KULR Technology Group (NYSE: KULR) swings to Q2 2026 loss amid bitcoin hit
Rhea-AI Filing Summary
KULR Technology Group, Inc. reported weak financial performance for the quarter ended June 30, 2026. Revenue was $2,080,177, a 43% decline from $3,652,471 a year earlier. Gross margin deteriorated to (31)% from 20%, reflecting significant pressure on profitability.
Selling, general and administrative expenses fell 9% to $6,307,097, while R&D spending rose 23% to $2,985,659, indicating continued investment in product development. Operating loss increased 19% to $11,204,578. The company recorded a net loss of $21,970,816, or $0.47 per share, versus net income of $8,142,149, or $0.22 per share, in the prior-year quarter.
Management attributed much of the net loss to a $10,591,667 change in fair value loss on bitcoin holdings. The company stated that it has exited bitcoin mining, repaid a Coinbase loan in full, and begun deliberately reducing its bitcoin position. Cash totaled $12.8 million as of June 30, 2026, and no shares were issued through the ATM during the first half of 2026.
Positive
- Exited bitcoin mining and reducing bitcoin holdings, which management states is intended to lower balance-sheet volatility and improve financial visibility.
- Fully repaid the Coinbase loan, removing related leverage tied to the bitcoin strategy.
- Reported $12.8 million in cash as of June 30, 2026, providing liquidity to support operations.
- No shares were issued through the ATM program in the first half of 2026, limiting shareholder dilution over that period.
Negative
- Quarterly revenue declined 43% to $2,080,177 from $3,652,471 in the prior-year period.
- Gross margin fell sharply to (31)% from 20%, indicating significantly weaker unit economics.
- Loss from operations increased 19% to $11,204,578, reflecting higher operating losses despite lower SG&A.
- Results swung from net income of $8,142,149 to a net loss of $21,970,816, or $0.47 per share.
- The company recorded a $10,591,667 change in fair value loss related to bitcoin holdings, heavily impacting reported earnings.
8-K Event Classification
Key Figures
Key Terms
Bitcoin treasury strategy financial
change in fair value loss financial
forward-looking statements regulatory
Energy-as-a-Service technical
Emerging growth company regulatory
Earnings Snapshot
FAQ
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SECURITIES AND EXCHANGE COMMISSION
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Emerging growth company
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| Item 2.02 | Results of Operations and Financial Condition |
On August 13, 2026, KULR Technology Group, Inc. (the “Company”) issued a press release announcing certain financial results for the second quarter ended June 30, 2026. A copy of the press release is incorporated herein by reference and is furnished as Exhibit 99.1.
The information under this Item 2.02 is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
The following exhibits are being furnished as part of this Current Report on Form 8-K.
| Exhibit No. |
Description | |
| 99.1 | Press Release dated August 13, 2026. | |
| 104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized.
| KULR TECHNOLOGY GROUP, INC. | ||
| Date: August 13, 2026 | By: | /s/ Michael Mo |
| Michael Mo | ||
| Chief Executive Officer | ||
Exhibit 99.1
KULR Technology Group Reports Second Quarter 2026 Financial Results
HOUSTON / GLOBENEWSWIRE / August 13, 2026 / KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a developer of safe, high-power energy systems that enable physical AI across space, defense, drones, data centers, robotics, and other mission-critical applications, today announced its financial results for the second quarter 2026.
Second Quarter 2026 Financial Results:
Revenues: Revenue decreased 43% to $2,080,177 in the second quarter ended June 30, 2026, from $3,652,471 reported in the same year-ago period.
Gross Margins: Gross margin was (31)% in the second quarter ended June 30, 2026, compared to 20% in the same year-ago period.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased 9% to $6,307,097 in the second quarter ended June 30, 2026, from $6,941,599 reported in the same year-ago period.
R&D Expenses: R&D expenses increased 23% to $2,985,659 in the second quarter ended June 30, 2026, from $2,436,754 in the same year-ago period.
Operating Loss: Loss from operations increased 19% to $11,204,578 in the second quarter ended June 30, 2026, compared to $9,451,040 reported in the same year-ago period.
Net Loss: Net loss for the second quarter of 2026 was $21,970,816, or a net loss of $0.47 per share, compared to net income of $8,142,149, or net income of $0.22 per share from the year-ago period. The net loss in the second quarter of 2026 was primarily driven by a $10,591,667 change in fair value loss associated with the Company’s bitcoin holdings.
Management Commentary
KULR Chief Financial Officer Mike Kimel commented, “During the second quarter of 2026, we continued sharpening our focus on KULR’s core energy platform and simplifying the business around our highest-priority growth opportunities. The Bitcoin treasury strategy provided meaningful financial flexibility, but its volatility also had a significant impact on our reported results, including approximately $10.6 million of non-cash change in fair value losses, making the underlying performance of our battery business more difficult for shareholders to assess. Since quarter-end, we have exited Bitcoin mining, repaid the Coinbase loan in full, and begun reducing our Bitcoin holdings in a deliberate and disciplined manner. These actions are designed to reduce balance-sheet volatility, improve financial visibility, and allow us to concentrate our capital and execution on scaling the core business while maintaining a disciplined approach to shareholder dilution. Importantly, we did not issue any shares through the ATM during the first half of 2026.”
The Company reported a cash balance of $12.8 million as of June 30, 2026.
KULR Technology Group Second Quarter 2026 Earnings Call
Date: Thursday, August 13th, 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 Second 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 that designs and manufactures safe, high-power battery solutions for physical AI and other mission-critical applications. Its KULR ONE® platform integrates advanced battery architecture, thermal management, safety engineering, battery management systems, and power electronics to serve space and defense, drones and electric aviation, AI data-center backup, robotics, and Energy-as-a-Service markets. Based in Webster, Texas, KULR is scaling domestic production to support the growing energy demands of physical AI and autonomous systems. Learn more at KULR.ai.
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KULR Technology Group, Inc.
Email: ir@kulr.ai