Financial Performance - KULR Technology Group reported ongoing cash outflows and has not yet achieved profitability, necessitating significant revenue generation to reach profitability [117]. - Total revenue for the three months ended March 31, 2025, was $2,448,606, an increase of 40% compared to $1,749,104 for the same period in 2024 [161]. - Revenue from product sales increased by $545,466 or 87% to $1,160,559 in Q1 2025, despite a decrease in the number of product sales customers from 25 to 16 [162]. - Revenue from contract services decreased by $95,718 or 8% to $1,038,293, with a decline in customers from 14 to 12 [163]. - Gross profit for the three months ended March 31, 2025, was $206,345, a decline of 60% from $510,789 in the same period in 2024, resulting in gross profit margins of 8% compared to 29% [168]. - Other expenses increased significantly to $9,362,853, primarily due to a $9,748,600 unrealized loss on Bitcoin holdings [174]. - The company experienced a net loss of $18,806,658 for the three months ended March 31, 2025, compared to a net loss of $5,008,876 for the same period in 2024 [180]. Research and Development - Research and development expenses rose by 157% to $2,449,900 in Q1 2025, primarily due to increased consulting services and stock-based compensation [170]. - KULR ONE AI (K1AI) aims to enhance battery design and reduce time to market by leveraging AI and extensive performance data [146]. - KULR's business model is evolving towards providing total system solutions, focusing on partnerships for joint ventures and technology licensing [116]. Technology and Product Development - The KULR ONE Space platform is currently utilized by multiple customers for space exploration missions, featuring a passively propagation resistant and flame arresting architecture, with final certification expected from NASA in Q2 2025 [128]. - KULR VIBE technology demonstrated a 23% increase in battery life and a 45% lift increase in a mission-critical drone, showcasing its effectiveness in vibration reduction [143]. - KULR ONE battery packs are designed for various applications, including aerospace, military, and energy storage, emphasizing safety and modularity [126]. - The KULR CoreTM integrates battery management systems with AI capabilities, enhancing battery control and monitoring for space applications [132]. - The KULR ONE Design Solutions (K1-DS) portfolio includes safety testing services and customized energy storage solutions, addressing various battery life cycle phases [120]. - KULR has invested heavily in cell and battery testing capabilities, enhancing its service offerings in abuse, electrical, and environmental testing [138]. - The KULR ONE architecture includes the KULR ONE Guardian and KULR ONE Max, targeting military applications and grid energy storage systems respectively [126]. Market Trends - The global vibration motor market is projected to grow from $6.5 billion in 2023 to $24.1 billion by 2032, with a CAGR of 14.1% during 2023-2032 [144]. - KULR's SafeCASE technology addresses the growing $21 billion battery recycling market by providing safe storage and transport solutions for lithium batteries [148]. - The company has partnered with major defense contractors like Lockheed Martin to develop thermal management solutions for aerospace applications [149]. Cash Flow and Investments - For the three months ended March 31, 2025, net cash used in operating activities was $9,771,951, compared to $3,907,406 for the same period in 2024 [180]. - The company reported net cash used in investing activities of $44,716,519 for the three months ended March 31, 2025, primarily related to investments in digital assets [181]. - Financing activities generated net cash of $49,105,909 for the three months ended March 31, 2025, mainly from ATM equity financing totaling $49,871,627 [182]. - The company entered into a Machine Lease Agreement to operate 2,500 bitcoin mining machines at a total lease cost of $850,000, earning 2.97 bitcoin by March 31, 2025 [176]. - The fair value of digital assets purchased during the first quarter of 2025 was $44,401,250, with an average fair value per bitcoin of $449.45 [177]. - The company raised gross proceeds of $51,152,353 from ATM offerings during the three months ended March 31, 2025, indicating strong liquidity [185]. Bitcoin Strategy - The company adopted bitcoin as its primary treasury reserve asset in December 2024, planning to acquire and hold bitcoin using excess cash beyond working capital requirements [175]. - As of March 31, 2025, the company held bitcoin valued at $55,281,690, a significant increase from $20,281,184 as of December 31, 2024 [179]. Future Financial Obligations - Future cash requirements include approximately $2,723,883 for accounts payable and accrued expenses, and $421,711 for future payments under operating and finance leases [183].

