KULR Technology Group, Inc. (NYSE American: KULR) is a leading energy management platform company headquartered in Webster, Texas. Founded in 2013, the company leverages over 40 years of aerospace-derived engineering to develop high-performance battery systems and thermal management technologies. Its product suite includes battery production, internal short circuit cells, patented ...KULR Technology Group, Inc. (NYSE American: KULR) is a leading energy management platform company headquartered in Webster, Texas. Founded in 2013, the company leverages over 40 years of aerospace-derived engineering to develop high-performance battery systems and thermal management technologies. Its product suite includes battery production, internal short circuit cells, patented Thermal Runaway Shield (TRS), phase change material (PCM) heatsinks, KULR SafeCases, and the KULR VIBE precision balancing solution. The company serves critical sectors such as space, aerospace, defense, telecom, and digital infrastructure, with recent innovations like the Xero VibeFan for AI data centers. Key partnerships include a collaboration with Robinson Helicopter for an eR66 battery-electric demonstrator. Under CEO and co-founder Michael Mo, KULR reported a market cap of about $126 million, 47 full-time employees, and generated revenue of $0.402 per share (TTM). Despite negative profitability margins, the company focuses on high-growth areas like AI robotics and energy storage, emphasizing safety and scalability in its product designs. Financially, KULR has a current ratio of 1.688 and a price-to-book of 1.34, with significant investment in R&D (54.3% of revenue). The company remains committed to accelerating the electrification of the circular economy through proven, safe, and efficient energy solutions, positioning itself as a partner for both emerging and established industries.
Stuart Smith: Welcome everyone to the KULR Technology Group Q2 2026 earnings call. In just a moment, I will be joined by the CEO of the company, Michael Mo, and the CFO of the company, Mike Kimel. Before we can get started, please listen to the following safe harbor statement covering this call. This call may contain certain forward-looking statements based on the company's current expectations, intentions, and assumptions that involve risks and uncertainties. Forward-looking statements made on this call are based on the information available to management as of the date hereof. KULR Technology Group's actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with their business, which include the risk factors disclosed in their Form 10-K filed with the Securities and Exchange Commission on March 31st, 2026, as may be amended or supplemented by other reports filed by the company with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding the company's 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 such forward-looking statements that are provided by management on this call are based on information available at this time, and management expects that their internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, the company assumes no obligation to update the information included on this call, whether as a result of new information, future events, or otherwise. With that, I will now turn the call over to Michael Mo. Michael, the call is yours.
Michael Mo: Thank you, Stuart. Good afternoon, everyone. Thank you for joining. On our last earnings call, we told you 2026 would be measured by three things: product revenue growth, gross margin improvement, and cost discipline. I want to start today by being direct with you. Q2 fell short. Q2 revenue was $2.1 million, down significantly from both prior year and the first quarter with a gross loss. That's not the quarter we planned, and I'm not going to make excuses. What I'm going to do is walk you through three things. What challenged us in the Q2, what we're doing to resolve those challenges, and the growth we expect to see in the second half of this year, and why. KULR builds high-power battery systems for the physical AI era, autonomous systems, drones, underwater vehicles, robotics, and telecom critical infrastructure. In June, I wrote to shareholders that battery is infrastructure, and there is no …