Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Address of Principal Executive Offices) Registrant's telephone number, including area code: 408-663-5247 (Former name, former address a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from [ ] to [ ] Commission file number 001-40454 KULR TECHNOLOGY GROUP, INC. (Name of small business issuer in its charter) | Delaware | | 81-1004273 | | --- | --- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40454 KULR TECHNOLOGY GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 81-100 ...

KULR Technology Group, Inc. (NYSE:KULR) Q3 2022 Earnings Conference Call November 9, 2022 4:30 PM ET Company Participants Stuart Smith - IR Michael Mo - CEO Keith Cochran - President and COO Simon Westbrook - CFO Conference Call Participants Theodore O'Neill - Litchfield Hills Research Howard Halpern - Taglich Brothers Stuart Smith Welcome everyone to the KULR Technology Group Third Quarter 2022 Earnings Call. Before I begin this call, I would like to read the Safe Harbor statement that covers this call. Th ...

Financial Data and Key Metrics Changes - The company reported revenue of $588,000 for Q2 2022, a decrease of 6% compared to $628,000 in Q2 2021, primarily due to lower contract services and product sales revenues [24] - SG&A expenses increased to $4.3 million in Q2 2022 from $2.7 million in Q2 2021, reflecting a 59% increase due to additional marketing, consulting fees, and expansion costs [25] - R&D expenses rose 183% from $353,000 in Q2 2021 to $999,000 in Q2 2022, driven by headcount increases and new automated testing equipment [26] - Loss from operations increased 79% from $2.9 million in Q2 2021 to $5.2 million in Q2 2022 [27] - Net loss increased by 74% from $3 million in Q2 2021 to $5.3 million in Q2 2022, with a net loss per share of $0.05 compared to $0.06 in the prior year [28] - Cash balances as of June 30, 2022, were $13 million, up from $12.2 million a year earlier, with a $50 million standby equity purchase agreement established [29] Business Line Data and Key Metrics Changes - The company has expanded its sales funnel by 30%, now exceeding 300 customers, and secured four major commercial accounts for safe case products with deployment trials underway [22] - Significant customer interest has been noted across various sectors, including energy storage, electric aviation, battery recycling, and e-mobility [10] Market Data and Key Metrics Changes - The company has gained access to commercial partners through a shipping certification with UPS, allowing for the shipment of lithium-ion batteries using KULR's safe case products [12] - The partnership with E-One Moli Energy Corporation aims to secure 75 megawatt-hours of battery supply for eVTOL and high-performance e-mobility applications [14] Company Strategy and Development Direction - The company is focused on transforming into a leading platform for battery safety and sustainability, with plans to upsell and cross-sell components of its comprehensive platform [10] - KULR is developing a universal modular battery architecture and has filed two provisional patents related to high-energy cathodes [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a ramp-up in sales volume despite potential supply chain challenges, anticipating revenue recognition from customer engagements in the coming quarters [11] - The company is optimistic about its growth trajectory, particularly in the context of the circular electrification economy [11] Other Important Information - KULR successfully completed ISO 9001 certification, enhancing its manufacturing excellence and operational controls [17] - The company is expanding its workforce, hiring additional engineers and sales personnel to support its growth [20][21] Q&A Session Summary Question: Impact of inflation on cost pressures and gross margins - Management acknowledged that inflation has negatively impacted logistics costs but has mitigated this by moving manufacturing to Mexico, which has reduced logistics costs [34] Question: Update on CellCheck rollout and market interest - Management indicated that industrial storage is currently the primary focus for CellCheck, with a long cycle for market rollout due to the need for integration with partners [37] Question: Build plan for secured batteries and early applications - Management emphasized the importance of high-quality battery cells and outlined plans to target aerospace, defense, and industrial power equipment markets [41][42] Question: Revenue expectations from Volta order - Management refrained from commenting on specific revenue amounts but indicated expectations for volume ramp-up in the second half of 2022 [44] Question: Follow-on order from Lockheed and potential products - Management confirmed ongoing support for Lockheed's advanced battery systems but did not disclose specific revenue figures [46] Question: Prospects for carbon fiber products in sensing applications - Management highlighted ongoing development of carbon fiber substrate materials for various applications, with testing expected in Q3 2022 [50][52]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2022 OR (Former name, former address and former fiscal year, if changed since last report) N/A Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol | Name of each exchange on which registered | | --- | --- | --- | | Common S ...

