KULR Technology Group Reports Second Quarter 2024 Financial Results
KULR Technology Group reported its Q2 2024 financial results, showing mixed performance. Revenue decreased to $2.43 million from $2.70 million year-over-year, but Contract Services revenue increased by 75.7% to $1.30 million. The company's gross margin declined to 24% from 37% in the same period last year. However, KULR reduced its operating loss to $5.33 million from $6.08 million, driven by decreased SG&A and R&D expenses. The company's net loss improved to $5.89 million, or $0.03 per share, compared to $6.33 million, or $0.05 per share, in Q2 2023. KULR secured notable contracts, including a $400K NASA agreement and partnerships with Bombardier Recreational Products and a top Japanese automaker for EV battery testing.
KULR Technology Group ha riportato i risultati finanziari per il secondo trimestre del 2024, mostrando una performance mista. Il fatturato è diminuito a 2,43 milioni di dollari rispetto ai 2,70 milioni di dollari dell'anno precedente, ma il fatturato dei servizi contrattuali è aumentato del 75,7%, raggiungendo 1,30 milioni di dollari. Il margine lordo dell'azienda è sceso al 24% dal 37% nello stesso periodo dell'anno passato. Tuttavia, KULR ha ridotto la sua perdita operativa a 5,33 milioni di dollari, rispetto ai 6,08 milioni di dollari, grazie alla diminuzione delle spese SG&A e R&D. La perdita netta dell'azienda è migliorata a 5,89 milioni di dollari, ovvero 0,03 dollari per azione, rispetto ai 6,33 milioni di dollari, o 0,05 dollari per azione, nel secondo trimestre del 2023. KULR ha ottenuto contratti significativi, tra cui un accordo da 400.000 dollari con la NASA e collaborazioni con Bombardier Recreational Products e un importante costruttore automobilistico giapponese per il test delle batterie per veicoli elettrici.
KULR Technology Group informó sus resultados financieros del segundo trimestre de 2024, mostrando un rendimiento mixto. Los ingresos disminuyeron a 2,43 millones de dólares desde 2,70 millones de dólares en comparación con el año anterior, pero los ingresos por servicios contractuales aumentaron un 75,7%, alcanzando 1,30 millones de dólares. El margen bruto de la compañía disminuyó al 24% desde el 37% en el mismo período del año pasado. Sin embargo, KULR redujo su pérdida operativa a 5,33 millones de dólares desde 6,08 millones, impulsada por la disminución de los gastos de SG&A y I+D. La pérdida neta de la compañía mejoró a 5,89 millones de dólares, o 0,03 dólares por acción, en comparación con 6,33 millones de dólares, o 0,05 dólares por acción, en el segundo trimestre de 2023. KULR aseguró contratos notables, incluyendo un acuerdo de 400 mil dólares con la NASA y asociaciones con Bombardier Recreational Products y un importante fabricante de automóviles japonés para pruebas de baterías de vehículos eléctricos.
KULR 기술 그룹이 2024년 2분기 재무 결과를 발표했으며, 혼합된 실적을 보였습니다. 수익은 270만 달러에서 243만 달러로 감소했습니다, 전년 대비, 그러나 계약 서비스 수익은 75.7% 증가하여 130만 달러에 이릅니다. 회사의 총 마진은 지난해 같은 기간의 37%에서 24%로 감소했습니다. 그러나 KULR은 SG&A 및 R&D 비용 감소로 인해 운영 손실을 608만 달러에서 533만 달러로 줄였습니다. 회사의 순손실은 589만 달러로 개선되었으며, 이는 주당 0.03달러이며, 지난해 2분기의 633만 달러, 주당 0.05달러에 비해 감소했습니다. KULR은 NASA와의 40만 달러 계약을 포함한 주목할 만한 계약을 체결했으며, Bombardier Recreational Products 및 주요 일본 자동차 제조업체와 전기차 배터리 테스트를 위한 파트너십을 맺었습니다.
