KULR Reduces Workforce by 15% Amid Streamlining Efforts
January 09 2024 - 8:45AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a global leader in sustainable energy
management, today announced the Company has reduced its total
workforce by approximately 15%. The changes come as KULR works to
allocate resources to its key business priorities servicing
recurring aerospace and defense contracts while also focusing on
improving the profitability of its commercial customer engagements
as the Company targets operational breakeven in Second Quarter
2024.
KULR streamlined operations at its headquarters in San Diego,
California while continuing to focus on the KULR ONE Design
Solutions testing platform and scaling R&D initiatives at its
existing facility in Webster, Texas, a suburb of Houston.
Keith Cochran, KULR President and COO, stated: “As we pivot the
Company to focus on the KULR ONE services and platforms, we can
gain operational efficiency by consolidating our battery related
activities in the Webster, Texas facility. This action is critical
for KULR’s goal of being operational income positive exiting Q2
2024. Our San Diego facility will remain focused on automated
testing and historical thermal management products.”
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 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, as may be amended or supplemented by
other reports we filed with the Securities and Exchange Commission
from time to time. 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:KULR Technology Group,
Inc.Phone: 858-866-8478 x 847Email: ir@kulrtechnology.com
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