Market Growth Projections - Global energy storage systems market projected to grow from $210B in 2021 to $435B by 2030[123] - Global lithium-ion battery recycling industry expected to grow from $4.6B in 2021 to $22.8B by 2030[123] - Private space exploration market sector expected to reach $1,110.8B by 2030[123] - Thermal management systems market size projected to grow to $24.8B by 2025[123] - Aircraft maintenance market size expected to reach $127.2B by 2032, up from $82.7B in 2023[123] - Global wind turbine monitoring systems market forecast to increase by $8.72B at a CAGR of 19.34% between 2023 and 2028[133] - Global vibration motor market forecasted to reach $24.1B by 2032[134] Company Financial Performance - Revenue for the three months ended September 30, 2024 increased by $144,771 or 5% compared to the same period in 2023, reaching $3,185,778[151] - Product sales revenue for the three months ended September 30, 2024 decreased by $1,131,269 or 60% compared to the same period in 2023[152] - Contract services revenue for the three months ended September 30, 2024 increased by $247,273 or 22% compared to the same period in 2023[154] - Gross profit for the three months ended September 30, 2024 increased by $919,998 or 69% compared to the same period in 2023, with gross profit margins rising from 44% to 71%[161] - R&D expenses for the three months ended September 30, 2024 decreased by $589,325 or 32% compared to the same period in 2023[164] - Selling, general and administrative expenses for the three months ended September 30, 2024 decreased by $1,877,405 or 41% compared to the same period in 2023[167] Company Financing and Liquidity - Company issued 12,822,356 shares of common stock for aggregate gross proceeds of $3,431,090 from July 3, 2024, through September 30, 2024[136] - Company issued 13,045,200 shares of common stock for aggregate gross proceeds of $4,319,699 from October 1, 2024, through November 12, 2024[136] - The company entered into a $2.35M licensing agreement for its KULR Xero Vibe technology, including a $1.1M minimum guaranteed license and royalty fee[142] - The company reported a working capital deficit of $1,157,755 as of September 30, 2024, compared to $2,994,753 as of December 2023[171] - Net cash used in operating activities for the nine months ended September 30, 2024 was $12,498,818, primarily due to a net loss of $12,903,168[172] - Net cash used in investing activities for the nine months ended September 30, 2024 was $211,005, a significant decrease from $993,699 in the same period in 2023[173] - Net cash provided by financing activities for the nine months ended September 30, 2024 was $12,427,476, primarily due to proceeds from SEPA Advance Notices ($9,104,950), ATM equity financing ($3,327,372), and notes payable ($2,563,900)[174] - Future cash requirements for current liabilities as of September 30, 2024 include $4,375,171 for accounts payable and accrued expenses, $1,245,529 for secured notes payable, and $507,959 for lease payments[175] - Future cash requirements for long-term liabilities as of September 30, 2024 include $930,361 for operating and finance leases and $266,604 for notes payable[176] - The company's primary source of liquidity has historically been cash generated from equity and debt offerings, with recurring net losses and declining working capital raising substantial doubt about its ability to meet future financial obligations[178] - The company entered into an At the Market Offering agreement on July 3, 2024, raising $4,319,699 from the sale of 13,045,200 shares of common stock between October 1, 2024, and November 12, 2024[179] - As of the filing date of the Quarterly Report, the company's outstanding notes payable have been reduced to $1,060,831[179] - The company has no additional commitments for future debt or equity financings, raising substantial doubt about its ability to continue as a going concern for one year from the issuance of the financial statements[180] - The company's unaudited condensed consolidated financial statements do not include adjustments for recoverability of assets or classification of liabilities if the company cannot continue as a going concern[181] - There are no off-balance sheet arrangements that have a material effect on the company's financial condition, results of operations, or capital resources[182] Technology and Innovation - KULR VIBE technology demonstrated a 23% increase in battery life and a 45% lift increase in drone applications[132] Regulatory and Compliance - The company received a notice of noncompliance from NYSE due to stockholders' equity of $1,200,172 as of September 30, 2023, and has until June 20, 2025 to regain compliance[147][150]

Milestone IP Licensing Deal Expands Business Opportunities via New Business Model HOUSTON, Oct. 02, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced a licensing agreement for its proprietary vibration reduction technology named KULR Xero Vibe ("KXV"). The $2.35M landmark deal includes a $1.1M minimum guaranteed license and royalty fee, a unique opportunity for the licensee to purchase propr ...

HOUSTON, Sept. 25, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced that it is on track to successfully complete its initial engagement with the United States Army by Q3 2024. Building on the momentum of this ongoing partnership, the Army will expand its battery contract with the Company to $2.4M. This contract includes the development of additional prototypes and comprehensive environmenta ...

HOUSTON, Sept. 16, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today unveiled its new KULR ONE Space presentation on its website at www.kulrtechnology.com. KULR ONE Space is an architecture that brings spaceflight and NASA safety standards to a variety of battery shapes and sizes designed to meet any mission without recertification. The presentation is accessible through the "Presentations" section on ...

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 ...

Core Insights - The electric aviation market is facing challenges such as high development costs, limited battery technology, and regulatory hurdles, but there are growth opportunities driven by advances in battery technology and demand for greener solutions [1][2][3] - KULR Technology Group has been selected for a significant battery pack reference design project by Amprius Technologies, focusing on enhancing battery safety and performance for the electric aviation sector [2][5] - 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 [8][26] Company Developments - KULR's partnership with Amprius aims to address thermal runaway risks in battery packs, ensuring compliance with FAA and EASA safety standards [2][3][4] - The project will be executed in four phases, including data collection, thermal modeling, and rigorous testing to develop a scalable battery solution for electric aviation [6] - KULR has previously secured contracts in the electric aviation industry, including a commitment exceeding $1 million with H55 Inc. for integrating KULR's Thermal Runaway Shield into their propulsion systems [9] Industry Trends - The integration of lithium-ion battery technology into Advanced Air Mobility (AAM) is critical, with stringent design regulations established by FAA and EASA to mitigate risks [3][4] - There is a growing consumer demand for sustainable aviation, with 65% of surveyed individuals calling for change in air travel practices [23][24] - The collaboration between KULR and Amprius is positioned to play a pivotal role in the evolution of battery technology, particularly in the electric aviation market [7][26]

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]