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olivLaw · US equity research

KULR Technology Group, Inc. KULR

Electronic Components & Accessories · SIC 3670 · Vertical: Electronic Components & Accessories (SIC 3670)

1.63USD−0.61% · 1 dayClose 04 Nov 2026

KULR Technology Group designs and builds high-safety battery systems with thermal management for space, defense, drones, data centers and robotics. The company is in a transition: after record annual revenue in 2025, revenue fell sharply in the second quarter of 2026, and it is refocusing its strategy on the core battery business.

At the close of 04 Nov 2026, KULR Technology Group, Inc. (KULR) stock was 1.63 USD (−0.61% on the day), with market capitalisation 75.4 m USD, beta 2.57, 52-week range 1.54–5.23 USD. Latest reported quarter (Q2 2026): revenue of 2.1 m USD (−43.0% YoY), net income of -22.0 m USD (−369.8% YoY), diluted EPS -0.47 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
75.4 m USD
shares as of 11 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.24 · TTM to 30 Jun 2026
E/P (TTM)
-137.67%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.57
Volatility (1y) 96%
52-week range
1.545.23

Price history

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Technical reading

RSI (14)
31.2
weak (30–45)
Bollinger (20, 2)
1.26 – 2.40
in the lower half of the band · %B 0.32 · band width 62.0%
SMA 50 / 200
2.22 / 2.88
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.20 / -0.21
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−36.1%−1.1%−35.0 pp—
3 months−40.7%−0.5%−40.3 pp—
6 months−42.8%+4.4%−47.2 pp—
Year to date−44.9%+12.3%−57.2 pp—
1 year−50.6%+13.5%−64.1 pp+2.1%
3 years−36.3%+76.4%−112.7 pp+46.1%
5 years−94.3%+63.7%−158.0 pp—
Max drawdown (1y)
−70.6%
02 Jun 2026 → 26 Oct 2026
Max drawdown (5y)
−96.8%
15 Nov 2021 → 08 Feb 2024
Compound annual growth (5y)
−43.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
2.1 m USD
−43.0% YoY
Net income
-22.0 m USD
−369.8% YoY
Diluted EPS
-0.47
−313.6% YoY
net / operating
-1,056.2% / -538.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue3.2 m3.4 m2.4 m3.7 m6.9 m2.9 m3.9 m2.1 m
Cost of revenue928.3 k1.2 m2.2 m2.9 m6.3 m3.6 m3.4 m2.7 m
Gross profit2.3 m2.1 m206.3 k713.7 k628.9 k-778.0 k517.3 k-638.9 k
Research & development1.2 m1.2 m2.4 m2.4 m2.3 m3.5 m1.8 m3.0 m
SG&A2.7 m4.4 m7.2 m6.9 m6.3 m7.9 m6.5 m6.3 m
Operating income-1.7 m-3.5 m-9.4 m-9.5 m-8.7 m-15.4 m-7.4 m-11.2 m
Depreciation & amortisation319.9 k ≈262.1 k294.4 k295.4 k ≈331.0 k ≈477.5 k307.5 k269.2 k ≈
Interest expense28.9 k14.7 k10.4 k2.1 k135.4 k12.0 k5.4 k229.0 k
Net income-2.0 m-4.6 m-18.8 m8.1 m-7.0 m-44.3 m-29.0 m-22.0 m
Diluted EPS-0.08-0.16 ≈-0.540.22-0.17-0.97 ≈-0.63-0.47
Operating cash flow-3.3 m ≈-4.8 m-9.6 m-11.8 m ≈-9.6 m ≈-13.8 m-8.7 m-9.0 m ≈
Capex52.9 k ≈385.2 k120.2 k214.4 k ≈247.1 k ≈2.4 m173.6 k224.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.3 m830.4 k624.0 k2.4 m4.0 m9.8 m10.7 m16.2 m
Revenue YoY+440.8%−34.8%−24.9%+286.7%+65.6%+146.1%+9.2%+50.6%
Net income-2.1 m-2.0 m-2.9 m-11.9 m-19.4 m-23.7 m-17.5 m-61.9 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailable-0.03-0.15-0.18-0.20-0.75-1.56
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-161.6%-238.4%-456.8%-493.7%-486.6%-241.0%-163.2%-382.8%
Free cash flow-1.4 m-1.2 m-2.8 m-7.2 m-20.0 m-12.2 m-17.9 m-47.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
13.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
121.6 m USD
Total assets
129.0 m USD
Debt / equity
unavailable
Current ratio
4.07x
ROE
-69.1%
ROA
-64.5%
FCF margin
-296.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
9.8 m
2024
10.7 m
2025
16.2 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
6.2 m
2024
5.3 m
2025
15.4 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
3.7 m
2024
5.5 m
2025
771.0 k

