KULR Technology Group, Inc. - KULR STOCK NEWS

KULR Technology Group has entered an agreement to provide its internal short circuit (ISC) battery safety device to the largest U.S. automotive manufacturer. This technology can reliably induce thermal runaway in lithium-ion batteries, allowing better identification of failure causes. The ISC device enhances testing processes for next-generation electric vehicle (EV) batteries, promoting reliability and safety. KULR's ISC testing technology has received accolades, including a R&D 100 Award in 2016 and a runner-up recognition from NASA in 2017.

KULR Technology Group, Inc. (NYSE American: KULR) reported significant revenue growth for Q3 2022, achieving $1.4 million compared to $0.6 million in Q3 2021, driven by increased contract services and product sales. However, gross margins fell to 33% from 74% due to rising labor and shipping costs. Operating loss increased to $5.0 million, with a net loss of $5.6 million, or $0.05 per share. Despite these challenges, KULR highlighted strong cash reserves of $16.2 million and secured key contracts, including orders from major defense and commercial customers, positioning itself for future growth.

KULR Technology Group announced its participation in the SAE G-27 Lithium Battery Packaging Performance Committee meeting in San Diego from November 8-11, 2022. The meeting aims to enhance safety standards for lithium-ion battery transport via aircraft, promoting innovation in packaging regulations. KULR will showcase its battery safety solutions, including SafeCase, a reusable storage option that complies with aviation regulations. This event also allows KULR to connect with key industry stakeholders to further drive safety and regulatory improvements in lithium battery transport.

KULR Technology Group has appointed Dr. William Walker as the new Chief Technology Officer, effective immediately. Dr. Walker will lead the engineering team in developing energy management solutions and expanding KULR's market presence. His experience includes co-inventing patented technology for NASA and expertise in lithium-ion battery systems. Dr. Timothy Knowles, the company's co-founder, will transition to the Board of Directors. The company focuses on electrification in the circular economy and aims to commercialize its renewable energy solutions.

KULR Technology Group (KULR) announced its participation in several upcoming conferences in November 2022, emphasizing its commitment to battery safety and management. Key events include the Lithium SAFE Battery Safety Workshop (Nov 1-3), SAE G-27 Lithium Battery Packing Performance Committee Meeting (Nov 8-11), and SEMI-THERM Thermal Technologies Workshop (Nov 8-10). Each conference will feature presentations from KULR, focusing on its innovative solutions for battery safety and management, contributing to the electrification of the circular economy.

KULR Technology Group (NYSE American: KULR) has announced a strategic partnership with Gamma Technologies to integrate the GT-SUITE multi-physics simulation platform into its product offerings. This collaboration aims to enhance KULR's capabilities in developing next-generation battery designs for the eVTOL and EV markets. The integration will allow KULR's engineering team to utilize advanced simulation for optimized battery solutions, ensuring customer access to cutting-edge technology.

KULR Technology Group (NYSE American: KULR) has begun Phase 2 development of its passive propagation resistant (PPR) battery systems for Lockheed Martin following a successful Phase 1 trial in November 2021. Testing started in Summer 2022, utilizing KULR’s bomb calorimeter and data from the Fractional Thermal Runaway Calorimeter (FTRC), which is licensed from NASA. These advancements are aimed at enhancing battery safety and performance, crucial for defense and commercial applications.

KULR Technology Group (NYSE American: KULR) announces a conference call scheduled for November 9, 2022, at 4:30 PM ET to discuss financial results for Q3 2022. The call will follow a press release detailing the financial outcomes. Interested parties can join via U.S. dial-in at 855-459-0165 with access code 361411, or participate through the company's webcast. KULR specializes in energy management solutions and advanced thermal management technologies, contributing to a sustainable circular economy.

KULR Technology Group, Inc. (NYSE American: KULR) announced a production prototype order for its KULR SafeCase, a safe and reusable battery transport solution, from a leading power tool manufacturer. The SafeCase is designed for lithium-ion batteries and is the only product approved by the U.S. Department of Transportation for managing batteries up to 2.5 kWh. Its selection was attributed to special permits, cost-effective design, and safety capabilities, aligning with the manufacturer's focus on sustainability and safety in battery transportation.