Kulr Technology Group, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 13 August 2026: press release. The quarter’s numbers.

Key takeaways

Revenue fell 43% year over year: The company reported revenue of $2,080,177 for the quarter ended June 30, 2026, down 43% from $3,652,471 in the year-ago period. Source
Net loss driven by bitcoin losses: Net loss was $21,970,816, or $0.47 per share, against net income of $8,142,149, or $0.22 per share, a year earlier. Management said the loss was primarily driven by a bitcoin fair value loss. Source
Gross margin turned negative: Gross margin was negative 31% in the second quarter, compared with 20% a year earlier. The release gives no reason for the change. Source
Bitcoin mining exited after quarter-end: Management said that since quarter-end the company exited Bitcoin mining, repaid the Coinbase loan in full, and began reducing its Bitcoin holdings. Source
Treasury volatility hit reported results: Management said the Bitcoin treasury provided financial flexibility, but its volatility had a significant impact on reported results, including about $10.6 million of non-cash fair value losses. Source
Cash balance was $12.8 million: The company reported cash of $12.8 million as of June 30, 2026. The prior release gave a cash balance of $19.0 million as of May 13, 2026. Source
No ATM shares issued in first half: The company did not issue any shares through its at-the-market program during the first half of 2026. Source
Focus on core energy platform: CFO Mike Kimel said the company continued sharpening its focus on the core energy platform and simplifying the business around its highest-priority growth opportunities. Source

“The Bitcoin treasury strategy provided meaningful financial flexibility, but its volatility also had a significant impact on our reported results, including approximately $10.6 million of non-cash change in fair value losses”
KULR Chief Financial Officer Mike Kimel

What changed from last quarter

Ended: After quarter-end the company exited Bitcoin mining operations. Source
Ended: After quarter-end the company repaid the Coinbase loan in full. Source
New: The company began reducing its Bitcoin holdings after quarter-end, described as deliberate and disciplined. Source

Results and net loss

Revenue fell 43% year over year: The company reported revenue of $2,080,177 for the quarter ended June 30, 2026, down 43% from $3,652,471 in the year-ago period. Source
Revenue below first quarter level: The prior release reported first quarter revenue of $4,846,430, up 98% year over year. Second quarter revenue was $2,080,177.
Net loss driven by bitcoin losses: Net loss was $21,970,816, or $0.47 per share, against net income of $8,142,149, or $0.22 per share, a year earlier. Management said the loss was primarily driven by a bitcoin fair value loss. Source
Operating loss rose 19%: Loss from operations increased 19% to $11,204,578, compared with $9,451,040 in the year-ago period. Source

Gross margin and costs

Gross margin turned negative: Gross margin was negative 31% in the second quarter, compared with 20% a year earlier. The release gives no reason for the change. Source
SG&A expenses decreased 9%: SG&A expenses fell 9% to $6,307,097, from $6,941,599 in the year-ago quarter. Source
R&D spending rose 23%: R&D expenses increased 23% to $2,985,659, from $2,436,754 a year earlier. Source

“These actions are designed to reduce balance-sheet volatility, improve financial visibility, and allow us to concentrate our capital and execution on scaling the core business while maintaining a disciplined approach to shareholder dilution.”
KULR Chief Financial Officer Mike Kimel

Bitcoin holdings and exit

Bitcoin mining exited after quarter-end: Management said that since quarter-end the company exited Bitcoin mining, repaid the Coinbase loan in full, and began reducing its Bitcoin holdings. Source
Treasury volatility hit reported results: Management said the Bitcoin treasury provided financial flexibility, but its volatility had a significant impact on reported results, including about $10.6 million of non-cash fair value losses. Source
Prior quarter bitcoin loss was larger: The first quarter bitcoin mark-to-market loss was $20,767,713, against $10,591,667 in the second quarter.

