09:05 AM EDT, 08/15/2024 (MT Newswires) -- KORE Group Holdings ( KORE ) said Thursday it is implementing a restructuring that includes a 25% workforce reduction among other cost-cutting measures.

The technology company said it expects gross cash savings from the restructuring of $5 million to $6 million in 2024, with annual savings of $20 million to $22 million subsequently. KORE said it sees a one-time severance charge of $4 million to $5 million for the job cuts.

The company also announced that Ron Totton has been named as president and chief executive.

KORE lowered its 2024 revenue guidance to $275 million and $285 million from its earlier outlook of $300 million to $305 million. Analysts polled by Capital IQ expect $303.9 million.

The company reported a Q2 net loss of $3.36 per diluted share, widening from a loss of $1.22 a year earlier. Three analysts surveyed by Capital IQ expected a loss of $0.69.

Revenue for the quarter ended June 30 was $67.9 million, down from $69.5 million a year earlier. Four analysts polled by Capital IQ expected $73.4 million.

KORE shares were 3.5% lower in premarket trading.

Price: 3.2700, Change: -0.12, Percent Change: -3.54