KULR Technology Group, Inc.

What they do

KULR designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and space, sold as products or delivered as service subscriptions. The company is building fully integrated battery energy storage design and production infrastructure in Houston, Texas, combining pack design, prototyping, testing, certification and manufacturing with battery management system software and electronics. It also offers KULR VIBE, a vibration-reduction technology derived from vibration management used in defense helicopters for over 20 years.

Revenue drivers

• KULR ONE platform (Space, Guardian, Air, Max) — Modular, cell-agnostic battery architecture sold as domain-specific systems: K1S for spacecraft and satellites, K1G for military and defense, K1A for drones and eVTOL, and K1M for grid storage, UPS, data center backup and large-scale storage. The company also sells cell screening, pack-level qualification and abuse testing, and battery management system integration.
• Space and defense programs — Flight-ready battery systems for spacecraft, satellites and deep space missions, plus ruggedized military battery architectures integrating passive propagation-resistant cell architecture and flame-arresting thermal materials. These are core to the company's stated near-term K1S scaling priority.
• KULR VIBE vibration reduction — Vibration-reduction technology for helicopters, drones, performance vehicles, wind turbines and other electric and autonomous systems, derived from vibration management solutions used in defense helicopters for over 20 years.
• Bitcoin holdings — The company holds Bitcoin as a treasury asset, and fair-value changes on those holdings flow through reported net income; in Q2 2026 a $10,591,667 change in fair value loss on Bitcoin was the primary driver of the net loss.

Recent performance

Second quarter 2026 revenue fell 43% to $2,080,177 from $3,652,471 in the prior-year period, and gross margin was negative 31% versus positive 20% a year earlier. Net loss was $21,970,816, or $0.47 per share, compared with net income of $8,142,149, or $0.22 per share, in the year-ago quarter, driven largely by a $10,591,667 non-cash fair-value loss on Bitcoin holdings. Operating loss widened 19% to $11,204,578, while SG&A fell 9% to $6,307,097 and R&D rose 23% to $2,985,659. Cash was $12.8 million at June 30, 2026, and the company said it issued no shares through its ATM during the first half of 2026. Full-year 2025 revenue was $16.2 million with a net loss of $61.9 million and operating cash flow of negative $44.9 million.

Strategy

KULR says it is positioning itself as an energy-systems platform for "physical AI," prioritizing product revenue growth, gross margin improvement and cost discipline across space and defense, the low-altitude drone economy, AI data center backup power, Energy-as-a-Service for critical infrastructure, and robotics. Its stated initiatives are scaling the KULR ONE Space (K1S) architecture, ramping KULR ONE Air production for military and commercial drones, and advancing KULR ONE MAX for AI data center and telecommunications backup. On May 7, 2026 the board authorized management to sell digital assets to fund business priorities instead of issuing equity. After quarter-end the company repaid the $20.0 million Coinbase credit facility principal, which released 565 BTC of collateral, and sold 333 BTC for about $21.5 million, using roughly $20.0 million to fund that repayment.

Risks

• Limited operating history and no demonstrated profitable scale — The company states it has not demonstrated sales of products at a level capable of covering fixed expenses and that there is no assurance it will ever produce a profit.
• Revenue decline and negative gross margin — Q2 2026 revenue fell 43% year over year to $2,080,177 and gross margin was negative 31%, versus 20% positive in the prior-year quarter.
• Bitcoin treasury volatility — Fair-value changes on Bitcoin holdings flow through net income, producing a $10,591,667 loss in Q2 2026 that management said made underlying battery performance harder for shareholders to assess.
• Cash burn and financing dependence — Operating cash flow was negative $44.9 million in 2025, cash was $12.8 million at June 30, 2026, and the company cites its ability to obtain future financing when needed as a risk factor.

Outlook

Management says existing liquidity plus disciplined balance-sheet management should support planned operations and growth initiatives for the near term, and it highlights K1S scaling, K1A production ramp and K1M development as priorities. It frames the post-quarter Bitcoin actions, including exiting Bitcoin mining, repaying the Coinbase loan in full and reducing Bitcoin holdings, as intended to cut balance-sheet volatility and improve financial visibility. The company also notes it did not issue shares through its ATM during the first half of 2026.