KULR Technology Group (KULR)
Market Price (11/1/2026): $1.645 | Market Cap: $76.1 MilSector: Information Technology | Industry: Electronic Components
KULR Technology Group (KULR)
Market Price (11/1/2026): $1.645Market Cap: $76.1 MilSector: Information TechnologyIndustry: Electronic Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Advanced Aviation & Space. Themes include Advanced Battery Components, Show more. | Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -127% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -43 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -258% Weak revenue growthRev Chg QQuarterly Revenue Change % is -43% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 34% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -247%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -277% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -138% Short seller reportGrizzly Reports report on 0/43/2025. Key risksKULR key risks include [1] a profitability crisis with a high cash burn rate, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Advanced Aviation & Space. Themes include Advanced Battery Components, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -127% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -43 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -258% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -43% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 34% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -247%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -277% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -138% |
| Short seller reportGrizzly Reports report on 0/43/2025. |
| Key risksKULR key risks include [1] a profitability crisis with a high cash burn rate, Show more. |
Qualitative Assessment
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KULR Technology Group (KULR) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. Significant underperformance in fiscal Q2 2026 earnings, primarily due to a substantial revenue miss and widening net loss. KULR Technology Group reported fiscal Q2 2026 (ended June 30, 2026) revenue of $2.08 million, a 43% decrease year-over-year, which significantly missed the consensus analyst estimate of $9 million by 76.9%. Concurrently, the company posted a net loss of $0.47 per share, considerably worse than the analyst expectation of a $0.08 loss per share, representing a $0.39 miss or 487.5% deviation. The gross margin for the quarter also sharply declined to negative 31% from 20% in the prior-year period. Following this announcement on August 13, 2026, KULR's stock price dropped 11.1% the next day and continued to fall by 33.7% over the subsequent 70 days.
2. Material non-cash fair value losses from Bitcoin holdings negatively impacted financial results. A major contributor to the company's net loss in fiscal Q2 2026 was a $10.59 million change in fair value loss associated with its Bitcoin holdings. Management acknowledged that the volatility of its Bitcoin treasury strategy significantly affected reported results, making the core battery business's performance less clear to investors. Since the quarter-end, KULR has exited Bitcoin mining, repaid a $20 million Coinbase loan, and initiated a phased reduction of its remaining Bitcoin holdings to stabilize its balance sheet and improve financial transparency. Earlier in fiscal Q1 2026, the company also recorded a $20.77 million mark-to-market loss related to its Bitcoin assets.
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KULR Technology Group (KULR) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. Significant underperformance in fiscal Q2 2026 earnings, primarily due to a substantial revenue miss and widening net loss. KULR Technology Group reported fiscal Q2 2026 (ended June 30, 2026) revenue of $2.08 million, a 43% decrease year-over-year, which significantly missed the consensus analyst estimate of $9 million by 76.9%. Concurrently, the company posted a net loss of $0.47 per share, considerably worse than the analyst expectation of a $0.08 loss per share, representing a $0.39 miss or 487.5% deviation. The gross margin for the quarter also sharply declined to negative 31% from 20% in the prior-year period. Following this announcement on August 13, 2026, KULR's stock price dropped 11.1% the next day and continued to fall by 33.7% over the subsequent 70 days.
2. Material non-cash fair value losses from Bitcoin holdings negatively impacted financial results. A major contributor to the company's net loss in fiscal Q2 2026 was a $10.59 million change in fair value loss associated with its Bitcoin holdings. Management acknowledged that the volatility of its Bitcoin treasury strategy significantly affected reported results, making the core battery business's performance less clear to investors. Since the quarter-end, KULR has exited Bitcoin mining, repaid a $20 million Coinbase loan, and initiated a phased reduction of its remaining Bitcoin holdings to stabilize its balance sheet and improve financial transparency. Earlier in fiscal Q1 2026, the company also recorded a $20.77 million mark-to-market loss related to its Bitcoin assets.
3. Operational challenges and production delays contributed to the weak performance. During the fiscal Q2 2026 earnings call, KULR's management highlighted several operational impediments, including supply chain delays for new parts, resource constraints that hindered execution on customer programs, and the absorption of bandwidth due to recent management and board transitions. Additionally, the new Texas facility, which was anticipated to enhance production capacity, was not yet operational during fiscal Q2 2026 and was only expected to commence operations in fiscal Q3 2026. These issues directly impacted the company's ability to meet revenue forecasts and achieve profitability.
