Burtech Acquisition Corp. (KORE) is a stock trading at $9.96 (as of 2026-08-18), with a market capitalization of $83.07M and a trailing P/E of 494.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
Understand Burtech Acquisition Corp.: how it makes money
KORE Group provides Internet of Things (IoT) services, including IoT connectivity sold as Connectivity-as-a-Service, plus location-based and managed device and industrial IoT solutions, and it earns money through recurring connectivity and related IoT services and analytics used in Machine-to-Machine applications.
KORE's profit model depends on recurring IoT revenue quality, specifically converting its Estimated Annual Recurring Revenue Pipeline into new recurring revenue while retaining existing recurring revenue, as shown by its cohort and database net revenue retention metrics.
Revenue by segment (latest quarter)
IoT Conn
$0.1B
IoT Soln
$0.0B
Unallocated
$0.0B
Business quality (Weak): Clear operating focus on recurring IoT connectivity and retention metrics, but the latest quarter shows negative operating margin and some churn pressure tied to 2G and 3G device losses.
Bull case
Retention metrics are in the high 90s: Cohort Based Database Net Revenue Retention is 99.0 percent, and Net Database Revenue Retention is 95.0 percent.
There is visible recurring revenue opportunity: Estimated Annual Recurring Revenue Pipeline is 0.08 USD_B, with Estimated Annual Recurring Revenue in New Connectivity Opportunities of 0.05 USD_B and Existing Customer Connectivity Opportunities of 0.03 USD_B.
Bear case
Operating profitability is weak in the latest quarter: Operating margin_pct is -6.2 for the quarter ended 2026-03-31.
Device losses could pressure recurring revenue: Loss of 2G and 3G Connected Devices is 150000.0 (count).
Recent net new recurring revenue is not large versus the pipeline: New and Expansion Annual Recurring Revenue is 0.01 USD_B, while the Estimated Annual Recurring Revenue Pipeline is 0.08 USD_B.
Valuation — source: SEC EDGAR (first-party)
Price
$9.96
Market Cap
$83.07M
P/E Ratio
494.2
Price / Book
159.76
Price / Sales
303.89
Profitability & Growth — source: SEC EDGAR
Return on Equity
32.3%
Current Ratio
2.51
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