KULR Technology Group, Inc. KULR
Overview KULR designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and Space – sold as a product or delivered as service subscription. The Company addresses two primary constraints in electrification: thermal management and safety. As energy and power density increase across aerospace, autonomous machines, digital infrastructure and industrial applications, managing heat generation, current density, and propagation risk becomes essential to system reliability and survivability.
KULR is establishing a fully integrated battery energy storage system design and production infrastructure in Houston, Texas. KULR brings battery pack design, prototyping, testing, certification, and manufacturing; as well as battery management system software and electronics design capabilities together under one roof. This full-stack approach enables faster development cycles and rapid transition from prototype to cost-effective volume production. The facility is designed to build high-power and high-energy battery packs that require advanced thermal, mechanical, and safety engineering. With domestic supply chain alignment and scalable production capacity, KULR is positioning itself as a leading manufacturer of advanced battery packs for mission-critical and high-performance applications in the United States.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.2M | $10.7M | $9.8M | $4.0M | $2.4M | $624.0K | $830.4K | $1.3M | $235.6K | $6.9K |
| Cost of revenue | $15.4M | $5.3M | $6.2M | $1.6M | $1.1M | $187.9K | $226.5K | $336.7K | $156.6K | $7.7K |
| Gross profit | $771.0K | $5.5M | $3.7M | $2.4M | $1.3M | $436.1K | $603.9K | $937.4K | $79.0K | -$849 |
| R&D | $10.8M | $4.7M | $7.1M | $4.2M | $1.7M | $289.8K | $502.2K | $508.1K | $361.2K | $29.4K |
| SG&A | $27.7M | $16.0M | $18.9M | $16.5M | $11.2M | $2.5M | $2.1M | $2.5M | $1.7M | $398.1K |
| Total operating expenses | $43.8M | $20.7M | $26.1M | $20.7M | $12.8M | $2.8M | $2.6M | $3.0M | $2.5M | $822.9K |
| Operating income | -$43.0M | -$15.2M | -$22.4M | -$18.3M | -$11.5M | -$2.3M | -$2.0M | -$2.1M | -$2.4M | -$823.7K |
| Interest expense | $159.9K | $209.8K | $714.1K | $282.1K | — | — | — | — | $3.0K | $0 |
| Pre-tax income | -$61.9M | -$17.5M | — | — | -$11.9M | -$2.9M | -$2.0M | -$2.1M | -$2.4M | -$821.5K |
| Income tax | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $800 |
| Net income | -$61.9M | -$17.5M | -$23.7M | -$19.4M | -$11.9M | -$2.9M | -$2.0M | -$2.1M | -$2.4M | -$822.3K |
| EPS, basic | -1.56 | -0.75 | -0.20 | -0.18 | -0.15 | -0.03 | — | — | — | — |
| EPS, diluted | -1.56 | -0.75 | -0.20 | -0.18 | -0.15 | -0.03 | -0.02 | -0.03 | -0.04 | -0.02 |
| Shares, diluted (wtd. avg.) | 39.7M | 23.3M | 117.8M | 105.7M | 95.7M | 82.0M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $13.3M | $29.8M | $1.2M | $10.3M | $14.9M | $8.9M | $108.9K | $229.9K | $895.8K | $9.1K |
| Receivables | $2.1M | $2.6M | $901.7K | — | — | — | — | — | — | — |
| Inventory | $581.2K | $545.5K | $1.1M | $2.0M | $191.3K | $55.5K | $27.1K | $9.6K | $13.8K | $12.9K |
| Total current assets | $25.6M | $34.2M | $3.9M | $15.7M | $15.8M | $9.1M | $209.2K | $406.3K | $1.2M | $164.1K |
| Property, plant and equipment | $5.5M | $3.7M | $4.7M | $3.2M | $374.5K | $57.9K | $27.5K | $44.8K | $43.5K | $462 |
| Other intangibles | $370.9K | $577.1K | $719.4K | $720.8K | $217.0K | — | — | — | — | — |
| Total assets | $2.9M | $62.9M | $10.9M | $23.6M | $19.2M | $9.2M | $236.8K | $451.1K | $1.2M | $164.5K |
| Accounts payable | $3.2M | $2.1M | $2.8M | $1.4M | $454.5K | $66.5K | $344.7K | $118.0K | $37.0K | — |
| Total current liabilities | $6.3M | $4.7M | $6.9M | $9.7M | $2.5M | $2.9M | $1.0M | $576.2K | $480.3K | $431.7K |
| Total liabilities | $0 | $5.5M | $13.0M | $13.1M | $2.9M | $3.1M | $1.0M | — | — | $237.5K |
| Retained earnings | -$145.7M | -$83.8M | -$66.3M | -$42.6M | -$23.2M | -$11.2M | -$8.4M | -$6.4M | -$4.4M | -$1.9M |
| Total equity | $121.6M | $57.4M | -$2.2M | $10.5M | $16.4M | $6.1M | -$797.0K | -$125.1K | $739.7K | -$267.2K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$44.9M | -$17.3M | -$12.0M | -$17.4M | -$6.8M | -$2.7M | -$1.2M | -$1.4M | -$1.0M | -$594.7K |
| Depreciation and amortisation | $1.2M | $1.7M | $2.1M | $219.6K | $66.7K | $15.7K | $17.3K | $15.3K | $8.8K | $656 |
| Stock-based compensation | $6.5M | $2.7M | $3.5M | $4.2M | $4.2M | $343.9K | $220.6K | $457.7K | $598.2K | $35.9K |
| Capital expenditure | $3.0M | $573.4K | $266.1K | $2.7M | $383.3K | $46.1K | $0 | $16.6K | $51.8K | $0 |
| Investing cash flow | -$89.1M | -$21.6M | -$1.0M | -$4.6M | -$2.7M | -$46.1K | $0 | -$16.6K | $1.9M | -$85.0K |
| Financing cash flow | $117.4M | $67.6M | $3.9M | $17.5M | $15.5M | $11.5M | $1.1M | $709.9K | $0 | $550.0K |
| Buybacks | $97.5K | $500.0K | $229.2K | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-061342.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.9K | $235.6K | $1.3M | $830.4K | $624.0K | $2.4M | $4.0M | $9.8M | $10.7M | $16.2M |
| Gross profit | -$849 | $79.0K | $937.4K | $603.9K | $436.1K | $1.3M | $2.4M | $3.7M | $5.5M | $771.0K |
| Net income | -$822.3K | -$2.4M | -$2.1M | -$2.0M | -$2.9M | -$11.9M | -$19.4M | -$23.7M | -$17.5M | -$61.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Results announced Item 2.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Officer or director change Item 5.02
- Charter or fiscal year changed Item 5.03
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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