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Stock Movement Drivers
Fundamental Drivers
The -38.1% change in KULR stock from 7/31/2026 to 10/31/2026 was primarily driven by a -32.2% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.65 | 1.64 | -38.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 17 | -8.6% |
| P/S Multiple | 6.7 | 4.6 | -32.2% |
| Shares Outstanding (Mil) | 46 | 46 | -0.1% |
| Cumulative Contribution | -38.1% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| KULR | -38.1% | |
| Market (SPY) | 1.2% | 49.4% |
| Sector (XLK) | 2.4% | 54.1% |
Fundamental Drivers
The -36.4% change in KULR stock from 4/30/2026 to 10/31/2026 was primarily driven by a -38.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.58 | 1.64 | -36.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16 | 17 | 5.2% |
| P/S Multiple | 7.4 | 4.6 | -38.5% |
| Shares Outstanding (Mil) | 46 | 46 | -1.7% |
| Cumulative Contribution | -36.4% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| KULR | -36.4% | |
| Market (SPY) | 5.4% | 51.8% |
| Sector (XLK) | 12.7% | 51.4% |
Fundamental Drivers
The -57.2% change in KULR stock from 10/31/2025 to 10/31/2026 was primarily driven by a -59.6% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.83 | 1.64 | -57.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 17 | 31.7% |
| P/S Multiple | 11.3 | 4.6 | -59.6% |
| Shares Outstanding (Mil) | 37 | 46 | -19.5% |
| Cumulative Contribution | -57.2% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| KULR | -57.2% | |
| Market (SPY) | 11.7% | 50.3% |
| Sector (XLK) | 19.9% | 49.1% |
Fundamental Drivers
The -29.1% change in KULR stock from 10/31/2023 to 10/31/2026 was primarily driven by a -68.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.31 | 1.64 | -29.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8 | 17 | 117.6% |
| P/S Multiple | 4.4 | 4.6 | 4.5% |
| Shares Outstanding (Mil) | 14 | 46 | -68.9% |
| Cumulative Contribution | -29.1% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| KULR | -29.1% | |
| Market (SPY) | 86.9% | 10.8% |
| Sector (XLK) | 122.8% | 9.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KULR Return | 191% | -57% | -85% | 1819% | -90% | -45% | -78% |
| Peers Return | 20% | -42% | 67% | 37% | 35% | -12% | 88% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| KULR Win Rate | 33% | 17% | 42% | 50% | 0% | 40% | |
| Peers Win Rate | 55% | 35% | 58% | 57% | 57% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| KULR Max Drawdown | -29% | -65% | -87% | -74% | -97% | -71% | |
| Peers Max Drawdown | -33% | -57% | -39% | -34% | -43% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PH, MMM, VRT, ENVX, QS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | KULR | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -39.0% | -7.8% |
| % Gain to Breakeven | 63.9% | 8.5% |
| Time to Breakeven | 87 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -71.3% | -9.5% |
| % Gain to Breakeven | 248.3% | 10.5% |
| Time to Breakeven | 352 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -50.6% | -6.7% |
| % Gain to Breakeven | 102.2% | 7.1% |
| Time to Breakeven | 563 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.8% | -24.5% |
| % Gain to Breakeven | 168.9% | 32.4% |
| Time to Breakeven | 795 days | 427 days |
In The Past
KULR Technology Group's stock fell -39.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 63.9% gain to breakeven.
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Asset Allocation
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| Event | KULR | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -39.0% | -7.8% |
| % Gain to Breakeven | 63.9% | 8.5% |
| Time to Breakeven | 87 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -71.3% | -9.5% |
| % Gain to Breakeven | 248.3% | 10.5% |
| Time to Breakeven | 352 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -50.6% | -6.7% |
| % Gain to Breakeven | 102.2% | 7.1% |
| Time to Breakeven | 563 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.8% | -24.5% |
| % Gain to Breakeven | 168.9% | 32.4% |
| Time to Breakeven | 795 days | 427 days |
In The Past
KULR Technology Group's stock fell -39.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 63.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About KULR Technology Group (KULR)
KULR Technology Group (KULR) specializes in developing and commercializing advanced thermal management technologies. The company's core mission is to enhance the safety and performance of batteries, electronics, and other critical components by preventing overheating and managing thermal runaway events. KULR's innovative solutions are essential for mitigating risks associated with high-energy-density power sources and sensitive electronic devices across a wide array of industries.