Core Viewpoint - KULR Technology Group, Inc. will hold a conference call on May 15, 2025, to discuss its financial results for the first quarter ended March 31, 2025, with results to be released prior to the call [1][3]. Company Overview - KULR Technology Group, Inc. is a leader in advanced energy management solutions, specializing in energy storage solutions for space, aerospace, and defense [4]. - The company utilizes in-house battery design expertise and offers a comprehensive cell and battery testing suite, along with battery fabrication and production capabilities [4]. - KULR has committed to allocating up to 90% of its surplus cash to the acquisition of bitcoin as part of its treasury program [4]. Conference Call Details - The conference call will take place at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) [1][3]. - Interested parties can submit questions to be addressed during the call, with a deadline for submissions set for 8:00 a.m. ET on May 12, 2025 [2]. - Registration is required to access the call, and details will be provided via email after registration [3]. Investor Relations - For further inquiries, KULR Technology Group can be contacted via phone at 858-866-8478 x 847 or through email at ir@kulr.ai [6].

Core Viewpoint - KULR Technology Group, Inc. has launched a blockchain-secured supply chain initiative aimed at enhancing transparency and security in product-related data management for its customers [1][2]. Group 1: Blockchain Initiative - The new initiative decentralizes inventory tracking on a blockchain, providing enhanced transparency, security, and real-time visibility across the supply chain [2]. - Each inventory item will be recorded as a tamper-proof, timestamped entry on a distributed ledger, eliminating data manipulation risks and ensuring a single source of truth for all stakeholders [2]. - The blockchain's traceability features will allow KULR to verify product authenticity, monitor asset movement, and streamline audits [2]. Group 2: Product Integration - Lithium-ion batteries that meet NASA's WI 37A rigorous methodology will be one of the initial products recorded on the blockchain, creating a secure and immutable record of testing data for future users [3]. - Each manufactured battery will have its metadata minted as a non-fungible token (NFT) on the blockchain, facilitating ownership transfer upon purchase [4]. Group 3: Strategic Insights - KULR's CEO, Michael Mo, indicated that the move to blockchain for supply chain tracking aligns with the company's previous bitcoin treasury strategy, aiming to leverage proven blockchain technologies for operational efficiency [4]. - The company has developed a customized rollup to Coinbase's Base L2 chain, built on Ethereum, to support its blockchain initiatives [5]. Group 4: Financial Strategy - KULR has committed to holding up to 90% of its surplus cash reserves in bitcoin, having acquired 668 BTC to date [5][7].

Robyn Ringuette, Chief Operating Officer of AstroForge, highlighted the partnership's impact: "KULR's expertise in working with NASA-approved architectures and delivering a customized solution in record time was a game-changer for our program. Their ability to maximize energy density while meeting our exact specifications ensured we could stay on schedule without sacrificing safety or performance, key to achieving our mission objectives." HOUSTON, April 24, 2025 (GLOBE NEWSWIRE) -- KULR Technology Group, In ...

