KULR Technology Group Reports First Quarter 2026 Financial Results

KULR Technology Group (NYSE American: KULR) reported strong first quarter 2026 revenue growth and margin expansion alongside a larger net loss driven by bitcoin-related charges.

Rhea-AI Summary

KULR Technology Group (NYSE American: KULR) reported strong first quarter 2026 revenue growth and margin expansion alongside a larger net loss driven by bitcoin-related charges.

Revenue rose 98% to $4.85 million, gross margin improved to 29%, SG&A and R&D fell, operating loss narrowed, but net loss increased to $28.1 million due to a $20.8 million non-cash mark-to-market loss on bitcoin. Cash totaled $19.0 million as of May 13, 2026.

Positive

• Revenue increased 98% year-over-year to $4,846,430
• Gross margin expanded to 29% from 8% year-over-year
• SG&A expenses decreased 9% to $6,531,969
• R&D expenses decreased 28% to $1,770,500
• Operating loss declined 22% to $7,385,177
• Cash balance reported at $19.0 million as of May 13, 2026

Negative

• Net loss widened to $28,119,844 from $18,806,658
• Net loss per share increased to $0.61 from $0.54
• $20,767,713 non-cash mark-to-market loss on bitcoin holdings

Argus May 15 session

-5.51% close to close Open Argus

Details

News Market Reaction – KULR

On May 15, the first trading day after this news, KULR closed 5.51% below the previous close.

Data tracked by StockTitan Argus for the May 15 session.

Key Figures

Q1 2026 Revenue: $4,846,430 Q1 2025 Revenue: $2,448,606 Gross Margin: 29% +5 more

Q1 2026 Revenue

$4,846,430

Quarter ended March 31, 2026; up 98% year-over-year

Q1 2025 Revenue

$2,448,606

Same quarter prior year comparison

Gross Margin

29%

Q1 2026 vs 8% in same year-ago period

SG&A Expenses

$6,531,969

Q1 2026; down 9% from $7,200,250 year-ago

R&D Expenses

$1,770,500

Q1 2026; down 28% from $2,449,900 year-ago

Operating Loss

$7,385,177

Q1 2026; reduced from $9,443,805 year-ago

Net Loss

$28,119,844 ($0.61/share)

Q1 2026; vs $18,806,658 ($0.54/share) year-ago

Bitcoin MTM Loss

$20,767,713

Non-cash mark-to-market loss on bitcoin holdings in Q1 2026

Previous Earnings Reports

5 past events · Latest: May 08

Same Type 5 events

1. May 08

   Earnings call scheduled

   24h Move

   +15.2%

   Announcement of Q1 2026 earnings call timing and registration details.

2. Mar 31

   Earnings results

   24h Move

   -14.8%

   Full-year 2025 results with 51% revenue growth but wider net loss and higher costs.

3. Mar 26

   Earnings call scheduled

   24h Move

   -8.2%

   Scheduling of Q4 and full-year 2025 earnings call and logistics for investors.

4. Nov 18

   Earnings results

   24h Move

   -8.2%

   Q3 2025 results with 116% revenue growth but margin compression and continued losses.

5. Nov 12

   Earnings call scheduled

   24h Move

   -7.0%

   Announcement of Q3 2025 earnings call and replay availability details.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

mark-to-market loss, sg&a, r&d

3 terms

mark-to-market loss financial

"driven by a $20,767,713 mark-to-market loss associated with the Company’s bitcoin"

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.

sg&a financial

"Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased 9% to"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

r&d financial

"R&D expenses: R&D expenses decreased 28% to $1,770,500 in the first quarter"

Research and development (R&D) is the work a company does to discover new products, improve existing ones, or develop better ways of making things — like a kitchen testing recipes to create a hit dish. For investors it matters because R&D is where future sales and competitive advantages are born, but it also uses cash and carries risk, so R&D spending and outcomes signal a company’s growth potential and uncertainty.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HOUSTON, May 14, 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, mobility applications, hyperscale AI data centers, and telecom infrastructure OEMs, today announced its financial results for the first quarter 2026.

