KULR Reports Preliminary Second Quarter 2023 Financial Results, Anticipates Record Revenue with Over 300% YoY Growth
August 10 2023 - 8:00AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a global leader in sustainable energy
management, today announced its unaudited preliminary financial
results for the second quarter ending June 30, 2023.
Q2’23 Financial and Recent Operational
Highlights:
- Revenue for the three months ended June 30, 2023, is estimated
to be $2.5 to $2.8 million, an estimated increase of over 300%,
compared to $0.6 million in the same quarter of the prior
year.
- Gross margin for the three months ended June 30, 2023, is
estimated to be in a range from high 30% to low 40%, compared with
28% in the same quarter of the prior year.
- KULR was awarded an initial $1.13M U.S. Army contract to
develop next generation high-energy battery packs employing the
KULR ONE Design Solutions (“K1-DS”) platform. KULR will utilize the
K1-DS platform to fast track this new design through prototyping
phases and into manufacturing readiness for the U.S. Army’s
advanced aviation applications. Development activities began at the
end of April 2023 and are slated to run through early 2024.
Management believes this timeline sets a new standard for what
could have historically taken several years.
- KULR partnered with a world leading provider of drone-powered
package delivery services. KULR will leverage its K1-DS platform
and proprietary technology for the development of high-capacity
lithium battery packs for use in last-mile delivery, which is the
most expensive and time-consuming part of the shipping
process.
- KULR received an additional development contract from a branch
within the United States Armed Forces to develop high-energy
battery packs for uninterruptible power supplies to mobile command
centers. This contract is another example of how the KULR ONE
Design Solutions platform offers KULR partners unique,
comprehensive solutions that management believes result in the
safest battery solutions for high energy and demanding
applications.
- KULR provided safe battery testing solutions to a top 5 global
manufacturer in the electric vertical take-off and landing
(“eVTOL") sector. The tests are to be completed in the third
quarter of 2023 and will further advance eVTOL battery safety as
federal regulators look to put forward certification rules for the
emerging eVTOL air taxi market.
- KULR announced expansion of its SafeCASE™ product line for
electric bikes and the overall consumer e-mobility market. KULR is
bringing to the consumer market the same patented technology it
provides NASA to protect astronauts on the International Space
Station and manned space missions. With over 300 million e-bikes
alone in use around the world today and growing at double-digit
percentages, the threat of battery related fires is real and
growing. KULR is actively engaged in discussions with multi-family
Homeowner Associations, lawmakers, community leaders, as well as
those that represent urban multi-story buildings to provide unique
solutions to meet or exceed current and anticipated
regulations.
“For the 4th straight quarter, KULR has posted record trailing
twelve months revenue. As the results indicate, we continue to
satisfy growing customer demand from both within our existing
customer base and with new customers,” said KULR CFO Shawn Canter.
“In the first half of 2023, our preliminary estimates suggest KULR
has already generated more revenue than all of 2022. As we head
into the back half of 2023 and into 2024, we are upbeat regarding
the trends around KULR’s increasing revenue ramp, pipeline, and
expanding margins.”
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 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 represent 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:KULR Technology Group,
Inc.Phone: 858-866-8478 x 847Email: ir@kulrtechnology.com
Media Relations:Further PREmail:
press@furtherpr.com
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