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$(TM)$ ("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(TM) 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(TM)
(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:
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