KULR Technology Group, Inc. - KULR STOCK NEWS

KULR Technology Group reported a significant revenue increase of 137% to $1.8 million in Q4 2022 compared to Q4 2021, driven by scaling design and test services. For the full year, revenue rose 66% to $3.995 million. Despite higher gross margins of 92% in Q4, net loss grew to $4.459 million from $4.073 million year-over-year. Operational highlights included a $2.68 million contract for PPR battery solutions and partnerships with Lockheed Martin and leading automotive firms. However, cash reserves decreased to $10.3 million from $14.9 million in the prior year, raising concerns among investors.

KULR Technology Group, Inc. (NYSE American: KULR) will hold a conference call on March 23, 2023, at 4:30 p.m. Eastern to discuss its financial results for the fourth quarter and full year ended December 31, 2022. The conference call will be accessible by phone and via a webcast. KULR aims to accelerate the transition to a sustainable electrification economy through its energy management solutions, including next-generation carbon fiber thermal management technologies.

KULR Technology Group has announced the opening of a new research and development center in Webster, Texas, to support the growing demand for battery development. This facility will feature advanced prototyping equipment and is expected to create numerous STEM jobs, enhancing the local economy. The new center aligns with KULR's focus on innovation and supports its role as an exclusive supplier for battery safety solutions, backed by a recent $2.68 million contract. The facility will be fully operational by April 2023, and KULR plans to expand its presence in Texas, leveraging proximity to major engineering organizations.

KULR Technology Group (NYSE American: KULR) will participate in two upcoming conferences in March 2023, enhancing its visibility and engagement with investors. The first event, Hai Heli-Expo 2023, takes place from March 7-9 in Atlanta, GA, where KULR will showcase its KULR VIBE products and participate in the Rotor Safety Challenge Forum on March 8. The second event is the 35th Annual Roth Conference, occurring from March 12-14 in Dana Point, CA, where management will hold one-on-one meetings with institutional investors. These appearances are expected to strengthen KULR's market presence and foster investor relations.

KULR Technology Group, a leader in energy management solutions, has secured a $2.68 million contract as the exclusive supplier of its patented Passive Propagation Resistant (PPR) battery solutions. This represents the company's largest PPR deployment order to date. The contract supports a customer scaling their battery assembly operations while KULR expands its manufacturing capabilities in North America. The PPR technology has passed stringent safety certifications, allowing the customer’s battery systems to be used in occupied buildings. The stationary battery storage market is projected to exceed $870 billion by 2032, indicating significant growth potential for KULR.

KULR Technology Group, Inc. (NYSE American: KULR) reported strong preliminary financial results for Q4 2022, with estimated revenues of $1.81 million, marking a 137% increase from the previous year. The company achieved a gross margin of 80%, up from 70% year-over-year. Key operational highlights include securing an initial order exceeding $500,000 from a top-tier defense contractor, and collaborating with Lockheed Martin on battery safety testing. KULR also entered partnerships to enhance battery safety technology and launched a new vibration reduction service, KULR VIBE, demonstrating its commitment to innovation in energy management.

KULR Technology Group announced the issuance of United States Patent 11502352, enhancing its intellectual property portfolio related to its SafeCase products designed for safe lithium-ion battery storage and transportation. This patent marks the fourth issued for KULR’s Thermal Runaway Shield (TRS) technology. The company has also secured special permits from the Department of Transportation, expanding its market reach. The global lithium-ion battery market is projected to grow at a CAGR of 13.1%, reaching $135.1 billion by 2031.

KULR Technology Group (NYSE American: KULR) has announced the retention of Integrous Communications as its investor relations advisor to enhance investor reach and corporate communications. CEO Michael Mo emphasized the aim to improve communication of corporate and operational progress to shareholders, leveraging Integrous's extensive experience in investor relations. The partnership will focus on communicating financial and investor developments effectively within capital markets. KULR specializes in energy management solutions and thermal management technologies for batteries, targeting a sustainable electrification economy.

KULR Technology Group, a leading energy management platform, will participate in notable conferences in February 2023. The company will attend the Intersolar North America and Energy Storage North America Conference from February 14-16 in Long Beach, CA, showcasing its advancements in solar and energy storage. Additionally, KULR will join Baird's Vehicle Technology & Mobility Conference on February 15, focusing on vehicle electrification and mobility. These events aim to facilitate networking and provide insights into the energy transition, aligning with KULR's mission to enhance efficiency in sustainable electrification.