KORE : Investor Presentation - December 2023

Investor

Presentation

December 2023

1

Disclaimers

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 IoT 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.

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. 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 and Adjusted EBITDA 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 and Adjusted EBITDA 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 and Adjusted EBITDA 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 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 and Adjusted EBITDA 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 and Adjusted EBITDA on a supplemental basis. You should review the reconciliation of net loss to EBITDA and Adjusted EBITDA 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-lookingnon-GAAP financial measure Adjusted EBITDA 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.

2

Summary Messages and 2023 Outlook

Added over 3.5 million

Connections YTD

through Q3'23

Total Connections now ~18.9 million

Added $87	Global Sales	Deleveraged	Reducing Annual
million of TCV	Pipeline
Balance Sheet and	Operating Expenses
year-to-date	almost 1,700
Increased Cash	by $10 million in 2024
through Q3'23	Opportunities as of
Flow Flexibility
(+12%)	September 30, 2023

Well Positioned for Growth and Value Creation

$280-290mm	$60-62mm
2023 Revenue	2023 Targeted
Outlook	Adjusted EBITDA

3

KORE at a glance

Leading global, independent provider of mission critical IoT solutions

Who We Are

Why We Win

• Market leader in enabling end-to-end IoT solutions for enterprises
• Trusted advisor, enabling our customers to Build, Deploy, Manage and Scale their IoT solutions
• Blue chip customer base including market leading Fortune 500 enterprises and innovative solutions providers across high growth verticals such as connected health, industrial IoT, asset monitoring, fleet management and comms. services

• Proprietary IP-basedservices: IoT Connectivity, Solutions & Analytics
• Market leading IoT knowledge and experience to help navigate the complex IoT ecosystem
• Global independent IoT connectivity and solutions enabler with an integrated network of key partners
• Deep vertical expertise in our top 3 verticals

		Global Scale (as of 9/30/23)			Significant Visibility & Profitability1
		190+	45	18.9mm		$268mm	$63mm		91%+
Key				Annual Recurring
	Countries Coverage	Carrier Integrations	Connections		2022A Revenue	2022A Adjusted EBITDA	Gross Margin
Attributes		3,600+	600+			12.7%	95%+
		Customers	Full-Time Employees		2020A-2022A Organic	Revenue Visibility
						Connectivity Revenue CAGR	Through 2023E2

1 As reported metrics, unless otherwise noted; 2 Revenue visibility excludes the impact of the Twilio IoT business acquisition and is based on the installed base which includes customers which had a signed contract with KORE by the end of 2022, normalized for non-core customers from the acquisitions of Raco and Wyless

4

KORE business model: offering high demand IoT services

Product line		Products		Product description		Primary pricing method

IoT

Connectivity

66% of 20221

80% of Q3 20232

IoT Solutions

34% of 20221

20% of Q3 20232

IoT

Connectivity

as a Service

(CaaS)

Connectivity

Enablement

as a Service

(CEaaS)

IoT Device

Management

Services

IoT Security

Location

Based Services

(LBS)

• IoT connectivity services offered through market leading IoT platform 'KORE One'
• Our IoT 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 SecurityProTM SaaS platform
• KORE's PositionLogicTM SaaS platform and LBS APIs

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, 2022. 2 Percentage of revenue from all customers (go-forward and non-core) for the quarter ending September 30, 2023

5

IoT use cases are everywhere… deployments are complex

• Sample IoT use cases

• Top challenges in IoT deployments

Fleet Mgmt.

Home

Security

Offender Trackers

Smart City

Lighting

Systems

Connected

Blood Sugar

Monitors

Connected

Gas Tank

Monitors

Connected

Alcohol

Monitors

Smart Meters

Inability to

contextualize

and

analyze data

Lack of solution deployment planning and experience

Lack of in-

house IoT

expertise and

resources

Fragmented

ecosystem

requiring multiple partners

Risks and

pitfalls in IoT

Security

Challenges in interoperability and compatibility

Issues in

compliance

with

regulations

6

Successful IoT Deployments Require 7 Key Steps

IoT Strategy

Technology

Connectivity ,

Deployment

Operations

Sustainment

Analytics &

& End-to-end

Evaluation,

Device & Data

(forward

Management &

(reverse

1

5

7 AIoT

Security

2 Selection, Dev

3 Management

4 logistics)

Support

6 logistics)

services

through Network(s) Partners

Forecast

Technical Support

Asset

Data Cleansing &

1.1

Business Outcomes /

2.1

Architecture

3.1

Selection /

4.1

5.1

6.1

7.1

Business Case

Management

Tier 1 & 2

Management

Normalization

Carrier Contracts

1.2

Security by Design

Connectivity /

Secured Data

Supply Chain

Tier 3 -

Site

7.2

Data Storage,

2.2

3.2

4.2

and Inventory

5.2

Network & Systems

6.2

(entire stack)

Network Strategy

Exchange

Maintenance

Retrievals & Replays

Management

Support

1.3

Partner

IoT Platform /

Subscription

Order and

Remote Device

Reverse Logistics /

Data

2.3

3.3

Lifecycle

4.3

Configuration

5.3

6.3

7.3

Contextualization

Strategy

Cloud Selection

Management

Asset Recovery

Integration

Management

& LBS

Proof of

Application Design

Usage

Forward Logistics

Network

Advanced

Data

1.4

2.4

3.4

Optimization &

4.4

5.4

Management &

6.4

7.4

Concept

/ Development

/ Shipping

Exchange

Visualization

Fraud Mgmt.