The company offers a diverse portfolio of proprietary products designed to address specific thermal challenges. Key offerings include lithium-ion battery thermal runaway shields (TRS) for containment, fiber thermal interface materials (TIM) for efficient heat dissipation, and phase change material (PCM) heatsinks for precise temperature regulation. KULR also provides an internal short circuit (ISC) device for battery safety testing, the KULR battery cell screening and testing automation system, CellCheck for comprehensive battery health monitoring, and CRUX cathodes, alongside specialized safety cases like the Tech Safe Case.
KULR's technologies are crucial for several high-growth sectors. Its primary markets encompass electric vehicles (EVs), large-scale energy storage systems, battery recycling and transportation logistics, and vital infrastructure such as cloud computing and 5G communication devices. The company's solutions are also applied in consumer and industrial devices, catering to the increasing demand for reliable, safe, and high-performance power solutions in a world heavily reliant on advanced electronics and battery technology.
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Here are 1-3 brief analogies to describe KULR Technology Group:
- KULR is like the "Intel Inside" for battery safety and thermal management, providing the core technology to prevent critical failures in everything from electric vehicles to data centers.
- KULR is like the "Gore-Tex for high-power electronics and batteries", creating advanced thermal management materials and systems that protect them from overheating and potential fires.
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- Lithium-ion battery thermal runaway shields: Devices designed to prevent or mitigate thermal runaway events in lithium-ion batteries.
- Fiber thermal interface materials: Materials used to enhance heat transfer efficiency between electronic components.
- Phase change material heatsinks: Heatsinks that incorporate phase change materials for effective thermal management, particularly in electronics.
- Internal short circuit device: A component or system aimed at detecting or managing internal short circuits, likely within batteries.
- KULR battery cell screening and testing automation system and tech safe case: An automated system for screening and testing battery cells, often paired with a protective tech-safe case.
- Cellcheck: A specific product or system for checking and monitoring the health and performance of battery cells.
- CRUX cathodes: Proprietary cathode materials developed for use in battery applications.
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Major Customers of KULR Technology Group (KULR)
Based on the provided company description, KULR Technology Group primarily sells its thermal management technologies and related products to other companies (B2B) rather than directly to individual consumers. The background information, however, does not specify the names of its major customer companies.
KULR's technologies and products are utilized by companies operating in the following application areas and industries:
- Electric Vehicles (EVs) manufacturers and integrators
- Energy Storage Systems providers
- Companies involved in Battery Recycling Transportation
- Cloud Computing Infrastructure developers and operators
- Manufacturers of 5G Communication Devices
- Producers of various Consumer Devices that integrate KULR's components
- Manufacturers of Industrial Devices requiring thermal management solutions
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Michael Mo, Chief Executive Officer
Michael Mo is the Co-founder and Chief Executive Officer of KULR Technology Group. He brings over 25 years of experience in technology management, product development, and marketing. Mo received his master's degree in Electrical Engineering and Computer Science from UC Santa Barbara. He began his career as a design engineer at Hewlett-Packard and has founded and served as CEO for three technology companies. Additionally, he was an early venture investor in several successful technology companies, including Spreadtrum Communications (NASDAQ: SPRD), which was later acquired for $1.9 billion.
Dr. Michael Kimel, Chief Financial Officer
Dr. Michael Kimel was appointed Chief Financial Officer of KULR Technology Group effective June 9, 2026. He is an executive economist with over 30 years of experience in improving profitability, optimizing cost structures, and leading data-driven financial strategy. Dr. Kimel previously served as the Audit Committee Chair on KULR's Board of Directors. He founded and served as CEO of Pricimetrics, Inc., a pricing and analytics firm, since July 2019. His prior roles include Senior Vice President of Pricing and Analytics at OmniSource United and Senior Director of Pricing and Market Analytics at Toyo Tire Holdings of Americas Inc. He holds a Ph.D. in Economics from the University of California, Los Angeles.
