KULR Reports Record Fourth Quarter Revenue and Full-Year 2024 Financial Results
HOUSTON, March 27, 2025 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE:KULR) (the "Company" or "KULR"), a leader in advanced energy management platforms, today announced its financial results for the fourth quarter and full-year 2024.
Fourth Quarter 2024 Financial Highlights:
Revenue increased by 44% to $3.37 million from the same quarterly period of the prior year.
Operating loss decreased by 29% to $3.54 million from the same quarterly period of the prior year.
The Company had $29.83 million in cash as of December 31, 2024, compared to $1.19 million as of December 31, 2023. In addition, the Company had $20.28 million of Bitcoin holdings as of December 31, 2024, compared to none as of December 31, 2023.
Gross margin was 64% in the quarter ended December 31, 2024, compared to 29% in the same quarterly period of the prior year.
Fourth Quarter 2024 and Recent Operational Highlights:
KULR Technology Awarded Key Defense Contract for Leading Missile Program. The Company was awarded a pivotal contract for the development of a specialized Phase-Change Material (PCM) heat sink for a major missile program. This custom PCM heat sink is designed to manage extreme thermal loads generated during mission-critical maneuvers, helping maintain optimal performance and reliability within the missile's electronics systems. While specific program and customer details could not be disclosed, this award further solidifies KULR's role as a trusted partner for mission-critical defense applications with multi-decade production runs.
KULR Awarded U.S. Navy Contract to Develop High-Temperature Internal Short Circuit Cells for Enhanced Battery Safety in Critical Applications. The Company was awarded a contract by the U.S. Navy to advance its Internal Short Circuit (ISC) technology to activate at higher temperatures. This development, vital for both military and commercial applications, will support a wide range of safety-critical uses, with particular importance for aviation by enabling the simulation of extreme conditions that better reflect the stringent safety standards of the Federal Aviation Administration (FAA) and European Union Aviation Safety Agency (EASA).
KULR Xero Vibe Solution Launches on NVIDIA Jetson Edge AI Platform. The Company announced the launch of its innovative KULR Xero Vibe™ ("KXV") solution integrated with the NVIDIA Jetson edge AI platform. This new rollout combines superior vibration mitigation with artificial intelligence capabilities to enable high-performance, reliable operation in edge AI environments. KULR's Xero Vibe™ solution complements the Jetson platform by addressing key operational challenges such as vibration suppression, ensuring optimal cooling system performance, reduced energy consumption, and extended mechanical lifespans.
KULR Announces Bitcoin Treasury Strategy. The Company announced its Board of Directors agreed to include bitcoin ("BTC") as a primary asset in its treasury program. KULR is committed to allocating up to 90% of its surplus cash to BTC.
KULR Expands Bitcoin Holdings to 668 BTC, Reports 181.1% BTC Yield. On March 25, 2025 the Company announced it has increased its bitcoin purchases for its Bitcoin Treasury by an additional $5 million to reach a total of $65 million in bitcoin acquisitions. The additional purchases were made at a weighted average price of $88,824 per bitcoin, inclusive of fees and expenses. The Company now holds 668.3 BTC.
KULR Signs Service Agreement to Launch KULR ONE Space Battery. The Company announced its plans to launch the KULR ONE Space (K1S) battery via launch integrator Exolaunch on a SpaceX rideshare mission scheduled for 2026. This mission represents a pivotal milestone in KULR's ongoing commitment to developing safer and higher-performing battery systems tailored for space applications for a space battery market that is expected to grow from $3.9B to $6.35B by 2030 per Virtue Market Research.
KULR Regains Compliance ...
