On May 15, 2024, KULR Technology Group, Inc., a sustainable energy management company, reported its financial results for the first quarter ending March 31, 2024. The company announced flat revenues of $1.75 million, consistent with the previous year's $1.76 million. A significant increase in Contract Services revenue was noted, rising 769% to approximately $1.13 million. KULR also reported a combined cash and accounts receivable total of $1.78 million. Gross margins decreased to 29% from 37% year-over-year, while Selling, General and Administrative expenses saw a reduction to $4.21 million from $5.10 million, attributed to decreased outsourced services and stock-based compensation. Research and Development expenses also declined to $955 thousand from $1.81 million, reflecting a strategic reduction in consulting services. The company's operating loss improved to $4.66 million from $6.26 million, and net loss...Show More

On May 15, 2024, KULR Technology Group, Inc., a sustainable energy management company, reported its financial results for the first quarter ending March 31, 2024. The company announced flat revenues of $1.75 million, consistent with the previous year's $1.76 million. A significant increase in Contract Services revenue was noted, rising 769% to approximately $1.13 million. KULR also reported a combined cash and accounts receivable total of $1.78 million. Gross margins decreased to 29% from 37% year-over-year, while Selling, General and Administrative expenses saw a reduction to $4.21 million from $5.10 million, attributed to decreased outsourced services and stock-based compensation. Research and Development expenses also declined to $955 thousand from $1.81 million, reflecting a strategic reduction in consulting services. The company's operating loss improved to $4.66 million from $6.26 million, and net loss was reported at $5.01 million, or $0.04 per share, an improvement from the previous year's $6.60 million, or $0.06 per share. KULR's CFO Shawn Canter expressed confidence in the company's long-term growth trends despite short-term revenue challenges. The report also highlighted several operational achievements, including the completion of a battery safety test for an EV customer, the launch of an online marketplace for battery safety products, immediate battery deployment for drone missions in Ukraine, delivery of customized battery solutions to the U.S. Army, expansion of battery storage solutions in eVTOL manufacturing, and support for NASA's R5 program. Additionally, KULR announced the appointment of Donna H. Grier to its Board of Directors. A conference call was scheduled for May 15, 2024, to discuss the results and provide a business update.