Earnings Releases·Nov 10, 2026, 8:15 AM ET

KULR Technology Group — Third Quarter 2026 Earnings Summary

Total revenue from continuing operations surged 197% year-over-year to $7.4 million, driven by a 299% increase in product sales to $6.49 million, while gross margin contracted to 4% from 17% due to initial production inefficiencies and custom program losses.
Net income turned positive at $4.47 million ($0.10 per share) compared to a $6.97 million loss in the prior year, a result heavily influenced by a $15.8 million non-recurring gain from the fair value change of digital assets prior to their sale.
The company completed its exit from Bitcoin, selling 1,099.09 BTC for approximately $80.1 million to fully repay a $20.0 million loan, resulting in $54.5 million in cash, zero debt, and no remaining digital assets as of September 30, 2026.
Management targets a cost structure reset for 2027 with expected declines in R&D and SG&A expenses, alongside a significant ramp-up of NDAA-compliant battery solutions, following a November 2026 workforce reduction projected to yield $4 million in annualized savings.
Future outlook emphasizes scaling product revenue while reducing overhead, with key battery management system and charger programs scheduled for completion in early 2027 and the ATM program paused through year-end 2026.