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
7.1 m
2024
4.7 m
2025
10.8 m

SEC (XBRL)· 31 Mar 2026verified

SG&A
2023
18.9 m
2024
16.0 m
2025
27.7 m

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
-22.4 m
2024
-15.2 m
2025
-43.0 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2023
2.2 m
2024
1.8 m
2025
1.4 m

SEC (XBRL)· 31 Mar 2026verified

EBITDA
2023
-20.2 m ≈
2024
-13.4 m ≈
2025
-41.6 m ≈

SEC (XBRL)· 31 Mar 2026derived

Interest expense
2023
714.1 k
2024
209.8 k
2025
159.9 k

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
—
2024
-17.5 m
2025
-61.9 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Mar 2022verified

Net income
2023
-23.7 m
2024
-17.5 m
2025
-61.9 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-0.20
2024
-0.75
2025
-1.56

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
117.8 m
2024
23.3 m
2025
39.7 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
1.2 m
2024
29.8 m
2025
13.3 m

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
901.7 k
2024
2.6 m
2025
2.1 m

SEC (XBRL)· 31 Mar 2026verified

Inventories
2023
1.1 m
2024
545.5 k
2025
581.2 k

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
3.9 m
2024
34.2 m
2025
25.6 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
4.7 m
2024
3.7 m
2025
5.5 m

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
719.4 k
2024
577.1 k
2025
370.9 k

SEC (XBRL)· 31 Mar 2026verified

Total assets
2023
10.9 m
2024
62.9 m
2025
129.0 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
2.8 m
2024
2.1 m
2025
3.2 m

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2023
6.9 m
2024
4.7 m
2025
6.3 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
13.0 m
2024
5.5 m
2025
7.4 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
-2.2 m †
2024
57.4 m †
2025
121.6 m †

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-12.0 m
2024
-17.3 m
2025
-44.9 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
266.2 k
2024
573.4 k
2025
3.0 m

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-12.2 m ≈
2024
-17.9 m ≈
2025
-47.9 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
-1.0 m
2024
-21.6 m
2025
-89.1 m

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
3.9 m
2024
67.6 m
2025
117.4 m

SEC (XBRL)· 31 Mar 2026verified

Share repurchases
2023
229.2 k
2024
500.0 k
2025
97.5 k

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
50.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
59.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
91.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-1.7%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-261.9%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-270.6%
computed by olivLawTTM to 30 Jun 2026
Net margin
-648.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-280.0%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-97.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-84.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-56.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-111.8x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
3.4x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.5x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-41.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
3.0 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-44.2 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
66 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
38 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
75.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-137.7%
computed by olivLawTTM to 30 Jun 2026
P/B
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
4.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-58.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.63 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 75.4 m USD

Key indicators

Market capitalisation
75.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-97.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-648.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
50.6%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 11 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 1272derived 123

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Electronic Components & Accessories (SIC 3670)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality-1.7%0 (on a fixed band)14%
EBIT margin · Quality-270.6%0 (vs peers)11%
FCF margin · Quality-280.0%0 (on a fixed band)11%
Revenue CAGR 3Y · Growth59.4%100 (on a fixed band)22%
Revenue growth (YoY) · Growth50.6%100 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet3.4x100 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-58.5%0 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.1%35 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality0/100 · 3/3 factors with a value
  • Returns35/100 · 1/1 factors with a value
  • Valuation· partial0/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

KULR TECHNOLOGY GROUP, INC. (KULR). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 16.2 m USD in 2025; YoY growth 50.6%; net margin -648.0%; ROE -97.8%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 59.4%
  • Revenue growth (YoY): 50.6%
  • Current ratio: 3.4x

