KULR (NYSE American: KULR) reported fourth-quarter and full-year 2025 results on March 31, 2026. 2025 revenue rose 51% to $16.17M, while Q4 revenue fell 15% to $2.86M. Net loss widened to $61.90M, $1.56 per share
R&D spending increased 127% to $10.76M and SG&A rose to $27.70M. Cash declined to $13.30M; Bitcoin holdings were $93.995M as of December 31, 2025. Management emphasized product revenue growth and continued investments to scale commercial traction.
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Positive
Revenue +51% YoY to $16.17M in 2025
Product revenue +39% growth noted as shift to scalable product-led model
Bitcoin holdings $93.995M provides significant non-operational asset base
Negative
Net loss $61.90M in 2025, loss of $1.56 per share
Cash down >50% to $13.30M from $29.83M year-over-year
R&D +127% and SG&A increases drove operating loss to $43.00M
News Market Reaction – KULR
-14.77%2.2x vol
37 alerts
-14.77%Session close to close
+6.6%Peak Tracked
-14.8%Trough Tracked
$111.46MMarket Cap
2.2xRel. Volume
In the Apr 1 session, KULR declined 14.77%, reflecting a significant negative market reaction.
Argus tracked a peak move of +6.6% during that session.
Argus tracked a trough of -14.8% from its starting point during tracking.
Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility.
Trading volume was elevated at 2.2x the daily average, suggesting increased selling activity.
The stock dropped -14.8% in the session following this news. The decline reflects a pattern seen in ...
Analysis
The stock dropped -14.8% in the session following this news. The decline reflects a pattern seen in past earnings-related releases, which averaged a -4.87% move. While 2025 revenue rose to $16.17M, losses expanded sharply, with operating loss at $43.0M and net loss at $61.9M. Q4 was particularly weak, including a $28.26M bitcoin mark-to-market loss and a $44.26M quarterly net loss, alongside lower cash of $13.3M, all of which can justify investor caution.
Key Figures
Q4 2025 revenue:$2,863,9612025 revenue:$16,170,4042025 operating loss:$43,000,505+5 more
8 metrics
Q4 2025 revenue$2,863,961Decreased 15% from $3,370,594 in Q4 2024
2025 revenue$16,170,404Full-year 2025, up from $10,737,481 in 2024 (51% growth)
2025 operating loss$43,000,505Full-year 2025 loss from operations vs $15,234,959 in 2024
2025 net loss$61,899,782Full-year 2025 net loss; $1.56 loss per share
Q4 2025 net loss$44,261,358Q4 2025 net loss; $0.97 loss per share vs $0.16 prior year
Cash balance 2025$13,300,188Cash as of Dec 31, 2025 vs $29,831,858 in 2024
Bitcoin holdings 2025$93,995,256Value of bitcoin holdings as of Dec 31, 2025 vs $20,281,184 in 2024
Q4 bitcoin mark-to-market loss$28,256,664Non-cash mark-to-market loss on bitcoin holdings driving higher Q4 net loss
Announcement of Q2 2025 earnings call timing and question submission details.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Earnings-related announcements have consistently seen negative or muted price reactions, including on quarters with strong revenue growth or positive net income.
Recent Company History
Recent history around earnings for KULR shows repeated negative reactions. The Q2 2025 report highlighted 63% revenue growth and $8.14M net income but saw only a slight price dip. Q3 2025 results featured 116% revenue growth yet the stock fell. Even simple earnings call scheduling notices in Aug 2025, Nov 2025, and were followed by declines. Today’s detailed Q4 and full-year 2025 results, with higher revenue but sharply wider losses and bitcoin-driven volatility, fit this pattern of cautious market response.
Key Terms
selling, general and administrative (sg&a) expenses, r&d expenses, operating loss, mark-to-market loss, +1 more
5 terms
selling, general and administrative (sg&a) expensesfinancial
"Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased 77%..."