Core Insights - KULR Technology Group has been awarded $6,703,500 by the Texas Space Commission as part of a $26 million grant aimed at enhancing Texas' role in space exploration and technology [1][2] - The funding will support the development of cold-temperature lithium-ion battery solutions for future Lunar and Martian missions, in collaboration with NASA Johnson Space Center and South 8 Technologies [2][3] - KULR's CEO emphasized the company's commitment to advancing space exploration through high-performance and environmentally adaptive battery technology [3] Company Overview - KULR Technology Group specializes in advanced energy management platforms, providing energy storage solutions for space, aerospace, and defense sectors [5] - The company has a strong foundation in battery design, testing, and production capabilities, allowing for rapid delivery of next-generation energy storage systems at lower costs compared to traditional methods [5] - KULR's facility near NASA Johnson Space Center will serve as the engineering and testing hub for the battery development project, focusing on safety testing and performance validation [4]

Core Insights - KULR Technology Group has launched a strategic partnership with German Bionic to expand into robotics and artificial intelligence, targeting the growing wearable robotic exoskeleton market projected to reach $41.5 billion by 2033 [1][3][4] Company Developments - The partnership will establish a dedicated business unit, KULR AI & Robotics, to drive innovation in affordable robotic solutions aimed at supporting the US workforce and reshoring manufacturing [3][6] - KULR's website has been updated to reflect this new focus, and the business unit will be led by Josh Steinmann, VP of AI and Robotics [3] Partnership Details - The collaboration will enhance the capabilities of German Bionic's Apogee ULTRA exoskeleton, focusing on performance improvements, AI integration, and user adaptability [5] - KULR will hold exclusive marketing and distribution rights for German Bionic's products in North America, positioning the company as the primary provider across various industries [5] Industry Context - KULR's expansion aligns with US strategic priorities to boost domestic manufacturing and industry, aiming to localize the production of future exoskeletons within the United States [6] - The partnership is expected to significantly enhance human energy output, reduce workplace injuries, and improve employee satisfaction and retention across sectors such as logistics, manufacturing, and healthcare [4][6]

Core Viewpoint - KULR Technology Group is actively engaging in the integration of AI and Bitcoin within corporate treasury strategies, positioning itself as a leader in advanced energy management and Bitcoin treasury initiatives [1][3][5]. Group 1: Conference Participation - KULR is a Silver sponsor of Strategy World 2025, a conference focused on AI and Bitcoin, taking place from May 5th to May 8th in Orlando, Florida [1][2]. - CEO Michael Mo will participate in a panel discussing "Corporate Bitcoin Success Stories," sharing insights from KULR's Bitcoin treasury strategy [4]. Group 2: Bitcoin Treasury Strategy - KULR has purchased over 660 BTC, valued at over $65 million, and plans to allocate up to 90% of its surplus cash to Bitcoin [3][6]. - The company aims to promote the benefits of a Bitcoin treasury and engage with industry leaders at the conference [3][5]. Group 3: AI Integration - KULR has rebranded its website to KULR.ai, reflecting its focus on integrating AI into its solutions, including AI-driven software for battery management systems [5]. - The company has partnered with EDOM Technology to enhance its energy management solutions across the global AI supply chain [5].

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing and trading, having navigated significant market events such as the dotcom bubble and the subprime crisis [2] - The research provided aims to maintain high quality despite language barriers [2]

