KULR Reports Record Fourth Quarter Revenue and Full-Year 2024 Financial Results
HOUSTON, March 27, 2025 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a leader in advanced energy management platforms, today announced its financial results for the fourth quarter and full-year 2024.
Fourth Quarter 2024 Financial Highlights:
- Revenue increased by 44% to $3.37 million from the same quarterly period of the prior year.
- Operating loss decreased by 29% to $3.54 million from the same quarterly period of the prior year.
- The Company had $29.83 million in cash as of December 31, 2024, compared to $1.19 million as of December 31, 2023. In addition, the Company had $20.28 million of Bitcoin holdings as of December 31, 2024, compared to none as of December 31, 2023.
- Gross margin was 64% in the quarter ended December 31, 2024, compared to 29% in the same quarterly period of the prior year.
Fourth Quarter 2024 and Recent Operational Highlights:
- KULR Technology Awarded Key Defense
Contract for Leading Missile Program. The Company was awarded a
pivotal contract for the development of a specialized Phase-Change Material
(PCM) heat sink for a major missile program. This custom PCM heat sink is
designed to manage extreme thermal loads generated during mission-critical
maneuvers, helping maintain optimal performance and reliability within the
missile’s electronics systems. While specific program and customer
details could not be disclosed, this award further solidifies KULR’s role
as a trusted partner for mission-critical defense applications with
multi-decade production runs.
- KULR Awarded U.S. Navy Contract to
Develop High-Temperature Internal Short Circuit Cells for Enhanced Battery
Safety in Critical Applications. The Company was awarded a
contract by the U.S. Navy to advance its Internal Short Circuit (ISC)
technology to activate at higher temperatures. This development, vital for
both military and commercial applications, will support a wide range of
safety-critical uses, with particular importance for aviation by enabling
the simulation of extreme conditions that better reflect the stringent
safety standards of the Federal Aviation Administration (FAA) and European
Union Aviation Safety Agency (EASA).
- KULR Xero Vibe Solution Launches on
NVIDIA Jetson Edge AI Platform. The Company announced the launch
of its innovative KULR Xero Vibe™ (“KXV”) solution integrated with
the NVIDIA Jetson edge AI platform. This new rollout combines superior
vibration mitigation with artificial intelligence capabilities to enable
high-performance, reliable operation in edge AI environments. KULR’s Xero
Vibe™ solution complements the Jetson platform by addressing key
operational challenges such as vibration suppression, ensuring optimal
cooling system performance, reduced energy consumption, and extended
mechanical lifespans.
- KULR Announces Bitcoin Treasury
Strategy. The Company announced its Board of Directors agreed to
include bitcoin (“BTC”) as a primary asset in its treasury program.
KULR is committed to allocating up to 90% of its surplus cash to BTC.
- KULR Expands Bitcoin
Holdings to 668 BTC, Reports 181.1% BTC Yield. On March 25, 2025
the Company announced it has increased its bitcoin purchases for its
Bitcoin Treasury by an additional $5 million to reach a total of $65
million in bitcoin acquisitions. The additional purchases were made at a
weighted average price of $88,824 per bitcoin, inclusive of fees and
expenses. The Company now holds 668.3 BTC.
- KULR Signs Service Agreement to Launch
KULR ONE Space Battery. The Company announced its plans to launch
the KULR ONE Space (K1S) battery via launch integrator Exolaunch on a SpaceX
rideshare mission scheduled for 2026. This mission represents a pivotal
milestone in KULR's ongoing commitment to developing safer and
higher-performing battery systems tailored for space applications for a
space battery market that is expected to grow from $3.9B to $6.35B by 2030
per Virtue Market
Research.
