Summary by Moomoo AI
KULR Technology Group, Inc. reported its financial results for the quarter ended June 30, 2024. The company saw a decrease in revenue, reporting $2.43 million compared to $2.70 million in the same period last year, a 10% decline. Product sales dropped by 42%, while contract services increased by 76%. The gross profit margin decreased to 24% from 37% year-on-year, primarily due to specific project costs with no corresponding revenue and increased depreciation expenses. Operating expenses saw a reduction, with R&D expenses decreasing by 32% and selling, general, and administrative expenses by 11%. The net loss widened to $5.89 million from $6.33 million in the previous year. The company's cash position decreased slightly to $1.02 million from $1.19 million at the end of 2023. KULR's liquidity was supported by equity offerings, including an At the Market Offering agreement for up to $20 million and merchant cash advance agreements. The company's focus remains on expanding its KULR ONE battery solutions and KULR VIBE vibration reduction technology, aiming to capitalize on the growing demand for energy storage and management solutions.