Dr. Will Walker, Chief Technology Officer
Dr. Will Walker leads KULR's technology strategy and research and development roadmap. He possesses a deep background in energy storage systems, thermal management architecture, and product development, particularly for aerospace and defense applications.
Jay Yamamoto, Chief Legal Counsel
Jay Yamamoto is responsible for managing KULR's legal affairs, corporate governance, and regulatory compliance. His background includes extensive experience in securities law, corporate transactions, and compliance for NYSE-listed technology companies.
Antonio Martinez, VP Operations
Antonio Martinez joined KULR as Vice President of Operations in April 2021. He is tasked with managing the day-to-day operations of the company's manufacturing department and supporting strategic growth initiatives. Martinez brings over 37 years of leadership and worldwide manufacturing experience in electronics manufacturing and operations.
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Key Risks for KULR Technology Group
- Declining Sales, Negative Gross Margins, and Profitability Concerns: KULR Technology Group has experienced a significant decline in product and service sales, leading to negative gross margins and ongoing profitability issues. For example, in Q2 2026, the company's revenue dropped by 43% year-over-year, with product sales falling by 67%. The gross margin for product sales was a negative 50%, and the overall gross margin was a negative 31%. The company continues to report substantial net losses, including $22.0 million in Q2 2026 and $51.0 million for the first half of 2026. There is a risk that persistent weak battery margins could cause increased revenue to lead to higher losses rather than improved profitability.
- Customer Retention and Concentration Issues: KULR has demonstrated a struggle with customer retention and faces significant customer concentration risk. The company saw a more than 70% decline in customers from Q3 2024 to Q4 2024, indicating a difficulty in securing repeat business. Furthermore, a single customer accounted for approximately 50% of the company's revenue in Q4 2024, and two customers represented the majority of revenue in Q3 2024. These key customers were also different from those that comprised 95% of total revenue in 2023, highlighting an inconsistent and unstable customer base.
- Execution Risk and Failure to Meet Projections: The company has consistently fallen short of its own financial projections and faces high implementation risks. KULR has historically missed its revenue projections by at least 50%. Management's prior forecasts of substantial revenue opportunities have not materialized into meaningful financial returns. Recent performance in Q2 2026 was impacted by supply chain delays, resource constraints, and challenges in ramping up production capacity, underscoring ongoing execution hurdles. The business needs to demonstrate its ability to convert orders into profitable shipments to validate its operational turnaround.
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KULR Technology Group (symbol: KULR) operates in several significant addressable markets related to thermal management for batteries and electronics.
The global thermal management system market was valued at USD 81.97 billion in 2025 and is projected to reach USD 169.4 billion by 2034. In the U.S. alone, this market is projected to reach USD 12.22 billion by 2026.
For applications involving batteries, the addressable markets include:
- The global battery thermal management system (BTMS) market was valued at approximately USD 4.2 billion in 2025 and is expected to grow to USD 13.2 billion by 2035. Another estimate places the global BTMS market at USD 3.6 billion in 2024, predicted to reach USD 13.4 billion by 2034. The U.S. BTMS market alone is projected to reach USD 2.039 billion by 2035.
- The global electric vehicle battery thermal management systems market was valued at USD 7.0 billion in 2025 and is projected to reach USD 75.1 billion by 2033. Separately, the global automotive battery thermal management system market was valued at USD 3.83 billion in 2025 and is projected to grow to USD 19.98 billion by 2034.
- The global energy storage system (ESS) thermal management market was valued at approximately USD 4.8 billion in 2024 and is forecast to reach approximately USD 13.6 billion by 2032.
- In battery recycling, the global battery recycling market was valued at USD 19.4 billion in 2024 and is expected to reach approximately USD 69.4 billion by 2034. The transportation battery recycling market specifically reached USD 8.2 billion in 2025.
For electronics and communication devices, KULR's addressable markets include:
- The global thermal management for fifth generation (5G) market was valued at USD 11.99 billion in 2024, reaching USD 13.08 billion in 2025, and is anticipated to reach USD 18.27 billion by 2029.