- KULR
Regains Compliance with NYSE American Stockholders’ Equity
Requirement. The Company announced it has received official notice
from the NYSE American LLC (the “Exchange”) confirming that the Company
has regained compliance with all continued listing standards set forth in
Part 10 of the NYSE American Company Guide (the “Company Guide”). The
Company had previously been cited for non-compliance with Sections
1003(a)(i), (ii) and (iii) of the Company Guide, as detailed in the
Exchange’s letter dated December 20, 2023. To resolve the deficiency, the
Company has since demonstrated compliance with the applicable standards for
two consecutive quarters, pursuant to Section 1009(f) of the Company Guide,
and no further deficiencies remain outstanding.
- KULR Signs Distribution and Integration
Agreement with EDOM Technology to Support AI Ecosystem Supply
Chain. The Company announced its strategic partnership with EDOM Technology
(EDOM) (3048.TW), a long-standing NVIDIA Channel Partner and a premier
integration and distribution company. This collaboration positions KULR to
deliver its innovative KULR Xero Vibe™ (KXV) and KULR ONE product lines
to Taiwan, a global epicenter of AI supply chain development, by leveraging
its suite of energy management products and solutions to address the need
for large-scale systems cooling within the AI ecosystem. The partnership
will enable KULR to service both server and edge computing devices within
the AI supply chain while deploying its suite of energy management products
and solutions to meet the needs of the entire AI ecosystem. By aligning
with a strategic partner like EDOM, KULR is positioning itself to address
the global surge in demand for AI infrastructure, fueled by initiatives
like The Stargate Project making a recent $500 billion push to accelerate
AI infrastructure expansion in the United States.
- KULR Announces Active Collaboration
with U.S. Army to Evaluate Vibration Reduction on AH-64E and UH-60
Helicopter Platforms. The Company announced its active
collaboration with the U.S. Army to plan an in-depth evaluation of the KULR
VIBE system for vibration reduction and optimal balance on AH-64E Apache
and UH-60 Black Hawk helicopters. The evaluation is slated to begin in 2025
and will explore the potential of KULR VIBE to enhance operational
efficiency and safety across these critical platforms. The planned 12-month
study will be conducted in partnership with the South Carolina National Guard at
McEntire Joint National Guard Base. It aims to assess how KULR VIBE can
contribute to stricter vibration standards, streamlining track and balance
operations, reducing long-term maintenance costs, and improving aircraft
longevity and reliability. Ultimately, the study seeks to bolster Army
Aviation’s operational availability while reducing overall
expenditures.
- KULR
Grants Carbon Fiber Cathode License for Nuclear Reactor
Application. The Company announced the signing of a
multi-million-dollar licensing agreement with a new technology partner
(“Licensee”) to enable advanced carbon fiber cathode applications for
nuclear reactor systems in Japan. The license will be applied to
laser-based nuclear fusion systems as well as small modular reactors
(SMR’s) - a rapidly emerging technology with the potential to deliver
cost-effective and reliable fusion energy. Laser-based fusion employs
high-powered lasers to initiate fusion reactions, representing a
groundbreaking alternative to traditional methods.
- KULR Technology and Scripps Research
Collaborate on Novel Pyrolytic Carbon Electrode Technology. The
Company announced an innovative collaboration with the prestigious Scripps
Research Institute's Baran Lab. Together, the teams have developed a
groundbreaking pyrolytic carbon (PC) electrode material, poised to
transform synthetic organic electrochemistry. The jointly developed
electrode is a low-cost, robust, and versatile alternative to traditional
amorphous carbon materials such as reticulated vitreous carbon (RVC) and
glassy carbon (GC). With unparalleled mechanical strength and reactivity
comparable to RVC and GC, this novel PC material overcomes the limitations
of cost and scalability that have historically constrained large-scale
synthetic organic applications.
Fourth Quarter 2024 Financial Results:
Revenues: Revenue increased 44% to $3,370,594 in the fourth quarter ended December 31, 2024, from $2,333,851 reported in the same year-ago period. The increase in revenue was mainly due to the scaling up of design and test services from larger customers.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses were nearly flat at $4,437,032 in the fourth quarter of 2024 from $4,364,205 in the corresponding period last year.
