KULR Technology Group (KULR) AI Stock Analysis

• Market Cap: $162.60M
• Dividend Yield: N/A
• Average Volume (3M): 2.33M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.90
• Revenue Growth: 71.92%
• EPS Growth: 31.84%
• Country: US
• Employees: 52
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): -0.17
• Shares Outstanding: 45,674,420
• 10 Day Avg. Volume: 1,972,598
• 30 Day Avg. Volume: 2,334,507
• PEG Ratio: 5.70
• Price to Book (P/B): 92.28
• Price to Sales (P/S): 493.54
• P/FCF Ratio: -295.43
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: 8.84
• Enterprise Value/Gross Profit: 39.93
• Enterprise Value/Ebitda: -7.02
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: $3.50 ▲(3.24% Upside)

The score is held back primarily by weak financial quality (ongoing losses and negative operating/free cash flow) despite strong revenue growth and low leverage. Offsetting this, technical momentum is constructive and recent earnings commentary and corporate developments point to accelerating commercial traction and expansion, while valuation remains constrained by negative earnings and no dividend support.

Positive Factors

Sustained Revenue Growth

Consistent and accelerating revenue demonstrates durable product market fit across aerospace, UAS and new infrastructure markets. The company’s shift to product-led sales (KULR ONE Air) and sequential growth signal sustainable commercial traction that supports scaling production and long-term revenue expansion.

Strong Liquidity and Low Leverage

A substantial cash/digital-asset reserve and negligible debt materially reduce short-term financing risk, enabling capital investment in factory expansion and R&D without immediate dilution. This financial flexibility supports multi-year scaling into automotive, aerospace and AI-infrastructure markets.

Strategic Partnerships & Market Access

Collaborating with a major cell supplier and securing supply/manufacturing agreements provides durable access to high-performance cells and validates product roadmaps for AI data centers and telecom. These partnerships reduce supply risk and increase addressable market opportunity over multiple years.

Negative Factors

Unprofitable Operations & Weak Cash Generation

Ongoing negative margins and persistently negative operating cash flow indicate continued reliance on external funding or asset monetization to sustain growth. Over several quarters this pressure can constrain R&D, capex and commercialization cadence unless profitability and cash conversion meaningfully improve.

Revenue Mix Concentration Shift

A rapid pivot from services to product sales increases revenue volatility and execution risk: manufacturing scale, supply chain and quality control must keep pace. If production or sales ramps lag, reported top-line growth could be harder to sustain and margin profiles may fluctuate during scaling.

Impairments and Rising Operating Expenses

Recurring elevated SG&A and R&D costs alongside impairment charges reflect both investment for growth and potential execution setbacks. If margins or gross profitability deteriorate further, continued losses could erode equity, force financing, or delay breakeven despite top-line momentum.

KULR Technology Group Business Overview & Revenue Model

Company Description

KULR Technology Group, Inc., through its subsidiary, KULR Technology Corporation, develops and commercializes thermal management technologies for batteries, electronics, and other components applications in the United States. It offers lithium-ion battery thermal runaway shields; fiber thermal interface materials; phase change material heatsinks; internal short circuit device; KULR battery cell screening and testing automation system and tech safe case; cellcheck; and CRUX cathodes. The company's technologies are used in electric vehicles, energy storage, battery recycling transportation, cloud computing, and 5G communication devices. It sells its products for applications, such as lithium-ion battery energy storage, electric vehicles, 5G communication, cloud computer infrastructure, consumer, and industrial devices. The company was formerly known as KT High-Tech Marketing Inc. and changed its name to KULR Technology Group, Inc. in August 2018. KULR Technology Group, Inc. was founded in 2013 and is based in San Diego, California.

How the Company Makes Money

KULR generates revenue through multiple key streams, primarily by selling its thermal management products and solutions to industries such as aerospace, automotive, and consumer electronics. The company has established significant partnerships with major players in these sectors, enabling it to secure contracts for its battery safety technologies. Additionally, KULR engages in research and development collaborations that often lead to licensing agreements or joint ventures, further diversifying its income sources. The growing global emphasis on electric vehicles and energy storage solutions is also a significant factor contributing to KULR's earnings, as demand for their innovative thermal management products increases.

KULR Technology Group Financial Statement Overview

Summary

Strong top-line growth (28.5% TTM) and very low leverage (debt-to-equity 0.013) are positives, but the business is still unprofitable with negative margins and weak cash generation (negative operating and free cash flow), which materially pressures the score.