Selling, general and administrative (SG&A) expenses are the day-to-day costs a company incurs to operate and promote its business, such as marketing, salaries, rent, and office supplies. These expenses are important to investors because they affect the company’s profitability; managing SG&A efficiently can lead to higher profits and better financial health.
r&d expensesfinancial
"R&D expenses: R&D expenses in the fourth quarter of 2025 increased..."
Research and development (R&D) expenses are the costs a company incurs to create, test, or improve products, services, or technologies — covering staff, labs, prototypes, trials, and related equipment. Investors pay attention because R&D is like planting seeds: it can fuel future growth and competitive advantage if projects succeed, but it also reduces current profits and carries the risk that the investment may not produce a return.
operating lossfinancial
"Operating Loss: Loss from operations was $15,367,084 for the fourth quarter..."
Operating loss occurs when a company’s regular business activities—sales of goods or services—bring in less money than it costs to run the business, like a shop whose daily sales don’t cover rent and wages. For investors, it signals that the core business isn’t currently profitable, which can increase cash burn, affect future dividends or financing needs, and change how the company’s value and risk are judged.
mark-to-market lossfinancial
"primarily driven by a $28,256,664 mark-to-market loss associated with the Company’s bitcoin holdings."
A mark-to-market loss is the drop in value a company records when it adjusts an asset’s book value to the current market price, like re-pricing items on a shelf to today’s sale value. It matters to investors because these losses change reported profits and balance-sheet strength immediately—affecting earnings, regulatory capital and investor confidence—even if the asset hasn’t been sold and no cash loss has been realized.
earnings callfinancial
"KULR Technology Group Fourth Quarter and Full-Year 2025 Earnings Call Date: Tuesday, March 31st, 2026..."
A scheduled public meeting—usually by phone or webcast—where a company’s executives present recent financial results and answer questions from analysts and investors. It matters because listeners hear both the factual “report card” on past performance and the leaders’ tone and outlook for the future; new details or shifts in confidence can change investor expectations and move the stock price, much like a parent-teacher meeting revealing a student’s progress and plans.
HOUSTON, March 31, 2026 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), an energy-systems platform company that enables the safe, certifiable deployment of ultra-high-power lithium battery systems for space and defense programs, hyperscale AI data centers, and telecom infrastructure OEMs, today announced its financial results for the fourth quarter and full-year 2025.
KULR CEO Michael Mo commented, “2025 marked a year of meaningful progress for KULR as we strengthened our commercial foundation and continued positioning the Company at the intersection of battery safety, performance, and next-generation energy infrastructure. We are entering 2026 with sharper strategic focus, increasing traction in priority verticals, and confidence in our ability to convert technical leadership into long-term shareholder value.”
Fourth Quarter 2025 Financial Results:
Revenues: Revenue decreased 15% to $2,863,961 in the fourth quarter ended December 31, 2025, from $3,370,594 reported in the same year-ago period.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased 77% to $7,860,094 in the fourth quarter ended December 31, 2025, from $4,437,032 reported in the same year-ago period.
R&D expenses: R&D expenses in the fourth quarter of 2025 increased to $3,545,372 from $1,246,161 in the same period last year.
Operating Loss: Loss from operations was $15,367,084 for the fourth quarter of 2025, compared to $3,540,864 from the same period last year.
Net Loss: Net loss for the fourth quarter of 2025 increased to $44,261,358, or a loss of $.97 per share, compared to a net loss of $4,620,461, or a loss of $0.16 per share from the same period last year. Higher net loss in the fourth quarter of 2025 was primarily driven by a $28,256,664 mark-to-market loss associated with the Company’s bitcoin holdings.
Full-Year 2025 Financial Results:
Revenues: Revenue increased 51% to $16,170,404 in 2025 from $10,737,481 in 2024. The Company continued to build its relationships with a wide range of energy, transport and aerospace partners during the year ended December 31, 2025. These additions reflect management’s commitment to build new customer relationships through a growing pool of referrals and business development leads.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased to $27,696,969 in 2025 from $15,979,852 in 2024. The increase was due to strategic investment and business and corporate development related activities.