KULR Technology Group, Inc. (NYSE:KULR) Q1 2022 Earnings Conference Call May 16, 2022 4:30 PM ET Company Participants Stuart Smith - Investor Relations Michael Mo - Chief Executive Officer Keith Cochran - President and Chief Operating Officer Simon Westbrook - Chief Financial Officer Conference Call Participants Theodore O’Neill - Litchfield Hills Research Juan Noble - Taglich Brothers Operator Alright, everybody. Thank you for holding on the line as you just heard. Welcome to the KULR Technology Group Firs ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) KULR Technology Group's Q1 2022 unaudited financials show decreased assets and revenue, with a widened net loss driven by higher operating expenses [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets decreased to **$16.0 million** from **$19.2 million**, primarily due to reduced cash, while equity declined from **$16.4 million** to **$13.2 million** Condensed Consolidated Balance Sheet Highlights (unaudited) | Balance Sheet Item | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $10,132,676 | $14,863,301 | | Total Current Assets | $12,531,107 | $15,761,298 | | Total Assets | $16,013,756 | $19,231,303 | | **Liabilities & Equity** | | | | Total Current Liabilities | $2,556,021 | $2,458,363 | | Total Liabilities | $2,823,921 | $2,866,261 | | Total Stockholders' Equity | $13,189,835 | $16,365,042 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2022, revenue decreased **52%** to **$200,499**, gross profit fell, and operating expenses surged to **$4.3 million**, resulting in a widened net loss of **$4.1 million** Consolidated Statements of Operations Summary (unaudited) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Revenue | $200,499 | $417,905 | | Gross Profit | $77,581 | $142,637 | | Total Operating Expenses | $4,256,270 | $1,615,794 | | Loss From Operations | $(4,178,689) | $(1,473,157) | | Net Loss | $(4,136,555) | $(1,714,723) | | Net Loss Per Share (Basic & Diluted) | $(0.04) | $(0.02) | [Condensed Consolidated Statement of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity decreased from **$16.4 million** to **$13.2 million** in Q1 2022, primarily driven by the **$4.1 million** net loss, partially offset by stock option exercises and compensation - Total Stockholders' Equity decreased by approximately **$3.2 million** during Q1 2022, primarily due to the net loss of **$4.1 million**[12](index=12&type=chunk) - The company recorded **$0.4 million** in treasury stock from shares withheld upon the vesting of restricted common stock to cover tax obligations[12](index=12&type=chunk)[52](index=52&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to **$4.6 million** in Q1 2022, leading to a **$4.7 million** net decrease in cash, with the period ending at **$10.1 million** Consolidated Statements of Cash Flows Summary (unaudited) | Cash Flow Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | $(4,574,490) | $(1,663,385) | | Net Cash Used In Investing Activities | $(248,889) | $0 | | Net Cash Provided By (Used In) Financing Activities | $92,754 | $(1,050,000) | | **Net Decrease In Cash** | **$(4,730,625)** | **$(2,713,385)** | | **Cash - End of Period** | **$10,132,676** | **$6,166,755** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail liquidity, customer concentration, revenue disaggregation, stock-based compensation, and subsequent financing events, including a **$50 million** Standby Equity Purchase Agreement and a **$5 million** promissory note - The company believes its **current working capital**, combined with a new **Standby Equity Purchase Agreement** for up to **$50 million**, is **sufficient to fund operations for at least the next twelve months**[23](index=23&type=chunk)[65](index=65&type=chunk) - The company has **significant customer concentration**, with **two customers (Customer B and C)** accounting for **43%** and **37%** of total revenue, respectively, in Q1 2022[27](index=27&type=chunk) Revenue Breakdown (Q1 2022 vs Q1 2021) | Revenue Type | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Product sales | $172,599 | $178,249 | | Contract services | $27,900 | $239,656 | | **Total revenue** | **$200,499** | **$417,905** | - Total **stock-based compensation** expense for Q1 2022 was **$1.2 million**, a significant increase from **$0.4 million** in Q1 2021[61](index=61&type=chunk)[62](index=62&type=chunk) - Subsequent to the quarter end, in May 2022, the company entered into a **$50 million** Standby Equity Purchase Agreement and issued a **$5 million** promissory note to Yorkville[65](index=65&type=chunk)[66](index=66&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes Q1 2022 revenue decline to contract services and China lockdowns, with surging operating expenses offset by new financing for strategic growth [Overview](index=23&type=section&id=Overview) KULR is evolving from a component supplier to a total system solutions provider for thermal management, securing **$55 million** in financing to expand North American manufacturing