KULR Technology Group, Inc.

Listed Company

KULRCIK 0001662684NYSENon-AcceleratedSmaller ReportingElectronic Components & AccessoriesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$16.17M

Net Income

$-61.90M

Total Assets

$2.90M

Equity

$121.61M

Shares Out

46.24M

Op. Cash Flow

$-44.88M

Business

KULR Technology Group, Inc. develops and commercializes technologies for safe, high-performance energy management, focusing on batteries, thermal control and vibration reduction. The company offers products and services including KULR ONE battery architectures, Battery Management Systems with AI (KULR Core), Thermal Runaway Shields (TRS), SafeCASE transport enclosures, Fiber Thermal Interface materials, automated cell screening and testing, and KULR VIBE vibration mitigation software and services. Its key business domains and divisions are energy storage systems and recycling, advanced thermal management and testing/production, and rotary system vibration reduction. KULR serves aerospace, defense, space, e-aviation, data center, industrial and mobility markets through direct sales, strategic partners, representatives and licensing worldwide.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	16	11	10	4	2
Cost of revenue	15	5	6	2	1
Gross Profit	770,972	5	4	2	1
Research and development	11	5	7	4	2
Selling, general, and administrative	28	16	19	16	11
Credit losses on accounts receivable	2	—	—	—	—
Impairment of finance lease right-of-use asset	905,630	0	—	—	—
Impairment of property and equipment	625,967	0	—	—	—
Impairment of intangible assets	202,058	0	—	—	—
Impairment of equipment deposits	1	—	—	—	—
Total Operating Expenses	44	21	26	21	13
Loss From Operations	−43	−15	−22	−18	−12
Change in fair value of digital assets	−14	−718,826	—	—	—
Impairment of equity investment	−3	—	—	—	—
Credit loss on loan receivable	−2	—	—	—	—
Interest income	563,271	10,575	—	—	—
Change in fair value of accrued issuable equity	−17,075	−228,777	167,040	147,035	−125,821
Interest expense	−159,944	−209,817	−718,420	—	—
Amortization of debt discount	−82,878	−1	−730,230	−511,825	−128,198
Gain on debt extinguishment	50,000	9,834	—	−8,508	—
Total Other Expense, net	−19	−2	−1	−1	−397,736
Net Loss	−62	−18	−24	−19	−12
Net Loss Per Share - Basic (in dollars per share)	−1.56	−0.75	−0.2	−0.18	−0.15
Net Loss Per Share - Diluted (in dollars per share)	−1.56	−0.75	−0.2	−0.18	−0.15
Weighted Average Number of Common Shares Outstanding - Basic (in shares)	40	23	118	106	96
Weighted Average Number of Common Shares Outstanding - Diluted (in shares)	40	23	118	106	96

