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Here are 1-3 brief analogies to describe KULR Technology:

• Gore-Tex for battery safety materials: KULR provides advanced carbon fiber materials and systems designed to protect lithium-ion batteries and electronics from thermal runaway, much like Gore-Tex provides specialized materials for protection in demanding environments.

• Corning for advanced battery materials and enclosures: Similar to how Corning develops specialized glass (like Gorilla Glass) that makes electronics more durable and reliable, KULR develops advanced carbon fiber materials and enclosures to make batteries and electronic systems safer and more resilient to heat.

• Honeywell for thermal management and battery safety components in critical applications: KULR provides highly specialized thermal management and battery safety components and solutions for demanding sectors like space, electric vehicles, and defense, akin to how Honeywell provides critical systems and components for aerospace and industrial applications where reliability is paramount.

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• KULR-TRUETM Battery Safety Solutions: Provides passive propagation resistant (PPR) designs and materials to prevent thermal runaway events in battery packs.
• KULR VIBE Battery Monitoring & Diagnostics: An AI-powered platform offering real-time health, safety, and performance monitoring for battery systems.
• KULR ONE Battery Cell Testing & Qualification: Offers comprehensive screening, testing, and qualification services for battery cells to ensure safety and reliability.
• Space-Qualified Thermal Management: Develops advanced thermal solutions, including carbon fiber composite structures and phase change material (PCM) heat sinks, for aerospace and extreme environment applications.
• Carbon Fiber Thermal Management Products: Utilizes lightweight, high-performance carbon fiber materials for efficient heat dissipation in electronics and industrial applications.

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KULR Technology Group (KULR) primarily sells its advanced thermal management and battery safety solutions to other companies and government entities, making it a B2B (business-to-business) company. While specific revenue figures from individual customers are often confidential, the company frequently highlights its significant relationships and contracts with key players in various industries.

Major customers and partners identified through public announcements and SEC filings include:

• National Aeronautics and Space Administration (NASA): KULR has a long-standing relationship with NASA, providing thermal management and battery safety solutions for space applications, including the International Space Station and Artemis missions. (NASA is a U.S. government agency, not a public company).
• Lockheed Martin Corporation (Symbol: LMT): KULR has worked with Lockheed Martin on various defense and aerospace projects, leveraging its battery safety and thermal management technologies.
• SAFT America (a subsidiary of TotalEnergies) (Symbol for parent company: TTE): KULR announced a strategic partnership with SAFT America to implement its thermal runaway shields (TRS) into SAFT's battery module designs for defense and space applications.
• U.S. Department of Defense (DOD) contractors: KULR's technologies are integrated into various defense applications, often through prime contractors for the Department of Defense. (Specific contractors beyond Lockheed Martin are not consistently named as individual "major customers" in public filings, but the DOD sector is a significant end-market).
• Various companies in the Electric Vehicle (EV), Energy Storage, and Industrial sectors: KULR provides its battery safety and thermal management solutions to manufacturers and integrators of battery packs and energy storage systems across these growing markets. Specific customer names are often under NDA, but this represents a significant segment of their commercial activity.

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Michael Mo, Chief Executive Officer

Michael Mo is the co-founder of KULR Technology Group, Inc.. He is a seasoned entrepreneur and successful investor with over 20 years of experience in technology management, product development, and marketing. Before co-founding KULR, he served as Senior Director of Business Development at Amlogic, Inc. from 2007 to 2015. He also co-founded and served as CEO of Sympeer Technology, a peer-to-peer network company. Mr. Mo has a strong track record in venture investments, having contributed to the growth of several early-stage technology companies, including Spreadtrum Communications, CadMos, and AllBusiness.com. He holds an Executive MBA from Stanford University and a Master's degree in Electrical Engineering and Computer Science from U.C. Santa Barbara.