and procure battery cells - The company's **business model is shifting from component supply to providing total system solutions** for battery safety and sustainability[68](index=68&type=chunk)[69](index=69&type=chunk) - COVID-19 lockdowns in China delayed the shipment of over **$0.3 million** worth of inventory in Q1 2022, which is expected to be recognized in a future quarter[70](index=70&type=chunk)[74](index=74&type=chunk) - KULR secured a financing facility for up to **$55 million** to **procure battery cells** (**500 MWh** capacity) and **expand manufacturing capabilities in North America**[71](index=71&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q1 2022 revenue decreased **52%** due to declines in contract services and product sales, while R&D expenses surged **487%** and SG&A expenses rose **137%** from increased costs Revenue Comparison (Q1 2022 vs Q1 2021) | Revenue Type | Q1 2022 | Q1 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Product sales | $172,599 | $178,249 | -3% | | Contract services | $27,900 | $239,656 | -88% | | **Total revenue** | **$200,499** | **$417,905** | **-52%** | - **Gross margin increased to 39%** in Q1 2022 from **34%** in Q1 2021, attributed to the **absence of low-margin service contracts** that were present in the prior year[84](index=84&type=chunk) - R&D expenses increased by **487%** YoY to **$0.7 million**, driven by **increased employee headcount**, new automation projects, and **product development for advanced batteries**[86](index=86&type=chunk) - SG&A expenses increased by **137%** YoY to **$3.5 million**, primarily due to an **$0.9 million** increase in **stock-based compensation** and a **$0.5 million** increase in **labor costs from new hires**[89](index=89&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, the company had **$10.1 million** in cash and **$10.0 million** in working capital, with subsequent financing including a **$5 million** promissory note and a **$50 million** SEPA to meet future commitments Liquidity Position | Metric | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash | $10,132,676 | $14,863,301 | | Working Capital | $9,975,086 | $13,302,935 | - In May 2022, the company secured a **$5M promissory note** and a **$50M Standby Equity Purchase Agreement (SEPA)** to bolster its capital resources[92](index=92&type=chunk) - Cash used in operating activities increased to **$4.6 million** in Q1 2022 from **$1.7 million** in Q1 2021, primarily due to a **larger net loss**[93](index=93&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company is a smaller reporting company and is not required to provide the information for this item - As a **smaller reporting company**, KULR is **not required to provide quantitative and qualitative disclosures about market risk**[103](index=103&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that as of March 31, 2022, the company's disclosure controls and procedures were **not effective** - Management concluded that **disclosure controls and procedures were not effective** as of March 31, 2022[104](index=104&type=chunk) - A **material weakness** in internal control over financial reporting was identified, specifically related to a **lack of independent review and approval of electronic payments**. A **remediation plan is underway**[105](index=105&type=chunk) [PART II - OTHER INFORMATION](index=33&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings.) The company reported no legal proceedings - There are **no legal proceedings** to report[110](index=110&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K filed on March 28, 2022 - **No material changes** to risk factors from the latest Form 10-K[111](index=111&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) In April 2022, the company issued new warrants to purchase an aggregate of **2.3 million shares** of common stock at an exercise price of **$1.00** per share, expiring on December 31, 2025 - In April 2022, new warrants for **2.3 million shares** were issued with an exercise price of **$1.00** per share[112](index=112&type=chunk) [Item 3. Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities - **None**[113](index=113&type=chunk) [Item 4. Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - **Not applicable**[114](index=114&type=chunk) [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information.) The company reported no other information - **None**[115](index=115&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the quarterly report, including Sarbanes-Oxley certifications and Inline XBRL data files - The report includes **required certifications** (31.1, 31.2, 32.1) and **Inline XBRL financial data files** as exhibits[117](index=117&type=chunk)[118](index=118&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2021 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from [ ] to [ ] Commission file number 001-40454 KULR TECHNOLOGY GROUP, INC. (Name of small business issuer in its charter) | Delaware | 81-1004273 | | --- | --- | ...

