KULR Technology Group, Inc. (KULR) reported financial results for the quarter ended September 30, 2024. Revenue for the quarter was $3,185,778, a 5% increase from $3,041,007 in the same period last year. The company's net loss narrowed to $2,003,764, or $(0.01) per share, compared to a net loss of $5,562,274, or $(0.05) per share, in the prior-year quarter. Gross profit for the quarter was $2,257,452, with a gross margin of 71%, up from $1,337,454 and a 44% gross margin in the previous year. Operating expenses decreased, with research and development costs down to $1,232,333 from $1,821,658, and selling, general, and administrative expenses reduced to $2,735,419 from $4,612,824. The company also highlighted a new licensing agreement for its KULR VIBE technology, which contributed $1,028,767 in revenue with no associated cost of revenue. KULR's cash balance stood...Show More

KULR Technology Group, Inc. (KULR) reported financial results for the quarter ended September 30, 2024. Revenue for the quarter was $3,185,778, a 5% increase from $3,041,007 in the same period last year. The company's net loss narrowed to $2,003,764, or $(0.01) per share, compared to a net loss of $5,562,274, or $(0.05) per share, in the prior-year quarter. Gross profit for the quarter was $2,257,452, with a gross margin of 71%, up from $1,337,454 and a 44% gross margin in the previous year. Operating expenses decreased, with research and development costs down to $1,232,333 from $1,821,658, and selling, general, and administrative expenses reduced to $2,735,419 from $4,612,824. The company also highlighted a new licensing agreement for its KULR VIBE technology, which contributed $1,028,767 in revenue with no associated cost of revenue. KULR's cash balance stood at $912,417, with a working capital deficit of $1,157,755. The company has continued to focus on expanding its KULR ONE battery solutions and KULR VIBE vibration reduction technology, aiming to capitalize on growing markets in energy storage, battery recycling, and clean energy. Looking ahead, KULR plans to leverage its technology platform to support the transition to a sustainable electrification economy and explore additional licensing opportunities for its KULR VIBE technology.