Earnings ·
KULR Reports Q3 Revenue of $7.4M, Up 197% YoY, as Product Sales Nearly Quadruple
KULRKULR Technology Group, Inc.
KULR Technology Group reported third-quarter revenue of $7.4 million, a 197% increase year-over-year, driven by product sales that nearly quadrupled to $6.5 million. The company exited its Bitcoin mining operations, selling all holdings for approximately $80.1 million in net proceeds and using the funds to repay its $20 million Coinbase credit facility. As a result, KULR ended the quarter with $54.5 million in cash, no debt, and no digital assets. GAAP net income was $4.5 million, primarily due to a $15.8 million non-recurring gain on digital assets. The company also implemented a reduction in force expected to generate $4 million in annualized cost savings. KULR Technology Group designs and manufactures safe, high-power battery solutions for physical AI and mission-critical applications.