Financial Data and Key Metrics Changes - In Q4 2021, revenue increased by 267% year-over-year to $766,000 [6] - For the full year 2021, total revenue reached over $2.4 million, representing a 287% growth compared to 2020 [7] - Cash on the balance sheet at the end of 2021 was approximately $14.9 million, up from $8.9 million in 2020 [7] - Operating expenses for Q4 increased from $845,000 to $4.5 million, including a $1.4 million non-cash stock compensation charge [27] - Net loss for Q4 increased from $859,000 to $4.1 million, with net loss per share rising from $0.01 to $0.04 [27] - For the full year, net loss increased from $2.9 million to $11.8 million, with net loss per share increasing from $0.03 to $0.15 [28] Business Line Data and Key Metrics Changes - The company launched several new products, including KULR-Tech Safe Case and CellCheck, which are gaining traction in the market [9] - The Safe Case product line is being expanded to facilitate the storage and transportation of batteries for various applications [12] Market Data and Key Metrics Changes - The lithium-ion battery recycling market was valued at approximately $5 billion in 2021 and is expected to grow at a 22% CAGR, reaching $24 billion by 2030 [50][51] Company Strategy and Development Direction - The company aims to leverage growth opportunities in energy storage and battery recycling as key drivers in commercial market segments [11] - KULR plans to co-develop thermal management technologies with NASA and the US Department of Defense [14] - The strategy includes acquiring high-performance IPs to enhance existing platforms and expand into new applications [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in 2022, particularly in energy storage and battery recycling [11] - The company believes that the foundational investments made in 2021 will support continued revenue growth in 2022 and beyond [38] Other Important Information - The company relocated to a new facility that is three times larger, allowing for increased operational capacity [17] - KULR has significantly increased its workforce, growing from 10 employees in January 2021 to 55 permanent employees by March 2022 [21] Q&A Session Summary Question: Cost inflation impact on margins - Management acknowledged sensitivity to global supply chain and material costs, and mentioned relocating some manufacturing to Mexico to mitigate costs [32] Question: SG&A expenses and hiring outlook - Management indicated that while they will continue to grow the organization, the pace of expense growth may not match 2021 levels due to foundational work being completed [34] Question: Automated battery testing market differentiation - KULR's testing solutions are designed for mission-critical applications, ensuring rigorous standards that differentiate them from current testing methods used by automotive manufacturers [41] Question: Volta's battery storage units market plans - Management confirmed that Volta is bullish on their ramp-up plans for 2022 and 2023, supported by significant equity financing [46][47] Question: Market potential from IP acquisition - The acquisition of IP rights is seen as a strategic move to enhance performance across multiple applications, including high-performance computing and aerospace [49] Question: Market potential from KULR Tech Safe case - The Safe case is positioned well in the growing lithium-ion battery recycling market, which is expected to see significant growth due to government incentives [51]