#1KORE ..... Fourth Quarter 2022 Earnings Presentation March 27, 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 relating to (i) the proposed acquisition of Twilio's loT business and its expected consummation, (ii) the conditions precedent to the closing of the proposed transaction, (iii) the attractiveness of the proposed transaction from a financial perspective, (iv) the strength, complementarity and compatibility of Twilio's loT business with KORE's existing business, and (v) other anticipated benefits of the proposed transaction, 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, 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. 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 Preliminary and Unaudited Financial Results; Expected Restatement of 2021 Quarterly and Year-End Financials The Company's preliminary and unaudited financial results are an estimate and subject to the completion of the Company's financial close and other procedures and finalization of the Company's consolidated financial statements for the year ended December 31, 2022, including the completion of the audit of the Company's financial statements, Further, the financials for the fiscal quarter ended December 31, 2021 and fiscal year 2021 reported in this earnings release reflect the Company's preliminary and unaudited restatement of past periods, differ from previously reported financials, and are subject to completion of the audit for the Company's financial statements. Accordingly, actual financial results to be reflected in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, including audited financial statements, may differ from the preliminary and unaudited results presented herein. 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, such, we also believe that any reconciliations provid would imply a degree of precision that could be confusing misleading to investors. 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. © 2023 KORE 2 ● ● ● ● ● ● ● ● ● ● • ● ● ● ● ● ● • ● ● ● ● ● ● ● • ● ● ● ● • ● 6 ● • ● • ● ● ● ● • ● ● ● ● ● ● ● ● ● ● • ● ● ● 0 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 ●#4Twilio loT Acquisition - Strategic Rationale The Twilio loT business accelerates our strategy to be one of the few, leading loT Hyperscalers. We are adding the strongest capability for digital consumption of loT in the market. KORE OmniSIM™TM combined with Twilio Super SIM® creates market-leading loT connectivity product. We add "Build" to our "Deploy, Manage, Scale" story with Twilio's investment in Device Builder. The new KORE will be the largest independent provider of loT connectivity outside of China, with only five large MNOs* having more connections. *Mobile Network Operators KORE KORE will issue 10 million shares of common stock to Twilio, making Twilio one of KORE's largest shareholders. © 2023 KORE 4 ● ●● ● ... ● ... ● ● ● ● ● ● ● ● ● ● ● ● ● 6 ● ● • ● 0 • • • ● ● • ● ●#5Creating a Best-in-Class loT Pure Play Simplifying loT with BDMS - Build, Deploy, Manage, Scale KORE KORE OmniSIM™ loT Managed Services & pre-configured industry solutions KORE Hypercore Developer portal for loT community White-glove experience One-Stop Solution to Build, Deploy, Manage and Scale 8 twilio Super SIMⓇ Device Builder Cloud Native Core Digital experience Web-console © 2023 KORE 5 ● ● ● ● ● ● ● ● ● ● .. ● ●● ● ● ● ● ● ● ● . ● ● ● ● ● ● ● ● ● • ● ● ● e ●#6Key Announcements 8 KORE Google Cloud Collaboration Announced a multi-year go-to-market alliance with Google Cloud