Part I [Business](index=5&type=section&id=Item%201.%20Business) KULR specializes in energy storage, thermal management, and vibration reduction, expanding into new markets and adopting Bitcoin as a treasury asset - The company's core technology domains are energy storage systems and recycling, thermal management solutions, and rotary system vibration reduction[12](index=12&type=chunk) - KULR is expanding into energy storage and vibration reduction markets, targeting a combined addressable market exceeding **$500 billion by 2030** across energy storage, battery recycling, and aircraft maintenance[13](index=13&type=chunk)[14](index=14&type=chunk) - The company's primary product and service portfolio, KULR ONE Design Solutions (K1-DS), offers a holistic approach to battery development, from design and testing to transport and recycling[21](index=21&type=chunk) - KULR is developing the KULR Core™, which integrates its Battery Management System (BMS) with the Nvidia Jetson platform to create an AI-enabled compute and battery control system for space and robotics applications[31](index=31&type=chunk)[46](index=46&type=chunk) - In December 2024, the company adopted a Bitcoin treasury strategy, acquiring **217.18 BTC** for approximately **$21 million**[61](index=61&type=chunk)[117](index=117&type=chunk) - The company relocated its Texas facility to a much larger space (**17,560 sq ft vs. 4,800 sq ft**) to support growth and expand R&D and production capabilities[52](index=52&type=chunk) [Recent Developments](index=16&type=section&id=Recent%20Developments) KULR achieved record annual revenues in 2024, adopted a Bitcoin treasury program, and secured significant licensing agreements Key Financial and Strategic Developments in 2024 | Metric | Value/Detail | | :--- | :--- | | **Annual Revenue (2024)** | $10.7 million (record high) | | **Bitcoin Purchase (Dec 2024)** | 217.18 BTC for ~$21 million | | **ATM Offering Gross Proceeds (2024)** | $61.9 million | | **KULR VIBE License Deal** | $2.35M deal with $1.1M guaranteed minimum | | **CF Cathode License Deal** | 10-year agreement with a Japanese customer | | **Series A Preferred Stock** | 1,000,000 shares issued to CEO with 100 votes per share | - Subsequent to year-end, the company purchased an additional **449.45 Bitcoin** for ~**$44.5 million** and entered a 60-day lease for **2,500 bitcoin mining machines**[61](index=61&type=chunk) - The ATM offering was expanded multiple times, from an initial **$20 million to $96 million**, with the agent's commission reduced from **3% to 2.5%**[62](index=62&type=chunk) [Our Bitcoin Treasury Strategy](index=27&type=section&id=Our%20Bitcoin%20Treasury%20Strategy) KULR adopted Bitcoin as its primary treasury asset in December 2024, viewing it as a long-term store of value and inflation hedge - The company's rationale for holding Bitcoin is its belief that it is a reliable store of value, a hedge against inflation, and has the potential for significant appreciation, comparing it to digital gold[118](index=118&type=chunk) Bitcoin Holdings as of March 27, 2025 | Metric | Value | | :--- | :--- | | **Total Bitcoins Held** | ~669.11 (666.63 purchased + 2.48 mined) | | **Aggregate Purchase Price** | ~$65 million | | **Average Purchase Price** | ~$98,255 per bitcoin | | **Average Mined Price** | ~$84,225 per bitcoin | - KULR holds its Bitcoin in a custodial account at Coinbase, which is required to hold the assets in segregated accounts, and the company does not directly access its private keys[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) - The company does not currently intend to hedge its Bitcoin holdings but may consider it in the future[123](index=123&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) KULR faces significant risks from its limited operating history, new Bitcoin treasury strategy, and potential stock delisting or dilution [Risks Related to Our Business and Our Industry](index=35&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Our%20Industry) Key business risks include limited operating history, need for capital, supply chain disruptions, and customer concentration - The company has a limited operating history, has not yet achieved profitability, and will require substantial additional capital to fund future operations[146](index=146&type=chunk)[150](index=150&type=chunk) - The company is exposed to customer concentration risk, with two customers accounting for an aggregate of **25% of total revenue** in 2024[162](index=162&type=chunk) - The average sales cycle for products can range from **one to five years**, creating a long and complex path to revenue generation[159](index=159&type=chunk) - The company has limited experience in higher volume manufacturing, which is necessary to support profitable operations, and currently relies on outsourced partners for high-volume products[158](index=158&type=chunk) [Risks Relating to Our Bitcoin Treasury Strategy and Holdings](index=49&type=section&id=Risks%20Relating%20to%20Our%20Bitcoin%20Treasury%20Strategy%20and%20Holdings) Bitcoin treasury strategy exposes KULR to high volatility, counterparty risk, and regulatory uncertainty - Bitcoin is a highly volatile asset, with its price fluctuating between **$38,000 and $106,000** in 2024, which could significantly impact the company's financial condition[200](index=200&type=chunk) - The company is subject to counterparty risk, particularly with its