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KULR Reports Record Revenue for the Third Quarter of 2024

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KULR Technology Group reported Q3 2024 financial results with record revenue of $3.19 million, up from $3.04 million in Q3 2023. The company achieved significant improvements with gross margin increasing to 71% from 44% year-over-year. Operating expenses decreased substantially, with SG&A dropping to $2.74 million from $4.61 million and R&D expenses reducing to $1.23 million from $1.82 million. Net loss improved to $2.00 million ($0.01 per share) compared to $5.56 million ($0.05 per share) in Q3 2023. The company secured a $2.35M licensing deal for KULR Xero Vibe technology and expanded its U.S. Army battery contract to $2.4M.

KULR Technology Group ha riportato i risultati finanziari del terzo trimestre 2024, con entrate record di 3,19 milioni di dollari, in aumento rispetto ai 3,04 milioni di dollari del terzo trimestre 2023. L'azienda ha ottenuto miglioramenti significativi, con il margine lordo che è aumentato al 71% rispetto al 44% dell'anno precedente. Le spese operative sono diminuite sostanzialmente, con le spese SG&A che sono scese a 2,74 milioni di dollari dai 4,61 milioni, e le spese per R&S ridotte a 1,23 milioni di dollari rispetto a 1,82 milioni. La perdita netta è migliorata a 2,00 milioni di dollari (0,01 dollari per azione) rispetto ai 5,56 milioni di dollari (0,05 dollari per azione) del terzo trimestre 2023. L'azienda ha ottenuto un accordo di licenza da 2,35 milioni di dollari per la tecnologia KULR Xero Vibe e ha ampliato il suo contratto con l'esercito degli Stati Uniti per batterie a 2,4 milioni di dollari.

KULR Technology Group reportó los resultados financieros del tercer trimestre de 2024, con ingresos récord de 3.19 millones de dólares, en comparación con 3.04 millones de dólares en el tercer trimestre de 2023. La compañía logró mejoras significativas, con el margen bruto aumentando al 71% desde el 44% interanual. Los gastos operativos disminuyeron sustancialmente, con los gastos de SG&A cayendo a 2.74 millones de dólares desde 4.61 millones y los gastos de I+D reducidos a 1.23 millones de dólares desde 1.82 millones. La pérdida neta se mejoró a 2.00 millones de dólares (0.01 dólares por acción) en comparación con 5.56 millones de dólares (0.05 dólares por acción) en el tercer trimestre de 2023. La empresa aseguró un acuerdo de licencia por 2.35 millones de dólares para la tecnología KULR Xero Vibe y amplió su contrato de baterías con el Ejército de EE. UU. a 2.4 millones de dólares.

KULR Technology Group는 2024년 3분기 재무 결과를 발표했으며, 기록적인 수익 319만 달러를 달성했으며, 이는 2023년 3분기 304만 달러에서 증가한 수치입니다. 이 회사는 총 마진이 전년 대비 44%에서 71%로 증가하는 등 상당한 개선을 이루었습니다. 운영 비용은 크게 감소했으며, SG&A 비용은 461만 달러에서 274만 달러로 감소했고, R&D 비용은 182만 달러에서 123만 달러로 줄어들었습니다. 순손실은 2023년 3분기 556만 달러(주당 0.05달러)에서 200만 달러(주당 0.01달러)로 개선되었습니다. 이 회사는 KULR Xero Vibe 기술에 대해 235만 달러의 라이센스 계약을 체결하고, 미국 육군과의 배터리 계약을 240만 달러로 확대했습니다.

KULR Technology Group a publié les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires record de 3,19 millions de dollars, en hausse par rapport à 3,04 millions de dollars au troisième trimestre 2023. L'entreprise a réalisé des améliorations significatives, avec une marge brute passant de 44 % à 71 % d'une année sur l'autre. Les dépenses opérationnelles ont considérablement diminué, avec les SG&A reculant à 2,74 millions de dollars contre 4,61 millions et les dépenses de R&D réduites à 1,23 million de dollars contre 1,82 million. La perte nette s'est améliorée pour atteindre 2,00 millions de dollars (0,01 dollar par action) par rapport à 5,56 millions de dollars (0,05 dollar par action) au troisième trimestre 2023. L'entreprise a sécurisé un accord de licence de 2,35 millions de dollars pour la technologie KULR Xero Vibe et a élargi son contrat de batteries avec l'armée américaine à 2,4 millions de dollars.

KULR Technology Group hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit Rekordumsätzen von 3,19 Millionen Dollar, ein Anstieg von 3,04 Millionen Dollar im dritten Quartal 2023. Das Unternehmen erzielte erhebliche Verbesserungen, wobei die Bruttomarge von 44 % auf 71 % im Jahresvergleich stieg. Die Betriebskosten sanken erheblich, wobei die SG&A-Aufwendungen von 4,61 Millionen Dollar auf 2,74 Millionen Dollar fielen und die F&E-Ausgaben von 1,82 Millionen Dollar auf 1,23 Millionen Dollar reduziert wurden. Der Nettoverlust verbesserte sich auf 2,00 Millionen Dollar (0,01 Dollar pro Aktie) im Vergleich zu 5,56 Millionen Dollar (0,05 Dollar pro Aktie) im dritten Quartal 2023. Das Unternehmen sicherte sich einen Lizenzvertrag über 2,35 Millionen Dollar für die KULR Xero Vibe-Technologie und erweiterte seinen Batterievertrag mit der US-Armee auf 2,4 Millionen Dollar.

