KULR Technology Group, Inc. - KULR STOCK NEWS

KULR Technology Group has been chosen by Amprius Technologies for a crucial battery pack reference design project. This collaboration aims to create a solution for thermal runaway prevention in battery packs, combining KULR's energy management platform with Amprius' high-energy Silicon Anode pouch cells. The project focuses on meeting FAA and EASA safety standards for the advanced air mobility (AAM) market.

The partnership will explore innovative methods to enhance battery safety and maximize energy density at the pack level. The project will be executed in four phases, including data collection, thermal modeling, and rigorous testing. This collaboration is expected to set new standards in the AAM segment and accelerate the adoption of Amprius' high-performance cells in electric aviation applications.

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 (NYSE American: KULR), a leader in sustainable energy management, has scheduled its Second Quarter 2024 Earnings Call for Monday, August 12, 2024, at 4:30 p.m. ET. The company will release its financial results for the quarter ended June 30, 2024, prior to the call. KULR management will host the conference call, followed by a Q&A session.

Shareholders can submit questions in advance to Stuart Smith at SmallCapVoice.Com by 5:00 p.m. ET on Thursday, August 8th, 2024. To join the call, participants must register using the provided link. A replay of the call will be available on KULR's website.

KULR Technology Group has secured a $400,000 initial contract with NASA for automated battery cell screening, part of a larger $2 million multi-phase agreement. The contract involves testing lithium-ion cells for the Artemis Program and other manned space missions, meeting NASA's stringent safety specifications. KULR's technology is vital for future Artemis missions, with plans to expand support to 21700 cells by year-end. The collaborative project will enhance KULR's portfolio and reinforce its strategic partnership with NASA, positioning the company for growth in the global battery cell testing market, which is expected to reach $7 billion by 2030.

KULR Technology Group (NYSE American: KULR) announced the expiration of its Standby Equity Purchase Agreement (SEPA) with Yorkville on June 1, 2024. The company has also retired all outstanding debt to Yorkville, marking a significant milestone in its strategic initiatives to reduce cash consumption and strengthen its financial position.

Additionally, KULR confirmed compliance with NYSE guidelines regarding the audit opinion disclosure. Its recent financial statements included an explanatory paragraph about the company's ability to continue as a going concern, but this does not reflect any changes to the financial statements themselves.

The company reported a stronger balance sheet due to reductions in short-term and trade debt, with further improvements expected in the coming months. CFO Shawn Canter highlighted efforts to reduce cash consumption, including CEO Michael Mo taking a salary reduction in exchange for equity.

KULR Technology Group announced a contract with a top Japanese automaker to test and analyze high-energy battery cells for next-gen electric vehicles using KULR ONE Design Solutions (K1-DS). The comprehensive testing includes Fractional Thermal Runaway Calorimetry (FTRC), bomb calorimetry, and impingement zone mapping. This new service unit is expected to generate $8-$10 million in annual revenue starting in 2025, without extra investment in testing capabilities. The contract signals KULR's growth in the EV battery safety and testing market, particularly in the automotive sector, which is increasingly evaluating next-gen cells for better efficiency and faster charging times.

KULR Technology Group announced that CEO Michael Mo has voluntarily reduced his cash salary by 33%, advocating for a shift towards equity incentives. This change aligns his compensation with shareholder interests, as the equity grant will not vest for 12 months. The move supports the company's strategy to cut cash consumption, having already reduced operating and investment cash usage by 23% in Q1 2024 compared to Q1 2023. Mo expressed confidence in KULR's potential in the space, military, and industrial battery markets, highlighting early successes of the KULR ONE platform. Further details are available in the company's Form 8-K filed with the SEC.

KULR Technology Group (NYSE American: KULR) has secured an engineering contract with Bombardier Recreational Products (BRP) to provide Fractional Thermal Runaway Calorimetry (FTRC) testing services, enhancing battery safety in electric recreational products. This partnership aligns with KULR's ongoing efforts in safe battery design and regulatory compliance, particularly with the KULR ONE Design Solutions (K1-DS) platform. The global battery testing market is projected to reach $16.5 billion by 2030, positioning KULR advantageously.

Additionally, Vision Marine Technologies announced a patent for a high-voltage marine battery pack, while Polaris and SolarEdge are expanding their all-electric utility and recreational vehicle portfolios. These developments underscore the increasing emphasis on battery safety and performance in the evolving electric vehicle market.

KULR Technology Group has secured an engineering contract with Bombardier Recreational Products (BRP) for its Fractional Thermal Runaway Calorimetry (FTRC) testing services. This partnership emphasizes KULR's commitment to battery safety in the electric recreational products sector. KULR, known for its space and military battery designs, aims to expand its market to electric aviation, maritime, EV, and recreational vehicles. BRP's focus on thermal runaway management aligns with KULR's K1-DS platform, ensuring regulatory compliance and safety. KULR's FTRC technology, licensed from NASA, is pivotal in enhancing battery safety and reliability across industries.