Cash and share issuance

Cash balance was $12.8 million: The company reported cash of $12.8 million as of June 30, 2026. The prior release gave a cash balance of $19.0 million as of May 13, 2026. Source
No ATM shares issued in first half: The company did not issue any shares through its at-the-market program during the first half of 2026. Source

“Importantly, we did not issue any shares through the ATM during the first half of 2026.”
KULR Chief Financial Officer Mike Kimel

Strategy and focus

Focus on core energy platform: CFO Mike Kimel said the company continued sharpening its focus on the core energy platform and simplifying the business around its highest-priority growth opportunities. Source
Capital directed to core business: Management said the exits, loan repayment and holdings reduction are designed to reduce balance-sheet volatility and concentrate capital on scaling the core business. Source

Products and markets

KULR ONE platform integrates systems: The company describes its KULR ONE platform as combining battery architecture, thermal management, safety engineering, battery management and power electronics. Source
Physical AI markets served: The company describes itself as developing safe, high-power energy systems for physical AI across space, defense, drones, data centers and robotics. Source
Domestic production scaling: The company says it is scaling domestic production from Webster, Texas, to support growing energy demands of physical AI and autonomous systems. Source

Figures management reported

Figure	Reported
Gross margin Source	(31)%

Risks management discussed

Financial: Management said bitcoin volatility had a significant impact on reported results and made the underlying battery business harder for shareholders to assess. Source
Financial: Management said it aims to maintain a disciplined approach to shareholder dilution, and the company issued no ATM shares in the first half of 2026. 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 Second Quarter 2026 Financial Results

HOUSTON / GLOBENEWSWIRE / August 13, 2026 / KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a developer of safe, high-power energy systems that enable physical AI across space, defense, drones, data centers, robotics, and other mission-critical applications, today announced its financial results for the second quarter 2026.

Second Quarter 2026 Financial Results:

Revenues: Revenue decreased 43% to $2,080,177 in the second quarter ended June 30, 2026, from $3,652,471 reported in the same year-ago period.

Gross Margins: Gross margin was (31)% in the second quarter ended June 30, 2026, compared to 20% in the same year-ago period.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased 9% to $6,307,097 in the second quarter ended June 30, 2026, from $6,941,599 reported in the same year-ago period.

R&D Expenses: R&D expenses increased 23% to $2,985,659 in the second quarter ended June 30, 2026, from $2,436,754 in the same year-ago period.

Operating Loss: Loss from operations increased 19% to $11,204,578 in the second quarter ended June 30, 2026, compared to $9,451,040 reported in the same year-ago period.

Net Loss: Net loss for the second quarter of 2026 was $21,970,816, or a net loss of $0.47 per share, compared to net income of $8,142,149, or net income of $0.22 per share from the year-ago period. The net loss in the second quarter of 2026 was primarily driven by a $10,591,667 change in fair value loss associated with the Company’s bitcoin holdings.

Management Commentary

KULR Chief Financial Officer Mike Kimel commented, “During the second quarter of 2026, we continued sharpening our focus on KULR’s core energy platform and simplifying the business around our highest-priority growth opportunities. The Bitcoin treasury strategy provided meaningful financial flexibility, but its volatility also had a significant impact on our reported results, including approximately $10.6 million of non-cash change in fair value losses, making the underlying performance of our battery business more difficult for shareholders to assess. Since quarter-end, we have exited Bitcoin mining, repaid the Coinbase loan in full, and begun reducing our Bitcoin holdings in a deliberate and disciplined manner. These actions are designed to reduce balance-sheet volatility, improve financial visibility, and allow us to concentrate our capital and execution on scaling the core business while maintaining a disciplined approach to shareholder dilution. Importantly, we did not issue any shares through the ATM during the first half of 2026.”

The Company reported a cash balance of $12.8 million as of June 30, 2026.

KULR Technology Group Second Quarter 2026 Earnings Call

Date: Thursday, August 13, 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 Second 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 that designs and manufactures safe, high-power battery solutions for physical AI and other mission-critical applications. Its KULR ONE® platform integrates advanced battery architecture, thermal management, safety engineering, battery management systems, and power electronics to serve space and defense, drones and electric aviation, AI data-center backup, robotics, and Energy-as-a-Service markets. Based in Webster, Texas, KULR is scaling domestic production to support the growing energy demands of physical AI and autonomous systems. Learn more at KULR.ai.

Contacts
KULR Technology Group, Inc.
Email: ir@kulr.ai