KULR Technology Group, Inc. - KULR STOCK NEWS

KULR Technology Group, Inc. (NYSE American: KULR) is set to participate in multiple conferences in April 2023, highlighting its role in the energy management sector. The MRO Americas 2023 Conference will take place from April 18-20 in Atlanta, GA, focusing on aircraft maintenance and repair. Following that, KULR will present at the CubeSat Developers Workshop from April 25-27 in San Luis Obispo, CA, discussing a passive battery technology for small satellites. Lastly, KULR's CEO will present at the Ladenburg Tech Expo on April 27 in New York, emphasizing the company's technology offerings for sustainability and efficiency in electrification.

KULR Technology Group, Inc. (NYSE American: KULR) has appointed Shawn Canter as its new Chief Financial Officer, effective March 31, 2023. Canter, who has over 25 years of experience in financial management and M&A at firms like Goldman Sachs and Bank of America, will oversee KULR's financial strategy and assist in its commercialization phase. This leadership change follows the retirement of Simon Westbrook, who served as CFO. CEO Michael Mo expressed confidence in Canter’s abilities to enhance shareholder value and guide KULR's growth, particularly in sustainable energy technologies for clients like NASA and the US military.

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.