KULR Technology Group, Inc. (KULR) Market Cap
KULR Technology Group, Inc. has a market capitalization of $118.4M.
Financials based on reported quarter end 2025-12-31
Price: $2.56
▲ 0.07 (2.81%)
Market Cap: 118.37M
AMEX · time unavailable
CEO: Michael Mo
Sector: Technology
Industry: Hardware, Equipment & Parts
IPO Date: 2018-07-19
Website: https://www.kulrtechnology.com
KULR Technology Group, Inc. (KULR) - Company Information
Market Cap: 118.37M · Sector: Technology
KULR Technology Group, Inc., through its subsidiary, KULR Technology Corporation, develops and commercializes thermal management technologies for batteries, electronics, and other components applications in the United States. It offers lithium-ion battery thermal runaway shields; fiber thermal interface materials; phase change material heatsinks; internal short circuit device; KULR battery cell screening and testing automation system and tech safe case; cellcheck; and CRUX cathodes. The company's technologies are used in electric vehicles, energy storage, battery recycling transportation, cloud computing, and 5G communication devices. It sells its products for applications, such as lithium-ion battery energy storage, electric vehicles, 5G communication, cloud computer infrastructure, consumer, and industrial devices. The company was formerly known as KT High-Tech Marketing Inc. and changed its name to KULR Technology Group, Inc. in August 2018. KULR Technology Group, Inc. was founded in 2013 and is based in San Diego, California.
Analyst Sentiment
Based on 1 ratings
Consensus Price Target
No data available
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"KULR reported revenue of $2.86M in the latest quarter (ending 2025-12-31) with net income of -$44.3M and EPS of -$1.54, implying a sharply negative net margin. Free cash flow was -$16.4M versus operating cash flow of -$13.8M, while capex was about -$2.6M—indicating continued cash burn alongside investment activity. Profitability remains the key challenge: the company is still generating losses, and the cash flow profile suggests expenses and working-capital dynamics are weighing on near-term financial outcomes. On the balance sheet, KULR reported $129.0M in total assets and $121.6M in equity, with total liabilities of $7.4M. Net debt is negative (-$11.9M), which points to net cash rather than leverage pressure in the traditional sense; however, liquidity must be considered alongside ongoing operating cash burn. Shareholder returns have been weak, with the stock down -79.96% over 1 year and -53.35% over 6 months; there were no dividends and no buyback data provided. With limited valuation inputs (no market cap, P/E, or FCF yield), the overall picture is dominated by operating and cash flow losses rather than valuation support."
Revenue Growth
Revenue is $2.86M for the quarter, but no YoY growth rate is provided. Without growth benchmarks, stability versus acceleration cannot be confirmed; current scale remains small.
Profitability
Net income of -$44.3M and EPS of -$1.54 indicate materially negative profitability and net margin pressure.
Cash Flow Quality
Operating cash flow of -$13.8M and free cash flow of -$16.4M show sustained cash burn. Capex remains meaningful relative to cash generation, and there are no dividends.
Leverage & Balance Sheet
Total liabilities are $7.4M against $121.6M equity, and net debt is -$11.9M (net cash position). This suggests limited balance-sheet leverage stress, though losses continue to consume cash.
Shareholder Returns
Total shareholder value creation is weak: price performance is sharply negative (-79.96% over 1 year, -53.35% over 6 months). No dividend payments and no buyback data were provided.
Analyst Sentiment & Valuation
Valuation metrics are not provided (no P/E, FCF yield, or price target). With losses and negative FCF, valuation support cannot be assessed from the supplied data.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
KULR’s Q4 2025 call (company framing FY2025) shows a pivot to a scalable product engine centered on KULR ONE batteries, but the financials were overwhelmed by large noncash items: a ~$13.8M Bitcoin mark-to-market expense (while holding ~1,082 BTC without selling) and a ~$6.9M write-off tied to an exoskeleton distribution investment after insolvency. Operationally, management argues the 2025 1% product gross margin is a low-volume ramp issue expected to improve via prototype-to-production transitions and an automated production line coming in 2H 2026 (yield and labor cost benefits). The clearest commercial catalyst is KULR ONE Air: >20 active programs, thousands of packs shipped, and a target of >10,000 packs/month in 2H 2026 with 2 U.S. drone OEM production timelines. Telecom progress is tangible (5-year Caban preferred supply; Q1 2026 deliveries; Q2 Texas consolidation), while AI data center backup power is pushed to a 2027 revenue inflection due to UL 9540 certification and hyperscaler integration.
