Core Viewpoint - KULR Technology Group, Inc. has launched six new commercial off-the-shelf (COTS) KULR ONE Space (K1S) CubeSat battery models, designed to cater to the evolving needs of the space sector, with capacities ranging from 100 to 500Wh [1][4]. Product Features - The K1S batteries are built on KULR's proven space battery technology, offering enhanced flexibility, safety, weight efficiency, and mission-specific customization [2][3]. - The new battery models include Passive Propagation Resistant (PPR) series for maximum safety in orbital and deep-space missions, lightweight models for mass savings, and customizable platforms for tailored designs [7]. Market Position - This product release strengthens KULR's position as a leading provider of next-generation space power solutions, enabling a modular path for customers to access space-proven technology with faster lead times and cost efficiencies [4]. - The K1S battery models are immediately available for commercial orders, with production based at KULR's facility in Webster, Texas [4]. Company Overview - KULR Technology Group, Inc. is a Bitcoin+ Treasury company that develops a portfolio of frontier technology businesses, including high-performance energy systems and AI Robotics [5]. - The company leverages in-house battery design expertise and comprehensive testing capabilities to deliver next-generation energy storage systems at competitive costs [5].

Group 1 - KULR Technology Group, Inc. is participating in the Commercial UAV Expo 2025, showcasing its KULR ONE Air product and battery safety technology [1][2] - KULR ONE Air (K1A) is an advanced lithium-ion battery system designed for UAV/UAM applications, featuring a compact and scalable architecture optimized for flight performance [1] - The company has integrated bitcoin into its treasury program, committing to allocate up to 90% of its excess cash for bitcoin acquisition since late 2024 [3] Group 2 - The Commercial UAV Expo will take place from September 2 to 4, 2025, at Caesars Forum in Las Vegas, Nevada [2][3] - KULR Technology Group specializes in high-performance energy systems and AI Robotics, providing energy storage solutions for space, aerospace, and defense [3]

Core Insights - KULR Technology Group has announced strategic partnerships with Molicel and Amprius Technologies to launch the KULR ONE Air (K1A) battery systems for the unmanned aircraft systems (UAS) market, with initial shipments starting in July 2025 and volume production expected in Q4 2025 [1][2][5] Company Overview - KULR Technology Group focuses on high-performance energy systems and AI Robotics, leveraging its expertise in energy storage solutions for aerospace and defense applications [8] - The company has integrated Bitcoin into its treasury strategy, committing to allocate up to 90% of excess cash for Bitcoin acquisition since late 2024 [8] Product Features - The K1A battery line combines KULR's thermal management technologies with Amprius' high energy density SiCore cylindrical battery cells and Molicel's high-power P50B cells, enhancing safety and flight capabilities for next-generation UAS [2][4] - Key features include a 500 Wh/kg energy density from Amprius' silicon anode technology, lightweight design, and robust thermal stability from Molicel's cells, making it suitable for extreme operational conditions [4][5] Market Potential - The global drone battery market is projected to grow from $9.5 billion in 2025 to $49.6 billion by 2035, driven by increasing demand for autonomous systems in commercial and defense sectors [5] - KULR's K1A platform is strategically positioned to capitalize on this market growth by providing high-energy-density power solutions [5] Regulatory Environment - Recent U.S. policy shifts aim to boost domestic drone production, with proposed regulatory reforms that would facilitate broader UAS deployment across various sectors, including agriculture and emergency response [6][7]

Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has a background in auditing with PricewaterhouseCoopers and transitioned to day trading nearly 20 years ago [2] - The experience includes navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved record revenue of approximately $4 million, up 63% from the same quarter in 2024 [5][26] - The first quarterly profit was reported at $0.22 per share, attributed to the Bitcoin treasury strategy [5] - The balance sheet includes approximately $140 million in cash and Bitcoin, indicating strong capitalization for growth [6][29] - Product revenue increased by 74% year over year, while service revenue decreased by 57% [27] Business Line Data and Key Metrics Changes - Product revenue per customer grew by 4.6%, while service revenue per customer declined by 50% [27] - Gross margin for Q2 was 18%, down due to unanticipated labor hours and Bitcoin price effects [28] - The company is transitioning from a design and testing service model to a product-focused model, with expectations to double revenue in 2025 compared to 2024 [6][7] Market Data and Key Metrics Changes - The subsea battery system market is projected to grow from approximately $1.2 billion in 2024 to $3.5 billion by 2035 [20] - The company is exploring new markets, including exoskeleton technology, which is expected to grow quickly and contribute to revenue in 2025 [23] Company Strategy and Development Direction - The company aims to leverage its Bitcoin treasury strategy to build a portfolio of frontier technologies, including high-performance energy systems and AI robotics [13][24] - The Cooler One platform is positioned as a key growth engine, with plans to introduce new products for unmanned vehicles and industrial applications [6][7] - The company is focused on enhancing shareholder communications and addressing negative sentiments in the market [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing the importance of the Cooler One platform and its advanced battery products [16][21] - The management acknowledged the challenges posed by negative market sentiments and short-selling reports but remains focused on long-term growth [11][72] Other Important Information - The company has no material debts and maintains a strong cash position, with a current accounts receivable of about $4.2 million [29] - The reverse stock split was executed to attract institutional investors, not for compliance reasons [9][12] Q&A Session Summary Question: What is the traction with DOD regarding Vibe and helicopters? - The product can balance various helicopters, and significant work has been done with DOD customers [30][31] Question: Why are SG&A costs increasing while sales growth is not keeping pace? - SG&A costs reflect planned investments for future growth, despite record revenue [33][34] Question: Why should shareholders continue to hold shares given dilution concerns? - The ATM strategy has strengthened the balance sheet, allowing for continued investment in growth areas [36][37] Question: Is there any class action lawsuit against the company? - The company is not aware of any class action litigation against it or its officers [44] Question: What is the current status of the K1DS testing services division? - The investment in K1DS has been completed, and the focus is now on strategic key customers [63] Question: What is the rationale behind the reverse stock split? - The reverse split was voluntary to attract institutional investors and strengthen the shareholder base [39][66] Question: What is the company's strategy regarding Bitcoin and product development? - Bitcoin is a key part of the treasury strategy, but the company continues to focus on technology and product development [76] Question: What is the current hash rate and target for Bitcoin mining? - The current hash rate is approximately 900 petahash, with a target to reach one exahash by fall [77][78] Question: What is the status of the Texas Space Commission order? - The grant program is progressing well, and a satellite manufacturing partner is being selected [79]

