KULR Technology Group (KULR)
XASE:KULR
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KULR Technology Group
(NYSE MKT:KULR)
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Rating:47Neutral
Price Target:
$3.00
▼(-11.50% Downside)
Action:ReiteratedDate:04/29/26
The score is held down primarily by weak financial performance—persistent losses, sharp margin compression, and ongoing cash burn—despite a low-leverage balance sheet. Technicals remain neutral-to-bearish with the stock below key longer-term moving averages. Management’s 2026 execution plan and reported commercial momentum provide some offset, but profitability and cash-flow improvement are still prospective.
Positive Factors
Revenue Growth & Customer Traction
KULR scaled revenue meaningfully—growing from very small base to $16.1M in 2025 with product revenue rising and higher revenue per product customer—signaling commercial product-market fit that can underpin durable recurring product sales as programs convert from development to production.
Negative Factors
Large Net Loss and Cash Burn
A ~$62M GAAP loss in 2025 (substantial portion noncash) combined with negative operating and free cash flow indicates sustained cash burn; absent timely margin and volume improvements, losses could erode flexibility and force dilution or spending cuts over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Customer Traction
KULR scaled revenue meaningfully—growing from very small base to $16.1M in 2025 with product revenue rising and higher revenue per product customer—signaling commercial product-market fit that can underpin durable recurring product sales as programs convert from development to production.
Read all positive factors
KULR Technology Group (KULR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$123.92M
Dividend YieldN/A
Average Volume (3M)1.22M
Price to Earnings (P/E)―
Beta (1Y)1.99
Revenue Growth50.60%
EPS Growth-86.17%
CountryUS
Employees52
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.98
Shares Outstanding46,239,033
10 Day Avg. Volume1,425,087
30 Day Avg. Volume1,220,354
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.97
Price to Sales (P/S)7.27
P/FCF Ratio-2.46
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue7.33
Enterprise Value/Gross Profit153.75
Enterprise Value/Ebitda-1.96
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.55
Revenue Forecast (FY)$35.50M
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...
How the Company Makes Money
KULR primarily generates revenue by selling (1) products, (2) services, and (3) technology/licensing tied to its battery and thermal management solutions, where available through customer contracts.
1) Product revenue: KULR sells thermal manageme...
KULR Technology Group Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Neutral
The call presented a mix of meaningful commercial progress and strategic positioning (strong revenue growth, expanding product engagements, supply agreements, industry memberships and a clear manufacturing roadmap) alongside significant near-term financial and operational headwinds (a ~$62M net loss driven largely by noncash charges, a 1% product gross margin in a low-volume ramp, a $6.9M investment write-off, and declining services revenue). Management emphasized execution priorities for 2026—automation, volume production (targeting ~10,000 drone packs/month H2 2026), NDAA-compliant domestic manufacturing and conversion of development programs into production—which could materially improve margins and recurring revenue over time, but several opportunities (notably AI data center BBU) are multi-year in realization and certification-dependent.Positive Updates
Revenue Growth
Total revenue of $16.1 million in 2025, representing a 51% increase year-over-year.
Negative Updates
Large Net Loss
GAAP net loss of approximately $62 million for 2025.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth
Total revenue of $16.1 million in 2025, representing a 51% increase year-over-year.