Growth Catalysts
- KULR ONE Air scaling: >20 active customer development programs; thousands of packs already shipped; target >10,000 packs/month in 2H 2026
- Automated production line installation in 2H 2026 to improve per-unit labor cost and yield consistency (margin improvement catalyst)
- Prototype-to-production transitions for KULR ONE Air drone battery programs shifting programs from cost center to margin contributor
- KULR ONE platform maturation via modular architecture reducing incremental onboarding/engineering cost per new customer program
- Digital infrastructure telecom battery supply ramp after manufacturing equipment/process take-control; Q1 2026 deliveries and Q2 Texas consolidation
- AI data center BBU development progression toward UL 9540 certification and hyperscaler integration (revenue opportunity framed as 2027)
Business Development
- Distribution/relationship formed with private exoskeleton company (ended after late-2025 insolvency; full write-off ~ $6.9M)
- Hylio partnership: joint development collaboration to design/prototype/qualify/manufacture NDAA-compliant batteries in Texas for agriculture/public sector drones; batteries and drones made in U.S.
- Caban Energy: 5-year preferred battery supply agreement (Miami-based; energy-as-a-service across telecom operators in 12 countries); KULR took control of manufacturing equipment/process; Q1 2026 deliveries; consolidation planned Q2
- Cell partner collaborations: Amprius and Molicel (high-power and high-energy density cells) referenced as long-term strategy
- Robinson Helicopters co-development agreement: design/integration of lightweight dual-life battery architecture for eR66 electric helicopter demonstrator
- Open Compute Project: joined as Platinum member to participate in working groups writing next-gen power standards
- Joint development collaboration with leading global battery cell manufacturer to develop KULR ONE MAX BBU for AI scale data centers (KULR system design/safety/certification; cell partner supplies cells through certification)
Financial Highlights
- FY2025 revenue: $16.1M, +51% YoY; KULR states growth driven largely by Bitcoin mining and battery research grant dollars
- Battery platform revenue (product sales + contract services): $7.3M in 2025; management baseline to scale in 2026 (explicit start point cited as $7.6M)
- Product vs service mix: product revenue +39%; service revenue -50%
- Product gross margin: 1% in 2025 attributed to early-stage manufacturing ramp; management expects improvement with volume, program maturity, and 2H 2026 automation
- Net loss FY2025: approximately $62M; ~ $33M noncash expenses (~55% of loss)
- Bitcoin mark-to-market expense: unrealized mark-to-market adjustment of ~$13.8M on Bitcoin holdings for 2025; company maintained ~1,082 Bitcoins without selling
- Exoskeleton investment write-off: ~$6.9M (ended following insolvency filing by distribution/exoskeleton partner)
- Revenue per customer: ~$108k in 2025, +56% vs 2024 (products); services revenue per customer ~$65k in 2025, -50% vs 2024
Capital Funding
Strategy & Ops
- Singular 2026 focus: build and sell more KULR ONE batteries; management attention weighted to KULR ONE Air due to highest growth
- Install automated production line in 2H 2026 (labor cost reduction and improved yield consistency)
- Consolidate telecom manufacturing operations into Texas facility in Q2 (Webster facility mentioned) to reduce overhead and centralize as volumes grow
- Battery platform scaling approach: shift from prototype to volume production; modular architecture reuse to reduce engineering per customer
- Model-based electrical and thermal simulation + in-house parallel integration (electrical/mechanical/firmware) cited as enabling rapid design timeline for a 400V counter-UAS system
Market Outlook
- KULR ONE Air production momentum: target >10,000 battery packs/month in 2H 2026
- Caban Energy ramp: production battery packs delivered in Q1 2026; consolidation planned Q2 2026; continue delivering to meet growing demand through 2026
- Hylio contribution timing: Hylio revenue expected in 2H 2026 (prototype to volume pending qualification/production milestones)
- AI data center backup power: 2026 is about UL 9540 certification work and hyperscaler integration; revenue opportunities expected in 2027
- Management frames success for 2026 around KULR ONE Air ramp/scale to automated-line baseline of 10,000 packs/month and telecom volume shipping plus potential new Battery-as-a-Service telecom contracts (timing uncertain but possible in 2026)
Risks & Headwinds
- Early-stage manufacturing economics: 1% product gross margin in 2025 driven by high material pricing at low volume, fixed facility costs not yet spread, and engineering/design concentrated in early production runs
- Non-core capital allocation risk realized: exoskeleton distribution relationship ended after partner insolvency; full ~$6.9M write-off
- Bitcoin mark-to-market volatility impacting results: ~$13.8M noncash expense in 2025 driven by Bitcoin price decline; ~1,082 Bitcoins held without selling
- Time-to-revenue uncertainty in AI data center backup power: requires UL 9540 certification and hyperscaler integration; revenue framed as 2027
- Telecom contract/recurring revenue timing: Battery-as-a-Service efforts described as testing water with subscription-like offering; operator contracting may take time
Sentiment: MIXED
Note: This summary was synthesized by AI from the KULR Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.