KULR Technology Group (KULR)
XASE:KULR
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KULR Technology Group
(NYSE MKT:KULR)
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Rating:46Neutral
Price Target:
$2.00
▼(-41.00% Downside)
Action:ReiteratedDate:04/02/26
The score is held down primarily by weak financial performance (sharp margin deterioration, very large losses, and ongoing cash burn). Technicals reinforce the risk with a clear downtrend, despite oversold readings. Offsetting factors include low leverage and an earnings-call outlook that points to potential margin and volume improvements in 2026, but execution and timing remain key.
Positive Factors
Low leverage and repaired balance sheet
Very low debt and repaired equity give KULR financial flexibility to fund manufacturing buildouts, absorb ongoing losses, and pursue strategic partnerships without immediate solvency pressure. This durable balance-sheet strength reduces refinancing risk during a multi-quarter ramp to production.
Negative Factors
Severe margin collapse and large net losses
A dramatic drop in gross margin and very large GAAP losses indicate the current cost structure is not supported by revenue levels. Persistent deep losses erode capital over time, making sustained operational improvement and profitable scale imperative to avoid long-term dilution or funding stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and repaired balance sheet
Very low debt and repaired equity give KULR financial flexibility to fund manufacturing buildouts, absorb ongoing losses, and pursue strategic partnerships without immediate solvency pressure. This durable balance-sheet strength reduces refinancing risk during a multi-quarter ramp to production.
Read all positive factors
KULR Technology Group (KULR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$101.26M
Dividend YieldN/A
Average Volume (3M)1.11M
Price to Earnings (P/E)―
Beta (1Y)1.92
Revenue Growth71.92%
EPS Growth31.84%
CountryUS
Employees52
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.97
Shares Outstanding46,239,033
10 Day Avg. Volume1,413,085
30 Day Avg. Volume1,112,368
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 Cap0.86
Enterprise Value/Revenue5.41
Enterprise Value/Gross Profit113.57
Enterprise Value/Ebitda-1.45
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
Negative
3.39
Price Trends
2.84
Negative
3.09
Negative
4.09
Negative
Market Momentum
-0.21
Positive
36.15
Neutral
28.97
Neutral
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 above the 20-day moving average (MA) of 2.47, above the 50-day MA of 2.84, and below the 200-day MA of 4.09, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 36.15 is Neutral, neither overbought nor oversold. The STOCH value of 28.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $236.59M | 18.10 | 20.09% | ― | 12.79% | 23.79% | |
64 Neutral | $160.47M | -268.55 | 0.51% | 2.25% | 6.17% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
47 Neutral | $207.98M | -4.46 | -9.42% | 5.93% | -9.51% | 29.57% | |
46 Neutral | $101.26M | ― | -49.95% | ― | 71.92% | 31.84% | |
46 Neutral | $305.63M | -0.60 | -133.77% | ― | -14.74% | -20086.56% | |
43 Neutral | $45.20M | -25.22 | -14.57% | ― | -1.70% | 17.13% |
* Technology Sector Average
KULR
KULR Technology Group
2.15
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-76.22%
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61.39%
KULR Technology Group Corporate Events
Business Operations and StrategyM&A Transactions
KULR Secures Major Caban Energy Supply and Manufacturing Deal
Positive
Jan 14, 2026
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 ...
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.