KULR’s Q4 revenue fell 15% year-over-year to $2.86 million, while SG&A expenses climbed 77% to $7.86 million and R&D spending rose to $3.55 million. The quarter ended with an operating loss of $15.37 million and a net loss of $44.26 million, or $0.97 per share, primarily due to a $28.26 million mark-to-market bitcoin loss.

For the full year, revenue increased 51% to $16.17 million as KULR expanded partnerships across energy, aerospace and telecom sectors. However, strategic investments drove SG&A to $27.70 million and R&D to $10.76 million, resulting in an operating loss of $43.00 million and a net loss of $61.90 million, or $1.56 per share.

Cash balances declined to $13.30 million by December 31, 2025, down from $29.83 million a year earlier, while bitcoin holdings surged to $93.99 million from $20.28 million. The increase in digital assets contributed to both the expanded asset base and the volatility in reported earnings.

Management highlighted 39% growth in product revenue and a shift toward a scalable, product-led business model. Executives emphasized that non-cash charges and aggressive R&D spending underpin future growth prospects and position the company for enhanced commercial traction in 2026.