Positive
  • Record quarterly revenue of $3.19M, up 4.9% YoY
  • Gross margin significantly improved to 71% from 44% YoY
  • Operating loss reduced by 66.5% to $1.71M from $5.10M YoY
  • Net loss per share improved to $0.01 from $0.05 YoY
  • Secured $2.35M licensing deal for KULR Xero Vibe technology
  • U.S. Army battery contract expanded to $2.4M
Negative
  • Still operating at a loss of $1.71M
  • cash and accounts receivable position of $3.60M

Insights

KULR's Q3 results show mixed signals with some notable improvements. Revenue grew modestly to $3.19M from $3.04M YoY, while gross margin significantly improved to 71% from 44%. The company has effectively reduced operating expenses, with SG&A dropping to $2.74M from $4.61M and R&D expenses decreasing to $1.23M from $1.82M.

The $2.35M licensing deal for KULR Xero Vibe technology and expanded $2.4M U.S. Army contract represent promising revenue diversification. However, with a combined cash and receivables position of $3.60M, liquidity remains tight. While the net loss improved to $2.00M ($0.01/share) from $5.56M ($0.05/share), the company still needs to demonstrate sustained profitability.

HOUSTON, Nov. 13, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today reported results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Results

Revenues: In the third quarter that ended September 30, 2024, revenue was $3.19 million compared to $3.04 million reported in the same period last year.

Cash and Accounts Receivable: As of September 30, 2024, the Company had cash and accounts receivable combined of $3.60 million.

Gross Margins: Gross margin was 71% in the quarter ending September 30, 2024, compared to 44% in the same period last year.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased to $2.74 million in the third quarter of 2024 from $4.61 million in the same period last year.

Research and Development (R&D) Expenses: R&D expenses in the third quarter of 2024 decreased to $1.23 million from $1.82 million in the same period last year.

Operating Loss: Loss from operations was $1.71 million for the third quarter of 2024, compared to $5.10 million from the same period last year. Lower operating loss in the third quarter was driven by a decrease in both SG&A expenses and investment in R&D.

Net Loss: Net loss for the third quarter of 2024 was $2.00 million, or a loss of $0.01 per share, compared to a net loss of $5.56 million, or a loss of $0.05 per share from the same period last year.

Management Commentary

KULR Chief Financial Officer Shawn Canter noted, “We are proud to announce another record revenue quarter so meaningfully the result of our entire team’s focus and dedication. The announced license agreement for KULR Xero Vibe represents a new business model that can expand the ways we grow KULR. Our recent first “Open House” in Webster was a smashing success with many customers, potential customers, insurance, fire – including the FDNY - and hazmat experts, public officials, and investors in attendance. I think we will do more of those types of events to invite more and more people to see and experience the mission critical nature of our work for so many applications.”

Mr. Canter continued, “The work we do is really part of the “picks and shovels” of the space economy, the broader adoption of electrification of the global aerospace and defense sectors, and the evolution toward more and more electric applications like planes, drones, vehicles, industrial and commercial equipment. Who isn’t going to need safe, reliable, clean power in often inconvenient environments?”

With regards to KULR Xero Vibe, Mr. Canter offered, “By meaningfully improving cooling efficiency, KXV is addressing the high operating costs of high intensity, power hungry applications like AI and crypto currency servers. Again, our proprietary technology offers a variety of sectors critical “picks and shovels” for them to continue to grow and flourish. Our goal is to have KXV technology used across these and other use cases to lower their operating costs and thus promote their expanded use.”

Third Quarter 2024 and Recent Corporate Highlights:

  • KULR's Xero Vibe Technology Lands Licensing Partnership with $2.35M Deal. The Company announced a licensing agreement for its proprietary vibration reduction technology named KULR Xero Vibe (“KXV”). The $2.35M landmark deal includes a $1.1M minimum guaranteed license and royalty fee, a unique opportunity for the licensee to purchase proprietary balancing equipment directly from KULR and additional revenue upside to KULR based on volume and technology upgrades.

  • KULR Secures Expanded U.S. Army Battery Contract to $2.4M, Paving Way for KULR ONE Guardian Battery Production in 2025. The Company announced that it was on track to successfully complete its initial engagement with the United States Army in Q3 2024 and building on the momentum of this ongoing partnership, the Army would expand its battery contract with the Company to $2.4M.

  • KULR Releases New Investor Presentation. The Company unveiled a new investor presentation on its website. This new presentation provides an overview of the Company and features refreshed and updated information, including: updated list of customers and partners, overview of the Company’s core engineering technology domains with an emphasis on diversified product and service offerings for its various market opportunities, information on KULR's customer engagement model, and financial updates and recent operational progress The investor presentation is accessible through the “Presentations” section on KULR’s website.

Conference Call
The Company has scheduled a conference call for November 13, 2024, at 4:30 p.m. ET to discuss these results. KULR management will provide a business update for the Company followed by a question-and-answer period.

To access the call, please register using the following link: KULR Third Quarter 2024 Earnings Call. After registering, an email will be sent, including dial-in details with a conference call access code required to join the call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulrtechnology.com).

About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company’s holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. For more information, please visit www.kulrtechnology.com.

Safe Harbor Statement   
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether because of new information, future events or otherwise.  

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com


FAQ

What was KULR's revenue in Q3 2024?

KULR reported revenue of $3.19 million in Q3 2024, an increase from $3.04 million in Q3 2023.

How much did KULR's gross margin improve in Q3 2024?

KULR's gross margin improved to 71% in Q3 2024, compared to 44% in Q3 2023.

What was the value of KULR's Xero Vibe licensing deal in 2024?

KULR secured a $2.35M licensing deal for its KULR Xero Vibe technology, including a $1.1M minimum guaranteed license and royalty fee.

How much is KULR's expanded U.S. Army battery contract worth?

KULR's U.S. Army battery contract was expanded to $2.4M, with completion of the initial engagement expected in Q3 2024.

KULR Technology Group, Inc.

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