On August 12, 2024, KULR Technology Group, Inc., a Delaware-incorporated company listed on the NYSE American under the symbol KULR, filed a Form 8-K with the SEC to report its financial results for the second quarter ended June 30, 2024. The company announced a revenue of $2.43 million, a decrease from $2.70 million in the same period the previous year. Contract Services revenue saw a significant increase of 75.7%, reaching approximately $1.30 million. KULR reported a gross margin of 24%, a decrease from 37% year-over-year, and a reduction in both SG&A and R&D expenses. The operating loss was $5.33 million, an improvement from a $6.08 million loss in the prior year, and the net loss was $5.89 million, or $0.03 per share, compared to a net loss of $6.33 million...Show More

On August 12, 2024, KULR Technology Group, Inc., a Delaware-incorporated company listed on the NYSE American under the symbol KULR, filed a Form 8-K with the SEC to report its financial results for the second quarter ended June 30, 2024. The company announced a revenue of $2.43 million, a decrease from $2.70 million in the same period the previous year. Contract Services revenue saw a significant increase of 75.7%, reaching approximately $1.30 million. KULR reported a gross margin of 24%, a decrease from 37% year-over-year, and a reduction in both SG&A and R&D expenses. The operating loss was $5.33 million, an improvement from a $6.08 million loss in the prior year, and the net loss was $5.89 million, or $0.03 per share, compared to a net loss of $6.33 million, or $0.05 per share, in the same quarter of the previous year. The company highlighted several operational achievements, including a $400K NASA contract for battery cell testing, a test engineering contract with Bombardier Recreational Products, and a contract from a top Japanese automaker for EV battery safety and testing solutions. CEO Michael Mo voluntarily reduced his cash salary by 33% in favor of equity, aligning his compensation with shareholder value. Additionally, KULR announced the expiration of its Standby Equity Purchase Agreement with Yorkville and the retirement of all outstanding debt to them. A conference call was scheduled for the same day to discuss the results and provide a business update.