KULR Technology Group, Inc. reported its financial results for the first quarter ended March 31, 2024. The company generated revenue of $1.75 million, a slight decrease from $1.76 million in the same period last year. Product sales declined by 62% to $615,093, while contract services increased by 769% to $1.13 million. The cost of revenue was $1.24 million, leading to a gross profit of $510,789, down 21% year-over-year. Operating expenses included $954,625 in research and development, a 47% decrease, and $4.21 million in selling, general, and administrative expenses, a 17% decrease. The net loss for the quarter was $5.01 million, an improvement from a net loss of $6.60 million in the prior year. The company's cash balance stood at $798,843, with a working capital deficit of $3.91 million. KULR's primary source of liquidity has been...Show More

KULR Technology Group, Inc. reported its financial results for the first quarter ended March 31, 2024. The company generated revenue of $1.75 million, a slight decrease from $1.76 million in the same period last year. Product sales declined by 62% to $615,093, while contract services increased by 769% to $1.13 million. The cost of revenue was $1.24 million, leading to a gross profit of $510,789, down 21% year-over-year. Operating expenses included $954,625 in research and development, a 47% decrease, and $4.21 million in selling, general, and administrative expenses, a 17% decrease. The net loss for the quarter was $5.01 million, an improvement from a net loss of $6.60 million in the prior year. The company's cash balance stood at $798,843, with a working capital deficit of $3.91 million. KULR's primary source of liquidity has been equity and debt offerings. The company has fully repaid its Prepaid Advance Liability and accrued interest. Subsequent to the quarter's end, KULR issued shares for aggregate proceeds of $4.32 million under its Standby Equity Purchase Agreement. The company's future plans include expanding its KULR ONE battery pack offerings, advancing its KULR VIBE vibration reduction technology, and developing KULR ONE AI for battery design optimization.