- The global thermal interface materials (TIM) market for 5G, a key component, was valued at USD 635.4 million in 2024 and is projected to reach USD 2,122.0 million by 2035.
- The global data center cooling market, encompassing thermal management for cloud computing infrastructure, was valued at USD 26.96 billion in 2025 and is projected to reach USD 63.03 billion by 2031. Other estimates place the global data center thermal management market at USD 26,170.83 million in 2025, anticipated to reach USD 89,899.19 million by 2035, and projected to grow from USD 18.35 billion in 2025 to USD 141.19 billion by 2036.
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Expected Drivers of Future Revenue Growth for KULR Technology Group (KULR)
KULR Technology Group (KULR) anticipates several key drivers for its future revenue growth over the next 2-3 years, stemming from strategic expansions, product development, and increased market penetration:
- Scaling Energy Storage and Management Business: KULR projects a significant, tenfold increase in its energy storage and management business within the next three years. This growth is expected to be fueled by the introduction of new products and a substantial expansion in production capacity, with plans to scale battery pack production to over 50,000 units per month by mid-2026, and potentially up to 100,000 units monthly if demand accelerates. The expansion of the Texas facility is crucial for achieving this increased output.
- Penetration into High-Growth End Markets: The company is strategically targeting high-growth sectors with its thermal management and battery solutions. Key markets include unmanned aerial vehicles (UAVs) and drones, AI data centers, and telecommunications infrastructure, as well as the space and defense industries. For instance, the UAV drone market is projected to reach $38 billion by 2028, and KULR's KULR ONE Air products are designed to serve this segment. Similarly, KULR ONE MAX solutions are being advanced for AI data centers and telecom applications, while the KULR ONE Space (K1S) architecture is being scaled for rigorous human spaceflight safety standards within a space economy expected to grow to over $1.8 trillion by 2035.
- Transition to a Product-Driven Business Model: KULR is actively transitioning from a service-oriented approach to becoming a product-driven company. Service contract revenue, which has seen substantial growth, is viewed as an indicator of future scalable product revenue opportunities. The company's efforts to create and expand its product portfolio, such as the development of over 150 KULR ONE Air battery SKUs, underscore this strategic shift towards generating more product sales.
- Launch of Advanced Products and Technologies: KULR's revenue growth will also be driven by the introduction and ramp-up of new, advanced products and technologies. This includes NDA-compliant power electronics and chargers, which are expected to begin shipping by the end of 2026, and the demonstration of next-generation solid-state cells capable of exceeding 350 watt-hours per kilogram. These innovations aim to meet evolving customer needs and expand KULR's market offerings.
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Share Repurchases
- KULR Technology Group has not engaged in share repurchases over the last 3-5 years, as indicated by a negative Shares Buyback Ratio of -0.03% as of September 29, 2026.
Share Issuance
- The number of shares outstanding for KULR Technology Group has significantly increased over the past few years, rising from 14.13 million in 2022 to 46.27 million in the most recent quarter.
- The total number of outstanding shares increased by 43.37% in one year.
- While specific dollar amounts for all issuances were not detailed, the increase in outstanding shares indicates substantial equity financing.
Inbound Investments
- In 2025, KULR Technology Group received a grant from the Texas Space Commission for cold-temperature battery research.
Outbound Investments
- KULR Technology Group acquired assets from Caban Systems in 2025 to bolster its telecom battery solutions offerings.
- The company expanded into Bitcoin mining in 2025 to diversify revenue streams, though it has since largely exited this segment to refocus on its core business.
- In 2024, KULR signed licensing deals with Japanese partners for its vibration and cathode technologies.
Capital Expenditures
- KULR Technology Group's capital expenditures for the last 12 months were approximately $4.91 million.
- The company expanded its production facility in Webster, Texas, in 2025, primarily to support the manufacturing of integrated battery systems.
