Exhibit 99.1



Kaleyra Announces Highest Quarterly Revenue for Fourth Quarter and Full Year 2020 Financial Results Exceeding Revenue Guidance

Total fourth quarter revenue of $44.3 million, a 16% increase from Q3 and up 24% from the same period a year ago

Revenue from US Customers was $6.9 million, up over 100% from the same period a year ago

Delivered 7.1 billion billable messages and connected 1.4 billion voice calls

New York and Vienna, VA – February 16, 2021 - Kaleyra, Inc. (NYSE: KLR) (KLR WS) (“Kaleyra” or the “Company”) a rapidly growing cloud communications software provider delivering a secure system of application programming interfaces (APIs) and connectivity solutions in the API/Communications Platform as a Service (CPaaS) market, today announced financial results for the fourth quarter and full year ended December 31, 2020.

“We once again have exceeded our revenue guidance and delivered our strongest quarter ever. The fourth quarter was an excellent finish to a challenging year, and our continued success in this environment serves to validate the strength of our model and strategy. As enterprise customers are increasingly looking for new ways to engage with their customers, our platform and strong value proposition have made Kaleyra a mission critical addition to their customer outreach,” commented Dario Calogero, Kaleyra’s Founder and Chief Executive Officer. “We are thrilled to begin 2021 with a high level of momentum provided by strong execution from our entire team, our robust platform of flexible APIs, and our unwavering commitment to helping our customers succeed.”

Fourth Quarter 2020 Financial Highlights



Revenue: Total revenue for the fourth quarter of 2020 was $44.3 million, a 16% increase when compared to Q3 revenue of $38.3 million and up 24% compared to $35.6 million in the fourth quarter of 2019.



Gross Profit: Gross profit for the fourth quarter of 2020 was $7.8 million, a 5% increase when compared to Q3 gross profit of $7.5 million and down 3% compared to $8.1 million for the fourth quarter of 2019. Gross margin for the fourth quarter of 2020 was 18%. Declining volumes in the first half of the year caused by COVID created a negative residual effect on margins in the fourth quarter.



Net Loss: Net loss for the fourth quarter of 2020 was $(4.5) million, or $(0.15) per share, based on 29.7 million weighted-average shares outstanding. During the fourth quarter of 2019, net loss was $(3.6) million, or $(0.25) per share, based on 14.3 million weighted-average shares outstanding.



Adjusted EBITDA comparable to previous year: Adjusted EBITDA comparable to previous year was $3.1 million for the fourth quarter of 2020, compared to $5.6 million for the fourth quarter of 2019. The decline in adjusted EBITDA is attributed to the increased headcount, predominantly in engineering talent, that has been hired to execute on emerging growth opportunities to develop and deliver new products and services.



Full Year 2020 Financial Highlights



Revenue: Total revenue for the full year 2020 was $147.4 million, a 14% increase when compared to 2019 revenue of $129.6 million



Gross Profit: Gross profit for the full year 2020 was $24.4 million, a 7% decrease when compared to 2019 gross profit of $26.4 million.



Net Loss: Net loss for the full year 2020 was $(26.8) million, compared to 2019 net loss of $(5.5) million.



Adjusted EBITDA comparable to previous year: Adjusted EBITDA comparable to previous year was $7.5 million for the full year 2020, compared to $11.1 million for the full year 2019.



Liquidity: As of December 31, 2020, cash and cash equivalents were $33.0 million. Cash used in operating activities was $11.5 million during the full year 2020, compared with cash provided in operating activities of $6.5 million during the full year 2019.



Liabilities: Total liabilities were reduced by $30.2 million, down 19% since December 31, 2019.

Recent Business Highlights



In Q4, Kaleyra delivered 7.1 billion billable messages, a 13% increase from the previous period, and connected 1.4 billion voice calls, up 100% period over period. For the full year 2020, Kaleyra processed nearly 26 billion billable SMS messages and 4 billion voice calls.



Winner of the 2021 Juniper Research Future Digital Award for Telco Innovation in the category of Best RCS Provider.



A new strategic partnership with WebEngage, India’s leading marketing automation services provider for B2C businesses, combining Kaleyra’s global cloud communication services with WebEngage’s world-class marketing automation and customer data platform capabilities.

Financial Outlook

Kaylera’s outlook assumes that the Company’s largest markets, Italy and India, will continue to see improvements in their economies coming out of the COVID-19 pandemic. It also takes into consideration that there could still be continued pressure on transaction levels in certain regions and on certain business lines. As of February 16, 2021, Kaleyra is providing guidance for its first quarter and full year 2021 as follows:



First Quarter 2021 Guidance: Total revenue is expected to be in the range of $40.5 - $41.5 million, absent an accelerated wave of COVID cases and shutdowns.



Full Year 2021 Guidance: Total revenue is expected to be in the range of $183 - $185 million, above our previous guidance.



Quarterly Conference Call

Management will conduct an investor conference call that same day at 8:00 a.m. EST (5:00 a.m. PST) to discuss these results. Questions will be taken after management’s presentation. A live webcast of the call and the replay will be available in the Investors section of the Kaleyra website at https://investors.kaleyra.com/news-events/ir-calendar.

