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1. Company Snapshot

1.a. Company Description

KULR Technology Group, Inc., through its subsidiary, KULR Technology Corporation, develops and commercializes thermal management technologies for batteries, electronics, and other components applications in the United States.It offers lithium-ion battery thermal runaway shields; fiber thermal interface materials; phase change material heatsinks; internal short circuit device; KULR battery cell screening and testing automation system and tech safe case; cellcheck; and CRUX cathodes.The company's technologies are used in electric vehicles, energy storage, battery recycling transportation, cloud computing, and 5G communication devices.


It sells its products for applications, such as lithium-ion battery energy storage, electric vehicles, 5G communication, cloud computer infrastructure, consumer, and industrial devices.The company was formerly known as KT High-Tech Marketing Inc.and changed its name to KULR Technology Group, Inc.


in August 2018.KULR Technology Group, Inc.was founded in 2013 and is based in San Diego, California.

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1.b. Last Insights on KULR

KULR Technology Group, Inc.'s recent performance faces challenges from intensifying competition in the battery safety and reliability sector. LG Energy Solution's strategic partnership with South8 Technologies to develop space-rated lithium-ion batteries may threaten KULR's market share. Despite the launch of its next-generation Battery Management System (kBMS), which set a new industry benchmark for reliability, safety, and energy efficiency, the company must navigate increasing competition. Additionally, KULR's partnerships with Amprius and Molicel to launch KULR ONE Air for Unmanned Aircraft Systems, while positive, may not be enough to offset competitive pressures.

1.c. Company Highlights

2. KULR Technology Group's Q3 2025 Earnings: A Strong Quarter with Significant Revenue Growth

KULR Technology Group reported its strongest quarter to date, with Q3 2025 revenue growing 116% year-over-year to approximately $6.9 million and 75% sequentially. The company's product revenue more than doubled, driven by its transition to a product-driven company. The earnings per share (EPS) came out at -$0.26, relative to estimates at -$0.08, indicating a wider loss than expected. The company's trailing twelve months revenue record stood at $16.7 million, with product revenue growing 112% and services revenue down 74%. Operating expenses, including R&D and SG&A, have decreased each quarter since the beginning of the year, a trend that management expects will eventually lead to positive operating earnings through strong revenue growth and strategic investments.

Publication Date: Nov -24

📋 Highlights
  • Revenue Growth Surge: Q3 2025 revenue surged 116% YoY to $6.9M and 75% sequentially, with product revenue doubling
  • Strong Financial Position: $140M in cash/digital assets, $120M Bitcoin holdings, and $20M cash balance post-$8M loan repayment
  • Product Expansion Momentum: Launched KULR One Air with 150+ SKUs for UAVs/electric aviation, targeting tenfold energy storage growth in 3 years
  • Bitcoin Strategic Focus: $102K/coin all-in cost, $120M Bitcoin treasury, and synergistic mining operations tied to AI data centers
  • Operational Efficiency: TTM revenue $16.7M with 112% product revenue growth and 74% services decline, plus 4 quarters of declining operating expenses

Financial Foundation and Cash Position

KULR has a strong financial foundation, with approximately $140 million in cash and digital assets and no debt, following the full repayment of the $8 million Coinbase loan. The company's cash balance stood at $20 million, with $3 million in accounts receivable and $120 million in Bitcoin holdings, totaling $156 million in assets. The balance sheet has evolved significantly over the last two years, with no debt and over $100 million in liquid assets, positioning the company for continued growth and future success.

Business Expansion and New Developments

The company launched KULR One Air in July, a high-performance propulsion battery architecture designed for UAVs, drones, electric aviation, and autonomous robotics, with over 150 commercial-ready SKUs. KULR is expanding its KULR One platform into AI data centers and telecom infrastructure with new battery backup units and battery energy storage systems. The company expects its energy storage and management business to grow tenfold over the next three years. Management is also enthusiastic about the exoskeleton market, citing Nike's recent announcement as an example of strong market appetite.

Valuation Metrics

With a P/S Ratio of 6.27, the market is pricing in significant revenue growth, which is expected to be 164.5% next year according to analyst estimates. The P/E Ratio stands at -4.23, and the EV/EBITDA is -3.74, indicating that the company's current valuation is largely based on its growth prospects rather than current earnings. The ROE and ROIC are both negative, at -20.63% and -20.85% respectively, reflecting the company's current loss-making position.

Strategic Priorities and Outlook

KULR's strategic priorities focus on its core energy management and storage business, vibration reduction technologies, and Bitcoin treasury. The Bitcoin treasury strategy supports a favorable long-term pricing outlook, and mining brings the company closer to the data center ecosystem. Management plans to communicate more with shareholders through an investor letter at least once a year, providing updates on progress and future outlook. The company is making steady progress on partnerships in government, aerospace, defense, and corporate accounts, which will contribute to revenue and long-term enterprise value.

