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KULR Technology Group Inc is a leading energy management platform company that focuses on developing and commercializing high-performance thermal management technologies for electronics, batteries, and other components. The company aims to revolutionize the $7.5 billion thermal management industry by offering carbon fiber-based architecture that replaces less efficient aluminum and copper heat spreaders and exchangers. KULR's proprietary carbon fiber thermal interface materials provide higher performance, lower contact pressure, higher compliance, and longer reliability compared to traditional materials. The company is actively involved in partnerships, such as the recent contract with BRP, to advance its thermal management solutions for e-mobility products and regulatory compliance.
KULR Technology Group has secured a $400,000 initial contract with NASA for automated battery cell screening, part of a larger $2 million multi-phase agreement. The contract involves testing lithium-ion cells for the Artemis Program and other manned space missions, meeting NASA's stringent safety specifications. KULR's technology is vital for future Artemis missions, with plans to expand support to 21700 cells by year-end. The collaborative project will enhance KULR's portfolio and reinforce its strategic partnership with NASA, positioning the company for growth in the global battery cell testing market, which is expected to reach $7 billion by 2030.
KULR Technology Group (NYSE American: KULR) announced the expiration of its Standby Equity Purchase Agreement (SEPA) with Yorkville on June 1, 2024. The company has also retired all outstanding debt to Yorkville, marking a significant milestone in its strategic initiatives to reduce cash consumption and strengthen its financial position.
Additionally, KULR confirmed compliance with NYSE guidelines regarding the audit opinion disclosure. Its recent financial statements included an explanatory paragraph about the company's ability to continue as a going concern, but this does not reflect any changes to the financial statements themselves.
The company reported a stronger balance sheet due to reductions in short-term and trade debt, with further improvements expected in the coming months. CFO Shawn Canter highlighted efforts to reduce cash consumption, including CEO Michael Mo taking a salary reduction in exchange for equity.
KULR Technology Group announced a contract with a top Japanese automaker to test and analyze high-energy battery cells for next-gen electric vehicles using KULR ONE Design Solutions (K1-DS). The comprehensive testing includes Fractional Thermal Runaway Calorimetry (FTRC), bomb calorimetry, and impingement zone mapping. This new service unit is expected to generate $8-$10 million in annual revenue starting in 2025, without extra investment in testing capabilities. The contract signals KULR's growth in the EV battery safety and testing market, particularly in the automotive sector, which is increasingly evaluating next-gen cells for better efficiency and faster charging times.
KULR Technology Group announced that CEO Michael Mo has voluntarily reduced his cash salary by 33%, advocating for a shift towards equity incentives. This change aligns his compensation with shareholder interests, as the equity grant will not vest for 12 months. The move supports the company's strategy to cut cash consumption, having already reduced operating and investment cash usage by 23% in Q1 2024 compared to Q1 2023. Mo expressed confidence in KULR's potential in the space, military, and industrial battery markets, highlighting early successes of the KULR ONE platform. Further details are available in the company's Form 8-K filed with the SEC.
KULR Technology Group (NYSE American: KULR) has secured an engineering contract with Bombardier Recreational Products (BRP) to provide Fractional Thermal Runaway Calorimetry (FTRC) testing services, enhancing battery safety in electric recreational products. This partnership aligns with KULR's ongoing efforts in safe battery design and regulatory compliance, particularly with the KULR ONE Design Solutions (K1-DS) platform. The global battery testing market is projected to reach $16.5 billion by 2030, positioning KULR advantageously.
Additionally, Vision Marine Technologies announced a patent for a high-voltage marine battery pack, while Polaris and SolarEdge are expanding their all-electric utility and recreational vehicle portfolios. These developments underscore the increasing emphasis on battery safety and performance in the evolving electric vehicle market.
KULR Technology Group has secured an engineering contract with Bombardier Recreational Products (BRP) for its Fractional Thermal Runaway Calorimetry (FTRC) testing services. This partnership emphasizes KULR's commitment to battery safety in the electric recreational products sector. KULR, known for its space and military battery designs, aims to expand its market to electric aviation, maritime, EV, and recreational vehicles. BRP's focus on thermal runaway management aligns with KULR's K1-DS platform, ensuring regulatory compliance and safety. KULR's FTRC technology, licensed from NASA, is pivotal in enhancing battery safety and reliability across industries.
KULR Technology Group (KULR) reported its financial results for Q1 2024. Revenue was stable at $1.75 million compared to $1.76 million in the same quarter last year. Contract services revenue saw a significant increase of 769%, reaching $1.13 million. However, gross margin dropped to 29% from 37%. SG&A expenses decreased to $4.21 million from $5.10 million, and R&D expenses also saw a reduction to $955 thousand from $1.81 million. Operating loss decreased to $4.66 million from $6.26 million, and net loss improved to $5.01 million, or $0.04 per share, from $6.60 million, or $0.06 per share. Key achievements include successful L-FTRC tests for EV customers, partnerships with UPS and Safeware, immediate battery deployments for AI-enabled drones in Ukraine, and customized battery solutions for the U.S. Army. KULR also expanded its SafeCASE application to eVTOL manufacturing and supported NASA's R5 program. Donna H. Grier was appointed to the Board of Directors.
KULR Technology Group, a global leader in energy storage solutions, launches the KULR Online Marketplace featuring Safe-X products, approved by the DoT for transportation by United Parcel Service. The marketplace offers SafeCASE and SafeSLEEVE products for safe battery transportation. KULR forms a strategic partnership with Safeware for distribution to the Hazmat community, aiming to provide advanced safety and thermal management technologies.
KULR Technology Group, Inc. (NYSE American: KULR) will hold an earnings call on May 15, 2024, to discuss financial results for the first quarter of 2024. Interested parties can submit questions prior to the call. The call will be hosted by KULR management and will include a Q&A session.
KULR Technology Group, Inc. has successfully completed large format fractional thermal runaway calorimetry tests for high energy lithium-ion cells, positioning itself as a leader in energy storage solutions. The company, a licensee of NASA technology, is uniquely equipped to serve customers in electric vehicles, grid energy storage, and industrial applications. With a potential market estimated at $7 billion by 2030, KULR's recent achievements underscore its commitment to safety and innovation in the EV battery sector.
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