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-10-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30
Cash	13	—	30	1	—
Accounts receivable, net of allowance for credit losses of $1,450,000 and $0 as of December 31, 2025 and 2024, respectively	2	—	3	901,672	—
Grant receivable	2	—	—	—	—
Inventory	581,156	—	545,467	1	—
Inventory deposits	839,644	—	0	27,500	—
Auto-Vibe assets	5	—	—	—	—
Prepaid expenses and other current assets	2	—	1	631,361	—
Total Current Assets	26	—	34	4	—
Digital assets	94	—	20	—	—
Accounts receivable, non-current portion	998,772	—	1	—	—
Property and equipment, net	5	—	4	5	—
Equipment deposits	806,000	—	1	1	—
Security deposits	39,430	—	48,158	10,228	—
Intangible assets, net	370,925	—	577,099	719,395	—
Operating lease right-of-use assets, net	1	—	1	129,202	—
Finance lease right-of-use asset, net	0	987,932	6,215	—	—
Deferred financing costs	276,690	—	155,497	70,607	—
Other non current assets	102,703	—	—	—	—
Total Assets	3	—	63	11	—
Accounts payable	3	—	2	3	—
Accrued expenses and other current liabilities	3	—	1	3	—
Accrued issuable equity	—	—	420,427	13,002	—
Operating lease liabilities, current portion	366,937	—	493,468	102,186	—
Finance lease liability, current portion	—	—	2,463	—	—
Notes payable, net of discount, current portion	—	—	494,796	—	—
Deferred revenue	107,267	—	32,768	551,021	—
Total Current Liabilities	6	—	5	7	—
Operating lease liabilities, non-current portion	1	—	818,750	—	—
Finance lease liability, non-current portion	—	—	3,852	—	—
Other non-current liabilities	—	—	10,966	—	—
Total Liabilities	0	—	5	13	—
Commitments and contingencies (Note 17)	—	—	—	—	—
Common stock, $0.0001 par value, 500,000,000 shares authorized; 46,063,172 and 46,041,250 shares issued and outstanding at December 31, 2025, respectively; 33,100,207 and 33,083,812 shares issued and outstanding at December 31, 2024, respectively	4,606	—	3,310	13,403	—
Additional paid-in capital	268	—	142	64	—
Treasury stock, at cost; 21,922 and 16,395 shares held at December 31, 2025 and December 31, 2024, respectively.	−393,744	—	−296,222	−296,222	—
Accumulated deficit	−146	—	−84	−66	—
Total Stockholders' Equity	122	—	57	−2	1
Total Liabilities and Stockholders' Equity	129	—	63	11	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash operating lease expense	569,967	447,332	250,893	—	—
Depreciation and amortization expense	1	2	2	259,399	67,715
Stock-based compensation	7	3	4	4	4
Write down finance lease ROU asset	1,351	—	—	—	—
Digital assets received as downtime credits	−784,187	—	—	—	—
Mining of digital assets	−7	—	—	—	—
Loss on disposal of property and equipment	—	26,490	—	—	—
Subtotal	25	7	—	—	—
Accounts receivable	−3	−3	623,473	−1	−80,834
Auto-Vibe assets	−5	—	—	—	—
Inventory	−35,689	603,580	519,047	−2	−135,859
Inventory deposits	−839,644	27,500	257,760	−3,072	−309,688
Prepaid expenses and other current assets	−787,012	−510,179	981,647	−1	−110,204
Security deposits	8,728	−37,930	50,213	−1,500	−50,213
Accounts payable	1	−708,276	754,056	658,715	385,342
Accrued expenses and other current liabilities	888,647	−2	1	824,826	768,215
Operating lease liabilities	−558,558	−324,870	−270,571	−205,034	−144,540
Deferred revenue	74,499	−518,253	528,021	−109,303	112,303
Subtotal	−8	−7	—	—	—
Net Cash Used In Operating Activities	−45	−17	−12	−17	−7
Loan receivable	−2	—	—	—	—
Equity investments	−3	—	—	—	—
Purchase of intangible assets	−138,180	—	−135,000	−543,572	−200,000
Equipment deposits	−806,000	−22,738	−644,963	−1	−2
Purchases of property and equipment	−3	−573,444	−266,150	−3	−383,285
Purchases of digital assets	−80	−21	—	—	—
Net Cash Used In Investing Activities	−89	−22	−1	−5	−3
Proceeds from loan payable	8	—	—	—	—
Repayments of loan payable	−8	—	—	—	—
Proceeds from exercise of stock options	10,815	23,455	—	53,457	121,866
Proceeds from the SEPA	—	9	—	250,000	—
Proceeds from notes payable	—	3	250,000	5	—
Issuance costs on notes payable	—	−166,100	—	−17,200	—
Repurchase and cancellation of common stock	—	−500,000	—	—	—
Payment of employee tax withholdings from shares withheld	−448,301	—	—	—	—
Purchase of treasury shares	−97,522	−500,000	−229,249	—	—
Payments for deferred financing costs	−562,016	−406,109	—	—	−365,000
Repayments of notes payable	−577,674	−3	—	−1	−2
Repayment of finance lease liability	−989,772	−1,453	—	—	—
Net Cash Provided By Financing Activities	117	68	4	17	16
Net Increase (Decrease) In Cash	−17	29	−9	−5	6
Interest	159,943	62,380	314,731	86,062	1,635
Taxes	0	0	—	—	—
Right-of-use asset for operating lease liability	691,852	2	51,154	—	814,817
Purchase consideration payable	594,860	—	—	—	—
Deferred financing costs charged to additional paid-in capital	440,823	307,643	1,211	982	—
Common stock issued in satisfaction of accrued issuable equity	80,328	386,516	206,047	—	209,200
Accounts payable and accrued expenses for property and equipment purchases	23,995	45,646	489,211	294,794	—
Preferred shares issued for no consideration	27	73	—	—	—
Common shares issued for restricted stock units vested and other common stock issued for services	30	14	—	—	—
Warrants issued in connection with notes payable	—	112,863	—	—	—
Notes payable for property and equipment	—	42,788	—	—	—
Common stock issued pursuant to cashless warrant exercises	—	−18	—	—	—
Restricted stock awards converted to restricted stock units	—	27	—	—	—
Original issue discount on indebtedness	—	929,200	—	—	—
Common stock issued pursuant to Advance Notices in satisfaction of prepaid advance liability and interest	—	6	—	—	—
Right-of-use asset for finance lease liability	987,932	7,768	—	—	—

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