Shawn Canter, Chief Financial Officer

Shawn Canter was appointed as CFO in March 2023. He is a seasoned corporate executive and board member with over 25 years of experience leading teams in both institutional and early/growth stage companies. Mr. Canter gained significant financial and transactional experience as an executive in M&A at Goldman Sachs and as Chief Operating Officer of M&A at Bank of America's investment bank. Most recently, he was a partner at Orange Capital Ventures. He received a bachelor's degree in economics and a master's degree in organizational behavior from Stanford University, as well as a JD and an MBA from the University of Michigan.

Dr. William Walker, Chief Technology Officer

Dr. William Walker was appointed Chief Technology Officer in November 2022. He possesses significant experience in professional and research activities focused on thermo-electrochemical testing and analysis of lithium-ion (Li-ion) battery assemblies and related thermal management products. Prior to joining KULR, Dr. Walker was employed by the National Aeronautics and Space Administration (NASA) Johnson Space Center (JSC) for over 10 years, where he focused on designing battery assemblies for human spaceflight applications capable of safely mitigating the effects of thermal runaway and preventing cell-to-cell propagation. He is also a co-inventor of NASA's patented Fractional Thermal Runaway Calorimetry (FTRC) technology. Dr. Walker received his B.S. in Mechanical Engineering from West Texas A&M University and his Ph.D. in Materials Science and Engineering from the University of Houston.

Jeong Song, Vice President of Sales and Marketing

Jeong Song brings over a decade of experience in the battery industry, where he has successfully scaled new technologies and driven revenue growth with established technologies. He has played a key role in M&A initiatives in previous roles and has led sales, marketing, program management, and contracts teams. Mr. Song holds a B.S. in Electrical Engineering from S.U.N.Y. Buffalo and an M.S. in Electrical Engineering from the University of Southern California.

Josh Steinmann, Vice President of AI and Robotics

Josh Steinmann leads the KULR AI & Robotics division, which was launched in April 2025. He has a history of building and scaling teams in technology across telecommunications, cleantech, IoT, and HR Tech. Earlier in his career, Mr. Steinmann spent eight years at Qualcomm designing and building CDMA mobile devices and served as an Expat in Southeast Asia. He was an early employee at Helium, an IoT company backed by Khosla Ventures. Most recently, he served as Chief Commercial Officer at Stella.ai, SVP of Client Services at Trustaff, and held a leadership role within the Office of Innovation at Ingenovis Health. Mr. Steinmann earned a Master's Degree in Management from Stanford's Graduate School of Business and a Bachelor's of Science in Electrical and Computer Engineering from the University of California, Santa Barbara.

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Key Risks to KULR Technology (KULR)

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KULR Technology (NASDAQ: KULR) operates in several addressable markets with its main products and services focused on thermal management, battery safety, energy storage, and specialized applications in aerospace, defense, and robotics. The addressable market sizes for KULR's key offerings are as follows:

• Thermal Management Solutions: The global thermal management technologies market was estimated at $14.16 billion in 2023 and is projected to reach $27.75 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.1% from 2024 to 2030. North America accounted for the largest revenue share in this market in 2023.
• Battery Safety and Lithium-Ion Battery Market: The global lithium-ion battery market, where battery safety is crucial, was valued at $59.8 billion in 2022 and is projected to reach $307.8 billion in 2032. KULR's battery testing services alone are projected to generate an annual revenue of $8 million to $10 million starting in 2025.
• Space and Aerospace & Defense Batteries:
  • The global space battery market was valued at $3.66 billion in 2023 and is projected to reach $6.56 billion by 2032.
  • The global aircraft battery market was valued at $3.75 billion in 2022 and is projected to reach $10.48 billion by 2030.
  • The European aerospace and defense battery market is projected to be $5.38 billion by 2033, up from $2.3 billion in 2022.
  • The global military battery market was $1.3 billion in 2022, with projections to grow to $1.8 billion by 2030.
• Battery Recycling: The global battery recycling market was valued at $26.93 billion in 2024 and is projected to grow to $70.49 billion by 2035, with a CAGR of 9.14% from 2025 to 2035.
• Energy Storage Systems: The global energy storage solutions market acquired a revenue of $342.5 billion in 2023 and is expected to be worth around $1,165.7 billion by 2033, with a CAGR of 10.2% during the forecast period of 2024 to 2033. The Asia Pacific region dominated this market with the highest revenue share in 2023.
• Rotary System Vibration Reduction: The global vibration motor market was estimated at $6.5 billion in 2023 and is forecast to reach $24.1 billion by 2030, growing at a CAGR of 14.1% from 2023 to 2032.
• Robotics (Wearable Robotic Exoskeletons): The global wearable robotic exoskeleton market size is expected to reach $41.5 billion by 2033.
• 5G Communication (for Thermal Management): The global 5G services market was valued at $41.5 billion in 2020, with an anticipated annual growth of 43.9% from 2021 to 2027.