First Quarter 2026 Financial Results:

Revenues: Revenue increased 98% to $4,846,430 in the first quarter ended March 31, 2026, from $2,448,606 reported in the same year-ago period.

Gross Margins: Gross margin was 29% in the first quarter ended March 31, 2026, compared to 8% in the same year-ago period.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased 9% to $6,531,969 in the first quarter ended March 31, 2026, from $7,200,250 reported in the same year-ago period.

R&D expenses: R&D expenses decreased 28% to $1,770,500 in the first quarter ended March 31, 2026, from $2,449,900 in the same year-ago period.

Operating Loss: Loss from operations decreased 22% to $7,385,177 in the first quarter ended March 31, 2026, compared to $9,443,805 reported in the same year-ago period.

Net Loss: Net loss for the first quarter of 2026 increased to $28,119,844, or a net loss of $0.61 per share, compared to a net loss of $18,806,658, or a net loss of $0.54 per share from the same period last year. Higher net loss in the first quarter of 2026 was primarily driven by a $20,767,713 mark-to-market loss associated with the Company’s bitcoin holdings.

Management Commentary

KULR Chief Executive Officer, Michael Mo, commented, “First quarter 2026 results demonstrate meaningful progress in our operating performance. Revenue increased 98% year-over-year, partially reflecting growing customer traction across our core battery and energy systems platforms. At the same time, we reduced SG&A expenses and lowered our loss from operations by 22%, showing that we are beginning to drive greater discipline and efficiency through the business. While our reported net loss was impacted by a non-cash mark-to-market loss associated with our bitcoin holdings, the underlying operating trends show a stronger revenue base, improved cost control, and a clearer path toward scaling KULR’s core business.”

The Company reported a cash balance of $19.0 million as of May 13, 2026.

KULR Technology Group First Quarter 2026 Earnings Call
Date: Thursday, May 14^th, 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 First Quarter 2026 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).

Safe Harbor Statement
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.

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, mobility applications, hyperscale AI data centers, and telecom infrastructure OEMs. Learn more at KULR.ai.

Find KULR: Website | X | Telegram | LinkedIn | Instagram | TikTok | Facebook

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulr.ai

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did KULR (NYSE American: KULR) perform financially in Q1 2026?

KULR reported strong revenue growth but a larger net loss in Q1 2026. According to KULR, revenue rose 98% to $4,846,430, while net loss increased to $28,119,844, or $0.61 per share, mainly from a non-cash bitcoin mark-to-market loss.

What was KULR (KULR) revenue growth in the first quarter of 2026?

KULR nearly doubled its revenue in the first quarter of 2026. According to KULR, revenue increased 98% year-over-year to $4,846,430 from $2,448,606, reflecting growing customer traction across its core battery and energy systems platforms.

Did KULR (KULR) improve gross margin in Q1 2026?

KULR reported a significantly higher gross margin in Q1 2026. According to KULR, gross margin reached 29% for the quarter ended March 31, 2026, compared to 8% in the same period of 2025, indicating improved cost structure and pricing mix.

Why did KULR (KULR) net loss increase in the first quarter of 2026?

KULR’s net loss rose mainly due to a bitcoin-related non-cash charge. According to KULR, net loss increased to $28,119,844, driven primarily by a $20,767,713 mark-to-market loss associated with the company’s bitcoin holdings, despite lower operating loss.

How did operating expenses and operating loss trend for KULR (KULR) in Q1 2026?

KULR reduced both SG&A and R&D, narrowing operating loss in Q1 2026. According to KULR, SG&A fell 9% to $6,531,969, R&D decreased 28% to $1,770,500, and loss from operations declined 22% to $7,385,177 year-over-year.

What was KULR (KULR) cash position after reporting Q1 2026 results?

KULR reported a cash balance that may support ongoing operations and growth. According to KULR, cash totaled $19.0 million as of May 13, 2026, following the first quarter, providing liquidity as the company scales its battery and energy systems business.

When is the KULR (KULR) first quarter 2026 earnings call scheduled?

KULR scheduled its first quarter 2026 earnings call for May 14, 2026. According to KULR, the call will be held at 4:30 p.m. Eastern time, with registration providing dial-in details and a replay available via the company’s investor relations website.