To Participate via Telephone:

US: 877-407-0792

International: 201-689-8263

Conference ID: 13716315

Replay of the call:

US: 844-512-2921

International: 412-317-6671

Start Date: Tuesday February 16, 2020, 10:00 a.m. ET

End Date: Tuesday March 2, 2020, 11:59 p.m. ET

About Kaleyra Inc.

Kaleyra, Inc. (NYSE American: KLR) (KLR WS), is a global group providing mobile communication services for financial institutions and enterprises of all sizes worldwide. Through its proprietary platform, Kaleyra manages multi-channel integrated communication services on a global scale, comprising of messages, push notifications, e-mail, instant messaging, voice services and chatbots. Kaleyra’s technology today makes it possible to safely and securely manage billions of messages monthly with a reach to hundreds of MNOs and over 190 countries. For more information: https://www.kaleyra.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding the financial statements of Kaleyra, its product and customer developments, its expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the future revenues and the business plans of Kaleyra’s management team, and the impact of the COVID-19 pandemic on its business and financial performance. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of Kaleyra in light of their respective experience and perception of historical trends, current conditions and expected future developments and their potential effects on Kaleyra as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Kaleyra will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the mix of services utilized by Kaleyra’s customers and such customers’ needs for these services, market acceptance of new service offerings, the ability of Kaleyra to expand what it does for existing customers as well as to add new customers, that Kaleyra will have sufficient capital to operate as anticipated, and the impact that the novel coronavirus and the illness, COVID-19, that it causes, as well as governmental responses to deal with the spread of this illness and the reopening of economies that have been closed as part of these responses, may have on Kaleyra’s operations, the demand for Kaleyra’s products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.



Non-GAAP Financial Measure and Related Information

This press release includes reference to Adjusted EBITDA, a financial measure that is not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Adjusted EBITDA is defined as of any date of calculation, as the consolidated pro forma earnings/(loss) of Kaleyra and its subsidiaries, before finance income and finance cost (including bank charges), tax, depreciation and amortization, plus (i) transaction expenses, (ii) without duplication of clause (i), severance or change of control payments, (iii) any expenses related to company restructuring, (iv) the Adjusted EBITDA for pre-acquisition period of subsidiaries, (v) any compensation expenses relating to stock options, restricted stock units, restricted stock or similar equity interests as may be issued by Kaleyra or any of its subsidiaries to its or their employees and (vi) any provision for the write down of assets. Management uses Adjusted EBITDA, among other reasons, as it is a metric for determining whether there will be an earnout payment in accordance with the terms of the Stock Purchase Agreement. This non-GAAP financial measure is not a measure prepared in accordance with GAAP and might not be consistent with similar measures used by other companies. It shall not be considered as an alternative to any other measures of performance prepared under GAAP.

Investor Contacts

Michael Bowen

ICR, Inc.




Marc P. Griffin

ICR, Inc.







Condensed Consolidated Balance Sheets

(Unaudited, in thousands)


     December 31, 2020     December 31, 2019  



Current assets:


Cash and cash equivalents

   $ 32,970     $ 16,103  

Restricted cash

     —         20,894  

Short-term investments

     4,843       5,124  

Trade receivables, net

     43,651       39,509  

Prepaid expenses

     1,447       648  

Other current assets

     2,134       4,224  







Total current assets

     85,045       86,502  

Property and equipment, net

     6,726       3,393  

Intangible assets, net

     7,574       9,353  


     16,657       16,953  

Deferred tax assets

     703       —    

Other long-term assets

     1,797       1,203  







Total assets

   $ 118,502     $ 117,404  









Current liabilities:


Accounts payable

   $ 51,768     $ 63,320  

Debt for forward share purchase agreements

     483       34,013  

Notes payable

     —         1,667  

Notes payable due to related parties

     7,500       9,411  

Lines of credit

     5,273       3,627  

Current portion of bank and other borrowings

     10,798       7,564  

Deferred revenue

     3,666       1,397  

Preference shares

     —         683  

Preference shares due to related parties

     —         1,847  

Payroll and payroll related accrued liabilities

     3,292       1,038  

Other current liabilities

     5,988       1,379  







Total current liabilities

     88,768       125,946  

Long-term portion of bank and other borrowings

     31,974       16,134  

Long-term portion of notes payable

     2,700       —    

Long-term portion of notes payable due to related parties

     —         7,500  

Long-term portion of employee benefit obligation

     1,886       1,398  

Deferred tax liabilities

     —         2,045  

Other long-term liabilities

     603       3,155  







Total liabilities

     125,931       156,178  







Stockholders’ equity (deficit):


Common stock

     3       2  

Additional paid-in capital

     93,628       2,143  

Treasury stock, at cost

     (30,431     —    

Accumulated other comprehensive income (loss)

     (2,826     74  

Accumulated deficit

     (67,803     (40,993







Total stockholders’ equity (deficit)

     (7,429     (38,774







Total liabilities and stockholders’ equity (deficit)

   $ 118,502     $ 117,404  










Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)


     Three Months Ended December 31,     Year ended December 31,  
     2020     2019     2020     2019  