What contradicts it

  • Gross margin: -1.7%
  • EBIT margin: -270.6%
  • FCF margin: -280.0%
  • FCF yield: -58.5%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Electronic Components & Accessories (SIC 3670) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
—
vertical median 25.7x
EV/EBITDA
—
vertical median —
P/S
4.8x
vertical median 3.9x
above median (+21.1%)
P/B
1.0x
vertical median 2.7x
below median (−60.8%)
ROE
-97.8%
vertical median 1.4%
below median (−7,129.9%)
Net margin
-648.0%
vertical median 0.9%
below median (−75,811.9%)
EBIT margin
-270.6%
vertical median 3.2%
below median (−8,631.9%)
Revenue YoY
50.6%
vertical median 4.2%
above median (+1,117.1%)
Net debt/EBITDA
—
vertical median -1.0x
Dividend yield
—
vertical median 1.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
HUBBHubbell Inc23.2 bn25.723.3%13.8%+3.8%+2% / +46%
MRCYMercury Systems, Inc.4.3 bn—-2.0%-3.0%+7.9%+3% / +109%
OLEDUniversal Display Corporation4.0 bn18.213.5%36.7%+0.5%−25% / −47%
VPGVishay Precision Group, Inc.605.1 m—-1.0%-1.0%+0.2%+45% / +62%
KULRKulr Technology Group, Inc.75.4 m—-97.8%-648.0%+50.6%−51% / −36%
VSHVishay Intertechnology, Inc.—41.93.8%2.7%+4.5%+89% / +16%
LNKSLinkers Industries Limited——-18.4%-22.0%+12.0%−99% / unavailable

1- and 3-year price returns: for KULR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    KULR Technology Group designs and builds high-safety battery systems with thermal management for space, defense, drones, data centers and robotics. The company is in a transition: after record annual revenue in 2025, revenue fell sharply in the second quarter of 2026, and it is refocusing its strategy on the core battery business.

    SWOT

    Strengths

    • The company holds proprietary thermal management technology and a modular KULR ONE platform, with applications validated in space and defense.
    • Vertical integration from design through production and certification could shorten development cycles.
    • Relationships with major contractors and space agencies lend credibility in mission-critical markets.

    Weaknesses

    • Revenue is concentrated in a few customers, so the loss of a single contract could have a significant effect.
    • The company has operating losses and volatile financial results, partly linked to its bitcoin holdings.
    • Large-scale production capacity is limited, and sales cycles can run from one to five years.

    Opportunities

    • Demand from military and commercial drones and AI data centers could support growth in new product lines.
    • Licensing KULR VIBE and CF cathode design technology could generate recurring revenue without large investment.
    • If domestic production in Houston stabilizes, the company could reduce its reliance on external suppliers.

    Threats

    • Larger competitors with superior resources could erode the company's market share.
    • Supply chain disruptions and trade tariffs could raise costs and delay deliveries.
    • If additional financing cannot be obtained on acceptable terms, operations could be reduced or stopped.

    Risks

    • Limited operating historyhigh

      The company says it has not yet demonstrated sales sufficient to cover its fixed costs and that profitability is not assured 1.

    • Need for additional capitalhigh

      The company expects operating losses and could need substantial financing, which could affect shareholders' position 1.

    • Dependence on concentrated customershigh

      A small number of customers generate a major part of revenue, and losing them could significantly affect results 1.

    • Bitcoin volatilitymedium

      Holding bitcoin introduces accounting losses tied to the asset's price, which can distort the assessment of operating performance 3.

    • Long sales cyclesmedium

      Product development and certification can take a long time, which delays revenue and may increase the need for capital 1.

    Investment thesis

    What would need to be true (bull case)

    • If KULR's technology proves scalable across space, defense and drones, the company could turn pilot contracts into recurring orders.
    • Exiting mining and reducing bitcoin holdings could make results easier for investors to read, focusing the company on its battery business.
    • The modular KULR ONE platform could shorten development time for customers, which could raise its appeal in mission-critical programs.