KULR Technology Group a publié ses résultats financiers pour le deuxième trimestre de 2024, montrant des performances mixtes. Les revenus ont diminué à 2,43 millions de dollars contre 2,70 millions de dollars l'année précédente, mais les revenus des services contractuels ont augmenté de 75,7%, atteignant 1,30 million de dollars. La marge brute de l'entreprise a baissé à 24% contre 37% sur la même période de l'année dernière. Cependant, KULR a réduit sa perte d'exploitation à 5,33 millions de dollars contre 6,08 millions de dollars, grâce à la diminution des dépenses SG&A et R&D. La perte nette de l'entreprise s'est améliorée à 5,89 millions de dollars, soit 0,03 dollar par action, par rapport à 6,33 millions de dollars, soit 0,05 dollar par action, au deuxième trimestre 2023. KULR a obtenu des contrats notables, notamment un accord de 400 000 dollars avec la NASA et des partenariats avec Bombardier Recreational Products et un important constructeur automobile japonais pour les tests de batteries de véhicules électriques.
KULR Technology Group hat die Finanzzahlen für das zweite Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz sank auf 2,43 Millionen Dollar von 2,70 Millionen Dollar im Vorjahr, während der Umsatz aus Vertragsdienstleistungen um 75,7% anstieg und 1,30 Millionen Dollar erreichte. Die Bruttomarge des Unternehmens fiel auf 24% von 37% im gleichen Zeitraum des Vorjahres. KULR konnte jedoch den operativen Verlust auf 5,33 Millionen Dollar von 6,08 Millionen Dollar reduzieren, was auf gesenkte SG&A- und F&E-Ausgaben zurückzuführen ist. Der netto Verlust des Unternehmens verbesserte sich auf 5,89 Millionen Dollar, beziehungsweise 0,03 Dollar pro Aktie, verglichen mit 6,33 Millionen Dollar, oder 0,05 Dollar pro Aktie, im 2. Quartal 2023. KULR sicherte sich bemerkenswerte Verträge, darunter einen NASA-Vertrag über 400.000 Dollar sowie Partnerschaften mit Bombardier Recreational Products und einem führenden japanischen Automobilhersteller für die Prüfung von EV-Batterien.
- Contract Services revenue increased by 75.7% to $1.30 million
- Operating loss reduced to $5.33 million from $6.08 million year-over-year
- Net loss per share improved to $0.03 from $0.05 year-over-year
- Secured a $400K contract with NASA, part of a potential $2M multi-phase agreement
- Awarded engineering contract with Bombardier Recreational Products for battery testing services
- Obtained contract from a top Japanese automaker for EV battery cell testing
- Overall revenue decreased to $2.43 million from $2.70 million year-over-year
- Gross margin declined to 24% from 37% in the same period last year
- Net loss of $5.89 million for Q2 2024
Insights
KULR's Q2 2024 results show mixed signals. While revenue declined by
The company's efforts to streamline operations are evident, with SG&A and R&D expenses down by
The improved balance sheet, with cash plus receivables up
KULR's strategic positioning in the battery safety and testing market shows promise. The $400K NASA contract, potentially expanding to $2M, demonstrates the company's technological prowess and opens doors to high-profile projects like the Artemis Program. This aligns well with the projected growth of the global battery cell testing market to
The partnership with Bombardier Recreational Products and the contract with a top Japanese automaker highlight KULR's expanding influence in the e-mobility and EV sectors. The company's KULR ONE Design Solutions (K1-DS) platform is gaining traction, with projections of becoming an
However, investors should note that while these developments are promising, they haven't yet translated into significant revenue growth. The transition from service contracts to product revenue will be important for KULR's long-term success in the rapidly evolving EV and battery technology markets.
SAN DIEGO, Aug. 12, 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 second quarter ended June 30, 2024.
