KULR Technology Group, Inc. reported significant financial results for the first quarter of 2026, with total revenue reaching $4.8 million, a substantial increase of 98% compared to $2.4 million in the same period last year. The growth was driven by a notable rise in product sales, which surged by 84% to $2.1 million, and a new grant revenue stream of $1.4 million from the Texas Space Commission for research and development of cold-temperature lithium-ion battery solutions. However, the company also experienced a net loss of $28.1 million, widening from a loss of $18.8 million in the prior year, primarily due to a $20.8 million loss from the change in fair value of digital assets.
In terms of operational changes, KULR's customer base remained stable, with 26 customers in both quarters. The company reported a decrease in contract services revenue, which fell by 34% to $682,645, attributed to the completion of two significant long-term contracts in the previous year. The mining of digital assets also contributed positively, with revenue increasing by 165% to $662,311, reflecting the company's ongoing digital asset mining operations.
KULR's balance sheet showed a decrease in total assets to $105.5 million as of March 31, 2026, down from $129 million at the end of 2025. This decline was largely due to a reduction in cash and digital assets, which fell to $7.7 million and $73.9 million, respectively. The company also reported a significant increase in inventory, which rose to $1.4 million, indicating preparations for future sales. The total liabilities increased to $10.9 million, primarily due to a new $5 million loan secured against digital assets.
Strategically, KULR has made several key developments, including the acquisition of assets from Caban Systems, Inc. for $2.5 million, aimed at enhancing its battery pack manufacturing capabilities. The company also executed a new three-year lease for a facility in Houston, Texas, to support its integrated battery energy storage system design and production infrastructure. Additionally, KULR has paused its at-the-market (ATM) transactions until mid-2026, focusing on optimizing its operational efficiency and reducing costs.
Looking ahead, KULR anticipates continued growth in revenue as it expands its product offerings and customer base. The company is committed to increasing its research and development efforts, particularly in battery technology, while managing its operational costs. Despite the current financial losses, KULR believes its cash reserves, digital asset holdings, and available credit will be sufficient to meet its obligations over the next twelve months.
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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