KULR Technology Group Reports 40% Revenue Increase, Enhances Operations and Strategic Partnerships
Release Date: May 15, 2025
KULR Technology Group Inc (KULR) has announced a significant 40% revenue increase, with earnings reaching $2.4 million compared to the same quarter last year. The company is in a robust financial position, boasting over $100 million in cash and Bitcoin assets, and virtually no debt. These results come alongside an expansion of its facilities, which now encompass approximately 31,000 square feet, effectively doubling battery production capacity.
The company is making strides in strategic Bitcoin mining initiatives, anticipating favorable market conditions going forward. Notably, KULR has been awarded a $6.7 million grant from the Texas Space Commission aimed at developing next-generation space battery systems.
Despite these advancements, KULR reported a decline in gross margins to 8%, largely due to unexpected labor costs associated with technical projects. Operating expenses surged due to marketing and insurance costs, along with a one-time non-cash adjustment. Additionally, service revenue has decreased by 8% compared to the previous year, and KULR is experiencing volatility in its Bitcoin portfolio.
In response to various questions during the earnings call, KULR affirmed ongoing negotiations with UPS regarding their Safe case product, and confirmed a technology design partnership with Amrius focused on high-energy batteries for critical applications, including space and defense. Furthermore, the company is collaborating with SpaceX to launch their battery technology into orbit by 2027.
While KULR aims to substantially increase revenues by the end of 2025, it continues to sidestep the consumer battery market, concentrating on high-value sectors such as aerospace and industrial applications.
For a more detailed account, please refer to the complete transcript of the earnings call. This article first appeared on GuruFocus.
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