KULR (NYSE: KULR) Q1 2026 revenue surges as bitcoin loss lifts net deficit
Rhea-AI Filing Summary
KULR Technology Group reported much stronger operating results for the first quarter ended March 31, 2026. Revenue nearly doubled to $4.85 million, up 98% year over year, while gross margin expanded to 29% from 8% as the company sold more higher‑margin energy and battery systems.
Operating discipline improved, with SG&A expenses down 9% and R&D down 28%, reducing loss from operations by 22% to $7.39 million. However, net loss widened to $28.12 million, or $0.61 per share, mainly due to a $20.77 million non‑cash mark‑to‑market loss on bitcoin holdings. The company reported cash of $19.0 million as of May 13, 2026.
Positive
- Revenue and margin inflection: Q1 2026 revenue rose 98% year over year to $4.85 million, while gross margin improved from 8% to 29%, indicating both strong demand and better unit economics in KULR’s core energy and battery systems business.
- Improving operating efficiency: SG&A expenses declined 9% and R&D fell 28%, reducing loss from operations by 22% to $7.39 million, showing tighter cost control and more efficient spending while the company scales.
Negative
- Larger reported net loss driven by bitcoin exposure: Net loss increased to $28.12 million, or $0.61 per share, mainly due to a $20.77 million non-cash mark-to-market loss on bitcoin holdings, adding volatility to overall financial results.
Insights
Operating trends improved sharply, but headline loss is distorted by bitcoin revaluation.
KULR Technology Group delivered a 98% year-over-year revenue increase to $4,846,430 in Q1 2026, with gross margin rising to 29% from 8%. This suggests early scale benefits in its battery safety and energy-systems platforms.
Cost controls were evident: SG&A fell 9% to $6,531,969 and R&D dropped 28% to $1,770,500, cutting operating loss by 22% to $7,385,177. These are meaningful improvements in the core business economics.
The headline net loss of $28,119,844, or $0.61 per share, was largely driven by a non-cash $20,767,713 mark-to-market loss on bitcoin holdings. With cash of $19.0 million as of May 13, 2026, future filings may clarify how underlying operating momentum and digital-asset volatility evolve.
8-K Event Classification
Key Figures
Key Terms
mark-to-market loss financial
Gross margin financial
Selling, General and Administrative (SG&A) Expenses financial
forward-looking statements regulatory
non-cash financial
Earnings Snapshot
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition |
On May 14, 2026, KULR Technology Group, Inc. (the “Company”) issued a press release announcing certain financial results for the first quarter ended March 31, 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 May 14, 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: May 14, 2026 | By: | /s/ Michael Mo |
| Michael Mo | ||
| Chief Executive Officer | ||
Exhibit 99.1
KULR Technology Group Reports First Quarter 2026 Financial Results
HOUSTON / GLOBENEWSWIRE / May 14, 2026 / 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 14th, 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.
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