Peer Outperformance in Electronic Components
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| KULR | KULR Technology Group | 29.6% | -0.7x | -57.2% | -29.9% | -93.1% | — |
| KN | Knowles | 27.9% | 39.1x | 39.2% | 150.9% | 57.7% | +151pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 23.5% | 116.3% | 232.6% | FLEX 597% · TTMI 526% · JBL 362% |
| Technology Distributors | 9 | 46.6% | 83.2% | 82.4% | AVT 162% · SNX 140% · CNXN 100% |
| Semiconductor Materials & Equipment | 28 | 41.2% | 75.7% | 59.3% | AXTI 574% · LRCX 346% · KLAC 345% |
| Communications Equipment | 36 | 2.6% | 86.8% | 51.0% | LITE 918% · AAOI 803% · ANET 559% |
| Electronic Components ← | 26 | 0.4% | 67.9% | 46.8% | CLS 2604% · BELFA 1204% · APH 332% |
| Semiconductors | 55 | 1.3% | 55.8% | 16.4% | MU 1211% · NVDA 704% · AVGO 570% |
| Technology Hardware, Storage & Peripherals | 21 | 3.7% | 100.8% | 2.6% | WDC 841% · SMCI 831% · DELL 744% |
| Electronic Equipment & Instruments | 27 | -6.9% | 33.7% | -1.1% | PI 158% · OSIS 114% · MIR 73% |
| Internet Services & Infrastructure | 6 | 5.8% | 60.2% | -10.1% | GDDY 69% · VRSN 40% · DOCN -8% |
| IT Consulting & Other Services | 30 | -26.7% | 2.5% | -24.6% | CHRN 378321% · APLD 280% · IBM 160% |
| Application Software | 126 | -17.2% | -2.8% | -49.0% | PLTR 611% · FROG 189% · AGYS 143% |
| Systems Software | 69 | -10.0% | 25.5% | -51.8% | ZETA 277% · CRWD 255% · CVLT 169% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| KULR Technology Earnings Notes | 12/16/2025 | |
| Can KULR Technology Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 89.18 |
| Mkt Cap | 46.3 |
| Rev LTM | 6,576 |
| Op Inc LTM | 1,313 |
| FCF LTM | 1,315 |
| FCF 3Y Avg | 819 |
| CFO LTM | 1,794 |
| CFO 3Y Avg | 1,061 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 31.7% |
| Rev Chg 3Y Avg | 25.7% |
| Rev Chg Q | 9.8% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 7.1% |
| Op Inc Chg 3Y Avg | 9.0% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 18.2% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 14.4% |
| CFO/Rev 3Y Avg | 10.9% |
| FCF/Rev LTM | 10.6% |
| FCF/Rev 3Y Avg | 6.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Energy Management Platform | 9 | 11 | 10 | 4 | |
| Mining of Digital Assets | 7 | 0 | |||
| Corporate & Other | 0 | 0 | |||
| Contract services | 1 | ||||
| Product sales | 1 | ||||
| Total | 16 | 11 | 10 | 4 | 2 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Corporate & Other | 0 | 0 |
| Mining of Digital Assets | -2 | 0 |
| Energy Management Platform | -41 | -15 |
| Total | -43 | -15 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Mining of Digital Assets | -2 | 0 |
| Corporate & Other | -14 | -1 |
| Energy Management Platform | -46 | -17 |
| Total | -62 | -18 |
| $ Mil | 2025 | 2024 | 2016 |
|---|---|---|---|
| Corporate & Other | 94 | 20 | |
| Energy Management Platform | 35 | 43 | 0 |
| Mining of Digital Assets | 0 | 0 | |
| Total | 129 | 63 | 0 |
Price Behavior
| Market Price | $1.64 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 05/14/2019 | |
| Distance from 52W High | -68.6% | |
| 50 Days | 200 Days | |
| DMA Price | $2.28 | $2.91 |
| DMA Trend | down | down |
| Distance from DMA | -28.1% | -43.7% |
| 3M | 1YR | |
| Volatility | 60.9% | 97.4% |
| Downside Capture | 540.11 | 535.62 |
| Upside Capture | 195.32 | 369.04 |
| Correlation (S&P 500) | 47.1% | 50.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.45 | 2.91 | 2.82 | 4.07 | 3.84 | 2.97 |
| Up Beta | 2.12 | 3.11 | 1.50 | 2.47 | 2.29 | 2.06 |
| Down Beta | 2.07 | 3.81 | 2.63 | 4.39 | 3.64 | 1.46 |
| Up Capture | 47% | 121% | 214% | 629% | 1458% | 15907% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 18 | 27 | 54 | 108 | 336 |
| Down Capture | 561% | 356% | 367% | 285% | 190% | 114% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 19 | 30 | 65 | 131 | 391 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KULR | |
|---|---|---|---|---|
| KULR | -58.1% | 97.4% | -0.46 | - |
