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Here are 1-3 brief analogies for KULR Technology:

• Corning for battery safety and thermal management: KULR develops specialized materials and components vital for the safety and performance of batteries and electronics, much like Corning creates advanced materials like Gorilla Glass that are critical for the durability and function of electronic screens.
• A highly specialized 3M, focused on advanced thermal and battery safety materials: KULR leverages advanced materials science to solve complex thermal and safety problems across industries, similar to how 3M is known for its wide range of innovative products based on advanced materials science.

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• Lithium-ion battery thermal runaway shields: Technologies designed to prevent or mitigate thermal runaway events in lithium-ion batteries.
• Fiber thermal interface materials: Advanced materials used to efficiently transfer heat between components.
• Phase change material heatsinks: Thermal management solutions that utilize phase change materials for superior heat absorption and dissipation.
• Internal short circuit device: A device used for simulating or detecting internal short circuits within batteries for safety testing.
• KULR battery cell screening and testing automation system: An automated system for comprehensive screening and testing of battery cells.
• Tech safe case: A specialized case designed for the safe storage and transportation of hazardous or sensitive materials, particularly batteries.
• Cellcheck: A system or service for assessing the health and performance of individual battery cells.
• CRUX cathodes: Proprietary cathode materials used in battery cell manufacturing.

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Major Customers of KULR Technology (KULR)

KULR Technology Group, Inc. primarily sells its thermal management technologies and products to other companies (B2B) for integration into their products and systems. Based on the provided background information, specific major customer names are not listed. However, the company's technologies and products are utilized across several key industries and applications, indicating the following categories of customers:

• Manufacturers of Electric Vehicles (EVs)
• Developers and providers of Energy Storage Systems (ESS) utilizing lithium-ion batteries
• Companies involved in Battery Recycling and Transportation
• Providers of Cloud Computing infrastructure (e.g., data center operators)
• Manufacturers and operators in the 5G Communication sector
• Manufacturers of consumer and industrial devices that require advanced thermal management for batteries and electronics

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Michael Mo, Chief Executive Officer

Mr. Mo has served as KULR's Chief Executive Officer and Chairman since March 2011, and he co-founded KULR Technology, Inc. in 2013. He is a technology entrepreneur and successful investor with over 25 years of experience in technology management, product development, and marketing. Before co-founding KULR, Mr. Mo started three technology companies as founder and CEO, including Sympeer Technology, a peer-to-peer network company, which he co-founded and served as CEO prior to Amlogic, Inc., and Wish Solutions, which he founded in 1998 and served as CEO until 2001. He was an early venture investor in many successful technology companies, including Spreadtrum Communications (NASDAQ: SPRD), which was later acquired for $1.9 billion. From 2007 to 2015, he was Senior Director of Business Development at Amlogic, Inc.

Shawn Canter, Chief Financial Officer

Mr. Canter has been KULR's Chief Financial Officer since March 31, 2023, and a member of the Board of Directors since June 6, 2025. He is a seasoned corporate executive 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 at Bank of America's investment bank, where he also served as COO of M&A. Most recently, he was a partner at Orange Capital Ventures. Mr. Canter holds a bachelor's degree in economics and a master's degree in organizational studies from Stanford University, as well as a JD and MBA from the University of Michigan.

Dr. William Walker, Chief Technology Officer

Dr. Walker has significant experience in professional and research roles related to thermal management and energy. He is a co-founder of KULR Technology Group.

Jay K. Yamamoto, General Counsel and Secretary

Mr. Yamamoto was appointed General Counsel and Secretary of KULR Technology Group, Inc. effective June 6, 2025. He previously served as the primary outside counsel for KULR since 2016.

Antonio Martinez, VP of Operations

Mr. Martinez joined KULR as Vice President of Operations on April 19, 2021. He brings over 37 years of leadership and worldwide manufacturing experience in Electronics Manufacturing and Operations. Most of his career was spent at Pulse Electronics Corporation in the electronics manufacturing services industry. Prior to joining KULR, he served as Principal Program Manager of Jabil (NYSE: JBL) since 2015, where he managed business operations including Quality Assurance Readiness, Large Production Line Transfers, Project Management, Process Improvement, and Customer Qualification Support.

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The key risks to KULR Technology (symbol: KULR) include its persistent unprofitability and significant cash burn, challenges in scaling production and retaining customers, and the financial volatility introduced by its Bitcoin treasury strategy.

1. Persistent Unprofitability and Cash Burn: KULR Technology has consistently operated at a loss, demonstrating negative earnings and substantial cash usage despite efforts to grow revenue. The company’s path to sustainable profitability remains uncertain, with a negative free cash flow yield and operating margins. This ongoing cash burn requires the company to rely on its existing cash reserves or further equity financing, which can lead to dilution for shareholders.
2. Execution Risk in Scaling Production and Customer Retention: The company faces significant execution risks related to scaling its production capabilities for higher volumes and successfully converting pilot programs into larger commercial contracts. KULR has limited experience in high-volume manufacturing and its profitability is contingent on the successful ramp-up of new product lines and the adoption by customers. Additionally, KULR has shown a reliance on a relatively small number of customers for a significant portion of its revenues and has faced challenges in customer retention, indicating potential difficulties in building a stable and growing customer base for its thermal management solutions.
3. Financial Volatility from Bitcoin Treasury Strategy: KULR Technology has incorporated a Bitcoin treasury and mining leasing strategy, holding digital assets on its balance sheet. This exposes the company to the inherent volatility of cryptocurrency prices, which can significantly impact its financial position and overall market valuation. Fluctuations in Bitcoin's value introduce a non-core business risk that can affect KULR's financial stability independently of its thermal management technology operations.