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1. Expansion into High-Growth Markets (AI and Robotics): KULR is strategically leveraging its energy management and thermal management expertise to penetrate rapidly expanding markets such as artificial intelligence (AI) infrastructure, physical AI at the edge, and robotics. The company's solutions are crucial for ensuring the stability and performance of AI systems and enhancing the efficiency and longevity of robotic systems. KULR is also deploying its Exia AI-powered exoskeleton in North American logistics and retail sectors.
2. Shift to Product-Led Growth and New Product Launches: KULR is transitioning from a service-based model to a product-focused strategy, with an emphasis on its KULR ONE platform. Key product developments include the KULR ONE Space K1S 400 battery, which has successfully passed NASA's acceptance process for the 20793 certification, positioning it for the growing private space industry. Additionally, KULR plans to launch two new platforms later in 2025: KULR ONE Air for unmanned autonomous vehicles and battery backup units for industrial, telecom, and data center applications. The CoreLogone Guardian, a ballistic-proof battery, is also targeting the defense sector's subsea battery market.
3. Customer Base Expansion and Diversification: The company has demonstrated consistent growth in its customer base, both for product sales and services, and aims to reduce customer concentration. In 2024, KULR increased its product sale customers by 35% and service revenue customers by 100%. This strategy to broaden its client portfolio across various sectors is expected to contribute to sustained revenue growth.
4. Securing Strategic Defense Contracts: KULR has secured and expanded significant contracts within the defense sector, including a pivotal defense contract for a missile program and a U.S. Navy contract for enhanced battery safety. The company also expanded its development contract with Army DEVCOM to over $2.4 million. These contracts provide a stable revenue stream and validate KULR's specialized battery and thermal management solutions for demanding applications.

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Share Issuance

• KULR completed an $8.0 million registered direct offering of common stock and warrants in December 2020.
• In May 2021, the company finalized a $6.5 million offering of preferred stock and warrants.
• A $2.875 million underwritten public offering of common stock was completed in September 2023.
• KULR entered into an at-the-market (ATM) offering agreement in June 2025, allowing it to sell up to $300 million of common stock, primarily to expand its Bitcoin treasury.
• A 1-for-8 reverse stock split, effective June 23, 2025, reduced outstanding shares from approximately 300 million to less than 40 million to enhance institutional investor appeal.

Inbound Investments

• KULR secured a $6.7 million grant from the Texas Space Commission in Q1 2025 for battery development.
• In July 2025, KULR obtained a $20 million multi-draw credit facility with Coinbase Credit, Inc., to support its Bitcoin accumulation goals.

Outbound Investments

• Since December 2024, KULR has significantly invested in Bitcoin for its treasury strategy, with total acquisitions reaching approximately $101 million (1,021 BTC) by July 2025.
• In Q2 2025, KULR invested $3.3 million for preferred shares in German Bionic, a private company specializing in robotic exoskeletons.
• KULR has acquired two companies, Vibe.Tech and Techtom.

Capital Expenditures

• Research and Development (R&D) expenses increased to $2.44 million in Q2 2025 from $1.31 million in Q2 2024, reflecting a planned increase in R&D consulting services aimed at developing new KULR ONE battery products.
• The company's Bitcoin holdings provide a solid financial balance sheet that enables confident investment in R&D and new product development.