Income Statement

KULR Technology Group has shown a significant revenue growth rate of 28.5% TTM, indicating strong top-line expansion. However, the company is struggling with profitability, as evidenced by negative net profit, EBIT, and EBITDA margins. The gross profit margin has decreased over time, suggesting rising costs or pricing pressures. Overall, while revenue growth is a positive sign, the lack of profitability is a concern.

Balance Sheet

The company's balance sheet shows a low debt-to-equity ratio of 0.013 TTM, indicating low leverage and financial risk. However, the return on equity is negative, reflecting ongoing losses and inefficient use of equity capital. The equity ratio is relatively stable, suggesting a solid asset base. Overall, the balance sheet is stable but lacks profitability.

Cash Flow

KULR's cash flow statement reveals a challenging situation with negative operating and free cash flows. The free cash flow growth rate is positive at 20% TTM, but the operating cash flow to net income ratio is negative, indicating cash flow issues. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flows and accounting profits. Overall, cash flow management needs improvement.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	16.68M	10.74M	9.83M	3.99M	2.41M	623.97K
Gross Profit	3.69M	5.48M	3.67M	2.36M	1.31M	436.06K
EBITDA	-20.99M	-14.36M	-20.03M	-17.73M	-11.71M	-2.32M
Net Income	-22.26M	-17.52M	-23.69M	-19.44M	-11.91M	-2.85M
Balance Sheet
Total Assets	156.06M	62.93M	10.86M	23.63M	19.23M	9.21M
Cash, Cash Equivalents and Short-Term Investments	20.59M	29.83M	1.19M	10.33M	14.86M	8.88M
Total Debt	5.39M	1.85M	352.19K	9.17M	1.09M	2.48M
Total Liabilities	8.11M	5.50M	13.05M	13.13M	2.87M	3.09M
Stockholders Equity	147.96M	57.43M	-2.18M	10.49M	16.37M	6.12M
Cash Flow
Free Cash Flow	-36.85M	-17.94M	-13.01M	-22.00M	-9.54M	-2.78M
Operating Cash Flow	-35.88M	-17.34M	-11.97M	-17.35M	-6.81M	-2.73M
Investing Cash Flow	-106.88M	-21.60M	-1.05M	-4.65M	-2.74M	-46.09K
Financing Cash Flow	162.44M	67.57M	3.87M	17.47M	15.53M	11.55M

KULR Technology Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.39
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KULR, the sentiment is Negative. The current price of 3.39 is below the 20-day moving average (MA) of 3.76, below the 50-day MA of 3.45, and below the 200-day MA of 5.66, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 47.09 is Neutral, neither overbought nor oversold. The STOCH value of 18.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KULR.

KULR Technology Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPTI	82 Outperform	$191.14M	26.71	22.65%	―	12.79%	23.79%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KULR	59 Neutral	$162.60M	-5.47	-29.07%	―	71.92%	31.84%
RELL	58 Neutral	$173.06M	182.63	0.11%	2.25%	6.17%	―
MEI	50 Neutral	$282.91M	-4.69	-8.87%	5.93%	-9.51%	29.57%
ASPN	49 Neutral	$278.52M	-0.87	-75.06%	―	-14.74%	-20086.56%
LINK	41 Neutral	$55.60M	-25.38	-13.78%	―	-1.70%	17.13%

KULR Technology Group Corporate Events

KULR Secures Major Caban Energy Supply and Manufacturing Deal

On January 14, 2026, KULR Technology Group announced it had been awarded a five-year preferred battery supply agreement from Miami-based renewable energy company Caban Energy, expected to generate about $30 million in revenue starting in 2026. As part of a broader strategic collaboration, KULR also acquired Caban’s Plano, Texas manufacturing assets and secured a manufacturing and supply agreement that gives it first right of refusal to produce all UL-certified battery products for Caban over an initial five-year term, moves that significantly expand KULR’s U.S. manufacturing footprint and accelerate its push into communications, fiber, and data center energy storage markets while reinforcing its positioning in mission-critical digital infrastructure.

The most recent analyst rating on (KULR) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.

KULR Pauses ATM Offering to Focus on Growth

On December 22, 2025, KULR Technology Group announced that it had elected to pause, effective December 19, 2025, its at-the-market equity offering program with Cantor Fitzgerald and Craig-Hallum through June 30, 2026, while keeping the underlying sales agreement in place for potential future use. The company said it maintains a strong balance sheet, with no debt and sufficient liquidity to fund planned operations and growth, and signaled a strategic shift toward executing on core platforms during the pause, including ramping production of its KULR ONE Air products and advancing development of its KULR ONE MAX battery backup solutions for AI data center and telecommunications applications, a move that may reassure existing shareholders about near-term dilution and underscore KULR’s focus on commercializing key offerings in high-growth infrastructure markets.