[Form 8-K Filing Details](index=1&type=section&id=Form%208-K%20Filing%20Details) This section details the identification of the Form 8-K report and the registrant, KULR Technology Group, Inc [Report Identification](index=1&type=section&id=Report%20Identification) Identifies the Form 8-K Current Report filed by KULR Technology Group, Inc. on August 14, 2025, under the Exchange Act - The document is a Form 8-K Current Report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934[1](index=1&type=chunk)[2](index=2&type=chunk) - The report date, which is the date of the earliest event reported, is August 14, 2025[2](index=2&type=chunk) [Registrant Information](index=1&type=section&id=Registrant%20Information) Details KULR Technology Group, Inc.'s identification, including incorporation state, SEC file number, and trading symbol Registrant Identification Details | Detail | Value | | :--- | :--- | | Exact Name of Registrant | KULR TECHNOLOGY GROUP, INC. | | State of Incorporation | Delaware | | Commission File Number | 001-40454 | | IRS Employer Identification No. | 81-1004273 | | Principal Executive Offices | 555 Forge River Road, Suite 100, Webster, Texas 77598 | | Registrant's Telephone Number | (408) 663-5247 | | Common Stock Trading Symbol | KULR | | Exchange on which registered | NYSE American LLC | - The registrant is not an emerging growth company, as indicated by the unchecked box[4](index=4&type=chunk) [Events Reported](index=2&type=section&id=Events%20Reported) Details Q2 2025 financial results, operational highlights, and the company's public disclosure practices [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) KULR Technology Group, Inc. announced Q2 2025 financial results via a press release issued on August 14, 2025 - On August 14, 2025, the Company issued a press release announcing certain financial results for the second quarter ended June 30, 2025[5](index=5&type=chunk) - A copy of the press release is incorporated by reference and furnished as Exhibit 99.1[5](index=5&type=chunk) - The information under this Item 2.02 is furnished and not deemed "filed" for Section 18 purposes of the Exchange Act, nor incorporated by reference in other filings unless expressly set forth[6](index=6&type=chunk) [Item 7.01 Regulation FD Disclosure](index=2&type=section&id=Item%207.01%20Regulation%20FD%20Disclosure) The press release discussed operational highlights, with the company using its website and social media for public information - The press release, attached as Exhibit 99.1, discussed recent operational highlights in addition to financial results[7](index=7&type=chunk)[8](index=8&type=chunk) - The Company uses its website and various social media channels (Twitter, LinkedIn, Facebook, TikTok, Instagram, YouTube) as additional means of disclosing public information to investors and the media[9](index=9&type=chunk) - The information in this Item 7.01 disclosure, including Exhibit 99.1, is furnished and not deemed "filed" for Section 18 purposes of the Exchange Act[10](index=10&type=chunk) [Exhibits](index=2&type=section&id=Exhibits) Lists all exhibits included in the Form 8-K filing, specifically the press release and interactive data file [Item 9.01 Exhibits List](index=2&type=section&id=Item%209.01%20Exhibits) Lists the exhibits accompanying the Form 8-K filing, including the Press Release and Interactive Data File List of Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release dated August 14, 2025 | | 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](index=3&type=section&id=Signatures) Confirms the official signing of the Form 8-K report by KULR Technology Group, Inc.'s CEO [Company Signatures](index=3&type=section&id=Company%20Signatures) The report is signed on behalf of KULR Technology Group, Inc. by CEO Michael Mo on August 14, 2025 - The report is signed by Michael Mo, Chief Executive Officer of KULR TECHNOLOGY GROUP, INC[14](index=14&type=chunk)[15](index=15&type=chunk) - The signature date is August 14, 2025[15](index=15&type=chunk)

PART I – FINANCIAL INFORMATION This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the reporting period [ITEM 1. FINANCIAL STATEMENTS](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements of KULR Technology Group, Inc. and its subsidiaries, with all share and per share amounts retroactively adjusted for a 1-for-8 reverse stock split - The company implemented a 1-for-8 reverse stock split on June 23, 2025, with all share and per share amounts retroactively adjusted[5](index=5&type=chunk)[26](index=26&type=chunk)[176](index=176&type=chunk) Condensed Consolidated Balance Sheets Summary | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $20,570,108 | $29,831,858 | | Digital Assets | $99,489,102 | $20,281,184 | | Total Assets | $141,463,212 | $62,927,187 | | **Liabilities and Stockholders' Equity** | | | | Total Liabilities | $5,013,496 | $5,499,202 | | Total Stockholders' Equity | $136,449,716 | $57,427,985 | | Total Liabilities and Stockholders' Equity | $141,463,212 | $62,927,187 | Condensed Consolidated Statements of Operations Summary (Three and Six Months) | Indicator | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $3,972,997 | $2,432,005 | $6,421,603 | $4,181,109 | | Cost of Revenue | $3,259,287 | $1,859,377 | $5,501,548 | $3,097,692 | | Gross Profit | $713,710 | $572,628 | $920,055 | $1,083,417 | | Total Operating Expenses | $10,164,750 | $5,899,686 | $19,814,900 | $11,067,212 | | Operating Loss | $(9,451,040) | $(5,327,058) | $(18,894,845) | $(9,983,795) | | Other Income (Expense), Net | $17,593,189 | $(563,470) | $8,230,336 | $(915,609) | | Net Income (Loss) | $8,142,149 | $(5,890,528) | $(10,664,509) | $(10,899,404) | | Basic Net Income (Loss) Per Share | $0.22 | $(0.26) | $(0.30) | $(0.54) | Condensed Consolidated Statements of Cash Flows Summary (Six Months) | Cash Flow Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | | Net Cash Used in Operating Activities | $(21,720,717) | $(9,198,453) | | Net Cash Used in Investing Activities | $(73,637,042) | $(163,023) | | Net Cash Provided by Financing Activities | $86,096,009 | $9,183,655 | | Net Decrease in Cash | $(9,261,750) | $(177,821) | | Cash at End of Period | $20,570,108 | $1,016,943 | [Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20%28unaudited%29%20and%20December%2031%2C%202024) This section presents the company's unaudited condensed consolidated balance sheets, highlighting significant growth in digital assets as of June 30, 2025 Key Balance Sheet Data | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash | $20,570,108 | $29,831,858 | | Accounts Receivable (Billed, Current Portion) | $3,872,267 | $1,984,518 | | Inventory | $772,123 | $545,467 | | Prepaid Expenses and Other Current Assets | $5,347,946 | $1,141,540 | | Total Current Assets | $31,047,833 | $34,164,055 | | Digital Assets | $99,489,102 | $20,281,184 | | Equity Investments | $3,325,045 | — | | Total Assets | $141,463,212 | $62,927,187 | | Total Current Liabilities | $3,743,839 | $4,665,634 | | Total Liabilities | $5,013,496 | $5,499,202 | | Total Stockholders' Equity | $136,449,716 | $57,427,985 | - As of June 30, 2025, the company's digital assets significantly increased to **$99.49 million** from **$20.28 million** on December 31, 2024, becoming a major component of its assets[10](index=10&type=chunk) [Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) This section presents the company's unaudited condensed consolidated statements of operations, showing a net income in Q2 2025 driven by digital asset fair value changes Key Operations Statement Data | Indicator | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $3,972,997 | $2,432,005 | $6,421,603 | $4,181,109 | | Cost of Revenue | $3,259,287 | $1,859,377 | $5,501,548 | $3,097,692 | | Gross Profit | $713,710 | $572,628 | $920,055 | $1,083,417 | | Research and Development Expenses | $2,436,754 | $1,305,186 | $4,886,654 | $2,259,811 | | Selling, General and Administrative Expenses | $6,941,599 | $4,594,500 | $13,573,072 | $8,807,401 | | Impairment Expense | $786,397 | — | $1,355,174 | — | | Operating Loss | $(9,451,040) | $(5,327,058) | $(18,894,845) | $(9,983,795) | | Fair Value Change in Digital Assets | $17,367,660 | — | $7,619,060 | — | | Net Income (Loss) | $8,142,149 | $(5,890,528) | $(10,664,509) | $(10,899,404) | | Basic Net Income (Loss) Per Share | $0.22 | $(0.26) | $(0.30) | $(0.54) | - In Q2 2025, the company reported a net income of **$8.14 million**, compared to a net loss of **$5.89 million** in the prior year, primarily driven by a **$17.37 million** gain from digital asset fair value changes[11](index=11&type=chunk)[207](index=207&type=chunk) - For the first half of 2025, R&D expenses increased by **116%** to **$4.89 million**, and selling, general, and administrative expenses rose by **54%** to **$13.57 million**, reflecting investments in growth activities[11](index=11&type=chunk)[201](index=201&type=chunk)[205](index=205&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2025.](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders%27%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025.) This section presents the unaudited condensed consolidated statement of changes in stockholders' equity, detailing increases in additional paid-in capital and preferred stock issuances Summary of Changes in Stockholders' Equity (Six Months) | Indicator | Balance as of January 1, 2025 | Balance as of June 30, 2025 | | :--------------------------------- | :-------------------------- | :-------------------------- | | Series A Preferred Stock Shares | 730,000 | 1,000,000 | | Series A Preferred Stock Amount | $73 | $100 | | Common Stock Shares | 33,100,207 | 39,475,214 | | Common Stock Amount | $3,310 | $3,948 | | Additional Paid-in Capital | $141,532,047 | $231,315,144 | | Treasury Stock Amount | $(296,222) | $(393,744) | | Accumulated Deficit | $(83,811,223) | $(94,475,732) | | Total Stockholders' Equity | $57,427,985 | $136,449,716 | - In the first half of 2025, the company generated **$89.48 million** in gross proceeds from common stock issuances through an At-The-Market (ATM) offering, significantly increasing additional paid-in capital[13](index=13&type=chunk)[100](index=100&type=chunk) - The company issued **270,000** shares of Series A preferred stock to the CEO, bringing total holdings to **1 million** shares, to enhance its negotiating position in business, financial, and strategic collaborations[13](index=13&type=chunk)[105](index=105&type=chunk)[171](index=171&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) This section presents the unaudited condensed consolidated statements of cash flows, showing significant cash outflows from investing activities