    What would break the thesis

    • The sharp revenue drop in the second quarter of 2026 could point to execution or supply difficulties more persistent than expected.
    • Operating losses and the need for funding could force new share issuance, diluting shareholders.
    • Competitors with far greater resources could quickly reach similar solutions, narrowing the company's technological edge.

    What to watch

    • Trend in product revenue and new orders for K1S, K1A and K1MQ3 2026
    • Cash and debt levels after reducing bitcoin holdingsQ3 2026
    • Whether the ATM program resumes after the pause extended to September 20262026
    • Reported gross margins and supply disruptions in the next annual reportnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    KULR designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and Space, sold as a product or delivered as a service subscription 1. It addresses two primary constraints in electrification, thermal management and safety, through the modular KULR ONE platform, which standardizes thermal control, mechanical containment and propagation resistance 1. Annual revenue for 2025 was $16.2 million, versus $10.7 million in 2024 1, but in the second quarter of 2026 revenue fell to $2.1 million 23.

    Segments

    KULR ONE battery platform

    The KULR ONE platform includes variants for space (K1S), defense (K1G), aviation and drones (K1A), grid and data-center storage (K1M), subsea use (K1T), as well as the kBMS battery management system and the K1-DS design service 1. Near term, the company plans to scale K1S, ramp K1A production for military and commercial drones, and advance K1M for AI data-center backup 2.

    Digital asset mining

    Since March 2025, the company has extended its bitcoin treasury strategy to mining through fixed-term machine lease agreements 1. Mining revenue in 2025 was about $7.0 million 1. After the quarter ended June 30, 2026, the company said it had exited bitcoin mining 3.

    Market context

    The company itself describes the space industry as expanding rapidly, from $626.4 billion in 2025 to $1.01 trillion by 2034, according to figures cited in its annual report 1. Demand for energy storage, battery recycling and clean energy is, according to the company, supported by government and regulatory initiatives 1. These market figures come from the company's own filings and cannot be independently verified from the sources provided.

    Trends

    • Rising demand for safe battery systemstailwind

      Aerospace, defense, drone and data-center applications require high-energy-density batteries, and the risk of overheating and propagation becomes critical 1. If this demand turns into recurring orders, it could support the company's growth.

    • Growing space and defense programstailwind

      Space and defense companies are developing smaller and more powerful electronics, and the company works with prime contractors on mission-critical systems 1. This could open opportunities, but it depends on long government program timelines.

    • Supply chain difficulties and tariffsheadwind

      Supply chain disruptions, trade tariffs and geopolitical conflicts could raise raw material costs and delay deliveries 12. The company already reported production delays in the first half of 2026 2.

    • Bitcoin volatility on the balance sheetmixed

      Holding bitcoin generated significant unrealized losses in the second quarter of 2026 3. If bitcoin's price remains volatile, reported results could continue to be affected by factors unrelated to operations 3.

    Competitive position

    The company operates in highly competitive markets with large, well-capitalized manufacturers as well as specialized providers focused on particular applications or components 1. According to the company, competitors have greater financial, manufacturing and marketing resources 1. KULR says it differentiates on safety, certification and experience in aerospace and defense applications 1.

    • Large battery and thermal system manufacturers

      Companies with greater financial and manufacturing resources, referred to generically in the annual report without named identification.

    • Application-specialized suppliers

      Smaller firms focused on particular components or applications that the company counts as competitors in its target markets.

    • Thermal management research companies

      Entities conducting research on thermal management solutions with larger budgets than the company.

    • Space and defense battery system providers

      Competitors on mission-critical programs where certification and experience are decisive.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Proxy statement27 Oct 2026
    • Current report30 Sept 2026
      Regulation FD disclosure
    • Current report11 Sept 2026
      Acquisition or disposition of assets · Departure or appointment of officers
    • Current report13 Aug 2026
      Results of operations · Financial statements and exhibits
    • Quarterly report13 Aug 2026
    • Current report24 Jul 2026
      Acquisition or disposition of assets
    • Current report26 Jun 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report24 Jun 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report09 Jun 2026
      Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
    • Current report21 May 2026
      Departure or appointment of officers · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / KULR Technology Group, Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / KULR Technology Group, Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / KULR Technology Group, Inc. · 13 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.