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KULR Technology | 8-K: KULR Technology Group Reports Second Quarter 2024 Financial Results

KULR Technology | 8-K: KULR Technology Group Reports Second Quarter 2024 Financial Results

KULR Technology | 8-K：KULR 科技集团公布2024年第二季度财务业绩
美股SEC公告 ·  2024/08/13 05:01

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KULR Technology Group reported Q2 2024 financial results with revenue of $2.43M, down from $2.70M YoY, while contract services revenue increased 75.7% to $1.30M. The company posted a net loss of $5.89M ($0.03 per share), improved from $6.33M loss YoY. Gross margin decreased to 24% from 37%, while operating expenses reduced with SG&A at $4.59M and R&D at $1.31M.The company secured significant contracts, including a $400K initial order from NASA as part of a $2M multi-phase agreement for battery cell testing, and partnerships with Bombardier Recreational Products and a major Japanese automaker for EV battery safety solutions. KULR's testing services business is projected to generate $8-10M annual revenue by 2025.Management reported strengthening balance sheet metrics with cash and accounts receivable up 40% and liabilities down 42% versus December 2023. CEO Michael Mo demonstrated alignment with shareholder interests by reducing his cash salary by 33% in exchange for equity compensation, while the company's SEPA facility with Yorkville was terminated with all outstanding debt retired.
KULR Technology Group reported Q2 2024 financial results with revenue of $2.43M, down from $2.70M YoY, while contract services revenue increased 75.7% to $1.30M. The company posted a net loss of $5.89M ($0.03 per share), improved from $6.33M loss YoY. Gross margin decreased to 24% from 37%, while operating expenses reduced with SG&A at $4.59M and R&D at $1.31M.The company secured significant contracts, including a $400K initial order from NASA as part of a $2M multi-phase agreement for battery cell testing, and partnerships with Bombardier Recreational Products and a major Japanese automaker for EV battery safety solutions. KULR's testing services business is projected to generate $8-10M annual revenue by 2025.Management reported strengthening balance sheet metrics with cash and accounts receivable up 40% and liabilities down 42% versus December 2023. CEO Michael Mo demonstrated alignment with shareholder interests by reducing his cash salary by 33% in exchange for equity compensation, while the company's SEPA facility with Yorkville was terminated with all outstanding debt retired.
KULR科技集团报告了2024年第二季度的财务结果，营业收入为243万美元，同比下降270万美元，而合同服务收入增加了75.7%，达到130万美元。公司净亏损为589万美元（每股0.03美元），同比改善了633万美元的亏损。毛利率从37%下降至24%，而营业费用减少，销售及管理费用为459万美元，研发费用为131万美元。公司获得了重要合同，包括来自NASA的40万美元初始订单，作为200万美元多阶段协议的一部分，用于苹果-电芯测试，和与庞巴迪休闲产品公司及一家主要日本汽车制造商合作提供电动车电池安全解决方案。预计到2025年，KULR的测试服务业务将产生800-1000万美元的年营业收入。管理层报告称，资产负债表指标有所改善，现金和应收账款增长40%，负债较2023年12月下降42%。首席执行官迈克尔·莫通过将现金薪水减少33%以换取股权补偿，显示出与股东利益的一致性，而公司的SEPA与约克维尔的协议已终止，所有未偿还债务均已清偿。
KULR科技集团报告了2024年第二季度的财务结果，营业收入为243万美元，同比下降270万美元，而合同服务收入增加了75.7%，达到130万美元。公司净亏损为589万美元（每股0.03美元），同比改善了633万美元的亏损。毛利率从37%下降至24%，而营业费用减少，销售及管理费用为459万美元，研发费用为131万美元。公司获得了重要合同，包括来自NASA的40万美元初始订单，作为200万美元多阶段协议的一部分，用于苹果-电芯测试，和与庞巴迪休闲产品公司及一家主要日本汽车制造商合作提供电动车电池安全解决方案。预计到2025年，KULR的测试服务业务将产生800-1000万美元的年营业收入。管理层报告称，资产负债表指标有所改善，现金和应收账款增长40%，负债较2023年12月下降42%。首席执行官迈克尔·莫通过将现金薪水减少33%以换取股权补偿，显示出与股东利益的一致性，而公司的SEPA与约克维尔的协议已终止，所有未偿还债务均已清偿。
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