SAN DIEGO, Nov. 09, 2022 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a number one vitality administration platform firm accelerating the worldwide transition to a sustainable electrification economy, at the moment reported outcomes for the third quarter ended September 30, 2022.
Third Quarter 2022 Financial Results
Revenues: In the third quarter ended September 30, 2022, income elevated to $1.4 million from $0.6 million reported in the identical interval final 12 months. The enhance in income was primarily resulting from a rise in contract providers and product gross sales revenues within the quarter.
Cash: As of September 30, 2022, the Company had $16.2 million of money in comparison with $14.9 million as of December 31, 2021.
Gross Margins: Gross margin was 33% within the quarter ended September 30, 2022, in comparison with 74% in the identical interval final 12 months. The lower was primarily resulting from elevated labor prices to provide completed items, prices to obtain custom-made completed items and part materials for a brand new product line, and delivery prices from the Company’s contract producer.
Selling, General and Administrative (SG&A) Expenses: SG&A bills elevated to $4.3 million within the third quarter of 2022 from $3.1 million in the identical interval final 12 months. The enhance in SG&A bills was primarily resulting from a rise in advertising and promoting bills in addition to a rise in labor prices to construct future capability for deliberate income development.
Research and Development (R&D) Expenses: R&D bills within the third quarter of 2022 elevated to $1.1 million from $0.5 million in the identical interval final 12 months. The enhance was primarily resulting from deliberate will increase in headcount as a way to construct future capability, and different R&D initiatives designed to construct future income development.
Operating Loss: Loss from operations was $5.0 million for the third quarter of 2022, in comparison with $3.1 million from the identical interval final 12 months. The enhance in working loss was primarily pushed by will increase in R&D and SG&A bills.
Net Loss: Net loss for the third quarter of 2022 elevated to $5.6 million, or a lack of $0.05 per share, in comparison with a web lack of $3.1 million, or a lack of $0.03 per share from the identical interval final 12 months.
Management Commentary
“The third quarter was an inflection point for KULR as we achieved record revenue results and began transitioning to the next chapter of our growth story,” stated KULR CEO Michael Mo. “The strategic investments made in the previous quarters into our employees, R&D, and sales & marketing initiatives, have effectively laid the groundwork to accelerate our expansion efforts. These investments will moderate going forward, and we expect to continue generating a strong ROI that will translate to top line growth. Additionally, there will be a fluctuation in gross margins in the short term as a result of conducting business with different customers for a wide range of products and services. With a strong cash position, a robust sales pipeline, and a clear pathway for success, we remain laser focused on executing the game plan over the coming quarters and beyond to manifest our growth plans.”
Third Quarter 2022 and Recent Operational Highlights:
- Commenced Phase 2 growth of passive propagation resistant (“PPR”) battery methods for the Lockheed Martin Corporation, following a profitable Phase 1 trial.
- Secured deployment order totaling over $500,000 from a number one Department of Defense (“DoD”) contractor, with future concerns as much as the multi-million-dollar quantity over the following 12 months.
- Secured two orders from a number one Fortune 20 e-commerce and cloud computing firm for its subsequent technology Li-ion battery powered industrial drone supply fleet.
- Received an order from a number one Fortune 500 industrial aviation firm for KULR’s suite of battery design and security options within the growth of its new electrical vertical takeoff and touchdown plane (“eVTOL”).
- Announced a manufacturing protype order from a top-tier energy instrument producer for KULR SafeCase, a reusable, protected, and high-energy battery transportation and storage resolution.
- Received approval from the Department of Transportation (“DoT”) to extend the vitality ranges in three particular permits from 2.1 kWh to 2.5 kWh, increasing utilization for the SafeCase product.
- Launched KULR VIBE, an AI pushed vibration discount resolution, by means of its acquisition of VibeTech. KULR VIBE makes use of proprietary sensor processes with superior studying algorithms to each obtain precision balancing options, and efficiently predict part failure primarily based on its complete database of vibration signatures. Its enhanced AI studying algorithms pinpoint areas the place extra vibrations trigger a lack of vitality that may result in system malfunctions, weakened efficiency, and upkeep points.
- Presented on the Federal Aviation Administration’s (“FAA”) Tenth Triennial International Fire and Cabin Safety Research Conference on the requirements of a holistic battery security technique for electrical aviation.
- Joined NAATBatt International, the premiere commerce affiliation of builders, producers, suppliers and customers of battery expertise in North America, as a platinum member.
Conference Call
The Company has scheduled a convention name for November 9, 2022, at 4:30 p.m. ET to debate these outcomes. Michael Mo, KULR’s CEO; Keith Cochran, President & COO, and Simon Westbrook, CFO, will present a business replace for the Company adopted by a question-and-answer interval.
To entry the decision:
Dial-In Number: 855-459-0165
Access Code: 361411
Please name the convention phone quantity 10 minutes previous to the beginning time. If you’ve any problem connecting with the convention name, please contact Gateway Investor Relations at 949-574-3860.
The convention name shall be out there for replay here and by way of the Investor Relations part of KULR’s website.
About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) is a number one vitality administration platform providing confirmed options that play a important position in accelerating the electrification of the round economy. Leveraging a basis in growing, manufacturing, and licensing next-generation carbon fiber thermal administration applied sciences for batteries and digital methods, KULR has developed its holistic suite of services to allow its clients throughout disciplines to function with effectivity and sustainability in thoughts. For extra info, please go to https://www.kulrtechnology.com/.
Safe Harbor Statement
This launch doesn’t represent a proposal to promote or a solicitation of affords to purchase any securities of any entity. This launch comprises sure forward-looking statements primarily based on our present expectations, forecasts and assumptions that contain dangers and uncertainties. Forward-looking statements on this launch are primarily based on info out there to us as of the date hereof. Our precise outcomes might differ materially from these acknowledged or implied in such forward-looking statements, resulting from dangers and uncertainties related to our business, which embrace the danger components disclosed in our Form 10-Okay filed with the Securities and Exchange Commission on March 28, 2022. Forward-looking statements embrace statements relating to our expectations, beliefs, intentions, or methods relating to the long run and might be recognized by forward-looking phrases similar to “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or comparable phrases. All forecasts are supplied by administration on this launch are primarily based on info out there at the moment and administration expects that inner projections and expectations might change over time. In addition, the forecasts are totally on administration’s finest estimate of our future monetary efficiency given our present contracts, present backlog of alternatives and conversations with new and current clients about our services. We assume no obligation to replace the data included on this press launch, whether or not on account of new info, future occasions or in any other case.
Investor Relations:
Tom Colton or John Yi
Gateway Investor Relations
Main: (949) 574-3860
[email protected]
Public Relations:
Robert Collins / Zach Kadletz / Anna Rutter
Gateway Group
Main: (949) 574-3860
[email protected]
Brokers and Analysts:
Chesapeake Group
Main: (410) 825-3930
[email protected]
A video accompanying this announcement is offered at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a8642a7-7577-402b-b660-d3d0f2d6df55
