Benzinga | Aug 23, 2021 08:13AM EDT

KORE Q2 Sales $60.7M, Up 19% YoY

KORE, a global leader in Internet of Things ("IoT") solutions and worldwide IoT Connectivity-as-a-Service ("IoT CaaS"), today reported financial and operational results for the second quarter ended June 30, 2021. This is the second consecutive quarter KORE has reported record revenue, as the company prepares to list on the New York Stock Exchange in the third quarter ending September 30, 2021, following the completion of its proposed business combination with Cerberus Telecom Acquisition Corp. (NYSE:CTAC, CTAC, CTAC WS))))) ("CTAC"), the first special purpose acquisition company sponsored by an affiliate of Cerberus Capital Management, L.P. ("Cerberus").

"Organizations continue to adopt IoT to solve some of the biggest issues society is facing today." KORE CEO Romil Bahl

Second Quarter 2021 Financial Highlights

* Total revenue increased 19.0% year-over-year to $60.7 million, a record in second quarter revenue performance.

* Revenue generated in KORE's Connected Health industry vertical increased 21.6% to $23.6 million, compared to $19.4 million in the same prior-year period.

* IoT Connectivity revenue increased 15.1% to $42.8 million, compared to $37.2 million in the same prior-year period.

* IoT Solutions revenue increased 28.8% to $17.9 million, compared to $13.9 million in the same prior-year period.

* Adjusted EBITDA, a non-GAAP metric*, was $14.7 million compared to $15.5 million in the same prior-year period, due primarily to public company preparatory costs incurred for the first time in 2021, foreign exchange movements and other costs. Year-to-date Adjusted EBITDA through June 30, 2021 exceeded expectations by over $1 million and the same prior-year period by almost $2 million.