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HOUSTON - KULR Technology Group, Inc. (NYSE American: KULR), specializing in advanced energy management solutions and currently valued at $306 million, has announced its plan to deploy the KULR ONE Space (K1S) battery on a SpaceX rideshare mission slated for 2026. The company's stock has shown remarkable momentum, delivering an impressive 673% return year-to-date, according to InvestingPro data. This initiative is set to mark a significant step in the company's development of battery systems designed for space applications, aiming to meet a growing market projected to expand from $3.9 billion to $6.35 billion by 2030, according to Virtue Market Research. While KULR's current revenue stands at $9.7 million with a 4.2% growth rate, InvestingPro analysis reveals 14 additional key insights about the company's potential, available to subscribers.
The K1S battery will be integrated into a 6U SmallSat, a type of compact satellite built to withstand the harsh conditions of space. The mission is intended to demonstrate the performance of the K1S battery's multiple configurations, including its electronic functionality in orbit. The K1S is also notable for being the first commercial-off-the-shelf (COTS) lithium-ion battery series engineered to meet NASA’s JSC 20793 battery safety standard.
KULR's battery variations will include 18650 cells from top cell manufacturers such as LG, Samsung (KS:005930), Amprius, and MOLICEL. Notably, one K1S system will utilize MOLICEL 18650-M35A cells, which have undergone NASA's Initial Lot Assessment, Lot Acceptance Testing, and WI-37A Cell Screening. If possible, the mission will also feature an ultra-low-temperature cell technology capable of functioning at -60°C without the need for integrated heaters.
The upcoming mission will showcase KULR's advanced battery management system (BMS) architecture, designed to comply with the stringent safety requirements of the 20793 standards. Additionally, the K1S batteries are engineered with passive propagation resistance and flame-arresting technology, which the company claims will provide safer and higher-performing systems at a reduced cost compared to traditional batteries that meet the 20793 standards.
KULR's Chief Technology Officer, Dr. William Walker, and Vice President of Engineering, Peter Hughes, stated that the mission will serve as a platform to showcase KULR's battery solutions, reinforcing the company's role in advanced energy technologies for space and aerospace applications. CEO Michael Mo expressed excitement about bringing the K1S batteries to orbit, emphasizing their safety, efficiency, and cost-effectiveness.
This information is based on a press release statement from KULR Technology Group, Inc. The company delivers energy storage solutions for space, aerospace, and defense sectors, offering both commercial-off-the-shelf and custom energy storage systems. According to InvestingPro's comprehensive analysis, while the company maintains a moderate debt level, its current financial health score indicates areas for improvement. Investors seeking detailed insights can access the full Pro Research Report, which provides in-depth analysis of KULR's market position, financial metrics, and growth prospects among 1,400+ top US stocks.
In other recent news, KULR Technology Group has adopted bitcoin as a primary reserve asset for its treasury strategy, allocating up to 90% of its surplus cash to the cryptocurrency. This strategy coincides with KULR's impressive 651% stock return year-to-date and revenue of $9.7 million in the last twelve months. Simultaneously, the company has expanded its stock offering to $46 million to bolster its financial position.
KULR's shareholders have approved the re-election of Michael Mo, Joanna D. Massey, and Donna H. Grier as directors and ratified Marcum LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Additionally, KULR secured a contract from the U.S. Navy to enhance its Internal Short Circuit technology, co-developed with NASA and the National Renewable Energy Laboratory, to meet the stringent safety requirements of aviation authorities.
In financial developments, KULR reported a record third-quarter revenue of approximately $3.19 million, a 5% increase from the previous year. Despite a 60% decline in product revenue due to order timing and expected delays, service revenue saw a 22% increase. Operating expenses were reduced by 38% year-over-year, and gross margins significantly improved to 71%. Looking forward, KULR Technology Group plans to leverage AI to enhance operations and introduce new products in 2025, and has established contract manufacturing partnerships to scale production quickly.
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