Full year 2023 revenue up 146% year over year
SAN DIEGO, April 12, 2024 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a global leader in sustainable energy management, announced today that , announced the company's financial results. All year 2023.
Full year 2023 financial results:
Revenues: Revenues increased 146% from $3,994,634 in 2022 to $9,830,166 in 2023. The increase in revenue was primarily due to early successes in the energy storage, battery transportation and recycling sectors. We continue to build relationships with a wide range of partners in energy, transportation and aerospace, and billed 53 customers for the year ended December 31, 2023, compared to December 31, 2022. This is a 47% increase from 36 billing customers in the ending year. These additions reflect management's commitment to building new customer relationships through increased referrals and business development leads.
Selling, general and administrative expenses (SG&A): Selling, general and administrative expenses increased from $16,453,776 in 2022 to $19,882,402 in 2023. The 21% increase was primarily due to higher labor costs and higher depreciation expense due to the expansion of our facilities and equipment. The service will start in 2023.
Research and Development Expenses: Research and development expenses in 2023 increased from $4,196,313 in 2022, reflecting increased headcount to build future production capacity and research and development efforts to build future revenue growth. increased to $6,195,400.
As of December 31, 2023, we had 57 full-time employees and 3 contractors; as of December 31, 2022, we had 62 full-time employees and 16 contractors. did.
Net Loss: Net loss for 2023 increased to a loss of $23,693,556, or $0.20 per share, compared to a loss of $19,436,479, or $0.18 per share, in 2022.
Cash Position: The Company reported cash balances of $1,194,764 as of December 31, 2023, compared to $10,333,563 as of December 31, 2022.
Recent company highlights:
- Revenues grew at a compound annual growth rate of 102% from 2021 to 2023.
- Signed a more than $1 million contract with H55 Inc., a pioneer and global leader in electric propulsion. The H55 employs KULR's proprietary thermal runaway shield within its propulsion system, which is installed on fleets from industry giants such as Pratt & Whitney and his CAE company. The incorporation of KULR's TRS into his H55's electric propulsion system (“EPS”) is important for alignment with European Union aviation safety. Agency (“EASA”) Safety Protocols.
- Won a pivotal contract valued at over $865,000 from Nanoracks (now part of Voyager Space's exploration segment). Voyager Exploration Team, based in Webster, Texas, is a prominent provider of commercial space services specializing in satellite deployment, space station research, and space habitat development. The contract highlights KULR's role in accelerating the development, testing and initial production of specialized space batteries aimed at powering Voyager's CubeSat applications.
- Wins six-figure contract from Lockheed Martin to develop phase-change material heat sinks critical to thermal control of essential electronics in long-range precision missiles. This achievement follows a series of successful evaluations demonstrating the efficiency of his KULR solution in cooling critical automotive systems.
- We have received the first purchase order from one of the world's largest privately held space exploration companies for an enhanced battery safety testing solution using the company's KULR ONE Design Solutions (“K1-DS”) platform. His unique K1-DS platform incorporates the most comprehensive design and testing methods to ensure battery safety. Although the specific terms of the contract remain confidential, the customer has publicly predicted a significant increase in planned space missions as it continues to expand its satellite deployment throughout 2024.
- Confirms partnership with leading U.S. automaker focused on reducing thermal runaway risk in EV battery modules through KULR's advanced SafeCASE™ technology. This project highlights KULR's commitment to safety and innovation in the rapidly growing electric vehicle market.
- We partner with one of the few world leaders in space travel to design, develop and deliver battery systems tailored to the demanding demands of space travel. These batteries will power the dramatically growing commercial space business for KULR's partners' immediate needs and well into the future. The commercial, economic, and mission-critical requirements of delivering consistently safe, reliable, and efficient battery power solutions on time, as well as the complex demands of space travel, led this customer to her KULR guided. The program is already underway, but once expected milestones are achieved, both KULR and its partners expect follow-on orders that will support a significant increase in the frequency and scale of planned space missions. Masu.
- Received new special permits from the U.S. Department of Transportation related to our patented SafeX product suite, including SafeCASE™ and SafeSLEEVE™. Recently granted Special Permit 21693 and Special Permit 21704 cover the transportation of damaged, defective, or recalled (“DDR”) batteries and used batteries, including in the critical area of battery disposal and recycling, to make them safer. paves the way for battery transportation. More sustainable battery collection and reuse practices. With the new special permit, KULR is expected to create further opportunities for both existing and new customers in a variety of industries.
Conference call
We have a conference call scheduled for Friday, April 12thth, 2024 at 4:30 PM ET to discuss these results. KULR's management team will provide updates on the company's business and answer questions from analysts.
To access your calls:
date: Friday, April 12, 2024
time: 4:30pm ET (1:30pm PT)
US dial-in: 855-459-0165
access code: 361411
Webcast: Click here to access
Please call the conference phone number 10 minutes before the start time. This conference call can be replayed here and from the Investor Information section of his KULR website (www.kulrtechnology.com).
About KULR Technology Group Co., Ltd.
KULR Technology Group Inc. (NYSE American: KULR) is a leading energy management platform company delivering proven solutions that play a critical role in accelerating the electrification of the circular economy. Leveraging its foundation in developing, manufacturing, and licensing next-generation carbon fiber thermal management technology for batteries and electronic systems, KULR has evolved a comprehensive suite of products and services that enable customers in a variety of sectors to improve efficiency and We have made sure that we operate with sustainability in mind. For more information, please visit www.kulrtechnology.com.
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of an offer to buy any company's securities. This release contains certain forward-looking statements that are based on the Company's current expectations, projections and assumptions that involve risks and uncertainties. The forward-looking statements in this release are based on information available as of the date of this release. The Company's actual results may differ from any such forward-looking statements due to risks and uncertainties associated with the Company's business, including the risk factors disclosed in its Form 10-K filed with the Securities and Exchange Commission on April 12. They may differ materially from what is expressed or implied in the description. , 2024, as may be amended or supplemented from time to time by other reports filed by the Company with the Securities and Exchange Commission. Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future and include statements such as “anticipates,” “believes,” “may,” “estimates,” and “expects.” Can be identified by forward-looking words such as “intends,” “may,” “should,” “would” or similar words. All forecasts provided by management in this release are based on currently available information, and management anticipates that internal forecasts and expectations may change over time. . Additionally, this forecast is based entirely on management's best estimate of the Company's future financial performance, taking into account current contracts, current outstanding opportunities, and conversations with new and existing customers about the Company's products and services. Based on estimates. We undertake no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise.
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KULR Technology Group Co., Ltd.
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