KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a global leader in sustainable energy
management, today reported results for the third quarter ended
September 30, 2024.
Third Quarter 2024 Financial Results
Revenues: In the third quarter that ended
September 30, 2024, revenue was $3.19 million compared to $3.04
million reported in the same period last year.
Cash and Accounts Receivable: As of
September 30, 2024, the Company had cash and accounts receivable
combined of $3.60 million.
Gross Margins: Gross margin was 71% in the
quarter ending September 30, 2024, compared to 44% in the same
period last year.
Selling, General and Administrative (SG&A)
Expenses: SG&A expenses decreased to $2.74
million in the third quarter of 2024 from $4.61 million in the same
period last year.
Research and Development (R&D)
Expenses: R&D expenses in the third quarter of
2024 decreased to $1.23 million from $1.82 million in the same
period last year.
Operating Loss: Loss from operations was
$1.71 million for the third quarter of 2024, compared to $5.10
million from the same period last year. Lower operating loss in the
third quarter was driven by a decrease in both SG&A expenses
and investment in R&D.
Net Loss: Net loss for the third quarter
of 2024 was $2.00 million, or a loss of $0.01 per share, compared
to a net loss of $5.56 million, or a loss of $0.05 per share from
the same period last year.
Management Commentary
KULR Chief Financial Officer Shawn Canter noted, “We are proud
to announce another record revenue quarter so meaningfully the
result of our entire team’s focus and dedication. The announced
license agreement for KULR Xero Vibe represents a new business
model that can expand the ways we grow KULR. Our recent first “Open
House” in Webster was a smashing success with many customers,
potential customers, insurance, fire – including the FDNY - and
hazmat experts, public officials, and investors in attendance. I
think we will do more of those types of events to invite more and
more people to see and experience the mission critical nature of
our work for so many applications.”
Mr. Canter continued, “The work we do is really part of the
“picks and shovels” of the space economy, the broader adoption of
electrification of the global aerospace and defense sectors, and
the evolution toward more and more electric applications like
planes, drones, vehicles, industrial and commercial equipment. Who
isn’t going to need safe, reliable, clean power in often
inconvenient environments?”
With regards to KULR Xero Vibe, Mr. Canter offered, “By
meaningfully improving cooling efficiency, KXV is addressing the
high operating costs of high intensity, power hungry applications
like AI and crypto currency servers. Again, our proprietary
technology offers a variety of sectors critical “picks and shovels”
for them to continue to grow and flourish. Our goal is to have KXV
technology used across these and other use cases to lower their
operating costs and thus promote their expanded use.”
Third Quarter 2024 and Recent Corporate
Highlights:
- KULR's Xero Vibe Technology Lands Licensing Partnership
with $2.35M Deal. The Company announced a licensing
agreement for its proprietary vibration reduction technology named
KULR Xero Vibe (“KXV”). The $2.35M landmark deal includes a $1.1M
minimum guaranteed license and royalty fee, a unique opportunity
for the licensee to purchase proprietary balancing equipment
directly from KULR and additional revenue upside to KULR based on
volume and technology upgrades.
- KULR Secures Expanded U.S. Army Battery Contract to
$2.4M, Paving Way for KULR ONE Guardian Battery Production in
2025. The Company announced that it was on track to
successfully complete its initial engagement with the United States
Army in Q3 2024 and building on the momentum of this ongoing
partnership, the Army would expand its battery contract with the
Company to $2.4M.
- KULR Releases New Investor Presentation. The
Company unveiled a new investor presentation on its website. This
new presentation provides an overview of the Company and features
refreshed and updated information, including: updated list of
customers and partners, overview of the Company’s core engineering
technology domains with an emphasis on diversified product and
service offerings for its various market opportunities, information
on KULR's customer engagement model, and financial updates and
recent operational progress The investor presentation is accessible
through the “Presentations” section on KULR’s website.
Conference CallThe Company has scheduled a
conference call for November 13, 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 Third 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) delivers cutting edge energy
storage solutions for space, aerospace, and defense by leveraging a
foundation of in-house battery design expertise, comprehensive cell
and battery testing suite, and battery fabrication and production
capabilities. The Company’s holistic offering allows delivery of
commercial-off-the-shelf and custom next generation energy storage
systems in rapid timelines for a fraction of the cost compared to
traditional programs. 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 847Email: ir@kulrtechnology.com
KULR Technology (AMEX:KULR)
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