to bring loT capabilities to global businesses, simplifying the complexities of loT deployment while leveraging Google Cloud infrastructure and KORE's loT Solutions. loT SAFE Solution For Massive loT with AWS KORE has introduced its OmniSIMTM SAFE using AWS loT Core to decrease security challenges associated with global Massive loT and large-scale loT deployments. Supporting In-Home Senior Care Powered by Al Announced a partnership with Care Daily, a Silicon Valley-based technology-driven in-home senior care company that provides Al-assisted loT platforms for seniors with KORE providing the loT connectivity and managed services for this innovative health venture. © 2023 KORE 6 ● ● ● ● ● ● ● ● ● ● ... ● ●● ● ● ● ● ● ● e ● ● ●#7Summary - Q4 2022 Earnings KORE Q4 2022 vs. Q4 2021 Total revenue of $62.4 million vs. $64.4 million (-3%) IoT Connectivity of $43.7 million vs. $43.3 million (+1%) loT Solutions revenue of $18.7 million vs. $21.1 million (-11%) Gross margin of 54.1% vs. 48.1% (+600 bps) Net loss of $68.8 million¹, or $0.90 per share vs. $12.0 million, or $0.17 per share • DBNER was 92% vs. 122% (103% vs. 115% excluding our largest customer) Adjusted EBITDA of $15.7 million vs. $13.1 million (+20%) Adjusted EBITDA margin of 25.1% vs. 20.3% (+480 bps) Cash used in operating activities of $5.1 million vs. $5.3 million ● ● ● ● ● ● ¹Includes a non-cash goodwill impairment charge of $55.4 million © 2023 KORE 7 ● ● ● ● ● ● ● ● ● ● .. ● ●● ● ● ● ● ● ● ● . ● ● ● ● ● ● ● ● ● • ● ● ● e ●#8Summary - FY 2022 Earnings & 2023 Outlook 8 ● ● ● ● ● ● ● FY 2022 vs. FY 2021 Total revenue of $268.4 million vs. $248.4 million (+8%) IoT Connectivity of $175.9 million vs. $169.0 million (+4%) loT Solutions revenue of $92.5 million vs. $79.4 million (+17%) Gross margin of 51.9% vs. 51.2% (+70 bps) Net loss of $105.4 million¹, or $1.39 per share vs. $24.8 million, or $1.04 per share DBNER was 92% vs. 122% (103% vs.115% excluding our largest customer) Adjusted EBITDA of $62.8 million vs. $60.9 million (+3%) Adjusted EBITDA margin of 23.4% vs. 24.5% (-110 bps) Cash provided by (used in) operating activities of $15.5 million vs. ($14.8) million 2023 Outlook Revenue: $300-$310 million Adjusted EBITDA, a non-GAAP metric, of $60-$62 million representing approximately 20% margin KORE ¹Includes a non-cash goodwill impairment charge of $56.9 million © 2023 KORE 8 ● ● ● ● ● ● ● ● ● ● ● ● .. ● ●● ● ● ● ● ● . ● ● ● ● ● ● ● ● ● • ● ● ● e ● ●#9Financial Highlights Revenue (In millions USD) IoT Connectivity IoT Solutions Total revenue Gross Margin % IoT Connectivity loT Solutions Overall Gross Margin % Period End Connections Average Connections Count for the Period DBNER KORE (Unaudited) Three Months Ended December 31, 2022 Revenue $43.7 18.7 $62.4 65.1% 28.7% 54.1% % 70% 30% 100% 15.0 million 15.2 million 92% 2021 Revenue $43.3 21.1 $64.4 60.0% 23.6% 48.1% % 67% 33% 100% 14.6 million 14.2 million 122% (Unaudited) Twelve Months Ended December 31, 2022 Revenue $175.9 92.5 $268.4 64.2% 28.5% 51.9% % 66% 34% 100% 15.0 million 15.2 million 100% 2021 Revenue $169.0 79.4 $248.4 60.9% 30.4% 51.2% % 68% 32% 100% 14.6 million 13.4 million 122% © 2023 KORE 9 ● ● ● ● ● ● ● ● ● ● ● .. ●● ● . ● ● ● ● ● ● ● ● ● ● ● • ● ● ● ... e ● ● ●#10Financial 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 Provided (Used In) By Financing Activities Cash at the end of the Period* *Excludes restricted cash KORE (Unaudited) Three Months Ended December 31, 2022 $97.0 ($63.3) ($68.8) $15.7 ($5.1) ($4.6) ($0.2) $34.6 