KULR Technology Group Reports 63% Revenue Growth but $9.45 Million Net Loss in Q2 2025

KULR Technology Group, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenues of $3.97 million for the three months ended June 30, 2025, marking a 63% increase from $2.43 million in the same period last year. For the first half of 2025, total revenues reached $6.42 million, up 54% from $4.18 million in the prior year. The increase in revenue was primarily driven by a surge in product sales, which rose by 74% to $1.98 million, and the introduction of digital asset mining operations, which contributed $1.44 million in revenue during the quarter.

Despite the revenue growth, KULR reported a net loss of $9.45 million for the second quarter of 2025, compared to a loss of $5.33 million in the same quarter of 2024. The company's operating expenses increased significantly, totaling $10.16 million for the quarter, up from $5.90 million a year earlier. This rise in expenses was attributed to higher research and development costs, which surged by 87% to $2.44 million, and selling, general, and administrative expenses, which increased by 51% to $6.94 million. The company also recorded an impairment expense of $786,397 related to equipment deposits.

KULR's strategic initiatives included a focus on digital asset mining, which began in March 2025, and the adoption of Bitcoin as a primary treasury reserve asset. As of June 30, 2025, the company held 928.28 Bitcoin valued at approximately $99.49 million, a significant increase from $20.28 million at the end of 2024. The company also engaged in multiple lease agreements for Bitcoin mining operations, enhancing its operational capacity. Additionally, KULR expanded its board of directors and issued new preferred stock to its CEO, reflecting ongoing organizational changes aimed at strengthening its governance and strategic direction.

Operationally, KULR reported a customer base of 30 for the second quarter of 2025, up from 27 in the previous year. The company’s engagement metrics showed a notable increase in product adoption, particularly in its thermal management solutions and digital asset mining services. The company also experienced a geographic expansion, with revenue generated from foreign entities amounting to $1.12 million in the second quarter, compared to $288,888 in the same period last year.

Looking ahead, KULR anticipates continued investment in research and development to support its growth strategy, particularly in the energy management and digital asset sectors. The company plans to leverage its Bitcoin holdings and mining operations to enhance liquidity and support future capital needs. KULR's management remains focused on achieving profitability while navigating the challenges of a competitive market and evolving technological landscape.