#1KORE Third Quarter 2022 Earnings Presentation November 14, 2022 ........... Ⓒ2022 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 estimates and forecasts of revenue 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, including Business Mobility Partners Inc and Simon loT LLC, 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. Industry and Market Data In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which KORE expects to compete and other industry data. We obtained this information and these statistics from a variety of publicly available sources, including reports by market research firms and other public company filings. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM, © or ® symbols, but KORE will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. KORE 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. 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. 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. Ⓒ2022 KORE 2 . ● . • ● ● ● • ● ● ● ● ● ● ● ● ● ● ● ● 0 • • ● ● $ ● 4 ● ● ● ● • ● • • · • ● e ● ● • ● ●#3.............. ....................... ............... ....................... ...................... Objectives of Our Earnings Call .............. ..... ..................... ............... KORE Review key announcements and wins ▸ Provide financial performance overview and key metrics Answer analyst and investor questions Ⓒ2022 KORE 3#4Key Announcements and Wins 8. KORE Strategic partnership with Ericsson KORE joining Ericsson's loT Accelerator platform Creating the opportunity to provide connectivity in the U.S. for 8,500+ Ericsson enterprise customers ● Launched KORE Connected Hub for Connected Health Streamlines integration of medical devices and sensors furthering our Connected Health telemetry solutions ● Named a 2022 Competitive Strategy Leader by Frost & Sullivan © 2022 KORE 4 ● ● ● . • ● ● ● ● ● ● e ...#5KORE C Summary - Q3 2022 Earnings & 2022 Outlook Q3 2022 vs. Q3 2021 . ● Gross margin of 53% vs. 48% (+500 bps) Net loss of $13.0 million, or $0.17 per share vs. $4.5 million, or $0.26 per share • DBNER was 100% vs. 114% ● ● ● ● ● Total revenue of $66.6 million vs. $67.9 million (-2%) IoT Connectivity of $43.4 million vs. $41.5 million (+4%) IoT Solutions revenue of $23.3 million vs. $26.3 million (-12%) ● Adjusted EBITDA of $15.6 million vs. $15.9 million (-2%) Adjusted EBITDA margin of 23.4% vs. 23.4% (flat) Cash provided by operating activities more than doubled to $9.8 million vs. $4.9 million 2022 Outlook Increasing 2022 revenue outlook to $265-$267 million despite a $5 million F/X headwind, which has increased from the Q2'22 estimate of $2.5 - $3.0 million KORE's two-year stack revenue for 2021-22 is forecast at $513-$515 million compared to the forecast of $457 million provided in our 'go public' model Adjusted EBITDA, a non-GAAP metric, of $63-$64 million representing approximately 24% margin © 2022 KORE 5 .. .. ● . ●● ● ● ● ● 0 ● ● ● ● ● ● 0 • ● ● 0 ●#6Financial Highlights Revenue (In millions USD) loT Connectivity loT Solutions Total revenue Gross Margin % loT Connectivity loT Solutions Overall Gross Margin % Period End Connections Average Connections Count for the Period DBNER KORE Three Months Ended September 30, 2022 Revenue $43.4 23.3 $66.6 65% 30% 53% % 65% 35% 100% 15.3 million 15.3 million 100% 2021 Revenue $41.5 26.3 $67.9 61% 28% 48% % 61% 39% 100% 13.6 million 13.5 million 114% Nine Months Ended September 30, 2022 Revenue $133.4 72.5 $205.9 64% 27% 51% % 65% 35% 100% 15.3 million 15.2 million 100% 2021 Revenue $125.6 58.3 $183.9 61% 32% 52% % 68% 32% 100% 13.6 million 13.1 million 114% Ⓒ2022 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) Provided By Financing Activities Cash at the end of the Period * 2021 Cash at the end of the Period refers to the period ended December 31, 2021 KORE Three Months Ended September 30, 2022 $42.6 ($7.5) ($13.0) $15.6 $9.8 ($4.8) ($1.1) $43.3 2021 $38.4 ($5.5) ($4.5) $15.9 $4.9 ($3.8) $63.4 $86.3 Nine Months Ended September 30, 2022 $126.6 ($21.0) ($35.1) $47.1 $20.5 ($58.0) ($3.6) $43.3 2021 $104.5 ($9.2) ($12.5) $47.0 ($9.4) ($9.8) $81.8 $86.3 Ⓒ2022 KORE 7 ● .. ● .. ● .. ● • . ● ● ● ● • ● ● ● ● 0 ●#8KORE KORE Powering the Interne Things INUING M Well Positioned for Growth and Value Creation $265-267MM 2022 Revenue Outlook KORE is a 20-year old company. We listed publicly with an organic 'base case' and stated we believe we can accelerate significantly. $63-64MM 2022 Targeted Adjusted EBITDA $513-515MM Current 2-year revenue forecast, compared to $457MM forecast in go-public model Ⓒ2022 KORE 8 ● ● ● .. ● ● ● ● ● ● ● ● .. ● ● ● .#9Positioned 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 U 2018-2021 Begin transformation of connectivity proposition / platform Integrate acquisitions including Aspider, bring eSIM to market Launch loT Solutions & Managed Services Acquisition/integration of Integron; launch of loT managed services Launch KORE One & LPWA offering Introduce intelligent network monitoring ✓ 000 00000 2022 eSIM industry leadership Pre-configured Solutions Industry GTM (2 of 5 sectors launched) 5G innovation 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 Ⓒ2022 KORE 9 .. ● 0 .. ● ● . . 