2021 $37.9 ($6.9) ($12.2) $13.1 ($5.3) ($3.6) $22.3 $86.0 (Unaudited) Twelve Months Ended December 31, 2022 $223.6 ($84.3) ($105.4) $62.8 $15.5 ($62.5) ($3.8) $34.6 2021 $142.6 ($15.6) ($24.8) $60.9 ($14.8) ($13.4) $104.1 $86.0 © 2023 KORE 10 ● ● ● ● ● ● • ● ● ● .. ● ● ● .. ● ● ● ● ● ● ● ● ● ● ● ● ● . • ● ● ● e 0 ... ● ● ● ●#11Global Sales Pipeline as of Dec 31st, 2022 KORE Sales Funnel Qualification & Technical Evaluation Stage Proposal Stage Contract Signed Stage Beta Site Stage Closed Won Total 1,396 Opportunities $434 million TCV Total Closed Won $102 million TCV © 2023 KORE 11 ● ● ● ● ● ● ● ● ● ● ● ● .. ● ● . ● ● ● ● ● ● ● ● ● ● ● ● • ● ● ● e ●● ● ● ●#12Key Business Successes CHTS Pilot Agreements Signed two Connected Health Telemetry Solution (CHTS) pilot agreements to begin CHTS integration and testing with a CRO and a large remote patient monitoring services provider. Increasing Customer Wallet Share in Video Telematics Added approximately $1.0 million in TCV from an existing Fleet customer that is increasing usage to leverage video telematics to power their fleet KORE 園 ill's Replacing local uSIMs with OmniSIM™ Replaced local uSIMs with OmniSIM™ at a leading global provider of cold chain for remote monitoring of temperature, location, ambient light and tilt. 8 Winning with OmniSIM™ Won a contract in excess of $1 million TCV to migrate SIMs to KORE OmniSIM™ RUSH in support of a customer's SD-WAN offering. OmniSIMTM multi-carrier, downloadable profiles was a key driver of the contract win. © 2023 KORE 12 ● .. .. ● ● • ● ● ● ● ● ● ● ● ● ● ● • • ● ● ● • • • e ● ● • ● ● ●#13Positioned 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 13 ● ● ● ● ● ● ... ● ● ● ● ● • ● ● ● • • ● ● ● . ● ● ●#14Summary Messages and 2023 Outlook Exceeded two-year stack revenue forecast by $60 million KORE Expanded market reach with AWS and Google Cloud $300-310mm Introduced OmniSIMTM REACH and RUSH Well Positioned for Growth and Value Creation 2023 Revenue Outlook Recession resistant with 80%+ Recurring Revenues Positioned in high-growth end markets such as Connected Health $60-62mm 2023 Targeted Adjusted EBITDA © 2023 KORE 14 ● ● ● ● ● ● ● e ● ● ●● ● ● ● ● ●#15.............. ...................... ............... ........................ ............... ...................... ...................... Appendix ............... ...... KORE © 2023 KORE 15#16Reconciliation of Net Loss to EBITDA and Adjusted EBITDA (Unaudited) Twelve Months Ended December 31, 2021 ($24.8) (10.0%) (8.8) 23.3 50.3 $40.0 0.0 (5.3) 8.9 11.3 4.6 0.3 1.0 $60.9 24.5% KORE (In millions USD) Net loss Net loss margin Income tax benefit Interest Expense Depreciation & Amortization EBITDA Impairment on assets 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 (Unaudited) Three Months Ended December 31, 2022 ($68.8) (110.2%) (3.7) 9.2 13.9 ($49.4) 56.9 0.0 2.4 4.6 2.7 (1.6) (0.0) $15.7 25.1% 2021 ($12.2) (19.0%) (1.9) 7.1 12.4 $5.5 0.0 0.0 2.8 4.0 0.0 0.5 0.3 $13.1 20.3% 2022 ($105.4) (39.3%) (10.0) 31.4 54.5 ($29.6) 56.9 (0.3) 8.3 16.2 10.3 0.0 0.9 $62.8 23.4% © 2023 KORE 16 ● .. ● • ● ● ● ● ● ● . ● ● .. ● ● ● ● ● ● ● ● • ● ● ● e ● ● ... ●● ● ● ● ● ●#17KORE business model: offering high demand loT services Product line loT Connectivity 66% of 2022¹ 70% of Q4 2022² loT Solutions 34% of 2022¹ 30% of Q4 2022² 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 December 31, 2022. 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 17 • ● • .. ● ● ● ● e ● ● ● · ● ● ● • ● ● • ● • ● e .. 0 ● ● Ⓡ ● • ● • • ● ●