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HOUSTON - KULR Technology Group, Inc. (NYSE American: KULR) reported fourth quarter revenue that exceeded analyst expectations, sending its stock soaring 24% in after-hours trading.
The advanced energy management platform provider announced revenue of $3.37 million for the fourth quarter of 2024, beating the consensus estimate of $2.9 million. This represents a 44% increase compared to $2.33 million in the same quarter last year.
KULR’s gross margin improved significantly to 64% in Q4 2024, up from 29% in the year-ago period. The company’s operating loss narrowed by 29% to $3.54 million.
"Our strong fourth quarter results reflect the growing demand for our innovative energy management solutions," said Michael Mo, CEO of KULR Technology Group. "We’re seeing increased traction across multiple sectors, particularly in defense and AI applications."
The company’s cash position strengthened considerably, with $29.83 million in cash as of December 31, 2024, compared to $1.19 million a year earlier. Additionally, KULR reported $20.28 million in Bitcoin holdings at the end of 2024.
For the full year 2024, KULR’s revenue increased 9% to $10.74 million. The company reduced its net loss to $17.52 million, or $0.09 per share, compared to a net loss of $23.69 million, or $0.20 per share, in 2023.
KULR highlighted several operational achievements, including key defense contracts, the launch of its Xero Vibe solution on NVIDIA (NASDAQ:NVDA)’s Jetson edge AI platform, and plans to launch its KULR ONE Space battery on a SpaceX rideshare mission in 2026.
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