custodians, potentially losing access to or the value of its Bitcoin holdings in the event of a custodian's bankruptcy[206](index=206&type=chunk) - The legal and regulatory landscape for digital assets is uncertain and evolving, and a determination that Bitcoin is a security could lead to the company being classified as an 'investment company' under the 1940 Act[212](index=212&type=chunk)[227](index=227&type=chunk) - The approval and trading of spot Bitcoin ETPs in January 2024 provides investors with alternative ways to gain exposure to Bitcoin, which could adversely affect the market price of KULR's common stock[218](index=218&type=chunk)[219](index=219&type=chunk) [Risks Relating to Our Common Stock and Preferred Stock](index=62&type=section&id=Risks%20Relating%20to%20Our%20Common%20Stock%20and%20Preferred%20Stock) Stock risks include potential delisting, dilution from future issuances, and concentrated voting power by the CEO - The company is subject to NYSE American continued listing requirements and has previously received non-compliance notices regarding stockholders' equity and low trading price, though it has since regained compliance[248](index=248&type=chunk)[249](index=249&type=chunk)[252](index=252&type=chunk) - The Chairman and CEO, Michael Mo, holds **1,000,000 shares** of Series A Voting Preferred Stock, with each share entitled to **100 votes**, giving him **31.78%** of the company's total voting power[265](index=265&type=chunk)[269](index=269&type=chunk) - The Board has the authority to issue additional common and preferred stock without shareholder approval, which could dilute existing shareholders and affect their voting power[256](index=256&type=chunk)[270](index=270&type=chunk) [Unresolved Staff Comments](index=69&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) As a smaller reporting company, KULR is not required to provide information for this item - The company, as a smaller reporting company, is not required to provide the information required by this item[274](index=274&type=chunk) [Cybersecurity](index=69&type=section&id=Item%201C.%20Cybersecurity) KULR manages cyber risks via a NIST-aligned program overseen by its CTO and Board, actively pursuing CMMC level 2 compliance - The company's cyber risk management program is based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework[280](index=280&type=chunk) - KULR is actively working with third-party specialists to institute controls for Cybersecurity Maturity Model Certification (CMMC) level 2 compliance[280](index=280&type=chunk) - The Chief Technology Officer (CTO), along with third-party providers, is responsible for the cyber risk program, and the Board of Directors provides oversight, receiving updates at quarterly meetings[277](index=277&type=chunk)[279](index=279&type=chunk) [Properties](index=71&type=section&id=Item%202.%20Properties) The company's principal executive office is located in Webster, Texas, in a recently expanded facility - The company's principal executive office is located at 555 Forge River Road, Suite 100, Webster, Texas 77598[283](index=283&type=chunk) [Legal Proceedings](index=71&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any legal or administrative proceedings - The company is not currently a party to any legal or administrative proceedings[284](index=284&type=chunk) [Mine Safety Disclosures](index=71&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[285](index=285&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=72&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) KULR common stock trades on NYSE American, with approximately 106 shareholders, and the company has not paid dividends - The company's common stock trades on the NYSE American under the symbol "KULR"[288](index=288&type=chunk) - As of March 27, 2025, the company had approximately **106 record and street shareholders**[290](index=290&type=chunk) - The company has never paid dividends and does not intend to pay any in the foreseeable future[291](index=291&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operation](index=72&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) KULR reported record 2024 revenue of **$10.7 million**, improved gross profit, reduced net loss, and strengthened liquidity with Bitcoin holdings [Consolidated Results of Operations](index=76&type=section&id=Consolidated%20Results%20of%20Operations) In 2024, revenue increased **9% to $10.7 million**, gross profit grew **50% to $5.5 million**, and net loss improved to **$17.5 million** Revenue by Type (2024 vs. 2023) | Revenue Type | 2024 | 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Product sales | $3,644,240 | $6,903,988 | -47% | | Contract services | $4,406,023 | $2,926,178 | +51% | | IP licensing | $2,687,218 | $0 | N/A | | **Total Revenue** | **$10,737,481** | **$9,830,166** | **+9%** | Key Operational Metrics (2024 vs. 2023) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Gross Profit** | $5,483,198 | $3,665,856 | | **Gross Margin** | 51% | 37% | | **R&D Expenses** | $4,738,305 | $7,135,452 | | **SG&A Expenses** | $15,979,852 | $18,942,350 | | **Net Loss** | $(17,523,629) | $(23,693,556) | - The increase in gross profit margin was primarily due to new licensing agreements that generated **$2.7 million** in revenue with no corresponding cost of revenue[319](index=319&type=chunk) [Liquidity and Capital Resources](index=80&type=section&id=Liquidity%20and%20Capital%20Resources) KULR significantly improved liquidity in 2024, ending with **$29.8 million** cash and **$20.3 million** Bitcoin, primarily from equity financing Financial Position (as of Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Cash** | $29,831,858 | $1,194,764 | | **Bitcoin Holdings** | $20,281,184 | $0 | | **Working Capital** | $29,498,421 | $(2,994,753) | Cash Flow Summary (Year Ended Dec 31) | Cash Flow | 2024 | 2023 | | :--- | :--- | :--- | | **Operating Activities** | $(17,341,675) | $(11,965,387) | | **Investing Activities** | $(21,596,192) | $(1,046,113) | | **Financing Activities** | $67,574,961 | $3,872,701 | - The company's primary source of liquidity has shifted from debt to equity offerings, with the ATM providing **$61.9 million** in gross proceeds in 2024[336](index=336&type=chunk) - As of March 27, 2025, the company's cash and Bitcoin balances were approximately **$25 million** and **$58 million**, respectively[337](index=337&type=chunk) [Controls and Procedures](index=84&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that KULR's disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management concluded that as of December 31, 2024, the company's disclosure controls and procedures were effective[345](index=345&type=chunk) - Based on an evaluation using the COSO 2013 framework, management concluded that the company's internal control over financial reporting was effective as of December 31, 2024[348](index=348&type=chunk) - The annual report does not contain an attestation report from the company's auditor on internal controls, as an exemption is available for smaller reporting companies[351](index=351&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=86&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) KULR's leadership includes CEO Michael Mo, with a three-member Board of Directors, two of whom are independent, overseeing key committees - The Board of Directors consists of three members: Michael Mo (Chairman), Dr. Joanna Massey (Lead Director), and Donna Grier[356](index=356&type=chunk)[366](index=366&type=chunk) - The board has determined that directors Donna Grier and Dr. Joanna Massey are independent under NYSE American rules[368](index=368&type=chunk) - The Audit, Compensation, and Nominating and Corporate Governance committees are all composed of the two independent directors, Donna Grier and Dr. Joanna Massey[370](index=370&type=chunk)[373](index=373&type=chunk)[374](index=374&type=chunk) [Executive Compensation](index=92&type=section&id=Item%2011.%20Executive%20Compensation) 2024 executive compensation included salaries, bonuses, and stock awards, with CEO Michael Mo receiving **$475,239** total compensation 2024 Named Executive Officer Compensation | Name and Principal Position | Salary | Bonus | Stock Awards | Total Earned | | :--- | :--- | :--- | :--- | :--- | | Michael Mo, CEO | $272,196 | $100,000 | $103,043 | $475,239 | | Shawn Canter, CFO | $250,001 | $45,000 | $0 | $295,001 | | William Walker, CTO | $228,270 | $50,000 | $0 | $278,270 | - The company's 2018 Equity Incentive Plan authorizes up to **15,000,000 shares** for issuance to employees, directors, and consultants[386](index=386&type=chunk) - Independent directors receive significant compensation, with the Lead Director receiving **$150,000** in annual cash compensation and the non-Lead Director receiving **$70,000**, in addition to equity awards[387](index=387&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=95&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) CEO Michael Mo holds **31.69%** of total voting power due to Series A Preferred Stock, indicating concentrated control Security Ownership of Management (as of March 27, 2025) | Name of Beneficial Owner | Percentage Ownership (Common) | Vote With Series A Preferred | | :--- | :--- | :--- | | Michael Mo (CEO and Chairman) | 7.64% | 31.69% | | All directors and executive officers as a group (6 persons) | 8.21% | 32.11% | - CEO Michael Mo's significant voting power stems from his