KULR Technology Q2 revenue falls 43%; bitcoin loss widens net loss
KULR•Analyst coverage
- The one available analyst rating on the shares is "buy"
- The average consensus recommendation for the electrical components & equipment peer group is "buy"
- Wall Street's median 12-month price target for KULR Technology Group Inc is $8.00, about 169.4% above its August 12 closing price of $2.97
Outlook and result drivers
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Company did not provide specific financial guidance for upcoming quarters or full year
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Bitcoin losses - Net loss was primarily driven by a $10.6 mln non-cash change in fair value loss associated with bitcoin holdings
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Strategic shift - Co exited bitcoin mining and is reducing bitcoin holdings to focus on core energy platform, per CFO Mike Kimel
Q2 revenue falls as bitcoin loss drives net loss
- US battery systems maker's Q2 revenue fell 43% yr/yr
- Company posted Q2 net loss, driven by $10.6 mln non-cash bitcoin loss
- KULR exited bitcoin mining and is reducing bitcoin holdings to focus on core business
