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.

−257,3 %

4,8 %

−382,8 %

+50,6 %

4.07

3.98

— KULR Technology Group, Inc.
%
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.

KULR sells to large organizations that need high-reliability thermal and battery solutions, including aerospace,...

  • Aerospace and defenseprimary

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

  • Industrial and commercial electrificationprimary

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

  • Battery OEMs and integratorssecondary

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

  • Engineering and development customerssecondary

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

  • Robotics and automation usersemerging

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

The filings provided do not disclose a country-level revenue split, so the business profile should be viewed as U.S...

  • •Headquartered in the United States
  • •No country-level revenue breakdown disclosed in the excerpts
  • •Customer programs can span aerospace, defense, and industrial markets
  • •Robotics and AI distribution may extend beyond the U.S. over time
  • •Bitcoin strategy adds exposure to global crypto pricing and regulation

KULR is shifting from a component supplier toward a systems and solutions provider, using KULR ONE and K1-DS to capture...

01
Scale KULR ONE as a full battery systems platformmedium-term

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

02
Grow K1-DS engineering and testing servicesshort-term

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

03
Form strategic partnerships and licensing arrangementsmedium-term

Partnerships can accelerate commercialization without requiring full internal buildout.

04
Commercialize thermal management expertise in new marketslong-term

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

KULR remains loss-making and depends on external financing, so liquidity and capital access are central risks...

high

Dependence on external financing

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

Scope
Operating liquidity
Materiality
high
high

Bitcoin price and fair value volatility

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

Scope
Digital assets
Materiality
high
high

Crypto regulatory change

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

Scope
Treasury strategy
Materiality
high
medium

Lumpy customer demand and long sales cycles

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

Scope
Energy storage and services
Materiality
medium
medium

Custody and cybersecurity risk

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

Scope
Digital assets
Materiality
medium
Revenue recognition by business line
Affects comparability of quarterly revenue and margins
Bitcoin fair value and tax effects
Can materially affect net income and equity
Impairment of investments
Can create non-cash charges and reduce asset values
Stock-based compensation and equity issuance
Impacts EPS, share count, and operating expense

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: 28/04/2026