ownership of **1,000,000 shares** of Non-Convertible Series A Voting Preferred Stock, which entitles him to **100 votes per share**[391](index=391&type=chunk)[394](index=394&type=chunk) - Under the company's equity compensation plans, **5,095,017 securities** remained available for future issuance as of December 31, 2024[396](index=396&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=97&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) No material related party transactions were reported, and two of the three directors are determined to be independent - No material related party transactions were reported for the period since January 1, 2023, other than standard compensation arrangements[398](index=398&type=chunk) - The Board has determined that directors Dr. Joanna Massey and Ms. Donna Grier are independent[401](index=401&type=chunk) [Principal Accountant Fees and Services](index=97&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Marcum LLP served as the independent auditor, with audit fees of **$294,135** in 2024, and the Audit Committee pre-approves all services Accountant Fees | Fee Type | 2024 | 2023 | | :--- | :--- | :--- | | Audit Fees | $294,135 | $339,025 | | Tax Fees | $0 | $0 | | **Total** | **$294,135** | **$339,025** | - The Audit Committee has a pre-approval policy for all services provided by the independent auditors to ensure independence[406](index=406&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=100&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Form 10-K, including key agreements and corporate governance documents - Key exhibits include the At The Market Offering Agreement (10.38), the Asset Purchase Agreement for Vibetech (10.30), and the Certificate of Designation for Series A Voting Preferred Stock (3.6)[410](index=410&type=chunk)[411](index=411&type=chunk)[412](index=412&type=chunk) Financial Statements and Notes [Consolidated Financial Statements](index=109&type=section&id=Consolidated%20Financial%20Statements) KULR's 2024 financial statements show significant asset growth to **$62.9 million**, reduced liabilities, and a positive stockholders' equity of **$57.4 million** Consolidated Balance Sheet Highlights (As of Dec 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **Total Assets** | **$62,927,187** | **$10,864,356** | | Cash | $29,831,858 | $1,194,764 | | Digital Assets | $20,281,184 | $0 | | **Total Liabilities** | **$5,499,202** | **$13,047,052** | | Prepaid advance liability | $0 | $5,892,056 | | **Total Stockholders' Equity (Deficit)** | **$57,427,985** | **$(2,182,696)** | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **Total Revenue** | $10,737,481 | $9,830,166 | | **Gross Profit** | $5,483,198 | $3,665,856 | | **Loss From Operations** | $(15,234,959) | $(22,411,946) | | **Net Loss** | **$(17,523,629)** | **$(23,693,556)** | | **Net Loss Per Share** | $(0.09) | $(0.20) | [Notes to Consolidated Financial Statements](index=115&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies for digital assets, repayment of liabilities, changes in equity from ATM offerings, and subsequent Bitcoin purchases - The company adopted ASU 2023-08 for crypto assets, measuring them at fair value, holding **217.18 Bitcoin** with a cost basis of **$21.0 million** and a fair value of **$20.3 million** as of Dec 31, 2024, resulting in an unrealized loss of **$718,826** for the period[465](index=465&type=chunk)[524](index=524&type=chunk)[525](index=525&type=chunk) - The company fully repaid its prepaid advance liability to Yorkville in 2024 by issuing **21.8 million shares** valued at **$6.1 million** in satisfaction of the debt[545](index=545&type=chunk)[556](index=556&type=chunk) - In 2024, the company issued **74.8 million shares** under its ATM agreement for gross proceeds of **$61.9 million**, and subsequent to year-end, through March 27, 2025, it issued another **19.4 million shares** for gross proceeds of **$51.1 million**[593](index=593&type=chunk)[636](index=636&type=chunk) - Subsequent to year-end, the company purchased an additional **449.45 Bitcoin** and entered into a 60-day agreement to operate **2,500 bitcoin mining machines**[637](index=637&type=chunk)[640](index=640&type=chunk)

KULR Technology Group, Inc. (NYSE:KULR) Q4 2024 Earnings Conference Call March 27, 2025 4:30 PM ET Company Participants Stuart Smith - Investor Relations Michael Mo - Chief Executive Officer Shawn Canter - Chief Financial Officer Conference Call Participants Operator Good afternoon, and thank you for joining us for the KULR Technology Group Fourth Quarter and Full-Year 2024 Earnings Call. Joining me on the call today will be Michael Mo, the Chief Executive Officer of the company; as well as Shawn Canter, th ...