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KULR Technology Group, Inc. (symbol: KULR) operates in several significant addressable markets for its thermal management technologies and related products and services. These markets are driven by the increasing demand for efficient cooling solutions in advanced electronics and battery applications.

The global thermal management market, which encompasses many of KULR's offerings, was estimated at $14.165.8 million in 2023 and is projected to grow to $27.753.8 million by 2030, with a compound annual growth rate (CAGR) of 10.1%. The U.S. thermal management technologies market held the largest revenue share in North America in 2023.

Key addressable markets for KULR Technology include:

• Battery Safety and Thermal Management: The total addressable market for battery recycling and safety is estimated at $21 billion by 2025 globally. The broader global battery market was valued at $125.35 billion in 2023 and is projected to reach $680.85 billion by 2034. KULR's energy storage and management business is projected to grow tenfold over the next three years.
• Electric Vehicles (EVs): The electric vehicles market is projected to reach approximately 27 million units by 2030, growing from an estimated 3.3 million units in 2019 with an annualized growth rate of 21.1%. KULR's battery testing and analysis services for next-generation EV battery cells are expected to generate $8 million to $10 million in annual revenue starting in 2025.
• 5G Communication Devices: The global thermal management for 5G market size was estimated at $12.10 billion in 2024 and is expected to reach approximately $20.15 billion by 2034, exhibiting a CAGR of 6.10%. Another estimate for the global thermal management for 5G market size indicates $11.38 billion in 2024, growing to $19.62 billion by 2034 with a CAGR of 5.61%. 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.
• Cloud Computing and AI Data Centers: The global artificial intelligence market is projected to reach $190 billion by 2025. The thermal management for data centers market size is projected to reach $33.72 billion by 2034 globally. KULR is expanding into AI data centers and telecom infrastructure with new battery backup units and battery energy storage systems.
• Aerospace and Defense: The European aerospace and defense battery market is projected to reach $5.38 billion by 2033, up from $2.3 billion in 2022. The global electronic warfare market size is estimated to reach $27.79 billion by 2030. The military battery market size is reported as $1.3 billion in 2022, growing to $1.8 billion in 2030. The global aircraft battery market is projected to reach $10.48 billion by 2030.
• Phase Change Material (PCM) Heatsinks: The global phase change materials in thermal management market size was $1.47 billion in 2024 and is projected to reach $3.25 billion by 2034, with a CAGR of 8.3%. The U.S. segment of this market was valued at $378 million in 2024.
• Fiber Thermal Interface Materials (FTI): The global thermal interface materials market size was $4.62 billion in 2025 and is projected to grow to $13.64 billion by 2035, with a CAGR of 11.44%. Another estimate shows the global thermal interface material market reaching $3.8 billion in 2026 and expanding to $6.2 billion by 2036, at a CAGR of 5.1%. The Asia Pacific region held the largest market share in 2025.

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1. Strategic Shift to a Product-Driven Business Model and Expansion into High-Growth Markets: KULR is actively transitioning from a service-centric model to a product-driven company, which has already shown strong product sales growth. This pivot is aimed at monetizing its thermal management technology in rapidly expanding markets such as unmanned systems (UAVs, drones, and autonomous robots), AI data centers, and telecom infrastructure. The company's Q3 2025 results indicated a significant increase in product sales, reinforcing this strategic direction.
2. Growth of KULR ONE Air and KULR ONE Space Battery Systems: The KULR ONE Air (K1A) battery system, particularly for Unmanned Aircraft Systems, is a major expected driver, with over 150 SKUs already in its portfolio. Similarly, the KULR ONE Space platform is anticipated to play an important role in the growing space economy, with new CubeSat battery lines contributing to this segment.
3. Increased Production Capacity and Operational Scale: KULR is expanding its Texas facility to over 100,000 square feet and plans to scale battery pack production to more than 50,000 packs per month by mid-2026, with readiness to double this if demand accelerates. This expansion and the implementation of new automated lines are designed to substantially increase revenue from higher product volumes and testing services.
4. Expansion of the Customer Base: KULR has consistently demonstrated growth in its customer base for both product sales and engineering services. For example, in Q1 2024, revenue-generating customers from products grew 92%, and from services, 180% year-over-year. This indicates a broadening market acceptance and adoption of KULR's technologies across various sectors.
5. Development and Commercialization of Next-Generation Battery Management Systems (kBMS): The introduction of advanced battery management systems (kBMS) is aimed at setting new industry standards for reliability and safety. These enhanced product offerings are designed to cater to demanding applications in defense, terrestrial, and spacecraft sectors, thereby contributing to future revenue growth.

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