offset by substantial financing inflows Key Cash Flow Statement Data | Cash Flow Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | | Net Cash Used in Operating Activities | $(21,720,717) | $(9,198,453) | | Net Cash Used in Investing Activities | $(73,637,042) | $(163,023) | | Net Cash Provided by Financing Activities | $86,096,009 | $9,183,655 | | Net Decrease in Cash | $(9,261,750) | $(177,821) | | Cash at End of Period | $20,570,108 | $1,016,943 | - In the first half of 2025, cash outflow from investing activities significantly increased to **$73.64 million**, primarily for digital asset purchases (**$69.90 million**) and equity investments (**$3.33 million**)[20](index=20&type=chunk)[215](index=215&type=chunk) - Cash inflow from financing activities substantially increased to **$86.10 million**, mainly from **$89.48 million** in net proceeds from ATM equity financing[20](index=20&type=chunk)[216](index=216&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering organizational structure, significant accounting policies, digital assets, and other financial disclosures [NOTE 1 – ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION](index=11&type=section&id=NOTE%201%20%E2%80%93%20ORGANIZATION%2C%20NATURE%20OF%20OPERATIONS%20AND%20BASIS%20OF%20PRESENTATION) This note describes KULR Technology Group's business, its adoption of Bitcoin as a primary reserve asset, the recent reverse stock split, and inherent operational and digital asset risks - KULR Technology Group, Inc., through its wholly-owned subsidiary KULR Technology Corporation, develops and commercializes high-performance thermal management technologies for aerospace, defense, and commercial markets[25](index=25&type=chunk)[129](index=129&type=chunk) - The company adopted Bitcoin as a primary reserve asset in December 2024 and commenced digital asset mining operations in Q1 2025[25](index=25&type=chunk) - The company implemented a 1-for-8 reverse stock split on June 23, 2025, with all share and per share amounts retroactively adjusted[26](index=26&type=chunk) - The company faces risks related to future financing, new technology trends, regulatory approvals, sales channel development, strategic relationships, intellectual property litigation, and attracting and retaining employees[27](index=27&type=chunk) - Investments in digital assets (Bitcoin) carry risks such as price volatility, regulatory uncertainty, trading platform closure, and lack of FDIC or SIPC protection[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) [NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=13&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the company's key accounting policies, including the adoption of ASU 2023-08 for fair value measurement of digital assets and details on revenue and supplier concentration - The company adopted ASU 2023-08 effective January 1, 2024, requiring digital assets to be measured at fair value with changes recognized in the statements of operations[45](index=45&type=chunk)[46](index=46&type=chunk) - Digital assets are generally valued using prices reported by reputable and liquid exchanges (4:00 PM ET closing price), classified as Level 1 inputs[47](index=47&type=chunk)[58](index=58&type=chunk) Customer and Revenue Concentration | Customer | Revenue % for Three Months Ended June 30, 2025 | Revenue % for Three Months Ended June 30, 2024 | Revenue % for Six Months Ended June 30, 2025 | Revenue % for Six Months Ended June 30, 2024 | Accounts Receivable % as of June 30, 2025 | Accounts Receivable % as of December 31, 2024 | | :--- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Customer A | 36% | * | 26% | * | * | * | | Customer B | 17% | * | 10% | * | 21% | 41% | | Customer C | * | 31% | * | 18% | * | * | | Customer D | * | 19% | * | 11% | * | * | | Customer F | * | * | * | 17% | * | * | | Customer H | * | * | * | * | 22% | * | | Customer I | * | * | * | * | * | 25% | | Total | 53% | 60% | 36% | 46% | 56% | 82% | Supplier Concentration | Supplier | Purchases % for Three Months Ended June 30, 2025 | Purchases % for Three Months Ended June 30, 2024 | Purchases % for Six Months Ended June 30, 2025 | Purchases % for Six Months Ended June 30, 2024 | | :--- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Supplier A | 26% | * | 18% | * | | Supplier B | * | 19% | 10% | 29% | | Supplier C | * | 19% | * | 28% | | Total | 26% | 38% | 28% | 57% | Revenue Type Breakdown | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Product Sales | $1,978,066 | $1,134,769 | $3,138,625 | $1,749,862 | | Contract Services (Recognized at a Point in Time) | $555,836 | $1,185,236 | $1,420,997 | $1,701,707 | | Digital Asset Mining | $1,439,095 | — | $1,688,849 | — | | Contract Services (Recognized Over Time) | — | $112,000 | $173,132 | $729,540 | | Total Revenue | $3,972,997 | $2,432,005 | $6,421,603 | $4,181,109 | [NOTE 3 – DIGITAL ASSETS](index=20&type=section&id=NOTE%203%20%E2%80%93%20DIGITAL%20ASSETS) This note details the company's digital asset holdings, primarily Bitcoin, including acquisition, mining activities, and fair value measurement - The company's digital assets consist entirely of Bitcoin, measured at fair value using Coinbase exchange quotes (Level 1 input) at 4:00 PM ET[75](index=75&type=chunk) Summary of Bitcoin Activity (Six Months Ended June 30, 2025) | Indicator | Digital Asset Amount | | :--------------------------------- | :-------------------------- | | Initial Balance as of December 31, 2024 | $20,281,184 | | Additions - Purchases | $69,900,009 | | Additions - Mining | $1,688,849 | | Fair Value Change | $7,619,060 | | Balance as of June 30, 2025 | $99,489,102 | - In the first half of 2025, the company purchased **693.81** Bitcoin for a total cost of **$69.90 million** and acquired **17.29** Bitcoin through mining operations, recognizing **$1.69 million** in revenue[76](index=76&type=chunk) - The company entered into multiple digital asset mining equipment lease agreements with total lease costs exceeding **$6.8 million** to expand its mining operations[76](index=76&type=chunk) [NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS](index=21&type=section&id=NOTE%204%20%E2%80%93%20PREPAID%20EXPENSES%20AND%20OTHER%20CURRENT%20ASSETS) This note provides a breakdown of prepaid expenses and other current assets, highlighting the significant increase due to Bitcoin mining lease prepayments Prepaid Expenses and Other Current Assets Breakdown | Item | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | | Bitcoin Mining Leases | $3,443,531 | — | | Deferred Expenses | $528,625 | $405,463 | | Research and Development | $363,000 | — | | Professional Services Fees | $346,232 | $40,142 | | Marketing and Advertising | $250,000 | $285,000 | | Compensation Costs | $125,000 | $275,000 | | Total | $5,347,946 | $1,141,540 | - As of June 30, 2025, prepaid expenses and other current assets significantly increased to **$5.35 million**, primarily due to **$3.44 million** in Bitcoin mining lease prepayments[77](index=77&type=chunk) [NOTE 5 – EQUITY INVESTMENTS](index=21&type=section&id=NOTE%205%20%E2%80%93%20EQUITY%20INVESTMENTS) This note describes the company's equity investment in a German entity's Series A preferred stock, measured at cost less impairment - On May 7, 2025, the company purchased Series A preferred stock in a German entity (the "Investee") for **$3.3 million**, convertible 1:1 into common stock and with liquidation preference[78](index=78&type=chunk) - The investment is measured at cost less impairment, adjusted for observable price changes, with no change in the preferred stock's carrying value as of June 30, 2025[79](index=79&type=chunk) [NOTE 6 – EQUIPMENT DEPOSITS](index=21&type=section&id=NOTE%206%20%E2%80%93%20EQUIPMENT%20DEPOSITS) This note details the significant decrease in equipment deposits due to an impairment charge related to undelivered automated manufacturing systems - As of June 30, 2025, equipment deposits were **$77,340**, a significant decrease from **$1.36 million** on December 31, 2024[80](index=80&type=chunk) - In the first half of 2025, the company recorded a **$1.36 million** impairment of equipment deposits due to an undelivered automated manufacturing system and agreement to forfeit the deposit[80](index=80&type=chunk) [NOTE 7 – ACCRUED EXPENSES AND OTHER LIABILITIES](index=22&type=section&id=NOTE%207%20%E2%80%93%20ACCRUED%20EXPENSES%20AND%20OTHER%20LIABILITIES) This note provides a breakdown of accrued expenses and other current liabilities, including wages, professional services, and inventory purchases Accrued Expenses and Other Current Liabilities Breakdown | Item | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | | Wages and Vacation | $446,633 | $369,847 | | Professional Services Fees | $214,000 | $176,875 | | Inventory Purchases | $256,277 | $332,094 | | Sales Tax Payable | $110,354 | $111,732 | | Total | $1,231,467 | $1,171,412 | [NOTE 8 – ACCRUED ISSUABLE EQUITY](index=22&type=section&id=NOTE%208%20%E2%80%93%20ACCRUED%20ISSUABLE%20EQUITY) This note summarizes the activity in accrued issuable equity, including fair value changes and shares issued to settle obligations Summary of Accrued Issuable Equity Activity (Six Months Ended June 30, 2025) | Indicator | Amount | | :--------------------------------- | :-------------------------- | | Initial Balance as of January 1, 2025 | $420,427 | | Additions | $151,319 | | Mark-to-Market Gain | $(319,276) | | Shares Issued to Settle Accrued Issuable Equity | $(69,500) | | Fair Value as of June 30, 2025 | $182,970 | - In the first half of 2025, the company recognized a **$319,276** gain from fair value changes in accrued issuable equity and issued **$69,500** worth of common stock to settle a portion of the obligation[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [NOTE 9 – LEASES](index=23&type=section&id=NOTE%209%20%E2%80%93%20LEASES) This note details the company's operating and finance lease commitments for office spaces and provides a schedule of future lease maturities - The company leases office spaces in Webster, Texas, and San Diego, California, and amended the Webster lease on April 15, 2025, to expand the leased area[85](index=85&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - For the first half of 2025, operating lease expense was **$337,175**, while finance leases incurred **$777** in depreciation expense and **$97** in interest expense[89](index=89&type=chunk)[90](index=90&type=chunk) Lease Liability Maturities (As of June 30, 2025) | Year | Operating Leases | Finance Leases | Total | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | July 1 to December 31, 2025 | $393,540 | $1,318 | $394,858 | | 2026 | $496,224 | $2,636 | $498,860 | | 2027 | $511,772 | $1,318 | $513,090 | | 2028 | $527,319 | — | $527,319 | | 2029 | $180,092 | — | $180,092 | | Thereafter | — | — | — | | Present Value of Lease Liabilities | $1,757,624 | $5,094 | $1,762,718 | | Less: Current Portion | $(490,556) | $(2,505) | $(493,061) | | Lease Liabilities, Non-Current Portion | $1,267,068 | $2,589 | $1,269,657 | [NOTE 10-NOTES PAYABLE](index=24&type=section&id=NOTE%2010-NOTES%20PAYABLE) This note reports the full repayment of all notes payable, resulting in a zero balance as of June 30, 2025 Summary of Notes Payable Activity (Six Months Ended June 30, 2025) | Indicator | Notes Payable | Debt Discount | Total | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Outstanding Balance as of January 1, 2025 | $577,674 | $(82,878) | $494,796 | | Cash Repayments | $(577,674) | — | $(577,674) | | Amortization of Debt Discount | — | $82,878 | $82,878 | | Total Notes Payable as of June 30, 2025 | — | — | — | - As of June 30, 2025, the company has fully repaid all notes payable, resulting in a zero balance[93](index=93&type=chunk) [NOTE 11 – INCOME TAX](index=24&type=section&id=NOTE%2011%20%E2%80%93%20INCOME%20TAX) This note explains the company's zero effective tax rate due to valuation allowances and discusses the potential impact of recent tax reform legislation - For the three and six months ended June 30, 2025 and 2024, the company's effective tax rate was zero, primarily due to the net change in the valuation allowance for deferred tax assets[94](index=94&type=chunk) - The company is evaluating the impact of the 2025 Tax Reform Act, which includes significant changes like 100% bonus depreciation and immediate deduction of R&D expenses, on its condensed consolidated financial statements[95](index=95&type=chunk)[96](index=96&type=chunk) [NOTE 12 - STOCKHOLDERS' EQUITY (DEFICIT)](index=25&type=section&id=NOTE%2012%20-%20STOCKHOLDERS%27%20EQUITY%20%28DEFICIT%29) This note details changes in stockholders' equity, including common stock issuances through ATM offerings, preferred stock issuance to the CEO, and equity compensation expenses - The 2018 Equity Incentive Plan authorized the issuance of **1,875,000** shares of common stock, with **98,767** shares remaining available for issuance as of June 30, 2025[97](index=97&type=chunk) - In the first half of 2025, the company issued **6,258,415** shares of common stock through its At-The-Market (ATM) offering agreement, generating gross proceeds of **$89,484,074**[100](index=100&type=chunk) - The company issued an additional **270,000** shares of Series A non-convertible voting preferred stock to the CEO, bringing his total holdings to **1,000,000** shares, each with 100 votes per share[105](index=105&type=chunk)[106](index=106&type=chunk) Equity Compensation Expense (Three and Six Months) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Shares Issued for Legal Services | $13,530 | $20,751 | $26,070 | $27,139 | | Shares Issued to Board Members | — | $17,400 | — | $17,400 | | Accrued Issuable Equity (Common Stock) | $60,990 | $27,372 | $151,319 | $53,376 | | Stock Option Amortization | $11,342 | $29,165 | $26,946 | $61,206 | | Restricted Stock and Unit Amortization | $1,498,937 | $814,338 | $3,017,832 | $1,595,834 | | Total | $1,584,799 | $909,026 | $3,222,167 | $1,754,955 | - As of June 30, 2025, unrecognized equity compensation expense related to restricted stock units was **$15.35 million**, to be recognized over the next **3.37** years[115](index=115&type=chunk) [NOTE 13 – COMMITMENTS AND CONTINGENCIES](index=29&type=section&id=NOTE%2013%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) This note states that the company is not currently involved in any material legal proceedings as of the reporting period - As of June 30, 2025, the company is not involved in any ongoing material legal proceedings[116](index=116&type=chunk) [NOTE 14 – SEGMENT REPORTING](index=29&type=section&id=NOTE%2014%20%E2%80%93%20SEGMENT%20REPORTING) This note provides financial information for the company's two operating segments: Energy Management Platform and Digital Asset Mining, which commenced in Q1 2025 - The company has two primary operating segments: Energy Management Platform and Digital Asset Mining, with the latter commencing in Q1 2025[72](index=72&type=chunk)[117](index=117&type=chunk) - The Chief Operating Decision Maker (CEO) assesses performance based on consolidated profit and loss information and separately reviews financial information for digital asset mining[117](index=117&type=chunk) Segment Operations Data (Three Months Ended June 30, 2025) | Indicator | Energy Management Platform | Bitcoin Mining | Corporate and Other | Total | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $2,533,902 | $1,439,095 | — | $3,972,997 | | Cost of Revenue | $1,836,023 | $1,423,264 | — | $3,259,287 | | Gross Profit | $697,879 | $15,831 | — | $713,710 | | Total Operating Expenses | $10,164,750 | — | — | $10,164,750 | | Segment Net Loss | $(9,466,871) | $15,831 | — | $(9,451,040) | | Fair Value Change in Digital Assets | — | — | $17,367,660 | $17,367,660 | | Net Loss | $(9,241,342) | $15,831 | $17,367,660 | $8,142,149 | Segment Assets (As of June 30, 2025) | Indicator | Energy Management Platform | Bitcoin Mining | Corporate and Other | Total | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Cash | $20,570,108 | — | — | $20,570,108 | | Digital Assets | — | $99,489,102 | — | $99,489,102 | | All Other Assets | $21,404,002 | — | — | $21,404,002 | | Total Assets | $41,974,110 | $99,489,102 | — | $141,463,212 | [NOTE 15 – SUBSEQUENT EVENTS](index=31&type=section&id=NOTE%2015%20-%20SUBSEQUENT%20EVENTS) This note discloses significant events occurring after the reporting period, including a new credit facility, further ATM offerings, Bitcoin acquisitions, and new mining lease agreements - In early July 2025, the company secured a **$20 million** credit facility and borrowed **$8 million** on July 8, collateralized by **232** Bitcoin[123](index=123&type=chunk) - From July 1 to August 12, 2025, the company issued **1.6 million** shares of common stock through its ATM offering, generating **$10.7 million** in gross proceeds[124](index=124&type=chunk) - During the same period, the company purchased **90.0** Bitcoin at an average cost of **$108,889** per coin and acquired **17.69** Bitcoin through mining services[125](index=125&type=chunk) - On July 30, 2025, the company entered into a one-year digital asset mining lease agreement with total lease costs of **$2.6 million**[126](index=126&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) This section discusses KULR Technology Group, Inc.'s financial condition and results of operations for the three and six months ended June 30, 2025, highlighting significant revenue growth, declining gross margins, increased operating expenses, and net income heavily influenced by Bitcoin fair value changes, with liquidity bolstered by equity financing - KULR focuses on developing and commercializing high-performance thermal management technologies for battery and electronics applications in aerospace, defense, and commercial sectors, particularly for lithium-ion battery safety and sustainability solutions[129](index=129&type=chunk) - The company's business model is evolving from a component supplier to a provider of design, testing services, and complete system solutions, actively pursuing joint ventures, technology licensing, and strategic collaborations for market expansion[130](index=130&type=chunk) - The company has not yet achieved profitability and anticipates continued operating cash outflows, requiring future equity or debt financing to support operations[131](index=131&type=chunk) Revenue Overview (Three and Six Months) | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Product Sales | $1,978,066 | $1,134,769 | $3,138,625 | $1,749,862 | | Contract Services | $555,836 | $1,297,236 | $1,594,129 | $2,431,247 | | Digital Asset Mining | $1,439,095 | — | $1,688,849 | — | | Total Revenue | $3,972,997 | $2,432,005 | $6,421,603 | $4,181,109 | - Total revenue for Q2 2025 increased by **63%** to **$3.97 million**, and for the first half of 2025, it grew by **54%** to **$6.42 million**, driven by increased product sales and digital asset mining revenue[187](index=187&type=chunk)[188](index=188&type=chunk)[190](index=190&type=chunk)[194](index=194&type=chunk) - Gross margin decreased from **24%** to **18%** in Q2 2025 and from **26%** to **14%** for the first half, primarily due to increased service contract inputs and higher digital asset mining lease costs[197](index=197&type=chunk)[198](index=198&type=chunk) - In the first half of 2025, R&D expenses and selling, general, and administrative expenses increased by **116%** and **54%** respectively, reflecting investments in growth activities and new hires[201](index=201&type=chunk)[205](index=205&type=chunk) - Net other income (expense) significantly increased by **$9.15 million** in the first half of 2025, primarily due to **$7.62 million** in unrealized gains from Bitcoin holdings[208](index=208&type=chunk) - As of June 30, 2025, the company held **$20.57 million** in cash and **$99.49 million** in Bitcoin, indicating sufficient liquidity with no significant going concern doubts[213](index=213&type=chunk)[218](index=218&type=chunk) [Overview](index=32&type=section&id=Overview) This section provides an overview of KULR Technology Group's core business in thermal management and battery safety, its evolving business model, and its ongoing need for financing - KULR Technology Group, Inc. focuses on developing and commercializing high-performance thermal management technologies for battery and electronics products in aerospace, defense, and commercial markets[129](index=129&type=chunk) - The company's business model is evolving from a component supplier to providing design, testing services, and complete system solutions, actively seeking strategic collaborations to accelerate market expansion[130](index=130&type=chunk) - The company has not yet achieved profitability and expects to continue generating operating cash outflows, requiring equity or debt financing to support operations[131](index=131&type=chunk) [KULR ONE and KULR ONE Design Solutions (K1DS)](index=32&type=section&id=KULR%20ONE%20and%20KULR%20ONE%20Design%20Solutions%20%28K1DS%29) This section describes KULR ONE Design Solutions (K1-DS) as a comprehensive suite of battery products and services, and the KULR ONE architecture for safe, high-performance energy storage across various applications - KULR ONE Design Solutions (K1-DS) is a comprehensive portfolio of products and services, offering battery products, safety testing, modeling analysis, electrical testing, shipping and recycling packaging, and battery design solutions[135](index=135&type=chunk) - The KULR ONE architecture represents innovation in safe, high-performance energy storage solutions, including KULR ONE Space (for space exploration), KULR ONE Guardian (for military applications), and KULR ONE Max (for grid energy storage systems)[140](index=140&type=chunk) - The KULR ONE Space platform is a more mature architecture, used by multiple clients for space exploration missions requiring thermal runaway safe designs, and is expected to receive final certification for the NASA Artemis II mission[142](index=142&type=chunk) [KULR Battery Management System (BMS) + AI = KULR CoreTM](index=36&type=section&id=KULR%20Battery%20Management%20System%20%28BMS%29%20%2B%20AI%20%3D%20KULR%20CoreTM) This section introduces KULR's custom, radiation-hardened Battery Management System (BMS) and KULR CoreTM, which integrates BMS with Nvidia Jetson for edge AI capabilities in space applications - KULR developed a custom Battery Management System (BMS) with a radiation-hardened chipset, nearing certification for inclusion in its product line[144](index=144&type=chunk) - KULR CoreTM combines BMS with the Nvidia Jetson platform to provide edge AI capabilities for space applications, enabling AI in every battery and offering flight computing and data processing[146](index=146&type=chunk) - Future goals for KULR CoreTM include operating the Jetson platform in radiation-hardened enclosures, dual or triple redundant processing for fault tolerance, and AI-driven battery health monitoring and optimization[148](index=148&type=chunk)[149](index=149&type=chunk) [Battery Design and Analysis](index=37&type=section&id=Battery%20Design%20and%20Analysis) This section highlights KULR's offerings in custom battery design, KULR ONE architecture-based batteries, and off-the-shelf products like trigger cells and NASA WI37A screening cells - KULR offers custom batteries, batteries designed based on the KULR ONE architecture (Space, Guardian, and Air), and off-the-shelf products like trigger cells, NASA WI37A screening cells, and TRS in battery design and analysis[150](index=150&type=chunk)[151](index=151&type=chunk) [Cell and Battery Testing](index=38&type=section&id=Cell%20and%20Battery%20Testing) This section emphasizes KULR's significant investment in comprehensive battery and cell testing services, including abuse, electrical, and environmental testing - KULR has heavily invested in comprehensive battery and cell testing services over the past three years, covering abuse testing, electrical testing, and environmental testing[152](index=152&type=chunk) [Battery Production](index=38&type=section&id=Battery%20Production) This section notes the company's expansion into small-batch production of custom, high-end lithium-ion batteries for emerging commercial space and defense sectors - The company has expanded into small-batch production of custom, high-end, and/or boutique lithium-ion batteries to meet the demands of emerging commercial space and defense sectors[154](index=154&type=chunk) [KULR VIBE Solution](index=39&type=section&id=KULR%20VIBE%20Solution) This section describes KULR VIBE technology, which uses proprietary sensors and AI to provide precise balancing solutions, predict component failures, and enhance energy efficiency - KULR VIBE technology utilizes proprietary sensors and advanced learning algorithms to provide precise balancing solutions and predict component failures based on a comprehensive vibration signature database[156](index=156&type=chunk) - This technology significantly reduces vibration, improves energy production efficiency, and decreases mechanical failures, extending platform life, such as achieving a **23%** increase in battery life and **45%** increase in lift in drone applications[157](index=157&type=chunk) - The global vibration motor market is projected to grow from **$6.5 billion** in 2023 to **$24.1 billion** by 2032, at a CAGR of **14.1%**[158](index=158&type=chunk) [KULR Xero Vibe Fan](index=39&type=section&id=KULR%20Xero%20Vibe%20Fan) This section introduces the KULR Xero Vibe fan, developed using KULR VIBE software to address cooling, power consumption, and acoustic challenges in servers and data centers - KULR developed the Xero Vibe fan using KULR VIBE software to address cooling, power consumption, and acoustic challenges in server and data center components[159](index=159&type=chunk) - The Xero Vibe fan features unprecedented low vibration levels, enhancing cooling efficiency, fan RPM, and reducing power consumption[159](index=159&type=chunk) [The Future is Energy + AI](index=39&type=section&id=The%20Future%20is%20Energy%20%2B%20AI) This section outlines KULR's vision of "Energy + AI," building AI infrastructure on Nvidia and AMD platforms to accelerate battery design and target various high-performance markets - KULR believes the future is "Energy + AI," building AI infrastructure on Nvidia and AMD semiconductor platforms and integrating AI technology to accelerate battery design and reduce time-to-market[160](index=160&type=chunk) - KULR ONE AI (K1AI) products will target markets such as aerospace and defense systems, power tools, high-performance electric vehicles, eVTOL, electric micro-mobility vehicles, and residential and commercial energy storage systems[160](index=160&type=chunk) [Robotics, KULR ONE, and KULR CoreTM](index=40&type=section&id=Robotics%2C%20KULR%20ONE%2C%20and%20KULR%20CoreTM) This section identifies robotics, particularly battery-powered exoskeletons, as a key terrestrial vertical for KULR ONE and KULR CoreTM, focusing on high-energy, high-power battery solutions - KULR identifies robotics, particularly battery-powered exoskeletons, as the most logical terrestrial vertical for its KULR ONE platform and KULR CoreTM[161](index=161&type=chunk) - The KULR ONE roadmap will focus on high-energy, high-power battery combinations to address the increasing energy and power demands and thermal management issues in the robotics industry[161](index=161&type=chunk) [Battery Recycling and Management](index=40&type=section&id=Battery%20Recycling%20and%20Management) This section highlights KULR's SafeCASE and TRS technologies for safe and cost-effective lithium battery storage, transport, and thermal runaway mitigation, addressing a growing circular economy market - KULR's SafeCASE technology provides a safe and cost-effective solution for commercial storage and transportation of lithium batteries, mitigating the effects of cell-to-cell thermal runaway propagation[162](index=162&type=chunk) - KULR's TRS technology is used by NASA for transporting and storing astronaut laptop batteries