   $ 44,268     $ 35,633     $ 147,368     $ 129,558  

Cost of revenue

     36,421       27,560       122,932       103,205  













Gross profit

     7,847       8,073       24,436       26,353  













Operating expenses:


Research and development

     2,330       1,441       9,745       5,310  

Sales and marketing

     2,711       1,639       12,866       6,031  

General and administrative

     7,458       6,764       28,195       17,431  













Total operating expenses

     12,499       9,844       50,806       28,772  













Loss from operations

     (4,652     (1,771     (26,370     (2,419

Other income, net

     21       30       112       136  

Financial income (expense), net

     (448     (233     (1,475     (439

Foreign currency income (loss)

     (558     (115     (1,353     (517













Loss before income tax expense (benefit)

     (5,637     (2,089     (29,086     (3,239

Income tax expense (benefit)

     (1,111     1,554       (2,276     2,273  













Net loss

   $ (4,526   $ (3,643   $ (26,810   $ (5,512













Net loss per common share, basic and diluted

   $ (0.15   $ (0.25   $ (1.09   $ (0.48













Weighted-average shares used in computing net loss per common share, basic and diluted

     29,690,742       14,322,326       24,652,004       11,603,381  
















Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)


     Year Ended December 31,  
     2020     2019  

Cash Flows from Operating Activities:


Net loss

   $ (26,810   $ (5,512

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:


Depreciation and amortization

     2,773       2,648  

Stock-based compensation and preference share

     19,415       2,070  

Non-cash settlement of preference share liability

     (2,486     —    

Allowance for doubtful accounts

     361       716  

Fair value changes on marketable securities

     (6     —    

Employee benefit obligation

     527       315  

Non-cash interest expense

     191       657  

Deferred taxes

     (2,009     (14

Change in operating assets and liabilities:


Trade receivables

     (1,016     (10,427

Other current assets

     1,197       (2,039

Other long-term assets

     (497     47  

Accounts payable

     (11,832     15,145  

Other current liabilities

     6,821       251  

Deferred revenue

     2,219       (64

Long-term liabilities

     (304     2,660  







Net cash provided by (used in) operating activities

     (11,456     6,453  







Cash Flows from Investing Activities:


Purchase of short-term investments

     (7,917     (5,868

Sale of short-term investments

     8,156       3,882  

Purchase of property and equipment

     (1,163     (1,413

Sale of property and equipment

     16       38  

Capitalized software development costs

     (2,411     (602

Purchase of intangible assets

     (6     (16

Cash, cash equivalents and restricted cash acquired in the reverse merger

     —         21,666  







Net cash provided by (used in) investing activities

     (3,325     17,687  







Cash Flows from Financing Activities:


Payment of deferred consideration for the acquisition of Buc Mobile

     —         (4,000

Payment of deferred consideration for the acquisition of Solutions Infini

     —         (5,097

Change in line of credit

     1,277       1,973  

Borrowings on term loans

     24,436       16,670  

Repayments on term loans

     (8,651     (4,844

Repayments on notes payable

     (11,478     —    

Repurchase of common stock in connection with forward share purchase agreements

     (30,431     —    

Payments related to forward share purchase agreements

     (1,452     —    

Proceeds from issuance of stock in public offering, net of issuance costs

     36,152       —    







Net cash provided by financing activities

     9,853       4,702  







Effect of exchange rate changes on cash, cash equivalents and restricted cash

     901       (52







Net increase (decrease) in cash, cash equivalents and restricted cash

     (4,027     28,790  

Cash, cash equivalents and restricted cash, beginning of period

     36,997       8,207  







Cash, cash equivalents and restricted cash, end of period

   $ 32,970     $ 36,997  










Adjusted EBITDA Reconciliation of GAAP to Non-GAAP Financial Information

For the Year and the Three Months Ended December 31, 2020 and 2019

(Unaudited, in millions)


     Years Ended December 31,     Three Months Ended December 31,  
Adjusted EBITDA    2020     2019     2020     2019  

Net loss

   $ (26.8   $ (5.5   $ (4.5   $ (3.6

Other income, net

     (0.1     (0.1     (0.0     (0.0

Financial income (expense), net

     1.5       0.4       0.4       0.2  

Foreign currency income (loss)

     1.4       0.5       0.6       0.1  

Income tax expense (benefit)

     (2.3     2.3       (1.1     1.6  

Loss from operations

   $ (26.4   $ (2.4   $ (4.7   $ (1.8

Depreciation and amortization

     2.8       2.6       0.9       0.7  

Stock-based compensation, preference shares and others

     20.3       2.1       4.0       1.6  

Transaction and one-off costs

     6.5       8.3       1.4       4.6  

Company restructuring

     0.0       0.5       0.0       0.5  

Adjusted EBITDA

   $ 3.2     $ 11.1     $ 1.6     $ 5.6  

Costs not comparable to previous year (1)

     4.3       0.0       1.5       0.0  

Adjusted EBITDA comparable to PY

   $ 7.5     $ 11.1     $ 3.1     $ 5.6  



These costs represent public company costs that were not incurred in 2019. These costs are expected to occur going forward.