R&D expenses: R&D expenses in 2025 increased to $10,755,036 from $4,738,305 in 2024. The 127% increase was primarily attributable to planned increases in R&D services and personnel during 2025, including approximately $4.5 million of higher costs associated with third-party engineering and development services related to fan development and acoustic studies, the purchase of testing equipment, and investments to support manufacturing expansion.
Operating Loss: Loss from operations was $43,000,505 in 2025, compared to $15,234,959 in 2024.
Net Loss: Net loss for 2025 increased to $61,899,782 or a loss of $1.56 per share, compared to a net loss of $17,523,629, or a loss of $0.75 per share in 2024.
Cash Position: The Company reported cash balances of $13,300,188 as of December 31, 2025, compared to $29,831,858 as of December 31, 2024. In addition, the Company had $93,995,256 of Bitcoin holdings as of December 31, 2025, compared to $20,281,184 as of December 31, 2024.
Management Commentary KULR Chief Financial Officer, Shawn Canter, said with respect to the fourth quarter and full-year 2025 results, “While overall revenue grew 51% year over year, we are particularly focused on the 39% growth in product revenue as we shift toward a more scalable product-led model. Although our reported net loss included significant non-cash charges and planned investments for future growth, we believe the underlying direction of the business reflects improving commercial traction and a stronger foundation for long-term scale.”
KULR Technology Group Fourth Quarter and Full-Year 2025 Earnings Call
Date: Tuesday, March 31st, 2026
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
To access the call, please register using the following link: KULR Fourth Quarter and Full-Year 2025 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulr.ai).
About KULR Technology Group, Inc.
KULR Technology Group, Inc. (NYSE American: KULR) is an energy-systems platform company delivering certifiable battery safety, vibration-mitigation, and thermal control solutions that enable ultra-high-power lithium-ion systems and sensitive electronics to operate reliably across space and defense missions, hyperscale AI data centers, telecom infrastructure, and mobility applications. Learn more at KULR.ai.
This release contains certain forward-looking statements based on our current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All such forward-looking statements that are provided by management in this release are based on information available at this time, and management expects that internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Investor Relations: KULR Technology Group, Inc. Phone: 858-866-8478 x 847 Email: ir@kulr.ai
KULR Media Relations: M Group Strategic Communications (on behalf of KULR) Email: kulr@mgroupsc.com
FAQ
What were KULR's full-year 2025 revenues and how did they change year-over-year?
KULR reported full-year 2025 revenue of $16.17 million, a 51% increase year-over-year. According to the company, this growth reflects expanded customer relationships across energy, transport and aerospace verticals and higher product sales during 2025.
Why did KULR's net loss widen to $61.90 million in 2025 (KULR)?
KULR's 2025 net loss widened to $61.90 million largely from higher operating costs and non-cash charges. According to the company, a significant mark-to-market and increased R&D and SG&A investments contributed to the larger loss.
How much cash and Bitcoin did KULR hold at December 31, 2025 (KULR)?
As of December 31, 2025, KULR held $13.30 million in cash and $93.995 million in Bitcoin. According to the company, Bitcoin represents a substantial non-operating asset that materially increased versus 2024.
What drove KULR's higher R&D and SG&A expenses in 2025 (KULR)?
R&D rose 127% to $10.76 million and SG&A increased to $27.70 million due to strategic investments. According to the company, higher third-party engineering, testing equipment, personnel and business development drove the increases.
How did product revenue perform and what does KULR say about its go-to-market shift (KULR)?
KULR reported 39% product revenue growth and said it is shifting toward a more scalable product-led model. According to the company, this shift underpins management's focus on converting technical leadership into long-term shareholder value.
When is KULR's fourth-quarter and full-year 2025 earnings call and how can investors join (KULR)?
KULR's earnings call is on March 31, 2026 at 4:30 p.m. ET with registration required to obtain dial-in details. According to the company, a replay will be available via the Investor Relations section on its website after the call.
