 FY2021A Maintained flat currency rates YOY Adjustment to remove the effect of pricing difference between 2G/3G and 4G/5G by adjusting prior years to reflect 4G/5G pricing Reflects proforma impact of BMP normalized revenues from 2020 to Q1-22 (transaction close) Total $79.4 ($23.6) $55.8 ($1.5) $54.4 $23.3 $77.7 Reflects the removal of significant one-time revenue in 2021 and 2022 for the company's largest customer's loT Solutions revenue related to their LTE transition project FY2022A Total $92.5 ($11.5) $81.0 ($0.0) $81.0 $4.1 $85.1 © 2023 KORE 15 ● ● ● ● • ● ● ● ● e ● ● ● .. ● ●● • ● • ● ● ● ● ● ● G • • ● ● ● ● e ● ● ● ●#16KORE business model: offering high demand loT services Product line loT Connectivity 66% of 2022¹ 66% of Q1 2023² loT Solutions 34% of 2022¹ 34% of Q1 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 loT 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 Pro 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 (go-forward and non-core) for the quarter ending March 31, 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 16 • ● • .. ● ● Ⓡ ● ● e ● ● · ● ● ● • ● ● ● • ● e ● ● Ⓡ • ● 0 ● • • • ● ● ●#17loT 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 17 ● ●● .. ● ● ● ● .. ● ● ● ● .. ● ●● ● ● ● ● ● ● ● ● ● ● ● ● • ... e ● ● ● ●#18KORE 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 18 ● ● ● ● ● .. ● ● ● .. ● ●● ● ● ● ● ● ● ● ● ● ● • ● .. ● e ● ● ● ● ●#19Building 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 19 ● ● ● ● ● ● ● ● ● ● ● ● ● . ● ● ● ● • • ● e ● • ● ● ●#20Customer 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 20 ● ● ● ● ● ● ● ● ● ● ● .. ● ● ● ● ● ● ● ● • ● ● • ● • ● ● • ● ● ●#21KORE 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 21 B ● · 6 ● 1 • D • • D D ● D ● D • D • 0 ● e D 6 D ● O D 6 D · - 0 Ⓡ 10 Ⓡ ● 0 D O • 0 D ● D D e O D • D B ● D 0 D 6 ● D @ ● ● B • ● @ - D ● Ⓡ 0 6 B D • O 0 ● · D e ● ● ●

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