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KULR Technology Group, Inc., through its subsidiary, KULR Technology Corporation, designs and builds advanced battery systems for autonomous platforms, digital infrastructure, and e-mobility and space. It provides battery production, internal short circuit battery cells and devices, patented thermal runaway shield technology (ΒTRSΒ), phase change material (ΒPCMΒ) heatsinks, and KULR SafeCases, and exoskeleton devices. The company also offers space batteries; air batteries; custom battery design; battery solutions, including trigger cells and ISC-D and SafeX Safe storage solutions; thermal solutions, including fiber thermal interface and cathodes; and testing solutions that include cell screening and cycling, module cycling, thermal desktop and SINDA/FLUINT, and abuse testing and calorimetry. Additionally, the company provides KULR VIBE, a software-driven precision balancing and vibration reduction solution designed for rotary systems and Xero VibeFan, an ultimate cooling solution for AI farms, data centres, and server environments. Its technologies are used in space, aerospace, defence, telecom, and other critical infrastructure. KULR Technology Group, Inc. has a strategic collaboration with Robinson Helicopter Company, Inc. to develop battery system for an eR66 battery-electric helicopter demonstrator. The company was formerly known as KT High-Tech Marketing, Inc. and changed its name to KULR Technology Group, Inc. in August 2018. The company was founded in 2013 and is headquartered in Webster, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $16M | $-60M | $-62M | $-49M | -50.9% | 50.6% | 253.2% |
| 2024 | $11M | $-14M | $-18M | $-18M | -30.5% | 9.2% | -26.0% |
| 2023 | $10M | $-20M | $-24M | $-13M | 1085.5% | 146.1% | 21.9% |
| 2022 | $4M | $-18M | $-19M | $-22M | -185.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3.99 | 9.83 | 10.74 | 16.17 |
| Operating Revenue | - | 3.99 | 9.83 | 10.74 | 16.17 |
| Cost Of Revenue | - | 1.63 | 6.16 | 5.25 | 15.40 |
| Gross Profit | - | 2.36 | 3.67 | 5.48 | 0.77 |
| Operating Expense | - | 20.65 | 26.08 | 20.72 | 42.81 |
| Research And Development | - | 4.20 | 7.14 | 4.74 | 10.76 |
| Selling General And Administration | - | 16.45 | 18.94 | 15.98 | 27.70 |
| Total Expenses | - | 22.28 | 32.24 | 25.97 | 58.21 |
| Operating Income | - | -18.29 | -22.41 | -15.23 | -42.04 |
| Total Operating Income As Reported | - | -18.29 | -22.41 | -15.23 | -43 |
| EBITDA | - | -17.73 | -20.03 | -14.36 | -60.26 |
| Normalized EBITDA | - | -17.88 | -20.03 | -13.65 | -40.09 |
| EBIT | - | -17.99 | -22.24 | -16.16 | -61.66 |
| Interest Income | - | - | 0 | 0.01 | 0.56 |
| Interest Expense | - | 1.45 | 1.45 | 1.36 | 0.24 |
| Net Interest Income | - | -1.45 | -1.45 | -1.35 | 0.32 |
| Other Non Operating Income Expenses | - | 0.15 | 0.17 | -0.23 | -0.02 |
| Other Income Expense | - | 0.30 | 0.17 | -0.94 | -20.18 |
| Interest Income Non Operating | - | - | 0 | 0.01 | 0.56 |
| Interest Expense Non Operating | - | 1.45 | 1.45 | 1.36 | 0.24 |
| Net Non Operating Interest Income Expense | - | -1.45 | -1.45 | -1.35 | 0.32 |
| Pretax Income | - | -19.44 | -23.69 | -17.52 | -61.90 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -19.44 | -23.69 | -17.52 | -61.90 |
| Net Income From Continuing And Discontinued Operation | - | -19.44 | -23.69 | -17.52 | -61.90 |
| Net Income From Continuing Operation Net Minority Interest | - | -19.44 | -23.69 | -17.52 | -61.90 |
| Net Income | - | -19.44 | -23.69 | -17.52 | -61.90 |
| Net Income Common Stockholders | - | -19.44 | -23.69 | -17.52 | -61.90 |
| Net Income Including Noncontrolling Interests | - | -19.44 | -23.69 | -17.52 | -61.90 |
| Normalized Income | - | -19.59 | -23.69 | -16.81 | -41.74 |
| Diluted NI Availto Com Stockholders | - | -19.44 | -23.69 | -17.52 | -61.90 |
| Basic Average Shares | - | 13.21 | 14.73 | 23.32 | 39.73 |
| Diluted Average Shares | - | 13.21 | 14.73 | 23.32 | 39.73 |
| Reconciled Depreciation | - | 0.26 | 2.21 | 1.80 | 1.40 |
| Reconciled Cost Of Revenue | - | 1.63 | 6.16 | 5.25 | 15.40 |
| Total Unusual Items | - | 0.15 | 0 | -0.71 | -20.16 |
| Total Unusual Items Excluding Goodwill | - | 0.15 | 0 | -0.71 | -20.16 |
| Preferred Stock Dividends | 2.62 | - | - | - | - |
| Special Income Charges | - | 0.15 | 0 | 0.01 | -6.36 |
| Other Special Charges | 0.14 | -0.15 | - | -0.01 | -0.05 |
| Write Off | - | - | - | 0 | 3.33 |
| Impairment Of Capital Assets | - | - | - | 0 | 3.09 |
| Gain On Sale Of Security | 0 | - | - | -0.72 | -13.80 |
| Provision For Doubtful Accounts | - | - | - | 0 | 4.36 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| KULR Technology Group, Inc.this co. | KULR | $212M | -3.42 | 1.74 | -50.9% | -3.32 |
| Turtle Beach Corporation | TBCH | $248M | 15.78 | 1.93 | 12.2% | 8.09 |
| Commerce.com, Inc. | CMRC | $235M | -12.14 | 5.97 | -49.1% | 55.05 |
| Inseego Corp. | INSG | $228M | 272.12 | -56.39 | -20.7% | 18.42 |
| Immersion Corporation | IMMR | $219M |
| - |
| - |
| - |
| - |
| - |
| - |
| 3.41 |
| 0.74 |
| 21.6% |
| 2.48 |
| Kaltura, Inc. | KLTR | $218M | -18.06 | 34.44 | -190.7% | -104.62 |
| Information Services Group, Inc. | III | $208M | 22.23 | 2.19 | 9.9% | 10.77 |
| eGain Corporation | EGAN | $207M | 6.41 | 2.56 | 40.0% | 25.25 |
| ReposiTrak, Inc. | TRAK | $183M | 26.28 | 3.70 | 14.1% | 17.22 |
| Peer Median | - | 11.10 | 2.38 | 11.1% | 14.00 | |