KULR Technology Group, Inc., through its subsidiary, KULR Technology Corporation, designs and builds advanced battery systems for autonomous platforms, digital infrastructure, and ...
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.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$16.2M
+50.6%
-57.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-61.9M
-253.2%
+21.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+4.8%
-90.7%
-205.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-260.0%
-83.2%
-253.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-382.8%
-134.6%
-82.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-47.9M
-166.9%
-3.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-296.0%
-77.2%
-141.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
1.2%
-63.0%
+366.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.07x
-44.4%
+100.0%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
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 …