KULR Technology Group Q3 revenue jumps year-over-year
KULR•KULR Technology Group’s third-quarter revenue rose 197% year over year to $7.4 million, driven by KULR ONE product sales. Net income was $4.5 million, while gross margin fell to 4% from 17%.
1. Revenue and earnings
Third-quarter revenue increased 197% year over year to $7.4 million, driven by KULR ONE product sales, including KULR ONE Max battery systems for power-as-a-service in Japan. Net income of $4.5 million was driven by a non-recurring gain from a digital asset sale after the company exited Bitcoin; gross margin declined to 4% from 17%, and income from operations was a loss of $11 million.
2. Costs and outlook
The company expects research and development expenses to decline starting in the fourth quarter of 2026 and further in 2027. It is targeting $4 million in annualized cost savings from workforce reductions by the end of 2026 and expects a significant ramp-up in NDAA-compliant battery solutions for autonomous systems in 2027.