Orchestration

Global / Regional

Device / Module

Sales &

Global Import /

AIoT -

Selection,

MDM Platform

OEM Warranty

Descriptive,

1.5

2.5

3.5

Distribution

4.5

Export

5.5

6.5

7.5

Footprint

Validation &

Management

Management

Prescriptive,

Setup

Management

Certification

Predictive

Organizational

Develop, Test,

Device

Quality

Security &

Management,

Regulatory

Migration

Deep Network

1.6

2.6

3.6

4.6

Management

5.6

6.6

7.6

Governance

Prototype & Pilot

Diagnostics &

Compliance

Services

Monitoring using

(ISO 13485, 9001)

Troubleshooting

Metadata

Business Continuity /

Deployment

Deployment Setup

Site

Change

End of Life

Application

1.7

2.7

3.7

4.7

5.7

6.7

7.7

Integration &

Disaster Recovery

Process Design

& Optimization

Services

Management

Management

Device Feedback

KORE Internal

KORE & Partner Hybrid

Partner

Delivery:

7

Customer case study: Customer #1

Customer #1 is a multinational medical devices company. KORE works with the cardiac monitoring (pacemakers and related devices) division, which is a market leader in this line of products. It has been KORE's customer for >10 years.

Cardiac Device

Bedside Monitor

KORE Solution: IoT enablement of cardiac devices

• Helped design a custom connectivity device which works with a large number of cellular networks globally; contracted manufacturing with a global contract manufacturer
• KORE is an extension of the customer's supply chain, configuring
• • handling 200-300K devices per year (growing 20%+ year) with facilities which are:
  • ISO 13485 / 9001 certified
  • FDA Registration 21 CFR Part 820 compliant
  • HIPAA (U.S.) and GDPR (EU) compliant

KORE CaaS

Physician Portal

KORE global connectivity

• Provided a global connectivity package to provide connectivity across a large number of countries
• Acting as a trusted advisor for customer with transition of 2G/3G devices to LTE (in 2021/22)
• Almost 1 million subscribers and growing fast, leading to significant CaaS revenue stream for 7-10 years per device
• Upsell to eSIM highly likely given global footprint of services

8

Customer use case: Cardiac rhythm monitoring

KORE's solution enables global deployment and management of regulated medical equipment

Connectivity / Network

Strategy

Hardware

Customization,

Certifications - Gen 9

Network Design

Roaming Footprint

Updates

Subscription Lifecycle

Integration

Wireless Managed

Services

Hierarchical Account Setup & Management

Device Management,

Diagnostics &

Troubleshooting

Deployment Setup &

Optimization

Demand Forecast

Supply Chain

Order Management Patient Order Desk

Firmware Validation

Software Load

Remote Config Updates

Supply Chain

Management & Global

Documentation

Global Import / Export

Management-

Direct-to-Patient/DC

Packaging/Labeling

Final Testing & Validation

Recording

Track & Trace

Technical Support

Tier 2

Tier 3 -

Network & Systems

Support

Regional Outage

Monitoring & Escalation

Quality Management

ISO 13485

FDA Title 21 Part 820

EU MDD/MDR

WEEE 2012/19/EU

HIPAA/GDPR

OPCO Billing

Reconciliation &

Reporting

Change / Release

Management

Advanced Manage

Services

Migration Planning and

Implementation

Returns Handling

Sanitizing, Testing

FDA Reporting

Advance Exchange /

SWAP

OEM Warranty

Management

End-of-Life	Transmission/Outage
Management	Analytics/Alerting

Delivery:		KORE Service Delivery

9

KORE is well positioned in the early innings of an exciting growth opportunity in IoT

IoT Market ($bn)

Devices (bn)

2020

$382B

$78B $269B

$35B

12%

12%40%

10%

26%

Connected Devices = 22 billion

IoT Devices = 12 billion

	2025	2030
$906B
$250B	$608B	~$7 Trillion
	$48B

Applications & Platforms			Managed Services		Connectivity	5%	3%
														2%
							7%
			5%	10%								12%
					21%	57%
																	78%
				Connected Devices = 37 billion					Connected Devices = 91 billion
					IoT Devices = 25 billion					IoT Devices = 75 billion
		M2M IoT		Smartphones			PC / Tablets				TVs		Other

Source: GSMA (IoT Revenue: State of the Market 2020); Ericsson (Mobility Report 2020); Cisco Annual Internet Report Highlights Tool 2020; IDC (Worldwide 5G Connections Forecast, 2019-2023) and KORE Forecasts

10