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KULR Reports Third Quarter 2026 Revenue of $7.4 Million, Up 197% Year-Over-Year, as Product Sales Nearly Quadruple

KULR
  • Third quarter continuing operations revenue reached $7.4 million, a 197% increase year-over-year, with product sales at $6.5 million, up 299% and representing 88% of total revenue.
  • Product-line growth was driven by the KULR ONE platform, including KULR ONE Max battery energy storage systems for power-as-a-service deployments in Japan's open power market.
  • The company completed its exit from Bitcoin by selling 1,099.09 BTC for approximately $80.1 million in proceeds, repaid its $20.0 million Coinbase credit facility loan, and ended the quarter with $54.5 million in cash, no debt, and no digital assets.
  • GAAP net income was $4.5 million, primarily due to a $15.8 million non-recurring gain on digital assets prior to their sale, rather than from operating profitability.
  • KULR built an NDAA-compliant battery supply chain for autonomous systems, including cell manufacturer partnerships, in-house battery management systems, chargers, and final assembly at its Forge 2 facility ahead of a 2027 production ramp.
  • A reduction in force implemented in November 2026 is expected to generate $4 million in annualized cost savings, with R&D expenses anticipated to decrease starting in Q4 2026 and further in 2027.
  • Gross margin for the quarter was 4%, down from 17% in the prior year period, driven by low margins on initial production builds of new KULR ONE Max configurations and gross losses on custom battery assembly programs.
  • Research and development expenses increased to $5.02 million, including $0.69 million in reimbursed costs, reflecting investments in new battery programs, compliant electronics, and production line bring-up activities.
  • Selling, general, and administrative expenses decreased 3% to $5.91 million, offset by higher personnel costs from new hires and facility-related expenses.
  • The company's ATM program is paused through December 31, 2026, while the focus remains on fewer programs, strategic customers, and a strategy to build more batteries, sell more batteries, and improve gross margins in 2027.
Company
KULR Technology Group, Inc.
Keywords
NYSE:KULR, KULR Technology Group, Inc., Earnings, Earnings Call, battery packs, battery systems, Space battery system, space industry, battery testing, Drones, NYSE, NASA, Stocks