Second Quarter 2024 Financial Results
Revenues: In the second quarter that ended June 30, 2024, revenue was
Cash and Accounts Receivable: As of June 30, 2024, the Company had cash and accounts receivable combined of
Gross Margins: Gross margin was
Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased to
Research and Development (R&D) Expenses: R&D expenses in the second quarter of 2024 decreased to
Operating Loss: Loss from operations was
Net Loss: Net loss for the second quarter of 2024 was
Management Commentary
KULR Chief Financial Officer Shawn Canter noted, “We continue to make progress on our focus areas. Growing relevant KPIs, improving our balance sheet, and streamlining operations. Contract services revenue was up
Second Quarter 2024 and Recent Corporate Highlights:
- KULR Lands Initial
$400 K NASA Contract for Automated Battery Cell Testing,$2M in Total Orders Anticipated Over Several Quarters. The Company was awarded a purchase order exceeding$400,000 from the National Aeronautics and Space Administration (“NASA”), an independent agency of the U.S. federal government, as part of a$2M multi-phase agreement for its advanced automated battery cell screening system. The battery safety contract with NASA is to test lithium-ion cells going into future battery packs designed for the Artemis Program, a series of United States-led international human spaceflight programs. KULR will perform the tests on cells in reserve for upcoming Artemis missions as well as other pivotal manned space voyages. The cells used on the missions are required to meet certification to NASA’s strict specifications for manned flights, EP-WI-037. According to Straits Research, the global battery cell testing market is anticipated to grow at a CAGR of4% between 2022–2030 and reach USD 7 billion by 2030. - KULR Secures Test Engineering Contract with Bombardier Recreational Products (“BRP”). The Company was awarded an engineering contract with Bombardier Recreational Products for the Company’s Fractional Thermal Runaway Calorimetry (FTRC) testing services. This milestone underscores KULR's expanding influence and commitment to advancing battery safety in the rapidly growing electric recreational products sector. The partnership highlights BRP’s proactive approach to thermal runaway management across all its e-mobility market verticals – including National Fire Protection Association (NFPA) 1192, while concurrently aligning with KULR’s development of the KULR ONE Design Solutions (K1-DS) platform, which focuses on regulatory compliance, including battery cell testing, propagation-resistant materials, pack and module level testing. The NFPA 1192 standard establishes fire and life safety criteria for recreational vehicles to provide protection from loss of life from fire and explosion.
- KULR Experiences Fast-Growing Demand for Next-Gen EV Battery Safety and Testing Solutions with Order from Top Japanese Automaker. The Company secured a contract from a top Japanese multinational automaker (“Automaker”) for testing and analysis of high-energy battery cells intended for their next-generation electric vehicles. The Company will utilize its KULR ONE Design Solutions (K1-DS) platform to expedite design readiness for the Automaker’s future electric vehicle buildout. Originally, K1-DS was developed to introduce customers to KULR products, with the goal of transitioning to volume production. While this remains the Company’s core objective, over time KULR has expanded its testing services, projecting it to become an annual
$8 t o$10 million revenue standalone business starting in 2025, without additional investment in testing capabilities. According to last year’s International Energy Agency's projection, electric vehicles, including fully electric and plug-in hybrid models, are expected to account for 35 percent of new vehicle sales worldwide by 2030. The Company expects the FTRC to remain widely used across various industries for assessing both current and future cell technologies. - KULR CEO Michael Mo Reduces Cash Salary to Better Align with Shareholder Value Creation. The Company announced that, in keeping with the KULR's recent efforts to reduce its cash consumption, the Company's compensation committee approved a voluntary request by CEO Michael Mo to reduce the cash component of his compensation by
33% and, believing in the future of KULR, to instead grant him an equity incentive grant that does not vest for 12 months from such grant date. The strategic move ensures one-third of Mr. Mo’s salary going forward is provided at market value of the Company’s stock, further aligning his interests with those of shareholders. With this revised compensation model, the CEO's benefits will directly correlate with value creation as the executive team drives the Company's transformation and industry innovation. - KULR Announces Expiration of SEPA Facility. The Company announced its Standby Equity Purchase Agreement (“SEPA”), with YA II PN, LTD. ("Yorkville"), was terminated on June 1, 2024. Furthermore, the Company confirmed that it had retired all outstanding debt owed to Yorkville.
Conference Call
The Company has scheduled a conference call for August 12, 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 Second 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) is a leading energy management platform company offering proven solutions that play a critical role in accelerating the electrification of the circular economy. Leveraging a foundation in developing, manufacturing, and licensing next-generation carbon fiber thermal management technologies for batteries and electronic systems, KULR has evolved its holistic suite of products and services to enable its customers across disciplines to operate with efficiency and sustainability in mind. 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
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