R&D expenses: R&D expenses in the fourth quarter of 2024 decreased to $1,246,161 from $1,292,841 in the same period last year.
Operating Loss: Loss from operations was $3,540,864 for the fourth quarter of 2024, compared to $4,974,220 from the same period last year.
Net Loss: Net loss for the fourth quarter of 2024 decreased to $4,620,461, or a loss of $0.02 per share, compared to a net loss of $5,193,429, or a loss of $0.04 per share from the same period last year.
Full-Year 2024 Financial Results:
Revenues: Revenue increased 9% to $10,737,481 in 2024 from $9,830,166 in 2023. The Company continues to build its relationships with a wide range of energy, transport and aerospace partners and has billed 71 customers during the year ended December 31, 2024. These additions reflect management’s commitment to build new customer relationships through a growing pool of referrals and business development leads.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased to $15,979,852 in 2024 from $18,942,350 in 2023. The 16% decrease was due to ongoing efforts to reduce costs and improve efficiency.
R&D expenses: R&D expenses in 2024 decreased to $4,738,305 from $7,135,452 in 2023, reflecting continuing attention to optimize between business development and revenue generating activity.
Operating Loss: Loss from operations was $15,234,959 in 2024, compared to $22,411,946 from the same period last year.
Net Loss: Net loss for 2024 decreased to $17,523,629 or a loss of $0.09 per share, compared to a net loss of $23,693,556, or a loss of $0.20 per share in 2023.
Cash Position: The Company reported cash balances of $29,831,858 as of December 31, 2024, compared to $1,194,764 as of December 31, 2023. In addition, the Company had $20,281,184 of Bitcoin holdings as of December 31, 2024, compared to none as of December 31, 2023.
KULR Technology Group Fourth Quarter and Full-Year 2024 Earnings
Call
Date: Thursday, March 27th,
2025
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific
time)
To access the call, please register using the following link: KULR Fourth Quarter and Full-Year 2024 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulrtechnology.com).
About KULR Technology Group Inc.
KULR Technology
Group Inc. (NYSE American: KULR) delivers cutting edge energy storage
solutions for space, aerospace, and defense by leveraging a foundation of
in-house battery design expertise, comprehensive cell and battery testing
suite, and battery fabrication and production capabilities. The Company’s
holistic offering allows delivery of commercial-off-the-shelf and custom
next generation energy storage systems in rapid timelines for a fraction of
the cost compared to traditional programs. On December 4, 2024, KULR
announced that its Board of Directors has agreed to include bitcoin as a
primary asset in its treasury program and committed to allocating up to 90%
of its surplus cash to the acquisition of bitcoin. For more information,
please visit www.kulrtechnology.com.
Safe Harbor Statement
This release contains
certain forward-looking statements based on our current expectations,
forecasts and assumptions that involve risks and uncertainties.
Forward-looking statements in this release are based on information
available to us as of the date hereof. Our actual results may differ
materially from those stated or implied in such forward-looking statements,
due to risks and uncertainties associated with our business, which include
the risk factors disclosed in our Form 10-K filed with the Securities and
Exchange Commission on April 12, 2024, as may be amended or supplemented by
other reports we file with the Securities and Exchange Commission from time
to time. Forward-looking statements include statements regarding our
expectations, beliefs, intentions, or strategies regarding the future and
can be identified by forward-looking words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “should,” and “would” or similar words. All forecasts
are provided by management in this release are based on information
available at this time and management expects that internal projections and
expectations may change over time. In addition, the forecasts are entirely
based on management’s best estimate of our future financial performance
given our current contracts, current backlog of opportunities and
conversations with new and existing customers about our products and
services. We assume no obligation to update the information included in
this press release, whether as a result of new information, future events
or otherwise.
Investor Relations:
KULR
Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com