| Sector ETF (XLK) | 18.6% | 27.1% | 0.60 | 49.2% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 50.5% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 24.3% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -3.1% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 7.5% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 37.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KULR | |
|---|---|---|---|---|
| KULR | -38.5% | 329.0% | 0.43 | - |
| Sector ETF (XLK) | 18.6% | 26.1% | 0.64 | 10.7% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 11.3% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 3.6% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | -7.3% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 8.2% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 9.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KULR | |
|---|---|---|---|---|
| KULR | -25.3% | 311.4% | 0.39 | - |
| Sector ETF (XLK) | 23.7% | 25.1% | 0.86 | 10.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 10.5% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 3.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -6.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 7.8% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 8.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -11.1% | -11.8% | -19.9% |
| 5/14/2026 | -5.5% | 1.6% | 6.6% |
| 11/18/2025 | -8.1% | -5.9% | 17.4% |
| 8/14/2025 | -0.4% | -10.6% | -14.6% |
| 5/15/2025 | -13.5% | -16.9% | -92.4% |
| 3/27/2025 | 0.0% | -10.3% | -6.2% |
| 11/13/2024 | -22.5% | -21.7% | 138.6% |
| 8/12/2024 | -18.1% | -17.3% | -0.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 7 |
| # Negative | 13 | 12 | 14 |
| Median Positive | 3.6% | 1.6% | 9.5% |
| Median Negative | -11.1% | -13.8% | -14.6% |
| Max Positive | 17.8% | 24.2% | 138.6% |
| Max Negative | -25.9% | -36.1% | -92.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -11.1% | -11.8% | -19.9% |
| 5/14/2026 | -5.5% | 1.6% | 6.6% |
| 11/18/2025 | -8.1% | -5.9% | 17.4% |
| 8/14/2025 | -0.4% | -10.6% | -14.6% |
| 5/15/2025 | -13.5% | -16.9% | -92.4% |
| 3/27/2025 | 0.0% | -10.3% | -6.2% |
| 11/13/2024 | -22.5% | -21.7% | 138.6% |
| 8/12/2024 | -18.1% | -17.3% | -0.3% |
| 5/15/2024 | -20.7% | -15.9% | -21.9% |
| 11/14/2023 | 17.8% | 2.6% | -5.0% |
| 8/16/2023 | -25.9% | -36.1% | -60.6% |
| 5/15/2023 | -14.3% | 6.8% | -9.2% |
| 3/23/2023 | -4.4% | 1.1% | -22.5% |
| 11/9/2022 | 17.2% | 24.2% | -3.2% |
| 8/15/2022 | 6.1% | -7.3% | -11.0% |
| 5/16/2022 | 5.5% | 2.4% | 21.3% |
| 3/17/2022 | 1.7% | 0.8% | -14.6% |
| 11/15/2021 | -2.7% | -22.9% | -17.6% |
| 8/17/2021 | -8.1% | -4.1% | 9.5% |
| 5/4/2021 | 0.0% | 0.0% | 0.0% |
| 1/6/2021 | 0.0% | 0.0% | 0.0% |
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 7 |
| # Negative | 13 | 12 | 14 |
| Median Positive | 3.6% | 1.6% | 9.5% |
| Median Negative | -11.1% | -13.8% | -14.6% |
| Max Positive | 17.8% | 24.2% | 138.6% |
| Max Negative | -25.9% | -36.1% | -92.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/18/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/12/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/16/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/18/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/12/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/16/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/28/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/21/2021 | 10-Q |
| 12/31/2020 | 03/19/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 06/25/2020 | 10-Q |
| 12/31/2019 | 05/14/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Insider Activity
Updated 9/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Massey, Joanna D | Direct | Sell | 10032025 | 5.47 | 10,000 | 54,700 | 97,437 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Massey, Joanna D | Direct | Sell | 10032025 | 5.47 | 10,000 | 54,700 | 97,437 | Form |
KULR Technology Group — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Components Resources |
| Electronic Products |
| DigiKey Insights |
| Mouser Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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