0 • ● ● ● ● . • ● ● ● .#10Global Sales Pipeline as of Sep 30th, 2022 KORE Sales Funnel Qualification & Technical Evaluation Stage Proposal Stage Contract Signed Stage Beta Site Stage Closed Won Total 1,321 Opportunities $407MM TCV Total Closed Won $72MM TCV © 2022 KORE 10 ● ● ● ● .. ● ● ● .. ● ● ● ● ● ● ● ● ● ● .. ● ● ● . ● ● ● ● ● ... ●#11.............. ....................... ............... ........ ........................ ...................... ....................... ....................... Appendix ..................... ............... KORE Ⓒ2022 KORE#12Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Nine Months Ended September 30, KORE (In millions USD) Net loss 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 Three Months Ended September 30, 2022 ($13.0) (2.5) 8.2 13.7 6.4 (0.1) 2.5 2.6 3.0 1.1 0.2 $15.6 23.4% 2021 ($4.5) (3.7) 5.6 12.4 9.8 (2.9) 2.4 2.8 3.9 (0.2) 0.1 $15.9 23.4% 2022 ($35.1) (7.8) 22.1 40.7 19.9 (0.3) 5.9 11.7 7.6 1.6 0.7 $47.1 22.9% 2021 ($12.5) (7.6) 16.2 37.9 34.0 (5.3) 6.2 7.3 4.6 (0.2) 0.4 $47.0 25.5% Ⓒ2022 KORE 12 ● ● ● .. ● .. ●● ● ● ● ● ● ● ● ● ● ● ● ● ● .. ● ● ● . ● ● ● ● ● ... ●#13KORE business model: offering high demand loT services Product line lot Connectivity 68% of 20211 65% of Q3 2022² IoT Solutions 32% of 2021¹ 35% of Q3 2022² Products loT Connectivity as a Service (CaaS) Connectivity Enablement as a Service (CEaaS) lot Device Management Services IoT Security Location Based Services (LBS) ● Product description . loT 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 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 1 Percentage of revenue from all customers (go-forward and non-core) for the year ending December 31, 2021; 2Percentage of revenue from all customers (go-forward and non-core) for the quarter ending September 30, 2022. KORE Ⓒ2022 KORE 13 ● .. ● ● 0 0 .. ● • ● ● ● ● ● ● ● • ● • ● e ● ● ● ● • • ● ●#14loT use cases are everywhere... deployments are complex KORE 900) Sample loT use cases Fleet Mgmt. Home Security Offender Trackers Smart City Lighting Systems 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 loT Security Challenges in interoperability and compatibility Issues in compliance with regulations Ⓒ2022 KORE 14 ● ... ● ... ● ● ● ● ● ● $4. ● .. ●● ● ... • ● • •#15KORE is building the world's first pure-play loT enabler What we do for customers... How we do it... KORE 000 Deploy Connectivity. Manage Solutions. Scale Analytics. Ⓒ2022 KORE 15 ● ● .. ● ● ● . ● ● ● .. ● ● ● 0 ... ● ● ●#16Building a Pure Play loT Company Horizontal Capabilities KORE Current KORE Connected Health and loT-enabled Clinical Drug Trials 1 2 Strategy & Security Connected Health 7 Technology Selection Connectivity, 3 Device & Data Management 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. loT 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*) loT Managed Services (Forward/Reverse Logistics, Operations) Analytics - LBS** / Usage / Security Pro Network Intelligence / Store & Forward Advanced Advancing Ⓒ2022 KORE 16 ● ● .. ● ● ● .. ● (* ● ● · ● ● ● ● ● ● • • • ●#17Customer loT Journey IoT Strategy & End-to-end Security 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 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 loT 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 3.6 3.7 loT Connectivity, Device & Data Management Network(s) Selection / Carrier Contracts Secured Data Exchange Subscription Lifecycle Integration Usage Optimization & Fraud Mgmt. Hierarchical Account Setup & Management Device Management, Diagnostics & Troubleshooting Deployment Setup & Optimization 4.1 4.2 4.3 4.4 4.5 4 4.6 4.7 Deployment (forward logistics) Forecasting Order Management Configuration Management Supply Chain Management Site Services Global Import / Export Management Asset Management 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 Network Mgmt. & Orchestration Quality Management (ISO 13485, 9001) Regulatory Compliance Endpoint / Subscription Management Change / Release 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) Advanced Managed Services Migration Services Returns Management / Asset Recovery Advanced Exchange Site Maintenance OEM Warranty Management End of Life Management 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7 Analysis & Optimization Data Cleansing & Normalization Data Storage, Retrievals & Replays Data Enrichment & Contextualization Data Visualization AloT - Descriptive, Prescriptive, Predictive Security & Deep Network Monitoring using Metadata Application Integration & Device Feedback ©2022 KORE 17 ● ● .. ● ● " ● ● . ● ● ● . • ● ● ● ● ● ● ● • ● . ● ● • 0 • ● • ●#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 25 of the 49 steps required to deploy an loT Solution, and partners with others to deliver another 19 steps. KORE can help manage partners who will be accountable for the remaining 5 areas to provide a holistic loT solution KORE. lot Applications Analytics Visualization IoT & Enablement Onboard Configure Monitor Manage Secure Deployment & Edge Device Management 18