on the International Space Station, with the total battery circular economy market projected to exceed **$21 billion** by 2025[162](index=162&type=chunk) [Aerospace/Defense](index=40&type=section&id=Aerospace%2FDefense) This section emphasizes KULR's thermal management solutions for critical electronics in the defense and aerospace industries, collaborating with major contractors for high-power systems - KULR's thermal management solutions enable the defense and aerospace industries to safely deploy mission-critical electronic technologies, with the space industry projected to reach nearly **$3 trillion** within 30 years[163](index=163&type=chunk) - The company has partnered with major contractors like Lockheed Martin and Leidos to develop and supply mission-critical technologies for hypersonic vehicles, high-power magnetrons, and other defense systems[163](index=163&type=chunk) [Recent Developments](index=40&type=section&id=Recent%20Developments) This section summarizes recent corporate developments, including the Bitcoin treasury strategy, ATM offerings, preferred stock issuance, new director appointments, and the reverse stock split [Bitcoin Treasury Strategy](index=40&type=section&id=Bitcoin%20Treasury%20Strategy) This section details the company's Bitcoin acquisition and mining activities in Q2 and H1 2025, including significant purchases and expansion of mining operations - In Q2 2025, the company purchased **244.36** Bitcoin for a total cost of **$25.4 million**; for the first half of 2025, it purchased **693.81** Bitcoin for **$69.9 million**[164](index=164&type=chunk) - The company entered into multiple digital asset mining equipment lease agreements with total lease costs exceeding **$6.8 million**, and plans to further expand its mining operations[164](index=164&type=chunk) - As of June 30, 2025, the company acquired **17.29** Bitcoin through mining operations, with an average value of **$97,685** per coin[165](index=165&type=chunk) [At the Market Offering](index=42&type=section&id=At%20the%20Market%20Of%20ering) This section outlines the company's ATM equity financing activities, including increasing the offering size and completing initial agreements, generating substantial proceeds - On January 24, 2025, the company increased the maximum aggregate offering amount under its At-The-Market (ATM) agreement by **$50 million**, totaling **$146 million**[166](index=166&type=chunk) - On May 30, 2025, the company completed its initial ATM agreement, issuing **14,783,393** shares for gross proceeds of **$146 million**[168](index=168&type=chunk) - On June 9, 2025, the company entered into a second ATM agreement, allowing for the sale of up to **$300 million** in common stock[169](index=169&type=chunk) - In the first half of 2025, the company issued **6,258,415** shares of common stock through ATM agreements, generating gross proceeds of **$89.48 million**[169](index=169&type=chunk) [Issuance of Non-Convertible Series A Voting Preferred Stock](index=42&type=section&id=Issuance%20of%20Non-Convertible%20Series%20A%20Voting%20Preferred%20Stock) This section describes the issuance of additional Series A non-convertible voting preferred stock to the CEO to enhance the company's strategic negotiation and defense capabilities - On January 16, 2025, the Board approved the issuance of an additional **270,000** shares of Series A non-convertible voting preferred stock to the CEO, bringing his total holdings to **1,000,000** shares[171](index=171&type=chunk) - This action aims to enhance the company's negotiating position in business, financial, and strategic collaborations, and provide defense against potential hostile third-party actions[172](index=172&type=chunk) [Appointment of New Directors](index=42&type=section&id=Appointment%20of%20New%20Directors) This section reports the appointment of Shawn Canter and Aron Schwartz to the Board of Directors, with Schwartz also taking on committee leadership roles - On June 6, 2025, the Board increased its size by two directors, appointing Shawn Canter and Aron Schwartz as members[173](index=173&type=chunk) - Aron Schwartz was appointed Chair of the Compensation Committee and also serves on the Audit Committee and Nominating and Corporate Governance Committee[173](index=173&type=chunk) [Non-Executive Director Compensation](index=42&type=section&id=Non-Executive%20Director%20Compensation) This section details the adjusted cash compensation and Restricted Stock Unit (RSU) grants for non-executive directors, including the Lead Director and Audit Committee Chair - On June 6, 2025, the Board approved adjustments to cash compensation and Restricted Stock Unit (RSU) grants for non-executive directors[175](index=175&type=chunk) - Lead Director Joanna Massey receives **$120,000** in annual cash compensation and **13,130** RSUs; Audit Committee Chair Donna Grier receives **$97,500** in annual cash compensation and **13,130** RSUs[175](index=175&type=chunk) [Reverse Stock Split](index=43&type=section&id=Reverse%20Stock%20Split) This section confirms the 1-for-8 reverse stock split implemented on June 23, 2025, aimed at increasing the per-share trading price and retroactively adjusting all share amounts - On June 23, 2025, the company implemented a 1-for-8 reverse stock split to increase its per-share trading price[176](index=176&type=chunk) - All shares and per-share amounts have been retroactively adjusted to reflect the impact of the reverse stock split[177](index=177&type=chunk) [Credit Agreement](index=43&type=section&id=Credit%20Agreement) This section details the master loan agreement with Coinbase Credit, Inc., including the initial $8 million cash draw collateralized by Bitcoin - On July 1, 2025, the company entered into a Master Loan Agreement with Coinbase Credit, Inc., establishing a term credit facility for multiple draws[178](index=178&type=chunk) - On July 8, 2025, the company made its first draw of **$8 million** in cash, secured by approximately **156.25%** collateral coverage (**166** Bitcoin), with a loan fee rate of **8%**[179](index=179&type=chunk) [Mining Operations](index=43&type=section&id=Mining%20Operations) This section describes the deployment of additional Bitcoin mining machines in Paraguay, significantly increasing the company's operational hashrate capacity - On July 9, 2025, the company deployed **3,570** Bitmain S19 XP 140T Bitcoin miners in Paraguay, increasing operational capacity to **750 PH/s**[180](index=180&type=chunk) - On July 30, 2025, the company deployed **1,157** MicroBT Whatsminer M30S++ Bitcoin miners in Paraguay, increasing operational capacity to **125 PH/s**[181](index=181&type=chunk) [Retirement of Executive Officer](index=43&type=section&id=Retirement%20of%20Executive%20Of%20icer) This section announces the retirement of Michael G. Carpenter, Vice President of Engineering, from all company positions effective August 15, 2025 - On August 15, 2025, Mr. Michael G. Carpenter, Vice President of Engineering, resigned from all company positions due to planned retirement[182](index=182&type=chunk) [Risks Associated with Ongoing Conflicts](index=44&type=section&id=Risks%20Associated%20with%20Ongoing%20Conflicts) This section discusses the potential adverse impacts of global conflicts, such as the Russia-Ukraine war, on material prices and the company's operations, while noting no significant direct impact from Middle East hostilities - The global impact of the Russia-Ukraine conflict is unpredictable and could lead to increased prices for product candidate materials, adversely affecting the company's business and operating results[183](index=183&type=chunk) - The company currently has no operations or significant net sales in Israel or Gaza and does not expect hostilities in the region to materially impact its business[184](index=184&type=chunk) [Risks Associated with the Tariff War](index=44&type=section&id=Risks%20Associated%20with%20the%20Tarif%20War) This section highlights the potential adverse effects of geopolitical developments and trade disputes, including tariff wars, on the company's supply chain, product costs, and market competitiveness - Geopolitical developments and trade disputes, particularly tariff wars with the EU, China, Canada, and Mexico, could adversely affect the supply chain, increase product costs, and reduce gross margins and customer demand[185](index=185&type=chunk) - Trade restrictions may lead to increased costs, supply chain disruptions, and harm the company's ability to operate effectively and compete in countries where it conducts business[185](index=185&type=chunk)[186](index=186&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of the company's operating results, including revenue, cost of revenue, gross profit, and various operating expenses for the reported periods [Revenue](index=44&type=section&id=Revenue) This section details the company's revenue performance, highlighting significant growth in product sales and digital asset mining, alongside a decline in contract services revenue Revenue Overview (Three and Six Months) | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Product Sales | $1,978,066 | $1,134,769 | $3,138,625 | $1,749,862 | | Contract Services | $555,836 | $1,297,236 | $1,594,129 | $2,431,247 | | Digital Asset Mining | $1,439,095 | — | $1,688,849 | — | | Total Revenue | $3,972,997 | $2,432,005 | $6,421,603 | $4,181,109 | - Total revenue for Q2 2025 increased by **63%** to **$3.97 million**, and for the first half of 2025, it grew by **54%** to **$6.42 million**[187](index=187&type=chunk) - Product sales revenue grew by **74%** in Q2 2025 and **79%** in the first half, primarily driven by new customer contracts[188](index=188&type=chunk)[190](index=190&type=chunk) - Contract services revenue decreased by **57%** in Q2 2025 and **34%** in the first half, mainly due to large contracts in the prior year period[191](index=191&type=chunk)[192](index=192&type=chunk) - Digital asset mining revenue was **$1.44 million** in Q2 2025 and **$1.69 million** in the first half, with operations commencing on March 7, 2025[194](index=194&type=chunk) [Cost of Revenue, Gross Profit and Gross Profit Margin](index=46&type=section&id=Cost%20of%20Revenue%2C%20Gross%20Profit%20and%20Gross%20Profit%20Margin) This section analyzes the cost of revenue, gross profit, and gross margin, noting a decline in gross margin primarily due to increased service contract inputs and digital asset mining lease costs Cost of Revenue, Gross Profit and Gross Profit Margin (Three and Six Months) | Indicator | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Cost of Revenue | $3,259,287 | $1,859,377 | $5,501,548 | $3,097,692 | | Gross Profit | $713,710 | $572,628 | $920,055 | $1,083,417 | | Gross Margin | 18% | 24% | 14% | 26% | - Gross margin decreased from **24%** to **18%** in Q2 2025 and from **26%** to **14%** for the first half, primarily due to increased service contract inputs and higher digital asset mining lease costs[197](index=197&type=chunk)[198](index=198&type=chunk) - In Q2 2025, gross margins for product sales, contract services, and digital asset mining were **49%**, **(48%)**, and **1%**, respectively[197](index=197&type=chunk) [Research and Development](index=48&type=section&id=Research%20and%20Development) This section reports a significant increase in R&D expenses, driven by higher service costs, new hires, and increased equity compensation, reflecting investments in innovation Research and Development Expenses (Three and Six Months) | Indicator | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Research and Development Expenses | $2,436,754 | $1,305,186 | $4,886,654 | $2,259,811 | - R&D expenses increased by **87%** to **$2.44 million** in Q2 2025 and by **116%** to **$4.89 million** in the first half, primarily due to increased R&D services, new employee hires, and higher equity compensation expenses[200](index=200&type=chunk)[201](index=201&type=chunk) [Selling, General and Administrative](index=48&type=section&id=Selling%2C%20General%20and%20Administrative) This section details the increase in selling, general, and administrative expenses, attributed to higher advertising, professional fees, travel, and compensation for new employees Selling, General and Administrative Expenses (Three and Six Months) | Indicator | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Selling, General and Administrative Expenses | $6,941,599 | $4,594,500 | $13,573,072 | $8,807,401 | - Selling, general, and administrative expenses increased by **51%** to **$6.94 million** in Q2 2025 and by **54%** to **$13.57 million** in the first half, primarily due to increased advertising and marketing, professional consulting fees, travel, and compensation for new employees and equity compensation[204](index=204&type=chunk)[205](index=205&type=chunk) [Impairment Expense](index=48&type=section&id=Impairment%20Expense) This section reports impairment expenses primarily due to the write-off of equipment deposits related to undelivered automated manufacturing systems Impairment Expense (Three and Six Months) | Indicator | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Impairment Expense | $786,397 | — | $1,355,174 | — | - Impairment expenses of **$786,397** and **$1.36 million** were recognized in Q2 2025 and the first half, respectively, primarily due to the write-off of equipment deposits[206](index=206&type=chunk) [Other Income (Expense)](index=48&type=section&id=Other%20Income%20%28Expense%29) This section highlights a substantial increase in net other income (expense), primarily driven by unrealized gains from the company's Bitcoin holdings Net Other Income (Expense) (Three and Six Months) | Indicator | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Other Income (Expense) | $17,593,189 | $(563,470) | $8,230,336 | $(915,609) | - Net other income (expense) significantly increased by **$18.16 million** in Q2 2025, primarily attributable to **$17.37 million** in unrealized gains from Bitcoin holdings[207](index=207&type=chunk) - Net other income (expense) increased by **$9.15 million** in the first half of 2025, primarily due to **$7.62 million** in unrealized gains from Bitcoin holdings[208](index=208&type=chunk) [Our Bitcoin Acquisition Strategy](index=49&type=section&id=Our%20Bitcoin%20Acquisition%20Strategy) This section outlines the company's strategy of holding Bitcoin as a primary reserve asset, acquiring it with excess cash and financing proceeds, and its long-term accumulation plans - The company adopted Bitcoin as its primary reserve asset in December 2024, using cash exceeding working capital needs and proceeds from equity or debt financing to purchase Bitcoin[209](index=209&type=chunk) - The company views its Bitcoin holdings as a long-term asset and plans to continue accumulating, while potentially utilizing or selling Bitcoin for general corporate purposes or tax benefits[209](index=209&type=chunk) Bitcoin Activity (Six Months Ended June 30, 2025) | Indicator | Digital Asset Amount | Bitcoin Held | Weighted Average Price Per Bitcoin | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Fair Value as of December 31, 2024 | $20,281,184 | 217.18 | $93,384 | | Digital Asset Purchases | $69,900,009 | 693.81 | $100,748 | | Digital Asset Mining | $1,688,849 | 17.29 | $97,678 | | Fair Value Change in Digital Assets | $7,619,060 | | | | Fair Value as of June 30, 2025 | $99,489,102 | 928.28 | $107,176 | [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's liquidity, highlighting cash and Bitcoin holdings, cash flow activities, and reliance on equity and debt financing to meet future obligations Liquidity Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------------------- | :-------------------------- | | Cash Balance | $20,570,108 | $29,831,858 | | Working Capital | $27,303,994 | $29,498,421 | | Bitcoin Holdings | $99,489,102 | $20,281,184 | - In the first half of 2025, net cash used in operating activities was **$21.72 million**, net cash used in investing activities was **$73.64 million**, and net cash provided by financing activities was **$86.10 million**[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) - The company's primary sources of liquidity are equity and debt issuances, with **$89.48 million** in gross proceeds from ATM equity financing in the first half of 2025[216](index=216&type=chunk)[218](index=218&type=chunk) - Given the cash balance and liquid digital asset holdings as of June 30, 2025, the company has the ability to meet its obligations over the next 12 months, with no significant going concern doubts[218](index=218&type=chunk) [Off-Balance Sheet Arrangements](index=50&type=section&id=Off-Balance%20Sheet%20Arrangements) This section states that the company has no significant off-balance sheet arrangements that materially affect its financial condition or operating results - The company has no off-balance sheet arrangements with any other entity that have a material effect on its financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources[220](index=220&type=chunk) [Critical Accounting Estimates](index=50&type=section&id=Critical%20Accounting%20Estimates) This section identifies critical accounting estimates and assumptions, including those for intangible assets, equity securities, equity compensation, and deferred tax asset valuation allowances - The preparation of the company's financial statements requires management to make estimates and assumptions regarding the reported amounts of assets, liabilities, revenues, and expenses, as well as contingent assets and liabilities[221](index=221&type=chunk) - Critical accounting estimates include fair value calculations for intangible assets, equity securities, equity compensation, and the assessment of valuation allowances related to deferred tax assets[35](index=35&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk.](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) As a smaller reporting company, the company is not required to provide the information requested by this item under Rule 229.10(f)(1) - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[223](index=223&type=chunk) [Item 4. Controls and Procedures.](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures.) As of the end of the reporting period, management, with the CEO and CFO, assessed the effectiveness of disclosure controls and procedures, concluding they are effective at a reasonable assurance level, with no significant internal control changes this quarter, acknowledging inherent limitations in preventing all errors and fraud - As of the end of the reporting period, the company's disclosure controls and procedures were assessed by management as effective at a reasonable assurance level[224](index=224&type=chunk) - No significant changes in internal control over financial reporting occurred during Q1 2025[225](index=225&type=chunk) - Management does not expect that disclosure controls and procedures or internal control over financial reporting will prevent or detect all errors and fraud, as control systems can only provide reasonable, not absolute, assurance[226](index=226&type=chunk) PART II - OTHER INFORMATION This section provides additional information, including legal proceedings, updated risk factors, and other corporate developments [Item 1. Legal Proceedings.](index=52&type=section&id=Item%201.