Free cash flow remains highly erratic, fluctuating from a $22.4M outflow in 2023Q4 to a $13.5M inflow in 2025Q4, highlighting a fundamental struggle to maintain consistent self-sustaining liquidity.
| Cash from Operations | 20.32M | 18.49M | 9.91M | -6.42M | 16.36M | -14.76M | 26.47M | 14.25M |
| Operating CF Margin % | - | 6.47% | 3.46% | -2.32% | 6.09% | -5.94% | 12.38% | 8.43% |
| Operating CF Growth % | 325.12% | 86.62% | 254.32% | -139.25% | 210.83% | -155.75% | 85.72% | - |
| Net Income | -76.52M | -62.98M | -146.08M | -167.04M | -106.2M | -24.78M | -35.2M | -23.44M |
| Depreciation & Amortization | -13.91M | 0 | 57.5M | 60.69M | 56.72M | 50.33M | 52.49M | 48.13M |
| Stock-Based Compensation | -589K | 0 | 8.48M | 11.25M | 10.3M | 4.56M | 1.16M | 1.68M |
| Deferred Taxes | 0 | 0 | -10.11M | -11.41M | -16.19M | -9.69M | -6.18M | -11.42M |
| Other Non-Cash Items | 82.89M | 59.23M | 70.45M | 89.58M | 60.68M | -2.08M | 10.67M | 5.8M |
| Working Capital Changes | 0 | 22.23M | 29.65M | 10.51M | 11.06M | -33.11M | 3.53M | -6.49M |
| Change in Receivables | 0 | -2.81M | 6.72M | -7.71M | 8.96M | -12.1M | -6.07M | 860K |
| Change in Inventory | 0 | 1.17M | 1.51M | 1.97M | 6.54M | -9.88M | -3.03M | -566K |
| Change in Payables | 0 | 1.5M | -49K | 12.97M | -1.97M | -8.42M | 13.1M | -2.46M |
| Cash from Investing | -9.28M | -9.59M | -13.46M | -20.23M | -62.55M | -13.42M | -11.6M | -50.37M |
| Capital Expenditures | -1.84M | -9.84M | -13.46M | -4.43M | -62.55M | -4.17M | -1.83M | -50.37M |
| CapEx % of Revenue | 0.66% | 3.44% | 4.7% | 1.6% | 23.3% | 1.68% | 0.86% | 29.78% |
| Acquisitions | 0 | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -9.25M | 0 | 0 | -15.8M | -13.24M | -9.25M | -10.13M | -10.49M |
| Cash from Financing | -2.02M | -2.07M | -3.78M | 18.91M | -4.69M | 104.05M | -12.72M | 37M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - |
| Equity Issued (Net) | 36K | 0 | -431K | 150.1M | 0 | -229.91M | -200K | -80K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 36K | 0 | -431K | -2.75M | 0 | 0 | -200K | -80K |
| Other Financing | -2.07M | -194K | -839K | -11.23M | -356K | 235.5M | 0 | -2.09M |
| Net Change in Cash | 9.23M | 7.3M | -7.73M | -7.57M | -51.34M | 75.65M | 2M | 719K |
| Free Cash Flow | 16.47M | 8.65M | -3.55M | -26.65M | -46.19M | -28.18M | 14.5M | -36.12M |
| FCF Margin % | 5.89% | 3.02% | -1.24% | -9.63% | -17.21% | -11.34% | 6.78% | -21.35% |
| FCF Growth % | 6651.23% | 343.65% | 86.68% | 42.31% | -63.93% | -294.3% | 140.15% | - |
| FCF per Share | 0.84 | 0.00 | -0.18 | -1.59 | -3.05 | -3.36 | 2.29 | -0.58 |
| FCF Conversion (FCF/Net Income) | -0.22x | -0.29x | -0.07x | 0.04x | -0.15x | 0.60x | -0.75x | -0.61x |
| Interest Paid | 0 | 26.9M | 0 | 35.33M | 29.2M | 19.87M | 21.54M | 23.98M |
| Taxes Paid | 0 | 2.92M | 0 | 5.72M | 2.12M | 957K | 379K | 417K |
Persistent negative net margins
According to KORE's quarterly financial disclosures, the persistent gap between net losses and operating cash flow, which reached $4.7M in 2026Q1 despite a $28.5M net loss, suggests that the company relies heavily on non-cash adjustments to maintain a positive cash flow profile.
The consistent divergence between net income and operating cash flow indicates that the company's reported losses are significantly mitigated by non-cash items, likely including substantial depreciation and amortization. Investors should monitor whether this cash flow generation is sustainable or if it masks an underlying inability to convert revenue into actual liquidity.
As reported in recent financial statements, KORE's free cash flow trajectory remains highly erratic, fluctuating from a $22.4M outflow in 2023Q4 to a $13.5M inflow in 2025Q4, which highlights the company's struggle to achieve consistent, self-sustaining cash generation across its operational cycles.
The lack of a stable free cash flow trend suggests that the business model is highly sensitive to timing differences in hardware procurement and service delivery. This volatility complicates long-term valuation and may indicate that the company remains in a capital-intensive phase that precludes consistent shareholder value creation.
Based on KORE's reported figures, capital expenditures have remained a consistent drain on liquidity, with quarterly spending peaking at $4.6M in 2023Q4, representing a capital intensity that appears disproportionate to the company's current inability to generate positive net income.
The ongoing investment in infrastructure and platform development suggests that management is prioritizing long-term technical capabilities over immediate cash preservation. However, given the negative operating margins, this level of capital intensity warrants further investigation into whether these investments are yielding the expected competitive advantages.
As evidenced by the multi-quarter data, the cumulative gap between net income and operating cash flow remains substantial, with the company consistently reporting deep net losses while struggling to maintain positive operating cash flow, suggesting a structural disconnect between accounting profitability and cash reality.
This persistent divergence implies that the company's operational model may be fundamentally misaligned with its cost structure, requiring constant external financing or cash management to bridge the gap. Analysts should be wary of the long-term implications of this trend on the company's overall financial health.
Quick answers to the most common questions about buying KORE stock.
KORE Group Holdings, Inc. (KORE) generated $18.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
KORE Group Holdings, Inc. (KORE) generated $8.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
KORE Group Holdings, Inc. (KORE) spent $9.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.