Strong Revenue Growth
Total revenue grew 98% year-over-year to $4.8 million (Q1 2026 vs $2.4M in Q1 2025). Product sales rose 84% year-over-year to $2.1 million.
Material Gross Margin Improvement
Overall blended gross margin improved to ~29% in Q1 2026 from 8% in Q1 2025 (≈+21 percentage points). Product sales gross margin reached ~26% in Q1 2026.
Expense Discipline and Operating Progress
Management cited meaningful cost reductions: R&D decline (prepared remarks: -28% YoY; later clarified: -35% YoY), SG&A down ~8–9% YoY, total operating loss reduced ~22% YoY, and total operating expenses excluding a $500k credit loss down ~24% YoY.
Manufacturing Capacity Expansion & Automation
Signed additional manufacturing lease (25,000 sq ft) and installing new production lines (scheduled operational start Q3 2026). Targeting capacity of ~10,000 battery packs per month in H2 2026 to improve unit economics and margins.
Product and Program Traction Across End Markets
KULR ONE Air adoption broadened: 6S 3P LiFT in production, expanded LiFT family for long-duration flight, BMS programs for 6S/12S/18S on track, MIL‑spec EMI‑resistant BMS design completed; two humanoid-robot customers engaged and strong UAS program activity.
Validated Technical Wins — Space, Maritime, Data Center, Telecom
KULR ONE Space selected for additional LEO and GEO missions; XLT and REACH batteries deployed on multiple satellite programs. Triton maritime platform testing across multiple chemistries. Progress on KULR ONE MAX (48V PPR BBU) including power conversion, custom distributed BMS and 21700 cell testing. Over half a dozen telecom engagements for Battery-as-a-Service and IP/licensing conversations with data center OEMs following OCP EU meetings.
Solid Reported Liquidity & Treasury
Reported approximately $19 million in cash and ~1,085 Bitcoin in treasury; management committed to directing cash resources to the battery business and not purchasing Bitcoin with cash.
Board Strengthening for Commercialization
Board streamlined to three members with two independent directors and added Ben Frank (Microsoft workforce AI/enterprise ecosystem experience) and Dr. Mike Kimball (pricing and margin optimization expertise) to support scale, pricing and margin discipline.