KULR Technology Group, Inc. (AMEX:KULR) shares are trading lower Monday after the company posted its third-quarter financial results.
The Details: Kulr reported quarterly losses of three cents per share, which met the analyst consensus estimate. Quarterly sales came in at $2.432 million, which beat the analyst consensus estimate by 9.16%, but is a 9.79% decrease from the same period last year.
Kulr said contract services revenue increased 75.7%, with revenue of approximately $1.3 million versus approximately $738,000 in the same quarter last year.
Kulr also announced that the company's compensation committee approved a voluntary request by CEO Michael Mo to reduce the cash component of his compensation by 33% and instead grant him an equity incentive grant that does not vest for 12 months from such grant date.
"We continue to make progress on our focus areas. Growing relevant KPIs, improving our balance sheet, and streamlining operations. Contract services revenue was up 75% against the same quarter last year, and as we have said, service revenue can foreshadow product revenue to come in the future. Our sales cycles are not necessarily measured in weeks or even months so sometimes it can take a little longer to see the product revenue that results from service contracts," said Shawn Canter, Kulr's CFO.
KULR Price Action: According to Benzinga Pro, Kulr shares are down 16.73% at 22 cents after-hours after gaining 9.17% during regular trading Monday.
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