KULR Technology Group, Inc. reported a significant increase in its financial performance for the fiscal year ended December 31, 2025, with total revenues reaching $16.2 million, a 51% increase from $10.7 million in 2024. The growth was primarily driven by the introduction of a new revenue stream from the mining of digital assets, which contributed $7.0 million. However, the company also faced challenges, including a net loss of $61.9 million, compared to a loss of $17.5 million in the previous year, largely due to increased operating expenses and impairments related to investments and assets.
The company experienced notable changes in its revenue composition, with product sales increasing by 39% to $5.1 million, while contract services revenue decreased by 50% to $2.2 million. The decline in contract services was attributed to the completion of a significant contract in 2024 and reduced activity in other contracts. Additionally, KULR recognized $1.9 million in grant revenue related to a Texas Space Commission award for research and development of cold-temperature lithium-ion battery solutions.
Strategically, KULR has expanded its operations by establishing a fully integrated battery energy storage system design and production facility in Houston, Texas. This facility aims to enhance the company's capabilities in battery pack design, prototyping, and manufacturing. Furthermore, KULR has adopted a Bitcoin treasury strategy, acquiring 783.81 BTC at an average cost of $101,683 per BTC, and has begun mining operations to increase its Bitcoin holdings. As of December 31, 2025, the company held approximately 1,074.21 BTC valued at $94 million.
Operationally, KULR's customer base decreased from 71 to 60, with 47 customers in product sales and 34 in contract services. The company reported a total of 47 full-time employees and 28 contractors as of December 31, 2025. The decline in customer count was offset by higher revenue per contract from existing clients. The company also noted a significant impairment charge of $3.1 million related to investments and assets, which contributed to the overall net loss.
Looking ahead, KULR plans to continue its focus on expanding its product offerings and enhancing its market presence, particularly in the energy management and digital asset mining sectors. The company has paused its At the Market (ATM) transactions through June 30, 2026, to reassess its capital strategy. Despite the challenges faced in 2025, KULR remains optimistic about its growth potential and the increasing demand for its advanced battery systems and digital asset solutions.
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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