KULR Technology Group Reports First Quarter 2023 Financial Results
May 15 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 reported results for the first
quarter ended March 31, 2023.
First Quarter 2023 Financial Results
Revenues: In the first quarter ended March
31, 2023, revenue increased to $1.8 million from $0.2 million
reported in the same period last year. The 778% year over year
revenue increase was primarily due to an increase in product sales
and contract services revenues in the quarter.
Cash: As of March 31, 2023, the Company had
$7.2 million of cash compared to $10.3 million as of December 31,
2022.
Gross Margins: Gross margin was 37% in the
quarter ended March 31, 2023, compared to 39% in the same period
last year.
Selling, General and Administrative (SG&A)
Expenses: SG&A expenses increased to $5.5 million
in the first quarter of 2023 from $3.5 million in the same period
last year. The increase in SG&A expenses was primarily due to
an increase in marketing and advertising expenses as well as an
increase in labor costs to build future capacity for planned
revenue growth.
Research and Development (R&D)
Expenses: R&D expenses in the first quarter of
2023 increased to $1.4 million from $0.7 million in the same period
last year. The increase was primarily due to planned increases in
headcount in order to build future capacity, and other R&D
initiatives designed to build future revenue growth.
Operating Loss: Loss from operations was
$6.3 million for the first quarter of 2023, compared to $4.2
million from the same period last year. The increase in operating
loss was primarily driven by increases in R&D and SG&A
expenses.
Net Loss: Net loss for the first quarter
of 2023 increased to $6.6 million, or a loss of $0.06 per share,
compared to a net loss of $4.1 million, or a loss of $0.04 per
share from the same period last year.
Management Commentary
“Over the last two years, we have worked very hard to transform
KULR from a niche component supplier to NASA and the Department of
Defense, to a company with multiple platforms powering the
electrification economy,” remarked KULR CEO Michael Mo. “KULR is
now solidly a growth stage company. We are focused on the long-term
growth and earnings power of KULR."
First Quarter 2023 and Recent Operational
Highlights:
- Awarded a $1.13M U.S. Army contract to develop next generation
high-energy battery packs with KULR ONE Design Solutions. KULR is
developing a safe, high-energy battery storage platform using next
generation silicon anode lithium-ion cells. The Company will
utilize the KULR ONE Design Solutions platform to fast track this
new design through prototyping phases and into manufacturing
readiness for U.S. Army’s advanced aviation applications.
- Appointed former Goldman Sachs M&A executive Shawn Canter
as its new Chief Financial Officer. Mr. Canter is a seasoned
corporate executive and board member with over 25 years of
experience leading teams in hands-on roles in both institutional
and early/growth stage companies bringing solutions to complex
situations. He gained significant financial and transactional
experience as an executive in M&A at Goldman Sachs and at Bank
of America’s investment bank where he also served as Chief
Operating Officer of M&A.
- Opened a new Research and Development center in Texas to
accommodate an increasing number of battery development
engagements. The new R&D center will spearhead the next phase
of KULR's expansion and growth as the facility will be outfitted
with state-of-the-art prototyping equipment and tools necessary for
an agile engineering team to deliver prototype designs in rapid
turnaround.
- Awarded a patent on the technology behind its SafeCase
products. The SafeCase products are designed to mitigate thermal
runaway propagation and its catastrophic effects for lithium-ion
battery packs of up to 2.5 kWh (kilowatt-hours) per case by
utilizing KULR’s patented Thermal Runaway Shield (“TRS”)
technology.
- Secured a NASA contract as the sole provider for an automated
cell screening project. KULR's newly completed automated cell
screening line continues to add to the design services and thermal
management solutions offered by the Company.
Conference CallThe Company has scheduled a
conference call for May 15, 2023, at 4:30 p.m. ET to discuss these
results. Michael Mo, KULR’s CEO; Keith Cochran, President &
COO, and Shawn Canter, CFO, will provide a business update for the
Company followed by a question-and-answer period.
To access the call:
Date: Monday, May 15,
2023Time: 4:30 p.m. Eastern time (1:30 p.m.
Pacific time)U.S. dial-in:
855-459-0165Access Code:
361411Webcast: Click here to access
Please call the conference telephone number 10 minutes prior to
the start time. If you have any difficulty connecting with the
conference call, please contact Integrous Communications at
1-877-255-8483.
The conference call will be available for replay here and via
the Investor Relations section of KULR’s website.
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 Statement This press 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, 2023. 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 Relations:Mark
KomonoskiPartnerIntegrous CommunicationsPhone: 1-877-255-8483Email:
kulr@integcom.us
Media Relations:Further PREmail:
press@furtherpr.com
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