KULRNYSEElectronic Components & AccessoriesUS GAAP · USD

KULR Technology Group, Inc.

KULR Technology Group, Inc. develops thermal management and energy storage solutions built around its KULR ONE platform, with roots in carbon-fiber thermal interface materials and battery safety testing. The company has also expanded into engineering-as-a-service through KULR ONE Design Solutions and into robotics and AI via distribution of Exia exoskeleton systems, while maintaining a Bitcoin treasury strategy alongside its operating businesses.

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Revenue16.2m USD
+50.6 %y/y
Operating profit (EBIT)-43.0m USD
−182.2 %y/y
EBIT margin-265.9%
−124.0 ppy/y
Net income-61.9m USD
−253.2 %y/y
Free cash flow-47.9m USD
−167.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-60-40-20020m USD2020: 0.62 m USD2020: EBIT -2.3 m USD20202021: 2.4 m USD2021: EBIT -12 m USD20212022: 4.0 m USD2022: EBIT -18 m USD20222023: 9.8 m USD2023: EBIT -22 m USD20232024: 11 m USD2024: EBIT -15 m USD20242025: 16 m USD2025: EBIT -43 m USD202516-43
RevenueOperating profit (EBIT)
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Business

Share of revenue
Energy storage systems45 %

Battery system offerings and related platform products built around KULR ONE.

Engineering and testing services30 %

Design, modeling, prototyping, and battery safety testing performed for customers.

Thermal management components15 %

Carbon-fiber and thermal interface materials used to manage heat in electronics and batteries.

Robotics and AI distribution5 %

Distribution of Exia exoskeleton systems into industrial robotics and human-machine interface markets.

Digital asset activities5 %

Bitcoin mining and treasury-related activity that adds non-operating revenue and balance sheet exposure.

Customers

KULR sells to large organizations that need high-reliability thermal and battery solutions, including aerospace, defense, industrial, and commercial electrification customers. Its service work is often customized and project-based, so customers buy KULR for engineering depth, safety validation, and rapid prototyping rather than commodity components. The newer robotics and AI offering broadens the customer base into automation users, while digital asset activity is not a customer-facing business in the traditional sense.

Aerospace and defense

Buys high-performance, safety-critical energy storage design and testing for mission-sensitive applications.

Industrial and commercial electrification

Buys battery systems and thermal solutions for equipment and electrified platforms that need reliability.

Battery OEMs and integrators

Buy thermal materials, battery cells, and safety technologies to improve pack performance and safety.

Engineering and development customers

Buy K1-DS services for concept design, modeling, prototyping, and validation work.

Robotics and automation users

Buy Exia exoskeleton systems for industrial robotics and human-machine interface use cases.

Strategy

KULR is shifting from a component supplier toward a systems and solutions provider, using KULR ONE and K1-DS to capture more value across the battery development cycle. Management is also pursuing partnerships, joint ventures, and licensing to scale faster in energy storage, battery safety testing, and advanced thermal management, while keeping Bitcoin treasury activity as a separate strategic pillar. The goal is to convert technical know-how into recurring production relationships and higher-value direct products.

Scale KULR ONE as a full battery systems platformMedium term

Higher-value systems offerings can improve customer stickiness and expand addressable markets.

Grow K1-DS engineering and testing servicesShort term

Early design engagement can create a pipeline into later manufacturing and production contracts.

Form strategic partnerships and licensing arrangementsMedium term

Partnerships can accelerate commercialization without requiring full internal buildout.

Commercialize thermal management expertise in new marketsLong term

Extending core thermal technology into adjacent markets can broaden revenue sources.

Geography

Q1/2026

The filings provided do not disclose a country-level revenue split, so the business profile should be viewed as U.S.-anchored with customer exposure that can extend into aerospace, defense, and industrial programs. KULR is headquartered in the United States and appears to operate through U.S.-based development, testing, and commercialization activities, while its end markets can be global depending on customer programs. Its Bitcoin holdings also create indirect exposure to global crypto-market and regulatory conditions.

Other countries (US filing)100 %

Risks

KULR remains loss-making and depends on external financing, so liquidity and capital access are central risks. The company also has meaningful exposure to Bitcoin price swings, regulatory changes, and custody/security issues, which can create large quarter-to-quarter volatility unrelated to operating performance. On the operating side, project timing is lumpy, customer cycles are long, and the company competes in technically demanding markets where product qualification and execution matter.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on external financing1Bitcoin price and fair value volatility2Crypto regulatory change3Custody and cybersecurity risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on external financingImpact: HighLikelihood: High

    The company expects continued cash outflows and may need equity or debt to fund operations.

    Exposure: Operating liquidity

  2. Bitcoin price and fair value volatilityImpact: HighLikelihood: High

    Significant holdings and future purchases can create large swings in reported results and balance sheet value.

    Exposure: Digital assets

  3. Crypto regulatory changeImpact: HighLikelihood: Medium

    New rules or reinterpretation of existing laws could impair the ability to hold or transfer Bitcoin.

    Exposure: Treasury strategy

  4. Custody and cybersecurity riskImpact: MediumLikelihood: Medium

    Loss or compromise of Bitcoin holdings or related systems could create financial and reputational damage.

    Exposure: Digital assets

  5. Lumpy customer demand and long sales cyclesImpact: Medium

    Large organizations have lengthy approval processes, making revenue timing unpredictable.

    Exposure: Energy storage and services

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Accounting

Judgemental items
Revenue recognition by business line

Product sales, contract services, and mining revenue are recognized differently and can shift quarter to quarter.

Impact: Affects comparability of quarterly revenue and margins

Bitcoin fair value and tax effects

Digital asset holdings can create mark-to-market style volatility and related tax balance impacts.

Impact: Can materially affect net income and equity

Impairment of investments

Management identified investment impairment as a critical estimate in the filing.

Impact: Can create non-cash charges and reduce asset values

Stock-based compensation and equity issuance

The company has used ATM equity issuance and new awards, affecting expense and dilution.

Impact: Impacts EPS, share count, and operating expense

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Last updated: 24/09/2026

KULR Technology Group, Inc. (KULR) Revenue, Earnings & Financials 2025 – Clarifo