%20Legal%20Proceedings.) As of the end of the reporting period, the company is not involved in any legal proceedings - The company is not involved in any legal proceedings[229](index=229&type=chunk) [Item 1A. Risk Factors.](index=52&type=section&id=Item%201A.%20Risk%20Factors.) This section updates the company's risk factors, including volatility, liquidity, regulatory uncertainty, and custody risks related to digital assets; potential reduced market liquidity and anti-takeover effects from the reverse stock split; the CEO's significant control; adverse impacts of trade policy changes and tariff wars; tax law uncertainties; and risks from short-selling strategies and cyberattacks - The company's quarterly financial results may fluctuate due to Bitcoin price volatility, fair value changes, tax burdens, and deferred tax balance adjustments[231](index=231&type=chunk) - The reverse stock split may reduce stock market trading liquidity and could have an anti-takeover effect, with no guarantee of proportional share price increase or attracting more investors[233](index=233&type=chunk)[234](index=234&type=chunk) - CEO Michael Mo holds **72.76%** of the company's voting power, enabling significant influence over director elections, charter amendments, or major corporate transactions[237](index=237&type=chunk) - Changes in trade policies and tariff wars could increase product costs, disrupt supply chains, and negatively impact the company's revenue growth and profit margins[238](index=238&type=chunk)[239](index=239&type=chunk)[241](index=241&type=chunk) - Bitcoin, as a highly volatile asset, can significantly impact the company's financial performance and common stock market price due to its price fluctuations[248](index=248&type=chunk)[250](index=250&type=chunk)[262](index=262&type=chunk) - The company's Bitcoin holdings face risks including custodian bankruptcy, security breaches, loss of private keys, regulatory uncertainty, and competition from other digital assets[252](index=252&type=chunk)[253](index=253&type=chunk)[257](index=257&type=chunk)[260](index=260&type=chunk)[284](index=284&type=chunk)[288](index=288&type=chunk) - The company relies entirely on third-party mining service providers and pool operators, and any failure by these counterparties could impact mining operations and digital asset rewards[304](index=304&type=chunk) [Risks Related to Digital Assets](index=52&type=section&id=Risks%20Related%20to%20Digital%20Assets) This section outlines risks associated with digital assets, including financial performance volatility due to Bitcoin price fluctuations and the potential need to sell Bitcoin for liquidity - The company's quarterly financial results may fluctuate due to Bitcoin price volatility, fair value changes, tax burdens, and deferred tax balance adjustments[231](index=231&type=chunk) - If the company cannot obtain equity or debt financing in a timely manner, it may need to sell Bitcoin to meet financial obligations, potentially leading to significant fluctuations in financial performance[232](index=232&type=chunk) [Risks Related to ownership of our Common Stock](index=52&type=section&id=Risks%20Related%20to%20ownership%20of%20our%20Common%20Stock) This section discusses risks related to common stock ownership, including reduced liquidity and anti-takeover effects from the reverse stock split, and the CEO's significant voting control - The company's completed reverse stock split may reduce stock market trading liquidity and could have an anti-takeover effect, but there is no guarantee the share price will increase proportionally or attract more investors[233](index=233&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk) - CEO Michael Mo holds **72.76%** of the company's voting power, enabling significant influence over director elections, charter amendments, or major corporate transactions, with interests potentially misaligned with other shareholders[237](index=237&type=chunk) [Changes in trade policies, including tariffs, could adversely affect our business.](index=53&type=section&id=Changes%20in%20trade%20policies%2C%20including%20tariffs%2C%20could%20adversely%20af%20ect%20our%20business.) This section addresses how geopolitical developments and trade disputes, such as tariff wars, could disrupt supply chains, increase costs, and reduce competitiveness - Geopolitical tensions and trade disputes may

Core Viewpoint - KULR Technology Group is positioned for growth with strong financial results in Q2 2025, driven by increased revenues and significant Bitcoin holdings, enabling further investments in product development and R&D efforts [2][6][7]. Financial Performance - Revenues for Q2 2025 increased by 63% to $3.97 million compared to $2.43 million in Q2 2024, with product sales rising by 74% to approximately $1.98 million [2]. - As of June 30, 2025, the company had cash and current accounts receivable totaling $24.73 million [3]. - Gross margin decreased to 18% in Q2 2025 from 24% in the same period last year, attributed to unexpected labor hours for technical projects [3]. - Selling, General and Administrative (SG&A) expenses rose to $6.94 million from $4.59 million year-over-year, mainly due to increased advertising, marketing, and stock-based compensation [4]. - Research and Development (R&D) expenses increased to $2.44 million from $1.31 million, reflecting a planned rise in consulting services [5]. - Operating loss for Q2 2025 was $9.45 million, up from $5.33 million in Q2 2024, driven by higher SG&A and R&D investments [5]. - Net income for Q2 2025 was $8.14 million, or $0.22 per share, compared to a net loss of $5.89 million, or a loss of $0.26 per share in the same period last year, primarily due to a mark-to-market gain on Bitcoin holdings [6]. Corporate Developments - KULR joined the Russell 3000® Index effective June 30, 2025, enhancing its market visibility [8]. - The company expanded its Bitcoin holdings to 1,021 BTC, achieving a yield of 291.2% [9]. - KULR secured a $20 million credit facility with Coinbase to support its Bitcoin acquisition strategy [10]. - A reverse stock split of 1-for-8 was completed on June 23, 2025, reducing outstanding shares from approximately 300 million to 40 million [10]. - KULR's Bitcoin mining operations reached 750 PH/s with plans to increase to 1.25 EH/s by late summer [10].

Core Viewpoint - KULR Technology Group, Inc. will hold a conference call on August 14, 2025, to discuss its financial results for the second quarter ended June 30, 2025, with results to be released prior to the call [1][3]. Company Overview - KULR Technology Group, Inc. is a Bitcoin First Company that specializes in energy storage solutions for space, aerospace, and defense, utilizing in-house battery design expertise and production capabilities [4]. - The company has committed to allocating up to 90% of its excess cash to the acquisition of bitcoin as part of its treasury program since late 2024 [4]. Conference Call Details - The conference call will take place at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) and will include a question-and-answer session [2][3]. - Interested parties can submit questions to the company prior to the call, which will be addressed based on relevance and appropriateness [2].

Core Insights - KULR Technology Group has increased its Bitcoin holdings to approximately $101 million, acquiring an additional $10 million worth of Bitcoin at a weighted average price of $108,884 per Bitcoin, now holding a total of 1,021 BTC [1][2] Group 1: Bitcoin Treasury Strategy - The recent acquisition aligns with KULR's Bitcoin Treasury Strategy, which commits up to 90% of surplus cash reserves to be held in Bitcoin [2] - KULR has achieved a BTC Yield of 291.2% year-to-date, utilizing surplus cash, a Coinbase credit facility, and an At-The-Market equity program to fund purchases [3][6] Group 2: Key Performance Indicators - BTC Yield is a key performance indicator for KULR's Bitcoin Treasury Strategy, calculated as the percentage change in the ratio of Bitcoin holdings to Assumed Fully Diluted Shares Outstanding [4] - BTC Gain indicates the number of additional Bitcoin generated through value-accretive actions, while BTC $ Gain translates this into U.S. dollars, amounting to $70,309,152 [5][6] - The multiple of Net Asset Value (mNAV) is calculated as 2.24, indicating the market cap relative to Bitcoin price and count [6] Group 3: Company Overview - KULR Technology Group specializes in energy storage solutions for space, aerospace, and defense, leveraging in-house battery design and production capabilities [11] - Since late 2024, KULR has included Bitcoin as a primary asset in its treasury program, committing to allocate up to 90% of excess cash for Bitcoin acquisitions [11]