Kulr Technology Group, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 14 May 2026: press release. The quarter’s numbers.

Key takeaways

Revenue nearly doubled year over year: Revenue rose 98% to $4,846,430, from $2,448,606 in the year-ago quarter. Source
Gross margin rose to 29%: Gross margin was 29%, compared with 8% in the same period last year. Source
Operating loss narrowed 22%: Loss from operations decreased 22% to $7,385,177, compared with $9,443,805 in the year-ago quarter. Source
Net loss widened to $28.1 million: Net loss was $28,119,844, or $0.61 per share, compared with $18,806,658, or $0.54 per share, a year earlier. Source
Bitcoin mark-to-market loss drove net loss: The company attributed the higher net loss primarily to a $20,767,713 mark-to-market loss on its bitcoin holdings. Source
Cash stood at $19.0 million: Cash was $19.0 million on May 13, 2026, compared with $13,300,188 at December 31, 2025, per the prior release. Source
Path to scaling core business: Management said underlying trends show a stronger revenue base, improved cost control and a clearer path toward scaling the core business. Source

“First quarter 2026 results demonstrate meaningful progress in our operating performance.”
KULR Chief Executive Officer, Michael Mo

What changed from last quarter

New: The opening description of the company now lists mobility applications among its markets. The prior release's opening paragraph did not include mobility. Source

Revenue growth

Revenue nearly doubled year over year: Revenue rose 98% to $4,846,430, from $2,448,606 in the year-ago quarter. Source
Customer traction cited as driver: Management attributed part of the revenue increase to growing customer traction across its core battery and energy systems platforms. Source

Gross margin and operating costs

Gross margin rose to 29%: Gross margin was 29%, compared with 8% in the same period last year. Source
SG&A expenses fell 9%: SG&A expenses decreased 9% to $6,531,969, from $7,200,250 in the same year-ago period. Source
R&D spending fell 28%: R&D expenses decreased 28% to $1,770,500, from $2,449,900 in the same year-ago period. Source
Operating loss narrowed 22%: Loss from operations decreased 22% to $7,385,177, compared with $9,443,805 in the year-ago quarter. Source

“At the same time, we reduced SG&A expenses and lowered our loss from operations by 22%, showing that we are beginning to drive greater discipline and efficiency through the business.”
KULR Chief Executive Officer, Michael Mo

Net loss and bitcoin holdings

Net loss widened to $28.1 million: Net loss was $28,119,844, or $0.61 per share, compared with $18,806,658, or $0.54 per share, a year earlier. Source
Bitcoin mark-to-market loss drove net loss: The company attributed the higher net loss primarily to a $20,767,713 mark-to-market loss on its bitcoin holdings. Source
Bitcoin holdings at year-end 2025: Bitcoin holdings were $93,995,256 as of December 31, 2025, compared with $20,281,184 a year earlier, per the prior release.

Cash balance

Cash stood at $19.0 million: Cash was $19.0 million on May 13, 2026, compared with $13,300,188 at December 31, 2025, per the prior release. Source
Year-end 2025 cash reported: The prior release reported cash of $13,300,188 at December 31, 2025, down from $29,831,858 a year earlier.

“While our reported net loss was impacted by a non-cash mark-to-market loss associated with our bitcoin holdings, the underlying operating trends show a stronger revenue base, improved cost control, and a clearer path toward scaling KULR’s core business.”
KULR Chief Executive Officer, Michael Mo

End markets and customers

Four end markets named: The About section names space and defense missions, mobility applications, hyperscale AI data centers and telecom infrastructure OEMs as the areas the company serves. Source
Core battery and energy platforms: Management referred to its core battery and energy systems platforms. The release gives no revenue split by market or product. Source

Strategy and management view

Path to scaling core business: Management said underlying trends show a stronger revenue base, improved cost control and a clearer path toward scaling the core business. Source
Operating discipline cited: Management said it is beginning to drive greater discipline and efficiency through the business. Source

Figures management reported

Figure	Reported
Gross margin Source	29%

Risks management discussed

Financial: Reported net loss is exposed to bitcoin price moves through mark-to-market accounting, which produced a $20,767,713 loss this quarter. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

KULR Technology Group Reports First Quarter 2026 Financial Results

HOUSTON / GLOBENEWSWIRE / May 14, 2026 / KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), an energy-systems platform company that enables the safe, certifiable deployment of ultra-high-power lithium battery systems for space and defense programs, mobility applications, hyperscale AI data centers, and telecom infrastructure OEMs, today announced its financial results for the first quarter 2026.

First Quarter 2026 Financial Results:

Revenues: Revenue increased 98% to $4,846,430 in the first quarter ended March 31, 2026, from $2,448,606 reported in the same year-ago period.

Gross Margins: Gross margin was 29% in the first quarter ended March 31, 2026, compared to 8% in the same year-ago period.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased 9% to $6,531,969 in the first quarter ended March 31, 2026, from $7,200,250 reported in the same year-ago period.

R&D expenses: R&D expenses decreased 28% to $1,770,500 in the first quarter ended March 31, 2026, from $2,449,900 in the same year-ago period.

Operating Loss: Loss from operations decreased 22% to $7,385,177 in the first quarter ended March 31, 2026, compared to $9,443,805 reported in the same year-ago period.

Net Loss: Net loss for the first quarter of 2026 increased to $28,119,844, or a net loss of $0.61 per share, compared to a net loss of $18,806,658, or a net loss of $0.54 per share from the same period last year. Higher net loss in the first quarter of 2026 was primarily driven by a $20,767,713 mark-to-market loss associated with the Company’s bitcoin holdings.

Management Commentary

KULR Chief Executive Officer, Michael Mo, commented, “First quarter 2026 results demonstrate meaningful progress in our operating performance. Revenue increased 98% year-over-year, partially reflecting growing customer traction across our core battery and energy systems platforms. At the same time, we reduced SG&A expenses and lowered our loss from operations by 22%, showing that we are beginning to drive greater discipline and efficiency through the business. While our reported net loss was impacted by a non-cash mark-to-market loss associated with our bitcoin holdings, the underlying operating trends show a stronger revenue base, improved cost control, and a clearer path toward scaling KULR’s core business.”

The Company reported a cash balance of $19.0 million as of May 13, 2026.

KULR Technology Group First Quarter 2026 Earnings Call

Date: Thursday, May 14, 2026

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

To access the call, please register using the following link: KULR First Quarter 2026 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulr.ai).

Safe Harbor Statement

Forward-looking statements notice

This release contains certain forward-looking statements based on our current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All such forward-looking statements that are provided by management in this release are based on information available at this time, and management expects that internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

About KULR Technology Group, Inc.

KULR Technology Group, Inc. (NYSE American: KULR) is an energy-systems platform company delivering certifiable battery safety, vibration-mitigation, and thermal control solutions that enable ultra-high-power lithium-ion systems and sensitive electronics to operate reliably across space and defense missions, mobility applications, hyperscale AI data centers, and telecom infrastructure OEMs. Learn more at KULR.ai.

Contacts
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulr.ai