3. NewsRoom

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KULR Technology Rapidly Develops Counter-UAS Directed Energy Battery System: From Purchase Order to Prototype in 5 Weeks

Nov -24

Source: globenewswire.com

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KULR Technology: More Disappointment, But Upgrading On Valuation - Hold

Nov -19

Source: seekingalpha.com

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KULR Technology Group, Inc. (KULR) Q3 2025 Earnings Call Transcript

Nov -19

Source: seekingalpha.com

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KULR Reports Mixed Q3 Earnings: EPS Miss, Revenues Beat

Nov -18

Source: benzinga.com

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KULR Technology Group Reports Third Quarter 2025 Financial Results

Nov -18

Source: globenewswire.com

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LG Energy Solution to Enter Aerospace Battery Sector in Partnership with South8 Technologies

Nov -12

Source: prnewswire.com

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KULR Technology Group, Inc. (KULR) Just Reclaimed the 50-Day Moving Average

Oct -14

Source: zacks.com

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KULR Technology Group and Soluna Announce 3.3 MW Hosting Partnership at Project Sophie

Oct -09

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.84%)

6. Segments

Component Product, Carbon Fiber Velvet, Thermal Management Solution, Internal Short Circuit Battery Cells and Devices, Patented Thermal Runaway Shield Technology, and Thermal Fiber Thermal Interface Materials

Expected Growth: 15.4%

Growing demand for electric vehicles and renewable energy systems drives the need for advanced thermal management solutions, while increasing adoption of lithium-ion batteries in consumer electronics and electric vehicles fuels growth in internal short circuit protection and thermal runaway prevention technologies.

Contract Services

Expected Growth: 10.2%

Growing demand for advanced thermal management solutions in aerospace, defense, and industrial markets, driven by increasing adoption of electric vehicles, rising need for energy efficiency, and growing investments in space exploration and defense technologies.

7. Detailed Products

Thermal Management Solutions

KULR's thermal management solutions are designed to provide efficient heat dissipation and management for high-performance applications such as electric vehicles, renewable energy systems, and advanced computing systems.

Energy Storage Solutions

KULR's energy storage solutions provide safe, reliable, and high-performance battery solutions for electric vehicles, renewable energy systems, and consumer electronics.

Space Technology

KULR's space technology solutions provide thermal management and energy storage solutions for space exploration and satellite applications.

Aerospace and Defense

KULR's aerospace and defense solutions provide thermal management and energy storage solutions for military and defense applications.

Battery Safety and Testing

KULR's battery safety and testing solutions provide comprehensive testing and validation services for battery safety and performance.

Thermal Interface Materials

KULR's thermal interface materials provide high-performance thermal conductivity and thermal management solutions for various industries.

8. KULR Technology Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

KULR Technology Group, Inc. operates in the energy storage industry, which has a moderate threat of substitutes. While there are alternative energy storage solutions, KULR's proprietary thermal management technology provides a unique value proposition, reducing the threat of substitutes.

Bargaining Power Of Customers

KULR Technology Group, Inc. has a diverse customer base, including government agencies, aerospace companies, and electric vehicle manufacturers. This diversification reduces the bargaining power of individual customers, making it a low threat.

Bargaining Power Of Suppliers

KULR Technology Group, Inc. relies on a limited number of suppliers for its thermal management materials. While the company has established relationships with its suppliers, the dependence on a few key suppliers poses a moderate threat.

Threat Of New Entrants

The energy storage industry is rapidly evolving, and new entrants are emerging with innovative technologies. KULR Technology Group, Inc. faces a high threat from new entrants, which could potentially disrupt the market and challenge the company's market share.

Intensity Of Rivalry

The energy storage industry is highly competitive, with established players and new entrants vying for market share. KULR Technology Group, Inc. operates in a highly competitive landscape, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight -19.24%
Debt Cost 8.37%
Equity Weight 119.24%
Equity Cost 8.37%
WACC 8.37%
Leverage -16.14%

11. Quality Control: KULR Technology Group, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Satellogic

A-Score: 5.0/10

Value: 8.0

Growth: 4.2

Quality: 7.2

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Kopin

A-Score: 4.5/10

Value: 8.0

Growth: 3.1

Quality: 4.6

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
KULR Technology

A-Score: 4.3/10

Value: 7.4

Growth: 4.3

Quality: 4.4

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Focus Universal

A-Score: 3.6/10

Value: 6.0

Growth: 2.0

Quality: 3.6

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Luna Innovations

A-Score: 3.2/10

Value: 7.8

Growth: 3.7

Quality: 6.0

Yield: 0.0

Momentum: 1.5

Volatility: 0.0

1-Year Total Return ->

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MicroVision

A-Score: 2.8/10

Value: 6.4

Growth: 2.3

Quality: 3.0

Yield: 0.0

Momentum: 4.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.93$

Current Price

3.93$

Potential

-0.00%

Expected Cash-Flows