Read all positive updates
Company Guidance
The company’s guidance centers on scaling KULR ONE battery revenue and margins in 2026: battery-platform revenue is a roughly $7.3M commercial baseline (management also cited a $7.6M starting point), while 2025 total revenue was $16.1M (up 51% year‑over‑year) and product revenue rose 39% as service revenue fell 50%; product revenue came from 47 customers (≈$108k revenue per product customer, up 56%) versus services from 34 customers (~$65k per services customer, down 50%). Management reiterated a FY‑2025 net loss of ≈$62M (with ≈$33M of noncash expenses, ~55% of the loss), including a ~$13.8M Bitcoin mark‑to‑market hit while retaining ~1,082 BTC and a ~$6.9M write‑off on a failed investment; product gross margin was 1% in 2025 but is expected to improve as prototype programs transition to production, an automated production line comes online in H2 2026, and volumes scale (targets include “thousands” of drone packs already shipped, 20+ KULR ONE Air engagements, 30+ total active development programs, and a combined customer target approaching 10,000 packs/month in H2 2026). Operational milestones to watch are Caban production consolidation into Webster in Q2 2026 (48V, 100Ah line), NDAA-compliant Hylio collaboration in Texas, OCP Platinum participation and UL‑9540 work for AI BBU (revenue potential expected in 2027), and the scheduled 400V counter‑UAS system production in 2026 after a five‑week prototype turn.KULR Technology Group Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.17M | 10.74M | 9.83M | 3.99M | 2.41M |
| Gross Profit | 770.97K | 5.48M | 3.67M | 2.36M | 1.31M |
| EBITDA | -60.26M | -14.36M | -20.03M | -17.73M | -11.71M |
| Net Income | -61.90M | -17.52M | -23.69M | -19.44M | -11.91M |
Balance Sheet | |||||
| Total Assets | 128.97M | 62.93M | 10.86M | 23.63M | 19.23M |
| Cash, Cash Equivalents and Short-Term Investments | 13.30M | 29.83M | 1.19M | 10.33M | 14.86M |
| Total Debt | 1.45M | 1.85M | 352.19K | 9.17M | 1.09M |
| Total Liabilities | 7.36M | 5.50M | 13.05M | 13.13M | 2.87M |
| Stockholders Equity | 121.61M | 57.43M | -2.18M | 10.49M | 16.37M |
Cash Flow | |||||
| Free Cash Flow | -47.87M | -17.94M | -13.01M | -22.00M | -9.54M |
| Operating Cash Flow | -44.88M | -17.34M | -11.97M | -17.35M | -6.81M |
| Investing Cash Flow | -89.08M | -21.60M | -1.05M | -4.65M | -2.74M |
| Financing Cash Flow | 117.44M | 67.57M | 3.87M | 17.47M | 15.53M |
KULR Technology Group Technical Analysis
Neutral
3.39
Price Trends
2.64
Negative
3.06
Negative
3.93
Negative
Market Momentum
-0.07
Negative
53.13
Neutral
82.68
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KULR, the sentiment is Neutral. The current price of 3.39 is above the 20-day moving average (MA) of 2.33, above the 50-day MA of 2.64, and below the 200-day MA of 3.93, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 53.13 is Neutral, neither overbought nor oversold. The STOCH value of 82.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KULR.
KULR Technology Group Risk Analysis
KULR Technology Group disclosed 37 risk factors in its most recent earnings report. KULR Technology Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KULR Technology Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $240.47M | 18.10 | 20.09% | ― | 11.03% | 5.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $207.84M | 42.82 | 2.37% | 2.25% | 4.82% | ― | |
51 Neutral | $305.76M | -4.46 | -9.42% | 5.93% | -8.43% | 30.33% | |
48 Neutral | $353.67M | -0.60 | -133.77% | ― | -40.11% | -2946.85% | |
47 Neutral | $123.92M | -0.66 | -49.95% | ― | 50.60% | -86.17% | |
45 Neutral | $49.46M | -35.85 | -16.71% | ― | 1.81% | 19.17% |
* Technology Sector Average
KULR
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2.82
-7.42
-72.46%
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KULR Technology Group Corporate Events
Business Operations and StrategyExecutive/Board Changes
KULR Overhauls Board and Refocuses on Core Growth
Positive
Apr 28, 2026
On April 28, 2026, a majority stockholder of KULR Technology Group removed four directors from the board and immediately elected Microsoft executive Ben Frank and pricing specialist Mike Kimel as new directors, while simultaneously amending and re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.