KULR Reports Preliminary Fourth Quarter 2022 Financial Results, Anticipates 137% Revenue Growth
February 13 2023 - 4:15PM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a leading energy management platform
company accelerating the global transition to a sustainable
electrification economy, today announced its unaudited preliminary
financial results for the fourth quarter ending December 31st,
2022.
Q4’22 Financial Highlights and Operational
Highlights:
- Revenue for the three months ended December 31, 2022, is
estimated to be $1,813,000, an increase of approximately 137%,
compared to $766,000 in the same quarterly period of the prior
year.
- Gross margin for the three months ended December 31, 2022 is
estimated to be 80%, compared with 70% in the same quarterly period
of the prior year.
- Secured initial order from top-tier United States Department of
Defense Contractor. Initial deployment will be over $500,000 (over
an approximate 6-month period) from a customer with future projects
that could derive multi-million dollars in revenues over the next
year.
- Began Phase 2 battery safety testing for Lockheed Martin
Corporation (“Lockheed”). Commenced Second-Half 2022 Phase 2
development of its passive propagation resistant (“PPR”) battery
systems for Lockheed following a successful Phase 1 trial in
November 2021.
- Entered into an agreement to provide its internal short circuit
(“ISC”) battery safety and testing device to the largest automotive
manufacturer in the United States. The ISC testing technology
allows the manufacturer to predict battery cell failure and then
analyze the causes to build safer batteries.
- Announced production prototype order from top-tier power tool
manufacturer for KULR SafeCase, a reusable, safe, and high-energy
battery transportation, and storage solution. This specific
power-tool manufacturer is a leader in sustainability and safety
within the industrial tool and household hardware sectors, and an
active participant in many initiatives around lithium-ion battery
safety, transportation, education, and recycling.
- Launched its SmallSat Lithium-ion
(“Li-ion”) battery pack format to further support the NASA space
program and launch of Artemis. KULR's battery product meets top
safety requirements outlined by JSC 20793 created by NASA. The
Company continues its close relationship with NASA to help ensure
the safety of battery systems, flight, and exploration of space and
added to a Suite of Battery Safety and Testing Solutions with a New
Commercial License of NASA Technology. KULR achieved operational
readiness for its Fractional Thermal Runaway Calorimeter (“FTRC”)
within its suite of battery safety and thermal management solutions
after finalizing a commercial licensing agreement for the agency's
patent pending FTRC solution.
- Acquired VibeTech and Launched Vibration Reduction Service,
KULR VIBE. The KULR VIBE suite of technologies utilize proprietary
sensor processes with advanced learning algorithms to both achieve
precision balancing solutions, and successfully predict component
failure based on its comprehensive database of vibration
signatures. Its enhanced AI learning algorithms pinpoint areas
where excess vibrations cause a loss of energy that can lead to
system malfunctions, weakened performance, and maintenance
issues.
- Secured First Customer for KULR VIBE Underscoring the
Solution's Commercial Application in the Aviation Sector. Entered
into a six-figure annual subscription agreement with an industry
leading, American-based commercial helicopter operator to provide
global track and balance support for its fleet of helicopters via
KULR VIBE, which provides a proprietary AI-driven vibration
reduction solution.
- Partnered With Gamma Technologies, a global leader and
innovator in multi-physics system simulation software, to create
next generation battery designs for the eVTOL and EV markets. KULR
to integrate Gamma Technologies’ GT-SUITE Multi-Scale Multi-Physics
Simulation Platform into the Company's holistic suite of products
and services.
“We are very pleased with our revenue ramp and order flow moving
into 2023,” said KULR CEO Michael Mo. “The platform, which we have
built and continue to expand, positions KULR as a preferred
solutions provider of lithium-ion battery safety and thermal
management technologies. We look forward to continued growth as we
leverage the tailwind of a robust battery supply chain and positive
regulatory support.”
About KULR Technology Group Inc.KULR Technology
Group Inc. (NYSE American: KULR) is a leading energy management
platform company offering proven solutions that play a critical
role in accelerating the electrification of the circular economy.
Leveraging a foundation in developing, manufacturing, and licensing
next-generation carbon fiber thermal management technologies for
batteries and electronic systems, KULR has evolved its holistic
suite of products and services to enable its customers across
disciplines to operate with efficiency and sustainability in mind.
For more information, please visit www.kulrtechnology.com.
Safe Harbor StatementThis release does not
constitute an offer to sell or a solicitation of offers to buy any
securities of any entity. This release contains certain
forward-looking statements based on our current expectations,
forecasts and assumptions that involve risks and uncertainties.
Forward-looking statements in this release are based on information
available to us as of the date hereof. Our actual results may
differ materially from those stated or implied in such
forward-looking statements, due to risks and uncertainties
associated with our business, which include the risk factors
disclosed in our Form 10-K filed with the Securities and Exchange
Commission on March 28, 2022. Forward-looking statements include
statements regarding our expectations, beliefs, intentions, or
strategies regarding the future and can be identified by
forward-looking words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “should,” and “would” or
similar words. All forecasts are provided by management in this
release are based on information available at this time and
management expects that internal projections and expectations may
change over time. In addition, the forecasts are entirely on
management’s best estimate of our future financial performance
given our current contracts, current backlog of opportunities and
conversations with new and existing customers about our products
and services. We assume no obligation to update the information
included in this press release, whether as a result of new
information, future events or otherwise.
Investor ContactMark KomonoskiPartnerIntegrous
CommunicationsPhone: 1-877-255-8483Email: kulr@integcom.us
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