The most recent analyst rating on (KULR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.

KULR Partners for Next-Gen AI Battery Solution

On December 17, 2025, KULR Technology Group announced a Joint Development Collaboration with a leading global battery-cell manufacturer to co-develop the next-generation KULR ONE® MAX Battery Backup Unit (BBU) product line. This innovative BBU system is targeted at AI-scale data centers and high-power computing environments, with a projected commercial value of up to $100 million. The initiative solidifies KULR’s strategic position in the AI data-center energy market, and the partnership ensures long-term, scalable access to ultra-high-performance battery cells, aligning with the company’s vision to meet the increasing demand for advanced, safe, and certifiable lithium-ion backup systems.

The most recent analyst rating on (KULR) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.

KULR Joins Open Compute Project with AI Focus

On December 11, 2025, KULR Technology Group announced its Platinum Membership in the Open Compute Project (OCP), marking its entry into the AI data center market with rack-level Battery Backup Units (BBUs). This move signifies a strategic shift from battery safety products to mission-critical AI energy infrastructure, aligning with NVIDIA’s next-generation architectures. The membership allows KULR to contribute to BBU and power-system standards and collaborate with hyperscalers, enhancing its position in AI-driven energy infrastructure. The company’s proprietary thermal-management technology, originally developed for aerospace, will be pivotal in meeting the stringent requirements of the ORV3 specifications, which elevate BBUs to safety-critical, high-voltage systems.

The most recent analyst rating on (KULR) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.

KULR Technology Sponsors Reuters Energy Live 2025

On December 9, 2025, KULR Technology Group announced its sponsorship of Reuters Energy Live 2025, where its CTO, Dr. William Walker, will present on the company’s next-generation Battery Backup Units (BBUs). The presentation will highlight the KULR ONE® MAX ORV3 architecture, which aims to address AI power instability and grid reliability, positioning KULR as a key player in AI server manufacturing and cloud service platforms. The KULR ONE® MAX is designed to transition data centers to safe, high-power lithium-ion systems, showcasing its safety-by-design approach and compliance with UL 9540/9540A standards. This development is expected to enhance KULR’s role in data-center electrification and support global supply chain alignment.

The most recent analyst rating on (KULR) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.

KULR Technology Group Holds Annual Stockholders Meeting

On November 21, 2025, KULR Technology Group held its Annual General Meeting of Stockholders, where significant decisions were made. Stockholders approved the election of five directors, ratified the appointment of CBIZ CPAs P.C. as the independent accounting firm for 2025, approved the 2025 Equity Incentive Plan, and endorsed executive compensation, indicating strong shareholder support for the company’s strategic direction.

The most recent analyst rating on (KULR) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.

KULR Unveils Next-Gen 400V Battery System

On November 24, 2025, KULR Technology Group announced the development of a next-generation 400V battery system for a Counter-UAS Directed Energy System, with a prototype ready in just five weeks. This development highlights KULR’s rapid engineering capabilities and positions the company as a key player in the expanding directed energy weapons market, which is expected to grow significantly due to increasing global defense budgets and demand for advanced countermeasures.

The most recent analyst rating on (KULR) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.

KULR Technology Group Reports Q3 2025 Revenue Surge

KULR Technology Group reported a 116% increase in revenue for the third quarter of 2025, driven by growth in product sales and strategic partnerships. Despite the revenue gains, the company faced a net loss of $6.97 million due to increased SG&A and R&D expenses, and a one-time impairment charge. Key highlights include partnerships with Amprius and Molicel for the KULR ONE Air product line, a hosting partnership with Soluna for Bitcoin mining, and the launch of new CubeSat batteries and a next-gen battery management system, positioning KULR for future growth in the UAS and space sectors.

The most recent analyst rating on (KULR) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.

KULR Technology Group to Host Q3 Results Call

KULR Technology Group announced it will host a conference call on November 18, 2025, to discuss its third-quarter financial results. The call will include a question-and-answer session, and interested parties can submit questions in advance. This announcement highlights KULR’s commitment to transparency and engagement with stakeholders, potentially impacting investor relations and market perception.

The most recent analyst rating on (KULR) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on KULR Technology Group stock, see the KULR Stock Forecast page.