KULR Technology Group Reports First Quarter 2024 Financial Results

SAN DIEGO, May 15, 2024 (GLOBE NEWSWIRE) --  KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today reported results for the first quarter ended March 31, 2024.

First Quarter 2024 Financial Results

Revenues: In the first quarter that ended March 31, 2024, revenue was flat at $1.75 million compared to $1.76 million reported in the same period last year. Contract Services revenue increased 769%, with revenue of approximately $1.13 million versus approximately $131 thousand in the same quarter last year.

Cash and Accounts Receivable: As of March 31, 2024, the Company had cash and accounts receivable combined of $1.78 million.

Gross Margins: Gross margin was 29% in the quarter ending March 31, 2024, compared to 37% in the same period last year.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased to $4.21 million in the first quarter of 2024 from $5.10 million in the same period last year. The decrease in SG&A expenses was primarily due to decreases in outsourced services and stock-based compensation.

Research and Development (R&D) Expenses: R&D expenses in the first quarter of 2024 decreased to $955 thousand from $1.81 million in the same period last year. The lower investment in R&D reflects a planned decrease in R&D consulting services.

Operating Loss: Loss from operations was $4.66 million for the first quarter of 2024, compared to $6.26 million from the same period last year. Lower operating loss in the first quarter was driven by a decrease in both SG&A expenses and investment in R&D.

Net Loss: Net loss for the first quarter of 2024 was $5.01 million, or a loss of $0.04 per share, compared to a net loss of $6.60 million, or a loss of $0.06 per share from the same period last year.

Management Commentary

KULR Chief Financial Officer Shawn Canter noted, “While the first quarter presented some unanticipated revenue challenges, management continues to see customer demand for KULR products and services. Our end markets are growing, and we are expanding our customer bases in both the products and services sides of the business. Our focus is on KULR’s long term growth trends. These metrics are positive support of those trends.” Regarding capital allocation and costs, Canter indicated, “We are constantly examining how we allocate capital. We are focused on investing in growth while staying lean. We have made significant strides in improving our balance sheet and continue to reduce our costs where we see opportunities to do so.”