HOUSTON, Sept. 10, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced it has been awarded an initial contract valued close to $1M, with additional options bringing total contract value up to $1.5M, to supply 20793-rated battery systems to South Korea's Nara Space (NARA) for their CubeSat mission aboard Artemis II. This project is part of a larger collaboration involving the Korea Astronomy an ...

HOUSTON, Aug. 28, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today unveiled a new investor presentation on its website at www.kulrtechnology.com. This new presentation provides an overview of the Company and features refreshed and updated information, including: Updated list of customers and partners Overview of the Company's core engineering technology domains with an emphasis on diversified product ...

SAN DIEGO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, announced today the mutually agreed upon resignation of Keith Cochran as President and Chief Operating Officer, effective August 20, 2024. KULR has re-allocated the oversight of its day-to-day operations among its executive level management, headed by Chief Executive Officer, Michael Mo. "On behalf of the Board and rest of the Company, I ...

Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - August 21, 2024) - Investorideas.com, a go-to investing platform covering renewable energy stocks releases a snapshot on recent news and developments in electric aviation, featuring KULR Technology Group, Inc (NYSE American: KULR), a global leader in safe and high-performance energy storage solutions. Read the full article on Investorideas.com https://www.investorideas.com/News/2024/renewable-energy/08210Electric-Aviation.asp According to Re ...

Core Insights - KULR Technology Group has been selected for a significant battery pack reference design project by Amprius Technologies, focusing on addressing thermal runaway in battery packs for advanced air mobility applications [1][2][4] - The partnership aims to meet stringent safety standards set by the FAA and EASA, enhancing the adoption of Amprius' high-performance lithium-ion cells in the electric aviation sector [2][6] Company Overview - KULR Technology Group is recognized as a leader in energy management solutions, specializing in thermal management technologies for batteries and electronic systems [8] - Amprius Technologies is a prominent manufacturer of high-energy lithium-ion batteries, known for its SiMaxx™ batteries that deliver up to 450 Wh/kg and 1,150 Wh/L [9] Project Details - The project will be executed in four phases, including data collection, thermal modeling, propagation prevention response design, and rigorous testing to ensure compliance with safety standards [5] - The collaboration emphasizes a comprehensive approach to design and testing, aiming to develop a robust battery solution for various applications in the e-aviation sector [5][6] Market Potential - The global electric aircraft market is projected to reach USD $13.55 billion by 2030, with a compound annual growth rate (CAGR) of 7.62% from 2024 to 2030, indicating significant growth opportunities for KULR and Amprius [7]

