KULR Technology Group Earnings Call Transcripts
Fiscal Year 2026
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Q2 revenue and profitability declined sharply due to supply chain, execution, and transition challenges, but first half revenue was stable year-over-year. The company exited Bitcoin mining, repaid debt, and is focusing on scaling battery production as U.S. drone demand accelerates.
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Q1 saw 98% revenue growth and a significant gross margin increase to 29% year-over-year, driven by strong product sales and cost discipline. Expanded manufacturing and new board appointments position the company for scaling battery production and margin improvement in 2026.
Fiscal Year 2025
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2025 saw a $62M net loss due to non-cash and one-time items, but revenue grew 51% to $16.1M. The focus for 2026 is scaling KULR ONE battery production, improving margins, and targeting high-growth markets like autonomous platforms and telecom.
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Q3 2025 saw record revenue growth of 116% year-over-year, driven by a shift to product sales and strong demand in UAV, AI data center, and telecom markets. The company maintains a robust balance sheet, zero debt, and is scaling production to meet accelerating demand.
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Q2 2025 saw record revenue and the first quarterly profit, driven by strong product growth and a robust Bitcoin-backed balance sheet. The company is transitioning to a product-focused model, launching new platforms in space, defense, and robotics, and expects to double revenue in 2025.
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Revenue grew 40% year-over-year in Q1 2025, driven by strong product sales and initial Bitcoin mining income. The company expanded its BTC-first treasury, doubled battery production capacity, and secured major partnerships and grants, positioning for continued growth.
Fiscal Year 2024
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Record Q4 and full-year 2024 revenue were achieved, with gross margin and EPS showing strong improvement. The company expanded its customer base, entered new licensing deals, and strengthened its balance sheet with significant cash and Bitcoin holdings, while targeting major growth in AI, robotics, and energy management markets.
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Record Q3 revenue and gross margin growth were achieved alongside a sharp reduction in operating expenses and a broadened customer base. New product launches, licensing deals, and expanded contracts position the company for accelerated growth in 2025.
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Q2 2024 revenue rose 39% sequentially to $2.43M, with record engineering service revenue and a 42% increase in paying customers. Investments in a new Texas facility and expanded capabilities position the company for further growth in the space and battery markets in the second half of 2024.