KULR Technology Group, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated total revenue of $2.08 million, a decrease of 43% from $3.65 million in the same quarter of the previous year. For the first half of 2026, revenue was $6.03 million, slightly down from $6.10 million in the first half of 2025. The decline in revenue was attributed to reduced product sales and contract services, alongside a notable drop in digital asset mining revenue, which fell by 46% year-over-year.
The company's gross profit for the second quarter was a loss of $638,933, compared to a profit of $713,710 in the same quarter of 2025. This shift was primarily driven by increased costs associated with product sales and contract services, which did not decline proportionately with revenue. KULR's operating expenses also rose, totaling $10.57 million for the quarter, up from $10.16 million a year earlier, largely due to increased research and development costs and credit losses on accounts receivable.
In terms of strategic developments, KULR has been focusing on enhancing its energy management platform and digital asset mining operations. The company has established a new facility in Houston, Texas, aimed at integrating battery design and production capabilities. Additionally, KULR has been actively managing its digital assets, holding 1,091.69 BTC valued at approximately $63.9 million as of June 30, 2026. The company has pledged 565 BTC as collateral for a $20 million loan from Coinbase, which it fully repaid after selling 333 BTC for approximately $21.5 million in July 2026.
Operationally, KULR's customer base has contracted, with 26 customers in the second quarter of 2026 compared to 30 in the same period of 2025. The company has also faced challenges in product delivery due to supply chain disruptions, particularly affecting battery cell supply and power electronics. Despite these challenges, KULR has reported a strategic shift towards prioritizing product revenue growth and cost discipline, particularly in markets such as space, defense, and AI data center backup power.
Looking ahead, KULR aims to leverage its existing liquidity and disciplined balance-sheet management to support its growth initiatives. The company plans to scale its KULR ONE Space architecture and ramp up production of its KULR ONE Air products for military and commercial applications. However, the ongoing volatility in digital asset markets and the company's reliance on these assets for liquidity may pose risks to its financial stability in the near term.
About KULR Technology Group, Inc.
KULR Technology Group, Inc. specializes in advanced thermal management, energy storage, and vibration reduction solutions for aerospace, defense, and industrial markets. Its core products include space-rated batteries, thermal runaway shields, and proprietary vibration mitigation technologies. The company leverages innovative designs, AI integration, and safety standards to deliver reliable, high-performance solutions for critical applications in space exploration, electric vehicles, and energy recycling.
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