Financial Data and Key Metrics Changes - In Q2 2024, the company achieved revenue of $2.43 million, representing a 39% sequential increase from Q1 2024 [5] - Engineering service revenue increased by 76% year-over-year to approximately $1.3 million, marking a record for the company [5] - Total paying customers rose by 42% year-over-year to 27 [5] - Service revenue customers doubled year-over-year to 14, while product revenue customers increased by 25% year-over-year to 15 [6] - Cash used from operating activities decreased by 7%, and cash used in investing activities dropped by 82%, leading to a combined cash use reduction of 13% [18] Business Line Data and Key Metrics Changes - The company made significant investments in its Battery Center of Excellence, enhancing capabilities for battery design, testing, and production [6] - The new facility in Texas is designed to meet growing demands in key industries such as aerospace and defense [7] - The testing service capacity is estimated to reach approximately $2 million per quarter once the facility is fully operational [8] Market Data and Key Metrics Changes - The space economy is projected to reach $1.8 trillion by 2035, with the space battery market expected to grow to $6.35 billion by 2030 [11] - The company is actively engaging with key players in the space economy, including private companies like SpaceX and Blue Origin, as well as traditional contractors like Boeing [12] Company Strategy and Development Direction - The company aims to be a one-stop shop for battery solutions, focusing on rapid testing and prototyping to meet customer demands [10] - Investments in the KULR ONE Space battery architecture are intended to achieve NASA certification for human spaceflight applications [12] - The company is also exploring applications for KULR Vibe in various markets, including AI server cooling and industrial fans [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in resuming year-over-year revenue growth in the second half of 2024 due to new customer wins [6] - The company is well-positioned operationally, with management stating it is in the best position it has ever been in [30] - There have been no negative impacts on the company's pipeline or supply chain due to geopolitical events, and the demand for safer batteries is expected to grow [37] Other Important Information - The first commercial version of the KULR ONE Space battery is set to be available in fall 2024 [13] - The company is expanding its SafeCase application for battery storage and transportation, which is crucial for safety in various sectors [39] Q&A Session Summary Question: Information on bills H.R. 1797 and S.1008 and KULR's involvement - Management has engaged with stakeholders regarding thermal runaway mitigation and is hopeful about the legislation, but cannot comment on specific developments related to Tesla [19][20] Question: Success of KULR Vibe and cost savings - The company sees opportunities in applying KULR Vibe to server fans and is working on projects with Facebook's Open Compute Project [25] Question: Strategy for expanding manufacturing capacity - The company emphasizes being a one-stop shop for key customers and is investing in technical capabilities to maintain a competitive advantage [26][27] Question: Automotive partnerships and market strategy - KULR is serving automotive units with battery testing and SafeCase technology, focusing on high-margin opportunities rather than low-margin EV batteries [28] Question: Plans to reverse stock value decline - Management highlighted significant revenue growth from 2021 to 2023 and expressed confidence in operational performance, though stock price fluctuations are unpredictable [29][30] Question: Funding operations until year-end - The company is evaluating funding needs to maintain a strong balance sheet, which is beneficial for operations and shareholders [31] Question: Outreach to vehicle manufacturers - Establishing industry standards takes time, but the company is working with automotive customers to develop products that could become de facto standards [32] Question: Impact of solid-state batteries on business - The company is testing various battery chemistries and expects solid-state batteries to positively impact future growth [33] Question: Customer confidentiality and new engagements - The customer base has grown by 50% year-over-year, with many engagements involving large OEMs [36] Question: Impact of geopolitical events on revenue - No negative impacts have been observed on the pipeline or supply chain, and the demand for high-powered batteries is expected to grow [37] Question: Current or future space station projects - The company is involved with customers designing private space stations and sees significant opportunities in the growing space economy [38] Question: Application of products in operating batteries - The SafeCase technology is used for battery storage and transportation, with ongoing expansion in various applications [39] Question: Number of automakers KULR is working with - The company is engaged with top automotive OEMs, including Japanese and German manufacturers [40] Question: Examples of service business leading to product sales - The company is beginning to ship sample KULR ONE Space batteries as a result of design service engagements, with expectations for increased production in the future [41]

SAN DIEGO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today reported results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Results Revenues: In the second quarter that ended June 30, 2024, revenue was $2.43 million compared to $2.70 million reported in the same period last year. Contract Services revenue increased 75.7%, with revenue of approximately $1.30 million ...

With a leading position in safe battery design and testing, and as a significant player in the global electrification movement, KULR is among the few companies to meet the stringent requirements and rigorous testing standards of NASA's JSC 20793 Revision D for crewed space missions. This qualification enables KULR's products and solutions to be used in the Artemis missions and other upcoming critical space voyages. KULR specializes in evaluating battery cells essential for manned space missions. To meet gro ...

Battery Testing and Analysis Services Unit to Generate $8 Million to $10 Million Revenue Annually Starting in 2025 SAN DIEGO, May 29, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced it has secured a contract from a top Japanese multinational automaker ("Automaker") for testing and analysis of high-energy battery cells intended for their next-generation electric vehicles. The Company will u ...

Core Insights - KULR Technology Group has secured a contract with a leading Japanese automaker for testing high-energy battery cells, which is expected to generate annual revenue of $8 million to $10 million starting in 2025 [1][3] - The company utilizes its KULR ONE Design Solutions (K1-DS) platform to enhance design readiness for the automaker's future electric vehicle projects [1][3] - KULR's testing protocols are considered among the most comprehensive in the industry, incorporating advanced techniques such as Fractional Thermal Runaway Calorimetry (FTRC) [2][4] Revenue Generation - The K1-DS platform is projected to evolve into a standalone business generating $8 to $10 million annually without requiring additional investment in testing capabilities [3] - KULR recognizes design services as a high-margin, recurring revenue stream, particularly targeting the automotive sector [4] Market Trends - The demand for battery testing services is driven by electric vehicle manufacturers' need for improved efficiency and faster charging times [4] - According to the International Energy Agency, electric vehicles are expected to represent 35% of new vehicle sales globally by 2030 [4] Company Overview - KULR Technology Group is a leader in energy management solutions, focusing on sustainable practices and the electrification of the circular economy [5] - The company has developed next-generation carbon fiber thermal management technologies for batteries and electronic systems, enhancing operational efficiency and sustainability [5]